The Global Week Ahead
European Leaders Meet on Ukraine, Russia Lost Syria And May Also Lose in Africa, Germany Holds A No-Confidence Vote to Trigger Federal Elections, and the Federal Reserve, Bank of England, and Bank of Japan Each Meet on Interest Rates
December 15 - 22, 2024
While most of us look forward to the peace and joy (and quiet) of the holidays and New Year, the coming week will be busy on several fronts. European leaders will gather in Brussels this week to meet with Ukrainian President Volodymyr Zelensky to discuss Russia's war on Ukraine and the unfolding events in Syria. UK Prime Minister Keir Starmer and NATO Secretary General Mark Rutte will join the EU leaders. Russia has ramped up its drone attacks on Ukrainian civilian targets and has begun deploying North Korean troops against Ukrainian forces, and Ukraine needs more military aid.
Syria continues to be something of a question mark for Western leaders as Syrian rebels move to establish a new government following their shock defeat of Bashir al-Assad's regime. How the rebel coalition will rule and the true intentions of the more radical Hayat Tahrir Al-Sham (HTS) leadership – which at one point was allied with Al Queda – remain somewhat unclear.
But as the West works to develop relations with the rebels, another unexpected outcomofAssad'ssss overthrow has emerged: It appears Russian military forces, responding to demands from the Syrian rebels, are packing up and leaving some of their bases in Syria - but not all of them followingAssad'ssss defeat and fleeing to Moscow. As if Assad's defeat was not enough of a blow to Russian foreign policy, it turns out it is now seriously complicating Russia's aggressive and malignant African policy: Russia's airbases in Syria serve as major military supply transshipment centers foRussia's’s military support of Mali, Burkina, Faso, and Niger – all critical mineral-rich countries which experienced coups in the last year (all assisted by Russia), resulting in all three countries cutting ties with the West and allying themselves with MoscoRussia'ssss operational strategy with these countries is now at risk of collapsing.
As European leaders meet, Russian President Vladimir Putin will hold his annual press conference. This elaborately stage-managed event goes on for hours as Putin takes questions from Russians calling into the event. While all the questions are obviously scripted, the event usually reveals something new about Russia's thinking and intentions toward the rest of the world, and it is always worth paying attention to.
Germany becomes the latest European country to move to snap elections this week, with a no-confidence vote scheduled for Monday. German Chancellor Olaf Scholz saw the collapse of his multi-party coalition last month, pushing him into running a minority government and pressuring him into calling the no-confidence vote.
According to the most recent polls, the Christian Democratic Party/Christian Social Union (CDU/CSU) leads with 32 percent, with the far-right AfD in second place with 18 percenScholz'ssss Social Democrats (SPD) are in third place with 15 percent.
The ultimate winner will likely be the CDU/CSU allying with the Green Party (12.6 percent) and pro-business, laissez-faire Free Democrat Party (FDP). Looking at the global economic radar screen this week, it is all about three big central bank meetings: the Federal Reserve Board, the Bank of Japan, and the Bank of England. The Fed meeting is being closely watched to gauge how much they intend to cut in 2025 and their assessment of inflation (which reports this past week suggest may be creeping back up). Markets are expecting a 25-basis point cut this week.
The Bank of Japan meeting is proving more uncertain for markets. Will the BoJ hold or raise rates another 25 basis points? Will the Bank of England keep rates at 4.75% or cut them? Market consensus suggests they will hold. We also note that European Central Bank President Christine Lagarde will give remarks on Monday that might offer further insights into the state of the European and global economies.
Regarding major economic data reports, markets are watching US retail sales and industrial production reports on Tuesday and PCE data on Friday. In Europe, the focus will be on UK labor market figures on Tuesday and inflation on Wednesday (right before the BoE meeting). Germany, battered of late by a regular stream of discouraging economic assessments, releases the ZEW Surveys on Tuesday along with the Ifo report and then consumer confidence on Thursday and PPI on Friday.
Turning to Asia, China releases new home prices on Monday and its loan prime rate on Friday, while in Japan, trade balance data comes out on Wednesday, and the November CPI is out on Friday.
