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Hello and welcome to the working week.
Donald Trump is certainly getting his use out of Air Force One. The US president’s week starts at the Association of Southeast Asian Nations summit in Kuala Lumpur, before he flies to Tokyo to meet Japan’s newly installed Prime Minister Sanae Takaichi.
But this is only the first leg. The big event comes at the Asia-Pacific Economic Cooperation summit in South Korea, where Trump is expected to meet his Chinese counterpart Xi Jinping on Thursday for a critical powwow that could determine if the US and China can resolve their trade tensions. The US president is in his pomp, reshaping the world’s geopolitics, as Ed Luce explains in his FT magazine profile of the commander-in-chief.
Talking of populist surges, the Netherlands holds parliamentary elections on Wednesday. The country’s far-right leader Geert Wilders has a winning strategy, which involves, er, not winning elections, but setting the country’s political agenda from opposition. His PVV party is leaving government having failed to compromise. Polls predict it will remain the biggest party, winning a fifth of the vote, but as FT columnist Simon Kuper (who grew up in the Netherlands) notes, Wilders will let the shrunken mainstream parties try to cobble together a coalition.
Away from politics, it’s a troika of monetary policy decisions this week with the US, Japanese and European central bankers all setting interest rates.
Economists and traders are predicting that the European Central Bank will keep interest rates unchanged at 2 per cent for the third meeting in a row on Wednesday. This follows September’s rise in the Eurozone inflation rate to 2.2 per cent, the first time since April it had breached the ECB’s 2 per cent target rate.
Senior Federal Reserve officials have signalled that they think they have enough evidence to cut the US rates by a quarter point for the second consecutive meeting. Fed chair Jay Powell said the available evidence, gathered from private sector data and the central bank’s network with business contacts, was enough to justify his view that the risks to the US labour market had risen. They make their announcement after the ECB’s statement on Wednesday.
Japan’s interest rate now stands at 0.5 per cent, the highest since 2008 thanks to the central bank’s governor Kazuo Ueda tightening monetary policy for the first time in more than a decade. The decision on the next move will come on Thursday.
We are galloping towards the earnings season peak over the coming days, and it’s a smorgasbord of retailers, European banks, Big Pharma, European carmakers, airlines, plus oil and mining groups. There is also a Big Tech bulge.
Wall Street expectations for Apple are rising after a dismal year marked by tariff disruption and delays to the company’s artificial intelligence strategy, with shares higher than where they were at the start of 2025. Early signs suggest the iPhone 17 launched in September has been an unexpected hit, giving the tech giant a much-needed boost as it heads into the crucial holiday season.
Amazon approaches its earnings call on Thursday with analysts anticipating robust retail figures but raising questions over its ability to capitalise on the AI boom. Concerns are focused on the ecommerce group being leapfrogged by rivals, including Microsoft and Alphabet’s Google, who will also announce results this week, despite being the largest cloud provider.
One more thing . . .
We all need a laugh at the moment, and this Monday marks the half-century birthday of some of the world’s finest laughter creators (IMHO) beginning their craft of improvisation at The Comedy Store in central London. The team that night were Kit Hollerbach, Dave Cohen, Neil Mullarkey and Mike Myers. At least one of these people you are likely to have heard of.
A month later they were joined by Paul Merton, who has since become such a regular on British television, not least in the satirical show Have I Got News For You, that he is entering national treasure territory. I was not there at the start, but have spent several thoroughly restorative evenings in their company. And they are still going. You can catch Mullarkey at The Comedy Store’s current venue, between Leicester Square and Piccadilly Circus, this Sunday at 7:30pm.
Anyone make you smile? Favourite joke? Email me at jonathan.moules@ft.com or, if you are reading this from your inbox, hit reply. And have a joyful week.
Key economic and company reports
Here is a more complete list of what to expect in terms of company reports and economic data this week.
