About half of homeowners who have a fixed-payment adjustable-rate mortgage had reached their trigger rate by October 2022, according to a research note released Tuesday by the Bank of Canada.

The release also warned that homeownership could jump to 65 percent if the central bank hikes interest rates by half a percentage point at its upcoming December meeting, as many Bay Street economists expect.

Most adjustable rate mortgages in Canada have static monthly payments, meaning the payment stays the same even as interest rates change. Trigger rates are activated when the interest portion exceeds the payment itself, and this trend has become more widespread given the sharp rise in interest rates this year.

Once a homeowner reaches their trigger rate, the lender typically gives them several options, including paying a lump sum on the loan to reduce the principal amount, increasing their monthly payment to cover the entire interest portion, or extending the payback period.

A small number of lenders also allow for negative amortization, where the mortgage loan grows month by month.

The bank noted that its calculations did not take into account homeowners who have already taken steps to reduce their mortgage loan and bring their amortization back into line.

Separately, Bank of Canada Deputy Governor Carolyn Rogers said in a speech on Tuesday that the central bank is monitoring them how higher borrowing costs affected homeowners.

“One group of Canadians who will find this adjustment painful are those who recently bought a home, may have stretched their budget, and have opted for an adjustable rate mortgage,” Rogers said.

“This is not a large proportion of households, but it is larger than would have been based on historical trends.”

Variable rate mortgages have been prevalent in recent years, but particularly during the pandemic, with interest rates at historic lows. In the note, the Bank of Canada says these types of mortgages accounted for about a third of all outstanding mortgage debt, up from about 20 percent at the end of 2019.

The story goes on

The bank reported that the average payment increase for mortgages that have reached their trigger rate is probably about 5 percent.

Michelle Zadikian is Senior Reporter at Yahoo Finance Canada. Follow her on Twitter @m_zadikian.

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The Mercedes-Benz Group has slashed the prices of some electric car models in China, joining a list of automakers that have followed suit Tesla’s price cut last month, in the latest sign of slowing demand in the world’s largest EV market.

The entry-level prices of the EQE model, EQS model and its luxury edition – the AMG EQS 53 model – sold in China will be reduced by Rmb 50,000 ($7,000), Rmb 204,600 and Rmb 198,600, respectively, the German said car manufacturer .

“Our goal is to flexibly adapt operating strategies to changing market requirements,” the company said in a statement.

Mercedes-Benz is facing increasing competition from local rivals in the process of electric and digital transformation, Hubertus Troska, Daimler’s China boss, said earlier this month at the China International Import Expo, state media reported.

In October, Tesla lowered prices for its Model 3 and Model Y sedans in China. Days after Tesla’s move, Ford Motor’s EV division and Aito, a Huawei-backed EV brand, followed suit.

Analysts warned of a price war in the country’s increasingly crowded EV sector.

“This price-cutting strategy would create an overall negative sentiment,” Citigroup analyst Jeff Chung wrote in a research note, citing stalled electric vehicle sales growth due to economic headwinds and zero-Covid controls in China.

Chung added that Tesla’s move would also put pressure on other high-end EV makers, including XPeng, Volkswagen and BYD.

China’s sales of new energy vehicles, including pure electric, plug-in hybrid and hydrogen-powered models, rose 81.7 percent year on year to 714,000 units in October, the slowest pace of growth since April, according to data from China Automakers Association.

Malcolm Bradley has completed over 400 volunteer home improvement jobs since he started in 1997 – and intends to do even more when he retires.

The 66-year-old previously worked for RAF Lossiemouth before moving into the civil service, from which he recently retired.

In addition to his work for the last 25 years he has used his free time to help elderly, disabled and vulnerable residents through the Moray Handyperson Service.

His last job was clearing a gutter for client Irene Moffatt in Elgin.

“Bring a little more light”

Mr. Bradley admits that sometimes the jobs he does are very small, but he believes the difference it can make in someone’s life is significant.

He said: “There are so many memorable jobs for a variety of reasons, it’s all about serving the community.

