The Global Week Ahead

The Implications of Syria’s Assad Regime Stunningly Collapse, What Next for South Korea? Why Romania’s Election Crisis Matters to Markets, And A Big Week for Central Banks.

There is an old saying that in life, there are weeks when nothing happens. and then there are weeks when decades happen.  This has been one of those weeks, and the fallout will likely be felt for a long time.  First, the more than 50-year despotic Assad Dynasty in Syria has collapsed, suddenly and significantly reshaping the Middle East.

It all happened in less than two weeks. when rebels launched a surprise, lightning-fast offensive from northwestern Syria, stunning the Syrian Army. While we will be writing a more in-depth analysis of what this means for markets, we would two initial market-impactful implications:  

First, aside from Bashar Assad, the biggest losers here are Iran and Russia.  Iran spent decades carving out a “Shia Crescent” from Iran’s border through Syria and into Southern Lebanon, giving them direct access to the Mediterranean.  Now, with Israel effectively destroying Hezbollah in Lebanon and Assad’s defeat, Iran has now lost this strategic pathway.

Moreover, we would note there have been numerous reports Israel has taken advantage of the situation and has spent the last 24 hours destroying every major military airfield, military radar facilities, and anti-aircraft capability in Syria, depriving Iran of their first line of defense against Israel.  Now, if Iran were again attacking Israel, forcing Israel to retaliate or, more significantly, if Israel wants to go after Iran’s nuclear weapons facilities or oil production facilities, Israel now has a clear path of attack, which they have never had before.

For Russia, Assad’s defeat is a major strategic loss:  Syrian rebels have demanded Russia withdraw from their prized naval base in Tartus (which, as of this writing, it appears they are doing) as well as evacuate all ground forces inside Syria who have been supporting Assad.  The loss of the Tartus port is stunning for Russia, as the Russian Navy only has two warm-water naval ports, one in Crimea and the facilities in Tartus. 

Second, the true intentions of the Syrian rebels are confusing and to many experts, worrisome. Rebel forces are led by Abu Mohammad al-Jolani, a former member of Al Qaeda who was captured by USS forces in Iraq and who spent five years in a US prison in Iraq.  After being released, he went to Syria to fight in the Syrian Civil War, establishing Al Queda’s Syrian branch.  He and his forces, Hayat Tahrir al-Sham, eventually broke with Al Qaeda and professes to be more moderate now.  Joining al-Jolani are Kurdish forces (whom US Special Forces have been assisting on the ground for a number of years).  But has al-Jolani and his group truly moderated themselves?  Or are we about to see Syria become the new Afghanistan, led by a radical Islamist organization while being riven by internal fighting among various other factions?  

While all this is going on, several other nations were and continue to be dealing with internal crisis’, most notably South Korea and Romania.  In South Korea, President Yoon Suk Yeol created a political crisis last week by briefly declaring martial law.  He was forced to retract it soon after, but politicians and citizens are demanding he resign and face criminal charges.  We expect Yoon to step down soon but there remain many questions as to what led to him declaring martial law and what happens next to this critical Asian democracy.

Meanwhile, in Romania, the nation’s top court annulled a recent first-round presidential vote which was won by a far-right candidate, Calin Georgescu, who is seen as aligned with Moscow.  The significance of this for markets is Romania is both a member of the EU and NATO and is now facing potential civil strife until a new election can be held.  The Romanian Intelligence Service and Interior Ministry released files last week showing significant “foreign interference” – e.g., Russian – in the election which led to the Constitutional Court annulling the election.  Among the findings was declassified evidence that, among other things,  Tiktok – which Georgescu used extensively to campaign – had given his campaign massive preferential treatment over the other candidates.  The second-round vote was scheduled for today – Sunday – but the court order effectively canceled it.

