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Hello. Welcome to weekday business.
Tired of politics yet? Well, I have some good news. The next 7 days’ diary will be centered around corporate news and business importance.
We’re in the middle of earnings season, and financial services, including Wall Street banks who are the last to report, dominate the earnings schedule. But it’s not just financial reports. There has been a change at the top of Nike, with the aim of leading a turnaround for the business, which has been in trouble in recent years. New boss Elliott Hill is a Nike intern who spent much of his career with the Swoosh, except for a brief stint as an assistant trainer for the Dallas Cowboys football team. The resume is markedly different from that of Mr. Hill’s successor, John Donahoe, an Ivy League-educated former technology executive who hopes the company bodes well for its future. A person.
Tokyo Metro will be in the news as the price of its initial public offering is announced. This is one of Japan’s largest non-financial businesses that is still completely in the hands of the state. The booming Tokyo market presents an unmissable opportunity for a major IPO, breaking some drought in large listings on the Tokyo exchange, according to officials and bankers. For further insight, FT Tokyo bureau chief Leo Lewis has written an excellent piece on the subject. As he points out, this is a classic late-capitalist trade-off between profitability and public services, but with national identity as the main currency.
Britain’s still relatively new Labor government is scheduled to hold a major investment summit in central London on Monday, with just-appointed investment minister and co-founder of cybersecurity business Darktrace Poppy Gustafsson. I’m planning to introduce it. The event, promised before the general election as part of Labour’s first moves in government to boost growth, is dependent on bringing in some big names. About 200 executives are expected to attend, but the day will be overshadowed by the absence of key business leaders and the threat of tax increases in Chancellor Rachel Reeves’ budget, which is just 16 days away. There are concerns that this may be the case.
The coming days will see a flurry of economic reports, including inflation updates (UK, Canada, India, Japan), UK unemployment and wage data, US industrial production statistics and China’s Q3 GDP estimates, among others. be done. All eyes will be on Frankfurt as the European Central Bank Monetary Policy Committee meets on Thursday. Economists are forecasting a 0.25 percentage point cut in interest rates due to slowing growth in the euro zone. Please see below for details.
One more thing. . .
Music is a force that has continued to flow throughout my life. One of my favorite sections of the FT weekend is “Life of a Song” in the Life & Art section. This week is the UK’s National Album Day, as well as the 39th Rock and Roll Hall of Fame Induction Ceremony, so there’s a chance to fill that slot. Here we will introduce you to a selection of the best ones.
What are your priorities for the next 7 days? Email jonathan.moules@ft.com. If you’re reading this from your inbox, please click reply.
Major economic and corporate reports
Here’s a more complete list of what to expect in terms of company reports and economic data this week:
Monday
Elliott Hill becomes Nike’s president and chief executive officer, replacing John Donahoe, who resigned yesterday.
Hargreaves Lansdown shareholders will vote on the proposed takeover of the company by a consortium consisting of CVC Advisors, Nordic Capital XI Delta, SCSP and Platinum Ivy.
Swati Dhingra, member of the Bank of England’s Monetary Policy Committee, will be a panelist at the Reserve Bank of India’s 90th Anniversary Conference to be held in New Delhi.
Canada: Thanksgiving. Financial markets are closed
China: September trade balance statistics
India: Consumer Price Index (CPI) inflation rate data for September
Japan: Health and Sports Day. Financial markets are closed
OPEC October Oil Market Report
Results: Ashmore Q1 AUM Statement, Chemring Trading Update, HCL Technologies Q2, PageGroup Q3 Trading Update, Reliance Industries Q2
Tuesday
Tokyo Metro plans to announce the final price for its initial public offering before its shares begin trading on the Tokyo Stock Exchange on October 23.
