Live News Updates: Bank of Canada reports biggest decline in business outlook since 2020

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.