First, there is the G20 summit in Bali, or what an FT colleague called the first global government gathering of the second cold war. Russian President Vladimir Putin will not attend, but China’s Xi Jinping is expected to attend, so the pressure will be on for Biden to speak with him. At home, there’s the small matter of Donald Trump’s widely touted “very big announcement” on Tuesday from his Mar-a-Lago estate in Florida. This is also the week for the Asia-Pacific Economic Cooperation summit in Thailand, bringing together 21 countries in the region, the first such face-to-face meeting since 2018. Again the US, China and Russia are invited, and again the Putin don’t be there. However, French President Emmanuel Macron will be in attendance as he has been invited to speak on global trade ties.
Fixing a hole
Across the Atlantic in the UK, where potential festive roasts are having a particularly miserable time, the most important date in the calendar is Chancellor Jeremy Hunt’s economic statement on Thursday. The country is in a “fiscal hole” (not my phrase, Hunt) and the chancellor’s plan is to find around half of the required £55bn deficit in public spending cuts, with measures including delaying welfare reforms, freezing of income tax floors and a stealth raid on inheritance tax. The FT’s parliamentary and economic team will be on hand to translate politicians’ words and find key points buried in Treasury documents. Read this explanation to understand why the UK needs to act urgently. And if you think you can do a better job than the chancellor, knock yourself out with our interactive “fill the black hole”. Staying in UK politics, Nicola Sturgeon will mark eight years as leader of the Scottish National Party on Monday. She took the job when her predecessor and mentor Alex Salmond resigned in the wake of the 2014 independence referendum. While Westminster is cutting central government spending, Holyrood is implementing its own austerity drive. Will Sturgeon’s milestone prompt her record as First Minister to be assessed? The UN climate change conference COP27 draws to a close on Friday, but on Sunday we have the start of something that will likely grab world news as well as sports headlines for the next month — the Fifa World Cup Qatar 2022. For to say this is likely to be a controversial tournament would be something of an understatement — read our magazine report here. FTs will be on hand to provide comprehensive coverage. Finally, we have more elections. Malaysia goes to the polls on Saturday. Nepalese will vote for parliamentary and provincial government seats on Sunday, and the FT’s sister title Nikkei Asia has produced this handy guide to the highlights. Kazakhstan’s general election on Sunday is noteworthy because it represents the most significant constitutional change for the oil-rich Central Asian country since it declared independence from the former Soviet Union.
Financial data
Carpenters work on new townhouses in Tampa, Florida © Octavio Jones/Reuters
There are some potentially important data releases next week from the US, namely producer price index inflation numbers, retail sales data and further updates on the shaky US housing market. The UK’s big economic event is the autumn statement, but before that, UK unemployment figures will be updated on Tuesday. The British government has focused attention on their record here because it is one of the only good news for them. It’s not that big of a deal though. The UK will be the only developed economy with employment still below pre-pandemic levels in early 2023, according to new analysis. Another “winter of discontent” is also looming as a range of workers — nurses are the latest — are demanding pay rises in line with inflation. Then on Wednesday comes more inflation data with concern that the consumer price index will remain in double digits. The week will close for the UK with an update on retail sales, although hopes are not high given the gloomy forecasts for the country entering recession. The cost of living will also be in focus in the EU this week, with inflation data due on Thursday. There will also be an estimate of third-quarter gross domestic product on Tuesday.
Companies
The words “Elon Musk is set to grab the headlines again this week” could be written here any time of the year, but this week a breakout is on the calendar. This time it’s on top of his $56 billion pay package at Tesla. A court in Delaware, where the electric vehicle maker is registered, will hear the complaint filed by a shareholder. Vodafone, which reports interim results on Tuesday, is under pressure to review its operations. Shareholders will be looking at how much the company has been able to reduce debt after announcing the sale of a stake in web business Vantage last week. Fashion changes and so do senior executives, as British brand Burberry discovered this year. Investors will be keen to see what new chief executive Jonathan Akeroyd has come up with to boost growth when the company reports first-half results on Thursday. Analysts expect it to focus on improving margins, which have historically lagged behind those of larger French and Italian rivals. Read the full calendar for the week here.