“I was asked to go to a house the other day and she asked me to change a lightbulb in the hallway by the front door.

“The fact that I was able to bring a little more light to this lady was quite memorable, it makes it all worthwhile.

“There are people who have trouble doing small jobs and when they ask professionals, they turn them down because it’s too small a job, so we’re happy to do them.”

“I heard they needed volunteers”

Mr Bradley also recently began work on the Dufftown and Keith Heritage Railway after hearing they were looking for volunteers.

“That’s one of the other things I started doing. I heard the Dufftown and Keith Railway along the Grapevine needed volunteers so I went every Tuesday.”

However, Moray Handyperson Service has been in operation for 25 years Due to a lack of funding and volunteers, she is under more pressure than ever.

Mr Bradley believes now that he is retired he can increase his handyman workload.

As well as doing handyman jobs, he has become a driver for the Hopeman Community minibus that takes residents of Hopeman and Burghead to the Lossiemouth Medical Center.

The Moray Handyperson Service charity helps people live independently in their own homes for as long as possible. To volunteer, call them on 01343 559739.

Through Hannah Redman

The latest iteration of the Chinese Communist Party’s plans to undermine critical infrastructure in Western countries has emerged: the recruitment of former RAF pilots to help train the People’s Liberation Army. Amid geopolitical concerns about the proliferation of Chinese industrial espionage strategies, such as Huawei’s failed bid to install 5G infrastructure in the UK, the Ministry of Defense has issued a rare warning to serving and retired military personnel. A spokesman has urged military personnel not to accept lucrative private contracts to train Chinese military personnel, reminding them of their lifetime commitment to the Official Secrets Act. While this private recruitment trend is important in and of itself, we must also consider its broader implications for the commercialization of the national security landscape and the potential for British military tactics to be undermined in future conflicts.

According to the MOD spokesman, the issue of Chinese recruitment of British military personnel was first raised in 2019, despite the Covid-19 pandemic disrupting these activities. The Ministry of Defense estimates that up to 30 British military personnel have been recruited by the Chinese military to support training activities. In many of these cases, a third-party private flight academy in South Africa has been contracted to broker these contracts. These contracts are said to be very lucrative, with offers of up to £237,911 ($270,000) for specific skills and knowledge. Although these pilots are said not to have flown the latest addition to the RAF fleet, the F-35, there are growing concerns about the tactical information that could be made available to the Chinese Communist Party. Given the newly re-elected Xi Jinping’s commitment to building a “world-class” military force by 2049, it would be fair to assume that information about how Western forces are deploying their equipment would be of tactical advantage to the People’s Liberation Army.

Although the Chinese are reported to have adopted similar recruiting tactics for Allied forces, the public spectacle of this announcement was not enthusiastically received abroad The New York Times skeptical of the Department of Defense’s claim that the Official Secrets Act was not violated by any of these recruits. The “special relationship” between Britain and the US is based on mutual assurances of military power, so that relationship may be less beneficial to the other if one is potentially undermined by military espionage by a foreign power. Therefore, the implications of this Chinese recruitment campaign are far-reaching and geopolitically complex.

From the perspective of recruited military personnel, the financial prospects of these contracts are tempting to say the least. During a BBC Radio 4 interview, Foreign Secretary James Heappey condemned British military officials for entering into this deal: “It is certainly not my understanding of service to our nation – even in retirement – then to go and work with a foreign power , especially one that so strongly challenges the British interest”. Others, however, would argue that national security might be better served if state laws formally prohibited the private recruitment of soldiers for their military experience, rather than placing responsibility for that decision on the individual. This would involve an overhaul of the increasing commercialization and privatization of military assets, a move currently supported by Western countries – an example being the UK government‘s arms sale to Saudi Arabia.