We would also note Georgia is undergoing similar troubles as evidence emerged of significant Russian interference in their October 26th election which has led the newly elected Prime Minister, Irakli Kobakhidze, to announce he was discontinuing talks with the EU about Georgia joining – despite the Georgian Constitution having enshrined in it the goal of joining the EU.

Looking at the global economic radar screen for the coming week, it is going to be a big week for central banks.  The European Central Bank, the Reserve Bank of Australia, the Central Bank of Brazil, the Reserve Bank of Canada, and the Swiss Central Bank all meet this week to set interest rates – a week before the U.S. Federal Reserve meets on interest rates.  Markets will be closely attuned to where rates are set and any indication of how the Fed may act in concert – or not.

In the U.S. this coming week, the CPI print comes out on Wednesday and the PPI is out on Thursday.   In Asia, the Bank of Japan’s Tankan Survey is out Friday – which is closely watched by the Bank of Japan – and in China, inflation figures are out on Monday and trade data is out on Tuesday. 

Moving to Europe, the UK GDP and consumer confidence reports are out on Friday. 

Below are all the other major events and reports we are watching closely in the coming week:

Sunday, December 8, 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 –

·       Today is Constitution Day in Uzbekistan, a national holiday.

Economic Reports/Events –

·       Japan Foreign Exchange Reserves (November)

Europe

Political/Social Events –

·       Romania was scheduled to hold a presidential election run-off.  However, late last week the Romanian Supreme Court ruled the election was invalid due to foreign interference and has ordered new elections.

·       Notre-Dame Cathedral official reopens to the public after a catastrophic fire five years ago.

Economic Reports/Events –

·       Euro Area Eurogroup Meeting

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Saudi Arabia GDP Growth Rate Q3

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Monday, December 9, 2024

Global

·       The BRICS holds the Seminars on Institutional Development Issues in Moscow.

Americas

Political/Social Events –

·       The OECD releases its Latin America Outlook.

·       The Wall Street Journal holds its annual CEO Summit in Washington and continues through December 10.  A number of Fortune 100 CEOs along with members of Congress and Treasury Secretary Janet Yellen will speak.

Economic Reports/Events –

·       Chile Imports/ Exports/ Balance of Trade (November)

·       Mexico Inflation Rate (November)

·       USA Wholesale Inventories (October)/ Consumer Inflation Expectations (November)

·       Brazil BCB Focus Market Readout

Asia

Political/Social Events –

·       International Atomic Energy Agency officials and international experts arrive in Japan for a review of the safety and regulatory aspects of the discharge of ALPS-treated water from the Fukushima Daiichi Nuclear Power Plant into the sea

Economic Reports/Events –

·       Japan Current Account (October)/ Bank Lending (November)/ GDP Capital Expenditure Q3/ GDP Price Index Q3

·       Australia Building Permits (October)/ Private House Approvals (October)

·       Philippines Foreign Direct Investment (September)

·       China Inflation Rate (November)/ PPI (November)

·       Indonesia Consumer Confidence (November)

·       Thailand Consumer Confidence (November)/ Foreign Exchange Reserves (November)

·       Malaysia Unemployment Rate (October)

·       Taiwan Imports/ Exports/ Balance of Trade (November)

·       Singapore Foreign Exchange Reserves (November)

·       Pakistan Consumer Confidence (November)

Europe

Political/Social Events –

·       French President Emmanuel Macron is expected to announce a new Prime Minister following the French Parliament’s no confidence vote last week which forced Prime Minister Michel Barnier to step down.

·       Large protests by European farmers are expected in Brussels following the EU reaching a deal with Mercosur last week.   Meanwhile, in France, French train, dock, and public sector workers will hold a series of strikes.

·       The Netherlands will impose border controls for six months to limit migration.

·       The Eurogroup meets in Brussels. Ministers will review current macroeconomic development and exchange views with the IMF on euro area policies.  Ministers will also discuss the overall budgetary situation and prospects in the euro area and review the economic and fiscal situation of the euro area member states.