Below is our weekly report of everything else we are watching around the world this coming week:
Sunday, December 15, 2024
Global
· The UN Internet Governance Forum begins in Riyadh, Saudi Arabia, and goes through December 19.
Americas
Political/Social Events –
· Nothing significant to report.
Economic Reports/Events –
· Nothing significant to report.
Asia
Political/Social Events –
· The 3rd China Indian Ocean Region Forum on Blue Economy Development Cooperation meets in Kunming, China. clean energy, climate change response, and disaster reduction are on the agenda, among other topics,
Economic Reports/Events –
· China PBoC 1-Year MLF Announcement
· Australia Judo Bank Manufacturing, Composite & Services PMI Flash (December)
· Japan Jibun Bank Manufacturing, Composite & Services PMI Flash (December)/ Tertiary Industry Index (October)
Europe
Political/Social Events –
· The U.K. officially joins the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as the 12th member of the Asia-Pacific trade bloc. The general agreement removes trade tariffs between member countries and sets rules on matters such as cross-border investment, e-commerce, intellectual property, and labor.
Economic Reports/Events –
· Germany HCOB Composite & Services PMI Flash (December)
· Great Britain S&P Global Manufacturing, Composite & Services PMI Flash (December)
Middle East
Political/Social Events –
· Jordanian King Abdullah meets with the Saudi Arabian Defense Minister, Prince Khalid bin Salman bin Abdulaziz, to discuss the situation in Syria and Iran.
Economic Reports/Events –
· Israel Inflation Rate (November)/ M1 Money Supply (November)
· Saudi Arabia Inflation Rate (November)/ Wholesale Prices (November)
Africa
Political/Social Events –
· Congolese President Felix Tshisekedi is due to meet with his Rwandan counterpart Paul Kagame in Angola's capital of Luanda to discuss the ongoing conflict in eastern Congo.
· Leaders from the West African bloc Ecowas will meet for an annual summit in Abuja, Nigeria. They are expected to discuss the departure of Mali, Niger and Burkina Faso from the bloc after a 12-month notice period.
Economic Reports/Events –
· Nothing significant to report.
Monday, December 16, 2024
Global
· The UN 2024 meeting of the States Parties to the Convention on the Prohibition of the Development, Production, and Stockpiling of Bacteriological (Biological) and Toxin Weapons and on Their Destruction in Geneva, Switzerland.
· The UN Economic Commission for Africa will hold an expert group meeting to consult on Africa’s critical minerals.
· The UN Security Council meets to discuss the situation in Libya.
Americas
Political/Social Events –
· Nothing significant to report.
Economic Reports/Events –
· Bank of Canada Governor Tiff Macklem gives his annual address on the state of the economy and monetary policy at the Greater Vancouver Board of Trade in Vancouver, Canada
· Canada Housing Starts (November)
· USA NY Empire State Manufacturing Index (December)/ S&P Global Composite, Manufacturing, & Services PMI Flash (December)/ NOPA Crush Report
· Colombia Industrial Production (October)/ Retail Sales (October)
· Argentina GDP Growth Rate Q3
· Brazil BCB Focus Market Readout
· Peru GDP Growth Rate (October)/ Unemployment Rate (November)
Asia
Political/Social Events –
· Thailand’s Prime Minister Paetongtarn Shinawatra visits Malaysia for talks with counterpart Anwar Ibrahim. Security, economic ties, and regional cooperation will be on their agenda.
· Sri Lankan President Anura Kumara Dissanayake, who took office in September, makes his first overseas visit to India, which analysts see as competing with China for influence in the Indian Ocean. Dissanayake will hold talks with the top Indian leadership, including Prime Minister Narendra Modi. Colombo's debt crisis is expected to be among the key topics of discussion.
· India’s Upper House will hold a Constitution debate. Parliamentary members want to debate the essence of ten keywords from the Preamble of the Constitution, speaking on themes like equality, justice, sovereignty, independence, democracy, and socialism.
· Today is Independence Day in Kazakhstan.