heaven news has reported on a somewhat paradoxical enterprise coordinated and supported by the MOD, undermining their case for China’s national security. British military personnel on duty were sent to Beijing in 2016 to teach their Chinese counterparts on an “Aviation English Course”, an exercise the scope of which appears to be similar in scope to activities defined in private contracts that the Ministry of Defense is now strongly discouraging. The MOD has denied claims that military knowledge was spread in this course, but this incident begs the question: why else would military personnel be sent and not English teachers? Such events confirm a broader narrative by the British security services about lax legislation on Chinese Communist Party involvement in British infrastructure projects. Earlier last month, in a discussion about the spread of TikTok in western countries, GCHQ chief Sir Jeremy Fleming warned against treating any form of Chinese infrastructure as a “free good”. In July 2020, the UK government decided to withdraw contracts with telecommunications company Huawei to build 5G infrastructure networks due to similar national security concerns.

Is the general executive to blame for the commercialization of British military knowledge happening? Through TV shows like Channel 4’s SAS: Who Dares Wins, a reality show that tests ordinary people to see if they pass SAS selection, it could be argued that Western countries are already undermining the sanctity of our military practices. How is this private contract for television, showing factions of the British military resisting interrogation by enemy forces, different from actively participating in the training of those forces? They both find themselves on a worrying spectrum of practices that contribute to the commercialization of the British military. While China poses a serious threat to our infrastructure, as a country we should also protect our own national security.

Image: Chairman of the Joint Chiefs of Staff via Wikimedia Commons

By Selena Li

HONG KONG (Reuters) – Credit Suisse is driving expansion in China, with the country and Hong Kong expected to record the fastest pace of staff growth in Asia, its regional head said, even as the Swiss bank’s turnaround strategy translates into job losses elsewhere.

Beset by years of scandals and losses, Credit Suisse is raising fresh capital for a restructuring that will shed thousands of jobs and shift its focus away from investment banking and toward less volatile wealth management.

As part of the global transformation, Credit Suisse is evaluating its presence in 13 locations in Asia Pacific with the goal of “simplifying” operations in each location, said Edwin Low, chief executive of Credit Suisse, based in Singapore in Asia Pacific Raum, to Reuters, without elaborating.

Low said China and Hong Kong would remain brighter spots, however.

“If I look at the headcount in Asia-Pacific over the next five years, China and Hong Kong will be the biggest growth markets for us,” he said. “It is very clear that the market in China is bigger than in Southeast Asia, Australia or India.”

A September report by Credit Suisse predicted that the number of Chinese millionaires will double by 2026.

As part of its expansion plans in China, Credit Suisse last month entered into an agreement to buy out its Chinese partner in a local securities joint venture, at a time when plans for a global restructuring were being discussed internally.

The move came amid slowing growth in the world’s second largest economy.

“China will have its ups and downs, but we are giving this opportunity to acquire 100% of Credit Suisse Securities with our full commitment, as we know the recovery in China may not be immediate,” Low said.

Aside from applying for an asset license to sell products to its private banking clients, it is establishing a locally incorporated bank, which will take two to three years to set up, after which its clients will be able to trade China-listed stocks, he said.

With assets under management of approximately $249 billion at the end of September, Asia Pacific is Credit Suisse’s third largest market after Switzerland and EMEA (Europe, Middle East and Africa).

(Reporting by Selena Li; Editing by Sumeet Chatterjee and Jane Merriman)

One in four mortgage holders will not be able to afford to increase monthly payments by £100 and almost half will struggle if they increase £250, says Citizens Advice

• Citizens Advice research highlights the risk if interest rates continue to rise
• One in 7 mortgage holders have already reduced their essentials to save money
• Mortgage rates have skyrocketed after the ill-fated mini-budget
• Borrowers who are at the end of their firm deals face a severe mortgage shock

By Fran Ivens Because that’s money

Released: 2:00 am EDT, October 29, 2022 | Updated: 02:43 EDT, October 29, 2022

More than a quarter of mortgage holders could not afford their monthly repayments if they increased by £100 a month, according to a new Citizens Advice study.

Almost half (45 per cent) would not be able to make their payments if they increased by £250 a month, the organization said.

