The Global Week Ahead

Written By Francis Kelly

September 17 - 24, 2023

The coming week is jammed with high-level diplomatic meetings in New York as part of the beginning of the 78th United Nations General Assembly. Leaders worldwide will be present, and many will address the General Assembly.

Concurrent with the General Assembly will be several high-level climate-focused summits, some hosted by the UN and others by private sector organizations, to elevate climate engagement.

We will be watching for a likely side-line meeting between senior US and Chinese officials to come to pass to discuss a possible visit to the US in November of Chinese President Xi as part of the ASEAN Leaders Summit in San Francisco. News reports on Sunday morning revealed that US National Security Advisor Jake Sullivan recently held two days of meetings with Chinese officials on the upcoming summit and Xi’s involvement.

Also, President Biden, who will address the UN General Assembly, will likely meet in New York with Israeli Prime Minister Benjamin Netanyahu. The two leaders have had a contentious relationship, and any meeting between the two will be seen as a vital thaw in tensions.

Senior EU officials are expected to have a set of sideline talks at the UN with senior Chinese officials to discuss ongoing trade and political tensions, particularly around sales of advanced EU technology to China.

Ukrainian President Volodymyr Zelensky will address the UN before traveling to Washington to meet with members of Congress in a bid to obtain increased military aid. He will also meet with President Biden.

On the global economic radar screen this week, three big central bank interest rate decisions will be made - the Bank of England, the Bank of Japan, and the US Federal Reserve. Markets are on a hair-string, wondering if this will be the Bank of England’s last rate increase and if the Federal Reserve is finally done (at least for now) with raising rates. Several emerging market central banks are also deciding rate levels this week.

Also, next week, the OECD and the Asia Development Bank will publish updated economic forecasts, which markets will read closely.

Finally, we would note Sunday is the Autumn Equinox, officially beginning the season of Autumn. Get ready to start raking those leaves.

Here is what else we are watching around the world this week:

Sunday, September 17, 2023

Global

  • UN Secretary-General António Guterres is expected to deliver remarks at a UN Global Compact Board Meeting. 

Americas

Political/Social Events –

  • Nothing Significant to Report (NSTR)

Economic Reports/Events –

  • NSTR

Asia

Political/Social Events –

  • NSTR

Economic Reports/Events –

  • Reserve Bank of Australia Philip Lowe steps down as Governor and is succeeded by Michele Bullock.

Europe

Political/Social Events –

  • NSTR

Economic Reports/Events –

  • NSTR

Middle East

Political/Social Events –

  • NSTR

Economic Reports/Events –

  • NSTR

 Africa

  • Political/Social Events –

NSTR

Economic Reports/Events –

  • NSTR

 

Monday, September 18, 2023

Global

 

Americas

Political/Social Events –

  • Ukrainian President Volodymyr Zelensky will travel to Washington from New York (where he will attend the UN General Assembly).  Zelensky will meet with US members of Congress in a bid to obtain increased military aid.  He will also meet with President Biden.

Economic Reports/Events –

  • US NAHB Housing Market Index (September), Long Term TIC Flow (July)

  • Canada PPI (August), Raw Material Prices (August), Housing Starts (August)

  • Brazil IBC-Br Economic Activity (July), BCB Focus Market Readout

  • Mexico Private Spending (Q2), Aggregate Demand (Q2)

  • Colombia ISE Economic Activity (July)

Asia

Political/Social Events –

  • Chinese Foreign Minister Wang Yi will travel to Moscow for meetings with Russian Foreign Minister Sergey Lavrov as a follow-up to the recent meeting between President Putin and North Korean Leader Kim Jong-un.  China has proposed a 12-point peace plan for the Ukraine War and now wishes to understand the nature of the newly rejuvenated Russia-North Korean relationship.

  • India’s Parliament begins a special session through September 22.  It is expected the session will cover a number of big issues ranging from officially changing India’s name to “Bharat,” press and registration of periodicals legislation, reform of the Post Office, a “One Election” proposal, and a Chief Election and other Election Commissioners legislation. 