·       The EU Agriculture and Fisheries Council will meet through December 10.  The Council will aim to reach a political agreement on two Commission proposals on fishing opportunities. These are the proposal covering fishing opportunities in the Atlantic and the North Sea for 2025 and, in the case of some stocks, also for 2026, and the proposal on fishing opportunities for 2025 in the Mediterranean and the Black Seas.

Economic Reports/Events –

·       Bank of England Deputy Governor for Markets and Banking Dave Ramsden will give a speech at OMFIF in London on financial stability and the Bank of England’s toolkit.

·       Ireland Construction PMI (November)/ Industrial Production (October)/ Inflation Rate (November)

·       Slovakia Balance of Trade (October)

·       Switzerland Consumer Confidence (November)

·       Russia Vehicle Sales (November)

Middle East

Political/Social Events –

·       Israeli Prime Minister Benjamin Netanyahu is expected to testify at his corruption trial.  He was scheduled to testify last week but it was delayed until this week. 

·       Egyptian President Abdel Fattah al-Sisi visits Norway.

Economic Reports/Events –

·       Egypt Inflation Rate (November)

·       Qatar Balance of Trade (October)/ Inflation Rate (October)

Africa

Political/Social Events –

·       The 23rd International Economic Forum on Africa 2024 will take place in Paris.

·       Tanzania celebrates Independence Day, a national holiday.

Economic Reports/Events –

·       Nigeria Balance of Trade (July)/ (August)/ (September)

·       Mozambique Inflation Rate (November)

Tuesday, December 10, 2024

Global

·       UN Security Council meets to discuss the situation in the Democratic Republic of Congo. Later they will discuss the situation in Gaza.

·       The World Agricultural Supply and Demand Estimates (WASDE) monthly report is released.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Brazil Inflation Rate (November)

·       Mexico Consumer Confidence (November)

·       USA Nonfarm Productivity Q3/ Unit Labour Costs Q3/ Redbook (December/07)/ WASDE Report/ API Crude Oil Stock Change (December/06)

·       El Salvador PPI (November)

Asia

Political/Social Events –

·       Japan's Nihon Hidankyo, an organization that represents survivors of the atomic bombings in Hiroshima and Nagasaki, receives the Nobel Peace Prize as official award ceremonies get underway in Oslo and Stockholm. The literature prize will be awarded to "The Vegetarian" author Han Kang from South Korea.

Economic Reports/Events –

·       Reserve Bank of Australia Interest Rate Decision/Australia NAB Business Confidence (November)

·       Philippines Imports/ Exports/ Balance of Trade (October)

·       Indonesia Retail Sales (October)

·       Malaysia Industrial Production (October)

·       Japan Eco Watchers Survey Current & Outlook (November)/ Machine Tool Orders (November)

Europe

Political/Social Events –

·       The EU Economic and Financial Affairs Council will meet.  Ministers will be informed of the progress of work within the Council on proposals to reform the EU’s customs legislation. The presidency will provide the information based on a presidency progress report.

Economic Reports/Events –

·       Netherlands Inflation Rate (November)/ Manufacturing Production (October)

·       Germany Inflation Rate (November)

·       Romania Balance of Trade (October)

·       Turkey Industrial Production (October)/ Unemployment Rate (October)/ Participation Rate (October)

·       Hungary Inflation Rate (November)

·       Slovakia Industrial Production (October)

·       Italy Industrial Production (October)

·       Slovenia Industrial Production (October)

·       Greece Industrial Production (October)/ Inflation Rate (November)

·       Belarus Inflation Rate (November)

·       Ukraine Inflation Rate (November)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Saudi Arabia Industrial Production (October)

·       Jordan Inflation Rate (November)

·       Israel Consumer Confidence (November)

Africa

Political/Social Events –

·       The 2024 UNESCO Forum on Higher Education in Africa will take place in Nairobi.