In September, 49 percent of Citizens Advice mortgage holders gave debt advice and said they were getting more money out of their finances than into it each month.

Count the Costs: Rising mortgage rates have led 1 in 7 borrowers to cut back on what they need to make ends meet, according to Citizens Advice

Citizens Advice estimates that this is the case for around 11 per cent of all UK mortgage holders.

The stark results underscore the risk of rising mortgage rates. Average interest rates remain above 6 percent after steep increases over the past month.

On September 23 (mini-budget day), the average interest rate on a two-year fixed-rate mortgage across all deposit sizes was 4.74 percent, according to Moneyfacts.

A little over a month later, on October 28, it was 6.53 percent. An increase of this magnitude would increase the monthly payments on a £200,000 25-year mortgage by £134, or an additional £1,608 per year.

The average for a five-year fix is ​​now 6.36 percent.

Experts are warning of a looming mortgage crisis as borrowers who fixed their rates two or more years ago got much cheaper deals and will see their spending soar.

Last year, Nationwide launched a product with an interest rate of just 0.87 percent and a 40 percent down payment.

At the time, TSB had an even cheaper offer of 0.84 percent for debt restructuring.

On the way up: Mortgage rates have risen sharply in recent months as rising borrowing costs have pushed homeowner prices higher

The problem is further exacerbated by the cost of living crisis, caused in part by inflation rates.

The consumer price index rose 10.1 percent in the 12 months ended September 2022, compared to 9.9 percent in August.

According to a Citizens Advice survey, one in seven mortgage holders has already reduced essentials, while one in ten has taken out expensive borrowing to make ends meet.

For mortgage holders on a negative budget who already can’t afford their loan payments, the number jumps to one in four cuts and nearly one in five using expensive borrowing.

Citizens Advice data paints a stark picture of a looming mortgage crisis when borrowers can’t afford to pay their monthly bills.

In a blog accompanying the data, Citizens Advice Policy Manager David Mendes da Costa and Citizens Advice Policy Manager Rachel Beddow wrote: “When people can’t afford their mortgage, one of three things happens.

“They can miss mortgage payments and default on their payments. You can reduce essential food and energy expenses. Or they can use credit to fill the gap and go deeper into debt.

Mortgage lenders need to consider how they can help people in financial difficulty, for example by restructuring payments, deferring payments and eliminating additional fees and charges

“Of those three, it is the first where people are best protected. Mortgage lenders need to consider how they can help people in financial difficulty, for example by restructuring payments, granting payment deferrals and eliminating additional fees and charges.

“But the concern is that people aren’t getting that support and are instead forgoing essentials or going deeper into debt.”

According to Costa and Beddow, the FCA and Bank of England are currently at their lowest mortgage arrears in 15 years. However, they warn that this could be a sign that people are not reaching out to ask for help and risk deepening their debts or struggling without essentials.

You can get in touch with Citizen Advice or call Adviceline (England) on 0800 144 8848 or Advicelink (Wales) on 0800 702 2020.

What to do if you need a mortgage

Borrowers who need to find a mortgage because their current fixed-rate contract is expiring or because they have agreed to buy a home have been urged to act but not panic.

Banks and building societies continue to lend and mortgages continue to be offered and applications accepted.

However, interest rates change quickly and there is no guarantee that the deals will last and not be replaced by higher-interest mortgages.

This is Money’s best mortgage rate calculator, powered by L&C and able to show you quotes that match your mortgage and property values

What if I need a debt restructuring?

Borrowers should compare interest rates and speak to a mortgage broker and be prepared to bargain to secure an interest rate.

Anyone with a fixed income deal that’s ending within the next six to nine months should assess how much it would cost them to refinance now — and consider starting a new contract.

Most mortgage deals allow fees to be added to the loan, which are then only charged upon closing. This allows borrowers to secure an interest rate without having to pay expensive brokerage fees.

What if I buy a house?

Those who have agreed to buy a home should also aim to secure the installments as soon as possible so they know exactly what their monthly payments will be.