IEA October Oil Market Report
Canada: September CPI inflation data
Germany: ZEW Survey Expectations
UK: October labor market statistics
Results: Bank of America Q3, Bellway Fiscal Year, Charles Schwab Q3, Citigroup Q3, Goldman Sachs Q3, Johnson & Johnson Q3, Mitty HY Trading Update , PNC Financial Services Q3, Qinetiq Q2 Trading Update, Reach Q3 Trading Update, Robert Walters Q3 Trading Update, State Street Q3, UnitedHealth Q3, Victoria Plumbing Fiscal Year, Walgreens Boots Alliance Q4
Wednesday
UK: September CPI and Producer Price Index (PPI) inflation data
Results: Abbott Laboratories Q3, Alcoa Q3, ASML Holdings Q3, Brooks McDonald Q1 Funds Under Management, Citizens Financial Group Q3, Crown Castle Q3, CSX Q3 , Equifax Q3, Just Eat Takeaway Q3 Trading Update, Kinder Morgan Q3, Marshalls Q3 Trading Update, Mony Q3 Trading Statement, Morgan Stanley Q3, Ninety・One 2nd quarter assets under management, Oxford Instruments trading update, Prologis 3rd quarter, Quilter 3rd quarter trading update, Rio Tinto 3rd quarter business review, United Airlines 3rd quarter, US Bancorp 3rd quarter, Wit Bread HY
Thursday
IMF Managing Director Kristalina Georgieva delivers opening speech on global economic outlook and policy priorities ahead of the organization’s 2024 annual meeting in Washington.
EU: European Central Bank interest rate decisions
Japan: September trade balance statistics
Türkiye: interest rate determination
Results: ABB Q3, AJ Bell Annual Trading Update, BHP Group Operations Review, Blackstone Q3, Centamin Q3, Deliveroo Q3 Trading Update, Discover Financial Services Q3, Entain Q3 Trading Latest News, GB Group HY Trading Latest, Ibstock Trading Latest, Infosys Q2, KeyCorp Q3, M&T Bank Q3, Marsh & McLennan Q3, Mondi Q3, Netflix Q3, Nokia Q3, PPG Industries Q3, Publicis Groupe Q3, Rank Q1 Transaction Latest Information, Rathbones Group Q3 Interim Management Report, Rentokil Initial Q3 Transaction Latest Information, Schindler Q3, Snap-on Q3, St. James Place Q3 New Business Announcement, Travelers Q3
Friday
China: Q3 GDP data
Japan: September CPI inflation rate data
UK: UK September retail sales
United States: September industrial production statistics
Results: American Express Q3, Comerica Q3, Fifth Third Bancorp Q3, P&G Q1, Schlumberger Q3
world events
Finally, we’ll summarize other events and milestones from this week.
Monday
UK: Government hosts international investment summit. Foreign Minister David Lamy will attend the EU Foreign Affairs Council meeting in Luxembourg, chaired by Josep Borrell, High Representative for Foreign Affairs and Security Policy.
United States: Columbus Day holiday. Financial markets remain open
Tuesday
Wednesday
UK: Labor MP Kim Leadbeater is introducing a bill to Parliament regarding assisted dying in England and Wales. Separately, the winners of the RIBA Stirling Architecture Prize, considered the most prestigious event on the country’s architectural calendar, will be announced at a ceremony in London.
Thursday
Belgium: NATO Secretary-General Mark Rutte hosted a meeting of defense ministers of member states in Brussels, his first meeting since taking office. The meeting at NATO headquarters in Brussels will continue until tomorrow.
EU: A two-day meeting of EU Heads of State and Government of the European Council begins in Brussels, chaired by European Council President Charles Michel. Topics include increasing military aid and energy infrastructure to Ukraine, violence in the Middle East, and promoting a two-state solution between Israel and the Palestinians.
Friday
Australia: King Charles and Queen Camilla begin their state visit to Australia. This will be Prince Charles’ first overseas trip since his cancer diagnosis. The tour continues until next week
Italy: The G7 Defense Ministers Meeting was held in Naples, attended by ministers from G7 member countries Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
Saturday
UK: National Album Day, the seventh annual event celebrating the anniversary of the album format. This year’s theme was ‘Great British Groups’ and was celebrated by album champions including Shed Seven, Katherine Marks, Geoff Wayne, Liam Frey, Nova Twins, Jazzy B and Travis.
USA: The 39th Rock and Roll Hall of Fame Induction Ceremony was streamed live on Disney+. To be eligible, you must have released your first single or album at least 25 years before the year of your nomination. This year’s inductees include Mary J. Blige, Cher, Dave Matthews Band, Foreigner, Peter Frampton, Kool & the Gang, Ozzy Osbourne, and A Tribe Called Quest.
Sunday
Newsletter recommended for you
Inside Politics — What you need to know about British politics. Please register here
US Election Countdown — Money and Politics in the Race for the White House. Please register here