Economic Reports/Events –

·       South Africa Gold Production (October)/ Mining Production (October)/ Manufacturing Production (October)

·       Tanzania Inflation Rate (November)

Wednesday, December 11, 2024

Global

·       UN Secretary-General António Guterres will travel to South Africa to meet with President Cyril Ramaphosa.  They will discuss global and regional issues, especially South Africa’s G20 Presidency (which they hold in 2025).  On Thursday, Guterres will head to Lesotho. He will be meeting with His Majesty King Letsie III, as well as the Prime Minister and other officials. While there, he is scheduled to address the Parliament as Lesotho celebrates the bicentenary of the Basotho nation.

·       IMF managing director Kristalina Georgieva will take part in a fireside chat at the Reuters NEXT conference in New York.

·       The OPEC monthly report is released.

Americas

Political/Social Events –

·       U.S. Secretary of State Antony Blinken will testify before the House Foreign Affairs Committee on the withdrawal from Afghanistan.

·       Today is the deadline for U.S. governors to certify their states’ presidential election results and prepare seven Certificates of Ascertainment, one of which must be sent to the archivist and six of which will be used by electors for electoral votes.

Economic Reports/Events –

·       USA MBA Mortgage Market Index (December/06)/ MBA Purchase Index (December/06)/ Inflation Rate (November)/ CPI (November)/ EIA Crude Oil & Gasoline Stocks Change (December/06)/ Monthly Budget Statement (November)

·       Brazil Car Production (November)/ New Car Registrations (November)/ Business Confidence (December)/ Brazil Central Bank Interest Rate Decision

·       Bank of Canada meets to discuss and decide Interest Rates.  A press conference follows.

·       Colombia Consumer Confidence (November)

·       Argentina Inflation Rate (November)

·       Peru Balance of Trade (October)

Asia

Political/Social Events –

·       In Beijing, the Chinese Central Economic Work Conference meets. The two-day meeting, held behind closed doors and highly anticipated by markets, is expected to shape the country's growth goals and stimulus plans for 2025.

·       The Asian Development Bank (ADB) releases its latest regional economic outlook after its September report projected "developing Asia" -- comprising 46 ADB members, including China and India -- would post economic growth of 5.0% this year and 4.9% in 2025.

·       Japan hosts SEMICON Japan in Tokyo.  More than 1000 companies and organizations will be showing their wares at 3-day conference.

Economic Reports/Events –

·       New Zealand Manufacturing Sales Q3

·       Japan Reuters Tankan Index (December)/ BSI Large Manufacturing Q4/ PPI (November)

·       South Korea Unemployment Rate (November)

·       Australia RBA Chart Pack

·       Malaysia Retail Sales (October)

·       India M3 Money Supply (November/29)

·       Kazakhstan PPI (November)

Europe

Political/Social Events –

·       German Chancellor Olaf Scholz and Ukrainian Prime Minister Denys Shmyhal hold opening remarks at the 7th German-Ukrainian Economic Forum in Berlin.

·       Switzerland’s parliament will elect a new president.

·       French railway workers are planning to go on strike over efforts to privatize the railroad.

Economic Reports/Events –

·       Romania Inflation Rate (November)

·       Turkey Retail Sales (October)/ Auto Production (November)/ Auto Sales (November)

·       Slovakia Construction Output (October)

·       Russia Inflation Rate (November)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Jordan Inflation Rate (November)

Africa

Political/Social Events –

·       Today is Republic Day in Burkina Faso, a national holiday.

·       Madagascar holds local elections.