Economic Reports/Events –
· New Zealand Services & Composite NZ PCI (November)
· Australia Judo Bank Manufacturing, Composite & Services PMI Flash (December)
· Japan Jibun Bank Manufacturing, Composite & Services PMI Flash (December)/ Machinery Orders (October)/ Tertiary Industry Index (October)
· Singapore Non-Oil Exports (November)
· China House Price Index (November)/ Industrial Production (November)/ Retail Sales (November)/ Unemployment Rate (November)/ NBS Press Conference
· Indonesia Imports/ Exports/ Balance of Trade (November)
· India HSBC Composite, Manufacturing, & Services PMI Flash (December)/ WPI Food Index (November)/ WPI Fuel (November)/ WPI Inflation (November)/ WPI Manufacturing (November)/ Passenger Vehicles Sales (November)/ Imports/ Exports/ Balance of Trade (November)
· Philippines Business Confidence Q4/ Cash Remittances (October)
· Kazakhstan Industrial Production (November)
· Pakistan Interest Rate Decision
· Sri Lanka Services PMI (November)/ Manufacturing PMI (November)
Europe
Political/Social Events –
· The German Parliament (Bundestag) will hold a vote of confidence on the current government, setting up an early federal election in February. The current coalition essentially collapsed last month, creating a minority government.
· The EU Foreign Affairs Council meets in Brussels. EU foreign affairs ministers will discuss the situation in Ukraine, Georgia, the Middle East, and Belarus.
· The EU’s 17th Accession Conference with Montenegro will be held in Brussels.
· The EU Transport, Telecommunications and Energy Council (Energy) will meet in Brussels. Following the presentation of a report on the future of geothermal energy (by Fatih Birol, executive director of the International Energy Agency), energy ministers will be invited to approve conclusions on the promotion of geothermal energy. Ministers will also discuss an EU grid action plan.
· The Joint Expeditionary Force (JEF) Leaders’ Summit takes place in Tallinn, Estonia, through December 18. Hosted by Estonian Prime Minister Kristen Michal, it brings together the leaders of ten nations – Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, the Netherlands, Norway, Sweden, and the United Kingdom – to discuss cooperation within the JEF framework and set new plans for adapting JEF activities to the evolving security landscape. The Joint Expeditionary Force (JEF) is a coalition of ten like-minded nations with high readiness forces configured to respond rapidly to crises. The JEF can integrate into larger international operations, such as those led by NATO or other security coalitions, and can conduct the full spectrum of operations. It enhances the deterrence messaging of NATO and provides agile, credible, and capable forces supporting JEF Participant Nations interests.
· NATO Secretary General Mark Rutte will meet with Montenegro Prime Minister Milojko Spajić at NATO Headquarters in Brussels to discuss security issues.
Economic Reports/Events –
· European Central Bank President Christine Lagarde will hold a short press conference with Gediminas Šimkus, Chairman of the Board of the Bank of Lithuania, in Vilnius, Lithuania. She will then give a keynote speech at the Annual Economics Conference: Pillars of Resilience Amid Global Geopolitical Shifts at the Palace of the Grand Dukes in Vilnius. She will then participate on a high-level panel at the conference.
· European Central Bank Board Member Luis de Guindos will give remarks at the 8th anniversary of Madrid Foro Empresarial in Madrid, Spain.
· European Central Bank Board Member Isabel Schnabel will give a keynote speech at the CEPR Paris Symposium organized by Centre for Economic Policy Research (CEPR), Banque de France and Sciences Po in Paris, France.
· Bank of England Executive Director for Payments Victoria Cleland gives a speech on “The Future Roadmap of Bank of England’s RTGS Service” at the Fintech Connect Conference in London.
· Ireland Consumer Confidence (December)/ Balance of Trade (October)
· Switzerland Producer & Import Prices (November)
· France HCOB Composite, Manufacturing, & Services PMI Flash (December)
· Germany HCOB Composite, Manufacturing, & Services PMI Flash (December)
· Euro Area HCOB Composite, Manufacturing, & Services PMI Flash (December)/ Labour Cost Index Q3/ Wage Growth Q3
· Great Britain S&P Global Composite, Manufacturing, & Services PMI Flash (December)
· Italy Inflation Rate (November)
· Serbia Building Permits (October)
· Belarus Industrial Production (November)
· Poland Core Inflation Rate (November)
· Slovakia Current Account (October)
· Turkey Budget Balance (November)
· Ukraine GDP Growth Rate Q3
Middle East
Political/Social Events –
· Nothing significant to report.
