Hello and welcome to the working week.
The second week of December is a collection of anniversaries, and this year the stars align such that some will pass significant milestones.
Monday is the centenary of the Anglo-Irish treaty, which ended the war of independence and set out terms for the division of the island of Ireland — learn about how it was done, and its consequences, in this excellent read from the Weekend FT.
Ireland is a country transformed culturally and economically since the days of the founding of the Irish Free State. The same could be said for the UK, of which Northern Ireland remains a part. Both sides are still working through their relationship with one another, now with the backdrop of Brexit, and economically the past year has been a relatively good period for Northern Ireland, as the Office for National Statistics noted last month.
Tuesday marks 80 years since the bombing of Pearl Harbor by Japan, which brought the US into the second world war. Expect substantial analysis of relations between the two countries, which have improved significantly on this key event since Shinzo Abe became the first Japanese prime minister to visit the site of the attack five years ago.
Sometimes seven days are not enough. Now that December is upon us, I am looking forward to 2022 and what events are in store. What are the most significant milestones you face in the coming year? It could be global or local, economic or political. Email me at jonathan.moules@ft.com.
Economic data
Inflation is a constant in a changing world, it seems. The FT has even produced a helpful tracker for you to compare countries. This week we will get further updates with consumer price index data from the US and China.
The Fed will enter purdah ahead of the Federal Open Market Committee meeting, which begins on December 14. But the central bankers will be meeting in Australia, Canada and India. These committees are unlikely to raise their rates, but it could be a different story in Brazil, which has entered a recession while battling to subdue a rapidly rising cost of living.
Look out also for German factory orders, production and trade figures, UK monthly gross domestic product, production and British Retail Consortium retail sales, plus trade balance and the Jolts job openings data from the US.
Companies
In a slim week for earnings calls comes a company whose brand is all about aspiring to thinness. Lululemon Athletica has been having a good pandemic, and analysts expect the good news to continue when the company reports third-quarter results on Thursday.
Defence companies have been fighting a rearguard action against socially conscious investors, who are demanding greater transparency on their manufacture of weapons as well as their carbon footprint, as my colleague Sylvia Pfeifer reported last week. Babcock International, Britain’s second-biggest contractor, which reports interim results on Tuesday, included an FAQ for its shareholders on nuclear weapons for the first time in its last annual report. Investors this week will be looking for indications of progress on Babcock’s disposals as well as how the company is dealing with other challenges.
Key economic and company reports
Here is a more complete list of what to expect in terms of company reports and economic data this week.
Monday
Eurozone, France, Germany, UK: IHS Markit construction Purchasing Managers’ Index (PMI) data
Italy, retail sales figures
Germany, industrial orders data
UK, Ben Broadbent, deputy governor, monetary policy, at the Bank of England gives a speech at Leeds university, entitled “Outlook for growth, inflation and monetary policy”
Tuesday
Australia, cash rate target
British American Tobacco trading update
China, France, Japan, US: monthly trade balance figures
EU, revised Q3 GDP data
Germany, industrial production figures plus Zew economic sentiment survey
Japan, Q3 GDP figures
UK, Halifax monthly house price index
US, Federal Reserve consumer instalment credit figures
Results: Ashtead Q2, Babcock International H1
Wednesday
Brazil, Canada, Poland: interest rate decisions
EU, European Systemic Risk Board quarterly general meeting
Poland, National Bank of Poland monetary policy council meeting
UK, BRC-KPMG monthly retail sales report
US, Jolts job openings
Results: Berkeley Group H1, Tui Travel FY
Thursday
China, consumer price index (CPI) and producer price index (PPI) data
Germany, trade balance figures
Japan, PPI data
Mexico, CPI data
UK, RICS house price balance plus Recruitment & Employment Confederation and KPMG jobs report
Results: Costco Wholesale Q1, Lululemon Athletica Q3
Friday
Associated British Foods AGM
Germany, India, US: monthly CPI figures
Italy, monthly industrial production figures
UK, monthly GDP, industrial production and construction data plus trade figures and index of services
World events
Finally, here is a rundown of other events and milestones this week.
Monday
Centenary of the signing of the Anglo-Irish treaty, which allowed for the establishment of the 26-county Irish Free State
The International Maritime Organization, a UN agency responsible for shipping safety and the prevention of marine pollution, begins its biennial assembly in London
Tuesday
Italy, Milan’s La Scala opera and ballet season begins
US, 80th National Pearl Harbor Remembrance Day
Wednesday
First of the five England-Australia Ashes cricket test matches begins in Brisbane
Thursday
Tanzania, Uganda: 60 years since independence declared
Switzerland holds indirect presidential election
Friday
Norway, Nobel Peace Prize awarded in Oslo
UK, foreign secretary Liz Truss hosts a summit of foreign and development ministers from the G7 countries in Liverpool
Saturday
UK, government pandemic funding for Transport for London ends today
Sunday
United Arab Emirates, Formula 1 Abu Dhabi Grand Prix at the Yas Marina Circuit
Sixth anniversary of the UN-brokered Paris Agreement on climate change
If you want to keep up to speed with the day’s headlines every day, there is a podcast to help. Click here to listen to Top Stories Today, an audio news digest that gives you the latest news in less than three minutes.
Source: Economy - ft.com
