Now that Federal Reserve Chair Powell has indicated that the Federal Open Market Committee will not raise rates at the next policy meeting, Wall Street will be focused on how much economic growth will peak before the economy cools in the fourth quarter. It is expected that the advance reading of third-quarter GDP will rise from 2.1% to 4.3%. Investors will also be watching the September income and spending data to see if the consumer is still in good shape, as both readings are expected to show 0.4% monthly gains.
Significant earnings announcements for the week include companies such as 3M, Alphabet, Amazon, Barclays, BNP Paribas, Boeing, Boston Scientific, Bristol-Myers Squibb, Chevron, Chipotle Mexican Grill, Coca-Cola, Colgate-Palmolive, Exxon Mobil, Ford Motor, General Electric, General Motors, Hershey, Intel, International Business Machines, Merck, Meta Platforms, Microsoft, Novartis, PG&E, United Parcel Service, United Rentals, Verizon Communications, Visa, and Volkswagen.
In Washington D.C., House Republicans will continue to struggle to elect a new House speaker, keeping the spotlight on the city.
In the Eurozone, the European Central Bank is expected to leave interest rates unchanged at its next meeting. Traders will be interested to see if the central bank addresses recent moves in bond yields and the risk of recession going into next year.
In the UK, focus will be on delayed unemployment data and flash PMI surveys. There is still uncertainty around issues such as declining inflation, high wages, weak retail sales, and potential economic drag. The Bank of England will also be closely watched.
In Russia, higher inflation is putting pressure on the central bank to raise rates again. The rouble remains weak, so it may take more than a 1% increase to improve its fortunes and control inflation.
In South Africa, inflation came in slightly higher than expected and policymakers will be watching PPI figures for signs of further inflationary pressures.
In Turkey, the focus will be on the central bank’s rate decision. Inflation is running high and the lira is at record lows.
In Switzerland, there are no major economic releases or events scheduled.
In China, the economic calendar is quiet, with only year-to-date industrial profits to September being released on Friday. The situation of China’s biggest private property developer, Country Garden, will also be closely watched.
In India, there are no major data releases scheduled.
In Australia, flash PMI numbers for October will be released, and the Q3 inflation data will be pivotal in determining expectations for a potential interest rate hike.
In New Zealand, ANZ-Roy consumer confidence data for October will be released.
In Japan, flash manufacturing and services PMIs for October will be released, as well as leading Tokyo area inflation data.
In Singapore, several key economic data releases are scheduled, including the CPI report for September, industrial production for September, and the preliminary Q3 unemployment rate.
The economic calendar for the upcoming week includes a range of data releases and events across different countries.