Economic Reports/Events –
· Israel GDP Growth Annualized 2nd Est Q3
· Qatar Balance of Trade (October)
Africa
Political/Social Events –
· Today is the Day of Reconciliation in South Africa. Financial markets are closed.
Economic Reports/Events –
· Angola GDP Growth Rate Q3/ Wholesale Prices (November)/ Foreign Exchange Reserves (November)/ M3 Money Supply (November)
· Nigeria Food Inflation (November)/ Inflation Rate (November)
Tuesday, December 17, 2024
Global
· Nothing significant to report.
Americas
Political/Social Events –
· In the United States, electoral college electors meet in their states to vote for the new president and vice-president on separate ballots and confirm the results of the November 5 election, in which former president Donald Trump won a second term.
Economic Reports/Events –
· Brazil BCB Copom Meeting Minutes
· Mexico Private Spending Q3/ Retail Sales (October)
· Canada Inflation Rate (November)/ New Housing Price Index (November)/ CPI Median (November)/ Foreign Securities Purchases (October)/ Foreign Securities Purchases by Canadians (October)
· USA Retail Sales (November)/ Redbook (December/14)/ Capacity Utilization (November)/ Industrial Production (November)/ Manufacturing Production (November)/ Business Inventories (October)/ NAHB Housing Market Index (December)/ API Crude Oil Stock Change (December/13)/ International Monetary Market (IMM) Date
· Paraguay Consumer Confidence (November)
· Chile Interest Rate Decision
· Ecuador Balance of Trade (October)
Asia
Political/Social Events –
· Shanghai’s Vice Mayor, Hua Yuan, will attend an intercity forum in Taipei. The highly controversial visit comes as China-Taiwan relations are in a highly tense state. Taiwan's Beijing-friendly former president, Ma Ying-jeou, is then scheduled to make his second trip to China this year on Wednesday, leading a group of students on a nine-day trip.
· The Asia Development Bank-KDI Global Forum on Global Supply Chain and Sustainable Development in Asia and the Pacific is held in Tokyo, Japan.
Economic Reports/Events –
· Singapore Balance of Trade (November)
· Hong Kong Unemployment Rate (November)
· Sri Lanka GDP Growth Rate Q3
· New Zealand Global Dairy Trade Price Index (December/17)
Europe
Political/Social Events –
· EU Commission President Ursula von der Leyen travels to Turkey to meet with President Recep Tayyip Erdogan to discuss the situation in Syria.
· EP President Metsola will award the 2024 Sakharov Prize for Freedom of Thought to María Corina Machado, the leader of Venezuela’s democratic forces, and Edmundo González Urrutia, the President-elect of Venezuela. A press conference with EP President Metsola and the laureates will occur after the ceremony.
· The EU Environmental Council meets in Brussels. The ministers will discuss plastic pellet losses, end-of-life vehicles, and 2040 climate targets.
· The EU General Affairs Council meets in Brussels. Ministers will discuss the European Council meeting that is taking place on December 19, the legislative overview for 2025, EU enlargement, and the future of Europe.
· The EU’s 3rd Accession Conference with Albania takes place in Brussels.
· Germany’s Green Party presents a draft of their electoral program.
· Germany’s Federal Constitutional Court will hear an oral hearing on the use of Ramstein for US drone missions in Yemen.
Economic Reports/Events –
· European Central Bank Board Member Claudia Buch will give an introductory statement at the ECB Banking Supervision press conference on the aggregate results of the 2024 Supervisory Review and Evaluation Process (SREP) in Frankfurt, Germany. ECB Board Member Frank Elderson will then participate at the EDB Banking Supervision press conference on the aggregate results of the SREP.