Homebuyers should be wary of overstretching and be prepared for the possibility that home prices could fall from their current high levels as higher mortgage rates limit people’s ability to borrow.

How to compare mortgage costs

The best way to compare mortgage costs and find the right deal for you is to speak to a good broker.

You can use our best mortgage rate calculator to find offers that match your home value, mortgage size, term and fixed rate needs.

Note, however, that interest rates can change quickly. So if you need a mortgage, you should compare rates and then speak to a broker as soon as possible so they can help you find the right mortgage for you.

> Check out the best fixed-rate mortgages you can apply for

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Banks are expected to rein in UK property lending as they grapple with higher interest rates, a riskier economic outlook and volatility in the markets.

UK mortgage lending is forecast to grow 4% this year but slow to just 0.7% in 2023 thanks to rising interest rates and falling real incomes.

According to EY’s Item Club Outlook for Financial Services, this will be the lowest level since 2011 in the wake of the financial crisis.

Demand for consumer credit is expected to rise 7.2% this year as the cost of living and inflationary pressures tighten. However, this high rate is not expected to continue, and as inflation eases and pressure on household real incomes eases, the growth rate is expected to slow to 5.1% in 2023.

This represents a reversal of the pandemic era, when demand fell by more than 10%.

Meanwhile, bank lending to businesses is also forecast to grow by 2.2% this year but fall by 3.5% in 2023 as UK businesses‘ willingness and ability to invest are hampered by the deteriorating economic outlook and rising interest rates is affected.

This would be the first decline in six years, but less sharp than the average annual decline of 7.2% between 2009 and 2012 during and after the financial crisis.

Watch: How does inflation affect interest rates?

Unlike 2021, when many UK companies focused on paying down pandemic debt, this year has seen a return to borrowing growth, particularly by large companies, the data showed.

But the 2.4% average growth in the eight months to August was low compared to pre-pandemic times, when annual growth averaged 5.2% in 2018 and 2019.

It comes as overall housing market activity has remained fairly buoyant this year, partly as buyers sought to take part in low-rate deals, with net mortgage lending forecast at £63bn.

Real incomes are also facing the largest annual decline since the 1970s.

“Geopolitics and the deteriorating economic environment are having a significant impact on households and businesses. While interest rates are still fairly low by historical standards, they are the highest they have been in a decade and will continue to rise,” said Anna Anthony, managing partner for UK financial services at EY.

The story goes on

“This will put further strain on already strained finances and will affect demand for most forms of bank lending over the next year as prospective homeowners postpone purchases and businesses pause investment.

Continue reading: Heathrow is removing passenger cap from Sunday but warns it could return by Christmas

He added: “Affordability is tight and mortgage and commercial lending is likely to slow to a rate similar to that seen after the financial crisis. The main difference now is that with tighter regulations and higher solvency levels, banks are well capitalized and much better placed to support clients during this challenging time.

“Another key difference is that many consumers are entering this period with a financial cushion in the form of savings built up during the pandemic, and companies that entered into government-guaranteed lending programs during COVID-19 continue to be relatively fixed-rate low interest rates have prices.

“All of this means consumers and businesses are better positioned than they were over a decade ago, and banks are better able to support them.”

Continue reading: UK urged to watch out for scams as people seek extra cash amid cost of living crisis

Meanwhile, EY said it does not expect to surpass the peaks seen during the financial crisis, as tighter regulation and austerity would help cushion the impact for consumers, while low ones for companies borrowed during the pandemic Interest and fixed rate government guaranteed loan programs will help keep repayments manageable.

Mortgage loan allowances are expected to rise from 0.02% in 2022 to a nine-year high of 0.05% next year. This remains below the 0.08% peak seen in 2009. A decline to 0.04% is forecast for 2024.

Write-down rates for personal loans and credit cards are projected to be 1.9% this year and rise to 2.5% next year – the highest level since 2012, albeit half the 5% peak reached in 2010. A decline in depreciation to 2.2% is forecast for 2024.