Economic Reports/Events –

·       South Africa Inflation Rate (November)/ Retail Sales (October)

Thursday, December 12, 2024

Global

·       The UN Security Council meets to discuss the situation in Yemen.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       USA NFIB Business Optimism Index (November)/ Initial Jobless Claims (December/07)/ PPI (November)/ EIA Natural Gas Stocks Change (December/06)/ 15- & 30-Year Mortgage Rate (December/11)/ Fed Balance Sheet (December/11)

·       Brazil Retail Sales (October)

·       Mexico Inflation Rate (November)/ Industrial Production (October)

·       Canada Building Permits (October)

·       Uruguay Industrial Production (October)/ GDP Growth Rate Q3

·       Peru Interest Rate Decision

Asia

Political/Social Events –

·       Today is Constitution Day in Thailand, a national holiday.

Economic Reports/Events –

·       New Zealand Electronic Retail Card Spending (November)

·       Japan Foreign Bond Investment (December/07)/ Stock Investment by Foreigners (December/07)

·       Australia Employment Change (November)/ Unemployment Rate (November)/ Participation Rate (November)

·       Hong Kong Industrial Production Q3

·       Taiwan Interest Rate Decision

·       India Industrial Production (October)/ Manufacturing Production (October)/ Inflation Rate (November)

Europe

Political/Social Events –

·       The EU Justice and Home Affairs Council (Home Affairs) will meet. Ministers will discuss he adoption of the Council decision setting the date for the lifting of checks on persons at the internal land border with and between Bulgaria and Romania on the agenda of the meeting of ministers. Both countries already fully apply Schengen rules from 31 March 2024. Internal air and maritime border controls with Bulgaria and Romania have also been lifted from that date.

Economic Reports/Events –

·       The European Central Bank Governing Council meets to discuss and decide interest rates.  A press conference will follow.

·       Netherlands Balance of Trade (October)

·       Turkey Current Account (October)/ Foreign Exchange Reserves (December/06)

·       Great Britain RICS House Price Balance (November)/ GDP (October) / Goods Trade Balance (October)/ Industrial Production (October)/ Manufacturing Production (October)/ Balance of Trade (October)/ Construction Output (October)/ NIESR Monthly GDP Tracker (November)

·       Switzerland SNB Interest Rate Decision

·       Ireland Inflation Rate (November)

·       Serbia Inflation Rate (November)/ Interest Rate Decision

·       Ukraine Interest Rate Decision

·       Germany Current Account (October)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Israel Imports/ Exports/ Balance of Trade (November)

Africa

Political/Social Events –

·       South African President Cyril Ramaphosa will host his Angolan counterpart João Lourenço on a state visit to solidify relations between the two countries who share deep historical ties.

Economic Reports/Events –

·       South Africa Inflation Expectations Q4/ PPI (November)/ Building Permits (October)/ SACCI Business Confidence (October)/ SACCI Business Confidence (November)

·       Angola Inflation Rate (November)

·       Ethiopia Inflation Rate (November)

Friday, December 13, 2024

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Brazil IBC-BR Economic Activity (October)

·       Canada Capacity Utilization Q3/ New Motor Vehicle Sales (October)/ Manufacturing Sales (October)/ Wholesale Sales (October)

·       USA Import Prices (November)/ Export Prices (November)/ Baker Hughes Total Rigs Count (December/13)

·       Paraguay Balance of Trade (November)

·       Peru Unemployment Rate (November)

Asia

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       South Korea Export Prices (November)/ Import Prices (November)

·       New Zealand Business NZ PMI (November)/ Visitor Arrivals (October)

·       Australia Westpac Consumer Confidence Index (December)

·       Japan Tankan Large All Industry Capex Q4/ Tankan Large Manufacturers Index Q4/ Tankan Small Manufacturers Index Q4/ Capacity Utilization (October)/ Industrial Production (October)

·       Singapore Unemployment Rate Q3

·       India Bank Loan Growth (November/29)/ Deposit Growth (November/29)/ Foreign Exchange Reserves (December/06)

·       China New Yuan Loans (November)/ M2 Money Supply (November)/ Outstanding Loan Growth (November)/ Total Social Financing (November)

Europe

Political/Social Events –

·       Italian Prime Minister Giorgia Meloni will meet with Palestinian National Authority President Mahmoud Abbas in Rome.   Abbas will also meet with Pope Francis.