· Great Britain Unemployment Rate (October)/ Employment Change (October)/ Claimant Count Change (November)/ HMRC Payrolls Change (November)
· Switzerland SECO Economic Forecasts
· Germany Ifo Business Climate (December)/ Ifo Current Conditions (December)/ Ifo Expectations (December)/ ZEW Economic Sentiment Index (December)/ ZEW Current Conditions (December)
· Italy Balance of Trade (October)
· Euro Area Balance of Trade (October)/ ZEW Economic Sentiment Index (December)
· Hungary Deposit Interest Rate (December)/ Inflation Report/ Interest Rate Decision
· Belarus GDP (November)
Middle East
Political/Social Events –
· Nothing significant to report.
Economic Reports/Events –
· Israel Current Account Q3
Africa
Political/Social Events –
· Nothing significant to report.
Economic Reports/Events –
· South Africa Leading Business Cycle Indicator (October)
Wednesday, December 18, 2024
Global
· The inaugural UN Framework Convention on Climate Change will meet to discuss the formation of the Southern Africa Alliance on Carbon Markets and Climate Finance in Victoria Falls, Zimbabwe.
Americas
Political/Social Events –
· Nothing significant to report.
Economic Reports/Events –
· Mexico Aggregate Demand Q3
· US Federal Reserve Board’s Open Market Committee meets on Interest Rates/Fed Chair Powell press conference/USA MBA Mortgage Market Index (December/13)/ MBA Purchase Index (December/13)/ Building Permits Prel (November)/ Current Account Q3/ Housing Starts (November)/ EIA Crude Oil & Gasoline Stocks Change (December/13)
· Colombia Imports/ Balance of Trade (October)/ ISE Economic Activity (October)
· Uruguay Unemployment Rate (November)
· Argentina Balance of Trade (November)/ Unemployment Rate Q3/ Leading Indicator (November)
Asia
Political/Social Events –
· Chinese President Xi Jinping will travel to Macau to celebrate the 25th anniversary of the city’s return from Portuguese to Chinese control. The Chinese president would inaugurate Macau’s new administration, led by Sam Hou-fai, on Friday and inspect the city during his three-day trip.
Economic Reports/Events –
· New Zealand Current Account Q3
· Australia Westpac Consumer Confidence Index (December)/ Westpac Leading Index (November)
· Japan Imports/ Exports/ Balance of Trade (November)
· Malaysia Imports/ Exports/ Balance of Trade (November)
· Thailand Interest Rate Decision
· Indonesia Loan Growth (November)/ Interest Rate Decision/ Lending & Deposit Facility Rate (December)
Europe
Political/Social Events –
· The EU-Western Balkans Summit will take place in Brussels. An agenda has not been published yet.
Economic Reports/Events –
· European Central Bank Board Member Philip Lane will participate in a fireside chat at MNI Connect event (Virtual).
· Great Britain Inflation Rate (November)/ PPI Output (November)/ PPI Input (November)/ Retail Price Index (November)/ CBI Industrial Trends Orders (December)
· Slovakia Harmonized Inflation Rate (November)
· Euro Area Inflation Rate (November)/ Construction Output (October)/ CPI Final (November)
· Ireland Residential Property Prices (October)
· Russia PPI (November)
Middle East
Political/Social Events –
· Today is National Day in Qatar, a holiday.
Economic Reports/Events –
· Israel Imports/ Exports/ Balance of Trade (November)
· Qatar Inflation Rate (October)/ Inflation Rate (November)
Africa
Political/Social Events –
Today is Republic Day in Niger, a holiday.
Economic Reports/Events –
· Nothing significant to report.
Thursday, December 19, 2024
Global
· The UN Security Council meets to discuss the situation in Syria.
Americas
Political/Social Events –
· Alphabet and Google CEO Sundar Pichai will travel to Mar-A-Lago, Florida to meet with President-elect Donald Trump. Trump and Pichai are expected to talk about a wide-range of issues, but Pichai indicated in a recent interview AI will likely be the dominant issue of discussion.