Corporate loan loss allowances are expected to reach 0.7% in 2023, nearly double the 0.4% seen last year. But even that would be a far cry from the 1% to 1.5% rates of the early 2010s. In 2024, impairments are expected to fall back to 0.4%.

Watch: Will UK house prices ever fall?

Open Banking Fair returned to the UK in 2022. Consisting of nine stages, over 40 sessions and more than 90 industry speakers, the event will host a large number of members of the financial community to discuss all things Open Banking.

At a time of economic and political turbulence in the UK, many leaders in the open banking industry came together to discuss how open banking can help. Topics discussed included the future of open banking and the challenges companies in the industry face before they can achieve their goals.

Todd ClydeCEO of signopened the conference in Business design center in London with his session: ‘Always one step ahead: Can Open Banking achieve that? Above payment experience?‘.

Clyde spoke about the steady growth and adoption of Open Banking in the UK: “Open Banking payments in the UK are growing at a consistent 10% month-on-month. This may seem slow from our perspective, but from a payments perspective, this is very rapid growth. There are over 6.5 million payments to the 17 brands alone CM 9 Banks that get done every month.”

He also commented on whether open banking is a threat or an opportunity for companies in the payment industry: “A threat if you do nothing. Middle [threat] if you just aggregate them. I think there’s a real opportunity if they actually roll out their own private label pay-by-bank capability.”

Open bank payments

Following that Daniel GlobersonHead of API Bank Natwest groupmoderated a discussion to continue the conversation about open banking payments, VRPs and sweeping.

• Charlotte bellCorporate and institutional open banking payment sales lead at northwestsaid, “Banks can now begin commercializing the APIs they have worked hard to present to third parties today.”
• mike manfinance director Williams Trading Supplies, offered a merchant’s point of view: “The closer we can get to the ‘Uber’ ‘get out of a cab’ or ‘get out of a mall’ experience and complete your transaction without a ride, the better.” If we can achieve that at a lower cost to the merchant, surely everyone but our friends Visas and MasterCard to win.”
• Karl ladiesChief Product Officer at sign, discussed the role of regulators in the industry: “We see for example in Australia where they are trying to move forward because they know the regulator will step in and force them to do so if they don’t take steps to actually move forward. The banks then found the commercial incentive to make this a better opportunity than when the regulator forces them to act.”

The future of open banking

A fireside chat, moderated by , took place on another stage Ellie Duncan, Editor-in-Chief of the Open Banking Expo. She spoke to Andy SacreProduct Director of Open Banking Decisioning and Analytics at a credit reporting company Equifaxon the subject: ‘The future of open banking – a world beyond simple credit decisions‘.

Sacre spoke of the need to raise awareness of the benefits of open banking: “I think the problem probably lies with all of us. What is debatable is that we need to communicate this to customers and people in a way that they understand it matters to them. Ask the question “Would you like to use Open Banking?”. You won’t get a decent answer for most people on the street.”

Open banking supports SMEs

Elsewhere, another panel moderated by Jamie LeachDomain lead for regulated data at cuscaldiscussed how open banking enables fintechs to better serve SMEs with a panel.

panel member Connie Castra Feijooa specialist in stakeholder engagement Open Banking Implementation Unit, said: “If our goal is to enable fintechs to better serve the SME market, there are many examples of products and services currently in operation that actually help SMEs become more productive, profitable and resilient to become. Especially in this crisis.

“For example, our latest study surveyed over 900 SMBs, and 84 percent of them agreed that open banking cloud accounting services help them boost performance for better insight into their business. We know that 50 percent of SMEs are currently using Open Banking. There is a lot to be done to make that happen.”

Meet the CEO

The fintech times‘ own journalist Tyler Pathe took to the CEO stage at the event. He talked to people like Gavin Shuker out Cardeo, Ola Atose out KoinKoin, Carlos Figueredo from open vector, Nilixa Devlukia of Open Finance Association and Catherine HerrlingCEO of FundingXChange.