  • Chinese and EU senior officials are expected to meet on the sidelines of the UN General Assembly in New York to discuss ongoing trade tensions, artificial intelligence, research, and other issues.

  • ASEAN will hold its first-ever joint military drills through September 23.  The drills will be conducted in the Strait of Malacca and focus on non-combat usage of military assets (e.g., disaster relief and other humanitarian exercises.)

Economic Reports/Events –

  • In Japan, today is Respect for the Aged Day. Financial markets are closed.

  • Singapore Balance of Trade (August), Non-Oil Exports (August)

  • New Zealand Composite & Services PCI (August)

 

Europe

Political/Social Events –

  • EU President Ursala von der Leyden will participate in the 2023 Sustainable Development Goals Summit in New York.

  • The EU Agriculture and Fisheries Council meets in Brussels.  They are expected to consider the annual consultation on fishing opportunities with the UK as well as EU-Norwegian annual consultations.

  • There will be an informal meeting of the EU Ministers of Education and Youth through September 19 in Zaragoza, Spain.

  • NATO begins conducting “Dynamic Messenger” Joint Exercises in Portugal.

  • Great Britain’s Prince William visits New York for the Earthshot Prize Innovation Summit, taking place in conjunction with the UN General Assembly and  New York Climate Week.

Economic Reports/Events –

  • ECB Board Member Luis de Guindos will give remarks online at an event organized by Foment del Treball 

  • ECB Board Member Fabio Panetta will chair a panel on "Value chain reconfiguration in an uncertain world - how far will it go?" at the 9th Joint Bank of Canada and European Central Bank Conference in Frankfurt, Germany.

  • German Bundesbank Monthly Report

  • Ireland Construction PMI (August), Residential Property Prices (July)

  • Poland Core Inflation (August)

 

Middle East

Political/Social Events –

Economic Reports/Events –

  • Qatar Inflation (August)

  • Israel Budget Balance (August)

Africa

Political/Social Events –

NSTR

Economic Reports/Events –

Angola FX Reserves (August), M3 Money Supply (August)

 

Tuesday, September 19, 2023

Global

  • The UN Global Compact Leaders Summit begins. Alongside the SDG Summit 2023, during the UN General Assembly High-Level Week, this year’s UN Global Compact Leaders’ Summit will convene business leaders, UN officials, Government leaders, SDG stakeholders, and civil society professionals from across the globe to comprehensively review the private sector’s contribution to advancing the SDGs. 

  • Global Dairy Trade Price Index (New Zealand)

  • The OECD releases its Interim Economic Report.

Americas

Political/Social Events –

Asia

Political/Social Events –

  • NSTR

Economic Reports/Events –

  • Reserve Bank of Australia Meeting Minutes

  • Malaysia Imports/Exports/Balance of Trade (August)

Europe

Political/Social Events –

  • The EU General Affairs Council meets in Brussels.  Their agenda of issues can be found HERE.

  • UK Opposition Leader, Sir Keir Starmer, will meet with French President Emmanuel Macron in Paris. This is considered something of a political coup for Starmer, who will meet with Macron one day before British King Charles III arrives in Paris for his first official visit. It also polishes Starmer’s foreign policy credentials going into the elections next year.

  • Milan Fashion Week begins.

Economic Reports/Events –

  • ECB Board Member  Frank Elderson will give a speech at the 10th Banking Union Conference organized by Freshfields Bruckhaus Deringer/Institute for Law and Finance at Goethe-Universität/Center for Financial Studies in Frankfurt, Germany.

  • Eurozone Current Account (July), Inflation (August), CPI (August)

  • Switzerland Balance of Trade (August)

  • Italy Current Account (July)

  • Serbia Inflation (August), Current Account (July)

  • Bulgaria Current Account (July)

Middle East

Political/Social Events –

  • Israel’s Supreme Court will hear an appeal over recent highly controversial legislation limiting the powers of courts.