Economic Reports/Events –
· Canada Average Weekly Earnings (October)
· USA GDP Growth Rate QoQ Final Q3/ GDP Price Index QoQ Final Q3/ Initial Jobless Claims (December/14)/ Philadelphia Fed Manufacturing Index (December)/ Real Consumer Spending QoQ Final Q3/ Existing Home Sales (November)/ CB Leading Index (November)/ EIA Natural Gas Stocks Change (December/13)/ Kansas Fed Composite & Manufacturing Index (December)/ 15- & 30-Year Mortgage Rate (December/18)/ Net Long-term TIC Flows (October)/ Foreign Bond Investment (October)/ Overall Net Capital Flows (October)/ Fed Balance Sheet (December/18)
· Argentina Consumer Confidence (December)
· El Salvador Current Account Q3/ Balance of Trade (November)/ GDP Growth Rate Q3
· Mexico Interest Rate Decision
· Paraguay Interest Rate Decision
Asia
Political/Social Events –
· Vietnam hosts a massive defense expo to diversify supplies after decades of relying on the old Soviet bloc. Weapons manufacturers from the U.S., Israel and 25 other countries will be among 200 registrants displaying combat facilities and gear for naval, army, air force and cyber functions.
Economic Reports/Events –
· New Zealand GDP Growth Rate Q3/ ANZ Business Confidence (December)
· Bank of Japan meets to discuss interest rates/Japan Foreign Bond Investment (December/14)/ Stock Investment by Foreigners (December/14)
· Australia Consumer Inflation Expectations (December)
· Philippines Interest Rate Decision
· Taiwan Interest Rate Decision
· Thailand New Car Sales (November)
Europe
Political/Social Events –
· Russian President Vladimir Putin will hold his annual news conference. The event, which usually goes on for hours, features Putin taking direct – but prepared/planted – questions from Russian citizens.
· The European Council meets in Brussels. EU leaders will discuss the situation in Ukraine and Ukrainian President Volodymyr Zelensky will speak in person to the leaders. UK Prime Minister Keir Starmer and NATO Secretary General Mark Rutte will also attend. The leaders will also discuss the situation in the Middle East and then hold a strategic discussion on how the EU can “consolidate its role on the international state and defend [its] interests and promote [its] positions.”
· NATO Secretary General Mark Rutte travels to Bulgaria to visit the multinational battle group at the Novo Selo training ground and meets Bulgarian Defense Minister Atanas Zapryanov.
Economic Reports/Events –
· Great Britain Bank of England Interest Rate Decision/ BoE MPC Vote Cut/ Hike/ Unchanged/ MPC Meeting Minutes
· Netherlands Unemployment Rate (November)
· European Union New Car Registrations (November)
· Germany GfK Consumer Confidence JAN
· Switzerland Balance of Trade (November)
· France Business Confidence (December)/ Business Climate Indicator (December)
· Euro Area Current Account (October)
· Italy Construction Output (October)/ Current Account (October)
· Poland Corporate Sector Wages (November)/ Employment Growth (November)/ Industrial Production (November)/ PPI (November)
· Spain Balance of Trade (October)/ Consumer Confidence (November)
· Turkey Foreign Exchange Reserves (December/13)
Middle East
Political/Social Events –
· Nothing significant to report.
Economic Reports/Events –
· Kuwait Inflation Rate (November)
· Israel Inflation Expectations (December)
Africa
Political/Social Events –
· Nothing significant to report.
Economic Reports/Events –
· Nothing significant to report.
Friday, December 20, 2024
Global
· Nothing significant to report.
Americas
Political/Social Events –
· Nothing significant to report.
Economic Reports/Events –
· Brazil FGV Consumer Confidence (December)/ Federal Tax Revenues (November)
· Canada Retail Sales (October)/ Budget Balance (October)
· USA PCE Price Index (November)/ Personal Income (November)/ Personal Spending (November)/ Michigan Consumer Sentiment Final (December)/ Baker Hughes Total Rigs Count (December/20)
· Paraguay PPI (November)
· Colombia Interest Rate Decision
· Argentina Current Account Q3/ Economic Activity (October)
· Chile Inflation Rate (November)
Asia
Political/Social Events –
· ASEAN Ministers meet in Thailand for talks about the civil war in Myanmar and ways to resolve a nearly four-year-old conflict that has engulfed much of the country.