Gavin Shuker spoke about what Cardeo can do for people amid the current economic climate in the UK: “In July of this year, credit card borrowing rose to its highest level in 17 years. Average interest rates are around 29 percent. We know from previous recessions that all these promotional periods are one of the biggest markers in the credit card industry… We’re trying to build a company that’s inherently socially responsible.”

Concluding the CEO phase, Katrin Herrling spoke on how adverse political and economic events in the UK have impacted the SME lending landscape. “Lenders won’t lend money to companies that you can’t predict with certainty will still be around 18 months from now…Financing options have become more limited and more expensive.”

Herrling continued, “Small businesses were in the eye of the storm; The real challenges are becoming very clear and we are very concerned about what 2023 will mean for the credit sector.”

The challenges of implementing CBDCs worldwide

A key topic that came up several times in the sessions was what the future holds for central bank digital currencies (CBDCs) or not. This panel looked like insights:

• Nilixa DevlukiCEO of Open Finance Association
• Lee McNabbLead payment strategy NatWest
• Louise Murrayoperations manager at rail no
• Janna Patchaypolitical leadership at Digital Pound Foundation
• James PomeroyWorld Economist for HSBC

Pomeroy spoke about the potential future of CBDCs and how central banks are tackling the problem of integrating it into the lives of the masses: “What seems to be happening around the world is all these different central banks looking [at CBDCs] come up with a somewhat similar idea for different reasons. You will receive a central bank digital currency produced by the central bank and distributed to the public through partner banks. [As far as adoption is concerned] no one will notice.”

James also discussed the “endless” possibilities for interest rates should different central banks try to set them. While it is possible not to set interest rates, as with cash, he argued that the possibilities need to be discussed. He said that “a high interest rate would encourage quick spending and less saving. Central banks could set a 10 per cent interest rate on the first £1000 you hold, and then a negative 10 per cent rate on anything beyond that. This would ensure that people don’t have a lot of savings and are constantly spending with the income.”

Hello and welcome to the work week. Or is this supposed to be workers’ week? The 20th National Congress of the Chinese Communist Party is taking place in Beijing, and all eyes are on President Xi Jinping ahead of the expected vote for an unprecedented third term.

The Financial Times has spoken to more than two dozen business leaders, farmers, government officials and Chinese academics – although understandably none are given credit – to paint a comprehensive picture of the country entering this new era.

In the UK, British workers’ representatives will gather in Brighton for the annual trade unions congress, which has been postponed following the death of Queen Elizabeth II last month. With the economy and labor unrest there will be much to talk about. Pensions, the cost of living crisis and defending the right to strike are on the agenda.

Economic issues are high on the agenda of the European Council meeting of EU leaders that begins in Brussels on Thursday.

In the United States, the aftermath of the riots on Capitol Hill on January 6, 2021 continue. Donald Trump’s former political adviser Steve Bannon is scheduled to be sentenced on Friday for contempt of Congress after he failed to comply with a subpoena from the committee investigating the attack.

Finally, among the anniversaries this week is a significant one for a British institution as the BBC turns 100. Many people will have an opinion on this. Perhaps it’s time to review former FT editor Lionel Barber’s take on a century-old “Auntie Beeb.”

economic data

New Zealand publishes CPI inflation data for the third quarter. UK inflation numbers for September are likely to show another double-digit headline rise, while the GfK confidence reading and retail sales update are likely to underscore how unlikely a consumer-led recovery is at the moment.

The Federal Reserve will release its latest Beige Book on Wednesday, which will provide commentary on the current state of the US economy and will provide an update on America’s increasingly fragile housing market.

China’s monthly activity indicators will most likely illustrate the ongoing impact of the Covid-19 restrictions.

companies

We’re in the middle of earnings season, starting the week with the rest of the major Wall Street banks reporting Q3 results, followed by a mix of consumer staples, retail, media, airlines and technology. Issuers of the results include third quarter data from Bank of America, Bank of New York Mellon, Charles Schwab, an interim report from Naked Wines and a third quarter operations update from Rio Tinto.