Economic Reports/Events –

  • Israel GDP (Q2), Unemployment (July), Manufacturing PMI (August)

Africa

Political/Social Events –

  • NSTR

Economic Reports/Events –

  • NSTR

 

Wednesday, September 20, 2023

Global

  • At the UN, the High-level Dialogue on Financing for Development will take place in the Trusteeship Council Chamber. The High-level Dialogue is organized by the UN Department of Economic and Social Affairs (DESA). The Secretary-General is expected to deliver remarks.  

  • The UN Security Council is scheduled to hold an Open Debate on the Maintenance of International Peace and Security: “Upholding the purposes and principles of the UN Charter through effective multilateralism: maintenance of peace and security of Ukraine”. The Secretary-General is expected to deliver remarks.  

 

Americas

Political/Social Events –

  • NSTR

Economic Reports/Events –

  • U.S. Federal Reserve’s Open Market Committee Interest Rate Decision & Press Conference, US MBA Mortgage Market Index Figures (September 15)

  • Bank of Canada Summary of Deliberations

  • Argentina Unemployment Rate (Q2), Leading Indicators (August)

  • Brazil Central Bank Interest Rate Decision

  • Paraguay Central Bank Interest Rate Decision

Asia

Political/Social Events –

  • China’s Special Representative on Eurasian Affairs, Li Hui, meets with Roman Catholic Cardinal Matteo Zuppi in Beijing to discuss the normalization of Vatican-Chinese relations.

Economic Reports/Events –

  • China Loan Prime Rate 1-Year, Loan Prime Rate 5-Year Decisions

  • Japan Imports/Exports/Balance of Trade (August)

  • South Korea PPI (August)

  • Australia Westpac Leading Index (August)

  • New Zealand Current Account (Q2)

  • Taiwan Export Orders (August)

Europe

Political/Social Events –

  • EU President Ursala von der Leyden will give a speech at the Climate Ambition Summit in New York.

  • King Charles III and Queen Camilla visit Paris to meet with French President Macron.  This is a rescheduled visit as the King had to cancel his trip earlier this year due to riots in France over pension reform.

  • There will be an informal meeting of EU Transport Ministers through September 22 in Barcelona, Spain. 

  • In the UK, Junior doctors and consultants simultaneously walk out in pay dispute with the government.

Economic Reports/Events –

  • ECB Board Member Fabio Panetta will give introductory remarks at the 4th joint workshop of European Independent Fiscal Institutions and the ESCB in Frankfurt, Germany.

  • ECB Board Member Andrea Enria will give opening remarks at the ECB Supervision Innovators Conference "Technology and banking supervision connected" in Frankfurt, Germany.

  • ECB Board Member Isabel Schnabel will participate in an exchange of views on "Current aspects of monetary policy" with Association of German Banks (Bundesverband deutscher Banken e. V.) in Frankfurt, Germany.

  • ECB Board Member Kerstin af Jochnick will give the keynote speech at the 28th Financials CEO Conference organized by Bank of America Securities, Inc. in London, United Kingdom.

  • ECB Board Member Elizabeth McCaul will give the keynote speech on "Technology, data and innovation – Shaping the future of supervision" at the ECB Supervision Innovators Conference "Technology and banking supervision connected" in Frankfurt, Germany.

  • ECB Board Member Frank Elderson will give a speech at the Springtij Forum 2023 in Terschelling, Netherlands.

