Live updates: Asian markets fall as interest rate concerns persist
The long hot summer is coming to an end. And as resolutions to the current economic and political conflicts seem far from resolved – the UK’s summer of discontent, for example, turns into an autumn of industrial unrest – we will enter a new season of leadership in the next seven days.
The election for the leadership of the British Conservative Party will (finally) end on Monday. Unless the data polls were grossly inaccurate, Liz Truss will claim the award and name a new cabinet. The FT will provide a full analysis of these events.
Sweden’s Magdalena Andersson is hoping to be reappointed as prime minister as her country goes to the polls on Sunday. As the outgoing and incoming British Prime Minister, Andersson came to power in chaotic circumstances after his party had already ruled the country for several years. Unlike the British Prime Minister, Andersson is more popular than his party and his rivals. This election, however, is much closer to the call than that of the British Conservative Party vote.
US President Joe Biden will be on the stump with November’s midterm elections on his mind. The week will end with a reflection for the United States as it celebrates the 21st anniversary of the September 11 attacks.
Another Conservative Party leadership election will also end this Saturday in Canada. The contest – launched in February with the resignation of Conservative Party leader Erin O’Toole – makes the race for the leadership of Britain’s Conservatives look a bit rushed. But Canada’s Conservatives have the luxury of taking their time because whoever wins won’t immediately run the country.
The week will start with an OPEC+ meeting. Last month, Saudi Arabia warned it could push for a cut in oil production if prices continued to fall.
The European Central Bank’s monetary policy committee meets on Thursday. The decline in eurozone unemployment last week fueled speculation that the central bank will step up its tightening cycle to curb eurozone inflation with a 0.75 percentage point hike.
There are also inflation and trade figures from China, industrial production data from Germany, employment figures from Canada and international service sector comparisons with the latest set of index data. purchasing managers. The holiday season is officially over.
It’s Labor Day on Monday, which means US markets will be closed.
Apple unveils its new iPhone range.
Among those who should deliver rather positive news is Ashtead, the equipment rental group. Supply chain constraints and economic uncertainty have caused companies to lease equipment from Ashtead rather than buy it, chief executive Brendan Horgan said in June.
This will be further bolstered by a pipeline of infrastructure projects about to take shape, according to Steve Woolf of investment bank Numis. “The medium-term outlook is supported by infrastructure spending, with a significant volume of large-scale projects expected to start over the next 12-18 months,” he wrote.
Read the full schedule for the week ahead here.