·       The EU Justice and Home Affairs Council (Justice) will meet.  Ministers will discuss a general approach (member states position) on a proposed directive which lays down minimum rules to prevent migrant smuggling. The law would replace the current EU legal framework which dates back to 2002. The objective of the proposal is to bring member states criminal law on issues such as the definition and sanctioning of migrant smuggling closer together. Ministers are aiming to settle on a member state position on a proposal to update the 2011 directive to strengthen criminal law on child sexual abuse and sexual exploitation. The goal of the update, proposed in February 2024 by the European Commission, is to expand the definitions of the offences of sexual abuse and sexual exploitation of children and to ensure more effective investigation and prosecution of these crimes. Finally, they will discuss a partial general approach on key elements of a proposal for a directive to harmonize certain aspects of insolvency law. The proposal is one of the initiatives of the 2020 Capital Markets Union action plan. It aims at encouraging cross-border investment within the single market through targeted harmonization of insolvency proceedings.

Economic Reports/Events –

·       Great Britain GfK Consumer Confidence (December)

·       Germany Imports/ Exports/ Balance of Trade (October)

·       Romania Industrial Production (October)/ Current Account (October)

·       Hungary Construction Output (October)/ Industrial Production (October)

·       France Inflation Rate (November)

·       Slovakia Inflation Rate (November)

·       Spain Inflation Rate (November)

·       Poland Inflation Rate (November)/ Balance of Trade (October)/ Current Account (October)

·       Euro Area Industrial Production (October)

·       Greece Construction Output Q3

·       Ukraine Balance of Trade (October)

·       Russia GDP Growth Rate Q3

Middle East

Political/Social Events –

·       Iran is set to impose harsher dress codes that would ban women from wearing tight clothing and outfits that expose the body below the neck or above the ankles and forearms. The hardline parliament approved the new edict despite opposition from reformist President Masoud Pezeshkian, and two years after earlier dress codes sparked protests. 

Economic Reports/Events –

·       Oman M2 Money Supply (October)/ Total Credit (October)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Saturday, December 14, 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 –

·       The South Korean opposition in the parliament are planning to attempt to move an impeachment vote against President Yook Suk Yeol unless he steps down.  This comes after he declared martial law last week.   However, South Korean ruling party leaders have announced Yoon will be stepping down soon in an “orderly, early” way.

·       Tokyo-based startup Space One is set to launch its Kairos rocket from western Japan, less than a year after its first attempt ended in failure. A successful launch this time would make it the first private venture in Japan to put a satellite into orbit. The company's backers include Canon Electronics and rocket-engine maker IHI.

Economic Reports/Events –

·       China FDI (YTD) (November)/ Vehicle Sales (November)

Europe

Political/Social Events –

·       Georgia holds presidential elections which are sure to be highly contentious.  Georgia has been rocked by protests after the Georgian Prime Minister, Irakli Kobakhidze, announced the government will suspect talks on EU accession despite the goal of joining is written into the country’s constitution.   The President of Georgia, Salome Zourabichivili, has said the October 26th parliamentary elections were fraudulent with heavy interference from Russia – and therefore, illegitimate.  Kobakhidze, by saying the Parliament is illegitimate and as the parliament elects the president, has said she will not recognize the outcome and stand-down.   

·       Italian Prime Minister Giorgia Meloni will meet with Lebanese Prime Minister Najib Mikati in Rome to discuss the situation in southern Lebanon.

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 –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

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, disaster reduction on the agenda among other topics,

Economic Reports/Events –

·       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 –

·       Nothing significant to report.

Economic Reports/Events –

·       Israel Inflation Rate (November)/ M1 Money Supply (November)

·       Saudi Arabia Inflation Rate (November)/ Wholesale Prices (November)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.