  • Eurozone Construction Output (July), New Car Registration (August)

  • Germany PPI (August)

  • UK Inflation (August), PPI (August), Retail Prices (August)

  • Switzerland SECO Economic Forecasts

  • Croatia Central Bank Interest Rate Decision

  • Greece Current Account (July)

  • Poland Employment (August), PPI (August), Corporate Sector Wages (August)

  • Hungary Unemployment (August)

  • Montenegro GDP (Q2)

  • Russia PPI (August), Consumer Confidence (Q3)

Middle East

Political/Social Events –

  • NSTR

Economic Reports/Events –

  • Israel Current Account (Q2)

  • Turkey Central Government Debt (August)

  • Kuwait Central Bank Interest Rate Decision

  • Saudi Central Bank Interest Rate Decision

  • Qatar Deposit Interest Rate Decision

Africa

Political/Social Events –

  • NSTR

Economic Reports/Events –

  • South Africa SACCI Business Confidence (August), Inflation, (August), Retail Sales (July)

  • Rwanda GDP (Q2) 

 

Thursday, September 21, 2023 

Global

  • NSTR

Americas

Political/Social Events –

  • President Biden may meet with Israeli Prime Minister Benjamin Netanyahu on the sidelines of the UN General Assembly in New York.  The meeting is yet to be confirmed.

Economic Reports/Events –

  • US Current Account (Q2), Initial Jobless Claims (September 16), Philadelphia Fed Manufacturing Index/Business Conditions/CAPEX Index/Employment/New Orders/Prices Paid Reports (September), Existing Home Sales (August), CB Leading Index (August)

  • Canada New Housing Starts (August)

  • Colombia Business Confidence (August)

  • El Salvador Balance of Trade (August)

  • Argentina Balance of Trade (August)

Asia

Political/Social Events –

  • NSTR

Economic Reports/Events –

  • New Zealand GDP (Q2), Credit Card Spending (August)

  • Reserve Bank of Australia Bulletin

  • Hong Kong Central Bank Interest Rate Decision, Current Account (Q2), Inflation (August)

  • Taiwan Central Bank Interest Rate Decision

  • Philippines Central Bank Interest Rate Decision

  • Indonesia Central Bank Interest Rate Decision, Loan Growth (August), Lending Facility Rate (September)

Europe

Political/Social Events –

  • EU President Ursula von der Leyden will give a speech at the 2023 Atlantic Council Awards Dinner in New York.  Earlier in the day, she will give the keynote speech at the Global Citizen NOW Climate Session.

  • In the UK, NHS junior doctors are due to walk out on strike over pay. 

Economic Reports/Events –

  • ECB President Christine Lagarde will give a lecture at Rencontres méditerranéennes in Marseille, France.

  • ECB Board Member Isabel Schnabel will chair Session IV – Jean Monnet Lecture "Postwar Reconstruction Assistance and Local Governments in Ukraine" at the 8th ECB Annual Research Conference in Frankfurt, Germany.

  • Eurozone Consumer Confidence (September)

  • ECB Board Member Philip R. Lane will give a dinner speech and Q&A at the Money Marketeers of New York University in New York.

  • Bank of England Interest Rate Decision and Meeting Minutes, UK Public Sector Net Borrowing (August)

  • France Business Confidence (September), Business Climate Indicator (September)

  • Switzerland Central Bank Interest Rate Decision

  • Italy Construction Output (June)

  • Poland Retail Sales (August)

  • Spain Balance of Trade (July)

  • Serbia Consumer Confidence (September), PPI (August)

  • Slovenia Unemployment (July)

Middle East

Political/Social Events –

  • NSTR

Economic Reports/Events –

  • Saudi Arabia Balance of Trade (July)

  • Turkey Consumer Confidence (September), Central Bank Interest Rate Decision, FX Reserves (September 15)

  • Israel Manufacturing Production (July)

  • Egypt Central Bank Interest Rate Decision

Africa

Political/Social Events –

  • NSTR

Economic Reports/Events –

  • South Africa Reserve Bank Interest Rate Decision,  Building Permits (July) 

 

Friday, September 22, 2023

Global

  • NSTR

Americas

Political/Social Events –

  • Secretary of Treasury Janet Yellen will convene a meeting of the Financial Stability Board in executive session.  The preliminary agenda includes a discussion of international market conditions and development., the Council’s proposed analytic framework for financial stability risk identification, assessment, and response, and the Council’s proposed guidance on nonbank financial company determination.