Economic Reports/Events –
· New Zealand ANZ Roy Morgan Consumer Confidence (December)/ Imports/ Exports/ Balance of Trade (November)/ Credit Card Spending (November)
· South Korea PPI (November)
· Japan Inflation Rate (November)/ Core Inflation Rate (November)
· Australia Housing Credit (November)/ Private Sector Credit (November)
· China Loan Prime Rate 1Y & 5Y (December)
· Sri Lanka Tourist Arrivals (November)
· Malaysia Inflation Rate (November)
· Taiwan Export Orders (November)
· Hong Kong Current Account Q3/ Inflation Rate (November)
· India Foreign Exchange Reserves (December/13)
Europe
Political/Social Events –
· Nothing significant to report.
Economic Reports/Events –
· Great Britain Car Production (November)/ Retail Sales (November)/ Public Sector Net Borrowing (November)/ CBI Distributive Trades (December)
· Netherlands Consumer Confidence (December)
· Germany PPI (November)
· Turkey Consumer Confidence (December)/ Central Government Debt (November)
· Hungary Gross Wage (October)
· France PPI (November)
· Switzerland Current Account Q3
· Greece Current Account (October)
· Italy Business Confidence (December)/ Consumer Confidence (December)/ Industrial Sales (October)/ PPI (November)
· Poland Retail Sales (November)
· Slovenia Consumer Confidence (December)/ PPI (November)/ Unemployment Rate (October)
· Russia Interest Rate Decision/ CBR Press Conference/ Consumer Confidence Q4
· Serbia Current Account (October)
· Euro Area Consumer Confidence Flash (December)
· Slovakia Unemployment Rate (November)
Middle East
Political/Social Events –
· Nothing significant to report.
Economic Reports/Events –
· Qatar M2 Money Supply (November)/ Total Credit Growth (November)
Africa
Political/Social Events –
· Nothing significant to report.
Economic Reports/Events –
· Ghana PPI (November)
Saturday, December 21, 2024
Global
· The Winter Solstice, the shortest day of the year in the Northern Hemisphere, occurs.
Americas
Political/Social Events –
· Nothing significant to report.
Economic Reports/Events –
· Nothing significant to report.
Asia
Political/Social Events –
· Nothing significant to report.
Economic Reports/Events –
· Nothing significant to report.
Europe
Political/Social Events –
· Finnish Prime Minister Petteri Orpo will host EU high representative for foreign affairs and security policy Kaja Kallas, Italian premier Giorgia Meloni, Greece’s PM Kyriákos Mitsotákis and his Swedish counterpart Ulf Kristersson for the North-South Summit, a two-day security gathering in Saariselkä.
· Romania’s Parliament convenes for the first time since the recent elections, which were nullified by the Romanian High Court.
Economic Reports/Events –
· Nothing significant to report.
Middle East
Political/Social Events –
· Nothing significant to report.
Economic Reports/Events –
· Nothing significant to report.
Africa
Political/Social Events –
· Today is Sāo Tomé Day, marking the day when the first Europeans arrived in 1471.
Economic Reports/Events –
· Nothing significant to report.
Sunday, December 22, 2024
Global
· Nothing significant to report.
Americas
Political/Social Events –
· Nothing significant to report.
Economic Reports/Events –
· Nothing significant to report.
Asia
Political/Social Events –
· Nothing significant to report.
Economic Reports/Events –
· Nothing significant to report.
Europe
Political/Social Events –
· In Spain, the Loteria de Navidad, aka El Gordo, or the “Fat One”, annual Christmas lotto is held. It is the world’s biggest lottery, with no single jackpot but rather a complex share-the-wealth system.
Economic Reports/Events –
· Nothing significant to report.
Middle East
Political/Social Events –
· Nothing significant to report.
Economic Reports/Events –
· Nothing significant to report.
Africa
Political/Social Events –
· Today is Unity Day in Zimbabwe, marking the day in 1987 when two political parties, ZANU and ZAPU, came together to form ZANU-P.F.
Economic Reports/Events –
· Nothing significant to report.