Economic Reports/Events –

Asia

Political/Social Events –

  • The Asian Games begin in Hangzhou, China. Athletes from 45 countries will compete in 61 disciplines from 40 sports.  The games go through October 8.

Economic Reports/Events –

  • Bank of Japan Interest Rate Decision, Japan Inflation (August), Jibun Bank/Services/Composite PMIs (September)

  • India Deposit Growth (September 8)

  • Taiwan Unemployment (August)

  • Australia Judo Bank Services/Manufacturing/Composite PMIs (September)

  • Malaysia Inflation (August)

  • Thailand New Car Sales (August)

  • New Zealand Imports/Exports/Balance of Trade (August)

  • Philippines Business & Consumer Confidence (Q3)

Europe

Political/Social Events –

  • German Chancellor Olaf Scholz addresses the UN General Assembly.

  • French President Emmanuel Macron welcomes Pope France to Marseille for a two-day visit.

Economic Reports/Events –

  • ECB Board Member Luis de Guindos will give remarks
    followed by Q&A at an event organized by Kreab in Madrid, Spain.

  • Eurozone HCOB Manufacturing/Services/Composite PMIs (September)

  • Germany HCOB Manufacturing/Services/Composite PMIs (September)

  • UK Gfk Consumer Confidence (September), Retail Sales (August), S&P Global/CIPS Manufacturing & Services & Composite PMIs (September), CBI Industrial Trends Orders (September)

  • Spain GDP (Q2)

  • Switzerland Current Account (Q2)

  • Poland M3 Money Supply (August)

  • France HCOB Manufacturing/Services/Composite PMIs (September)

  • Ireland Consumer Confidence (September), Wholesale Prices (August)

  • Slovenia Business Confidence (September)

  • Slovakia Unemployment (August)

  • Ukraine GDP (Q2)

Middle East

Political/Social Events –

  • NSTR

Economic Reports/Events –

Israel Inflation Expectations (September)

  • Qatar Total Credit Growth (August), M2 Money Supply (August)

  • Kuwait Inflation (August)

  • Lebanon Inflation (August)

Africa:

Political/Social Events –

  • In Nigeria, The National Labour Congress union may launch a nationwide indefinite strike over the government's removal of fuel subsidies. A two-day warning strike in early September involved aviation, banks, government offices, utilities, and other sectors in several states.

Economic Reports/Events –

  • Mozambique Central Bank Interest Rate Decision

 

Saturday, September 23, 2023

Global

  • Today is the arrival of the Autumn Equinox, officially beginning the season of Autumn.

Americas

Political/Social Events –

  • NSTR

Economic Reports/Events –

  • NSTR

Asia

Political/Social Events –

  • NSTR

Economic Reports/Events –

  • Taiwan Industrial Production (August), Retail Sales (August), M21 Money Supply (August)

Europe

Political/Social Events –

  • NSTR

Economic Reports/Events –

  • NSTR

 

Middle East

Political/Social Events –

  • NSTR

Economic Reports/Events –

  • NSTR

 

Africa

Political/Social Events –

  • NSTR

Economic Reports/Events –

  • NSTR

 

Sunday, September 24, 2023

Global

  • NSTR

Americas

Political/Social Events –

  • NSTR

Economic Reports/Events –

  • NSTR

Asia

Political/Social Events –

  • NSTR

Economic Reports/Events –

  • NSTR

 

Europe

Political/Social Events –

  • NSTR

Economic Reports/Events –

  • NSTR

 

Middle East

  • Political/Social Events –

NSTR

Economic Reports/Events –

  • NSTR

 

Africa

Political/Social Events –

  • NSTR

Economic Reports/Events –

  • NSTR

  

 

Please let us know if you have any questions or a colleague would like to be added to our distribution list.

Francis Kelly
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