Monday
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The Future Investment Initiative, an annual investment event organised by the FII Institute, a non-profit organisation run by Saudi Arabia’s Public Investment Fund, begins in Riyadh. Speakers include JPMorgan Chase chair and CEO Jamie Dimon, his counterpart at Standard Chartered Bill Winters, Barclays CEO CS Venkatakrishnan and his HSBC counterpart Georges Elhedery, plus Goldman Sachs chair and CEO David Solomon
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EU: European Central Bank Consumer Expectations Survey
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Germany: ifo Business Climate Index
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Japan: September Services Producer Price Index (PPI) inflation rate data
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UK: September capital issuance figures, Zoopla’s House Price Index, Rightmove’s Rental Trends Tracker and Adzuna’s September UK Job Market Report
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Results: Arch Capital Q3, Cadence Design Systems Q3, Canon Q3, F5 Q4, Nitto Denko Q2, NXP Semiconductors Q3, Revvity Q3
Tuesday
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South Korea: APEC CEO Summit Korea 2025 begins four days of events in Gyeongju. Speakers include Nvidia CEO Jensen Huang and JD.com CEO Sandy Ran Xu
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UK: British Retail Consortium October Shop Price Index
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US: The Conference Board Consumer Confidence Index
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Results: Alfa-Laval Q3, Anglo American Q3 production report, AO Smith Q3, Auction Technology trading update, BNP Paribas Q3, Brown & Brown Q3, C&C Group HY, Caesars Entertainment Q3, Corning Q3, Cincinnati Financial Q3, CoStar Q3, DR Horton Q4, Ferrovial 9M, Hartford Insurance Q3, HSBC Q3, Iberdrola 9M, Invesco Q3, KPN Q3, Leggett & Platt Q3, Logitech Q2, Moncler HY management statement, Nomura Q2, NOV Q3, Novartis Q3, Nucor Q3, PayPal Q3, Principal Financial Group Q3, Royal Caribbean Q3, RWS FY trading statement, Seagate Technology Q1, Shimano Q3, Symrise Q3/9M, Tenet Healthcare Q3, UnitedHealth Group Q3, Visa Q4/FY, Waste Management Q3, Welltower Q3
Wednesday
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FT Live’s two-day Energy Transition Summit begins in London and online, with the theme of balancing security and sustainability amid economic disruption. Register here
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Australia: September consumer price index (CPI) inflation rate data
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Canada: interest rate announcement
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Hong Kong: Chung Yeung Festival. Financial markets closed.
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UK: September money and credit figures
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US: interest rate announcement
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Results: Adidas 9M, Airbus 9M, Alphabet Q3, Aston Martin Lagonda Q3, Boeing Q3, Caterpillar Q3, CVS Health Q3, eBay Q3, Elementis Q3 trading update, Glencore Q3 production report, GSK Q3, Kraft Heinz Q3, Mercedes-Benz Q3, Meta Q3, MGM Resorts Q3, Microsoft Q1, NEC Q2, Next Q3 trading statement, OMV Q3/9M, Pitney Bowes Q3, PPG Industries Q3, Regency Centers Q3, Santander 9M, SK Hynix Q3, Starbucks Q4/FY, Teradyne Q3, UBS Q3, Verizon Communications Q3
Thursday
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EU: interest rate announcement. Also, preliminary Q3 GDP estimate and September unemployment figure
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France: preliminary Q3 GDP estimate
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Germany: September and Q3 labour market figures, preliminary Q3 GDP estimate and October CPI and harmonised index of consumer prices (HICP) inflation rate data
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Italy: preliminary Q3 GDP estimate
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Japan: interest rate announcement
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US: Q3 GDP estimate
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Results: Altria Q3, Amazon.com Q3, Ambev Q3, Ameriprise Financial Q3, ANA Holdings HY, Anheuser-Busch InBev Q3, Arthur J Gallagher & Co Q3, Apple Q4, AXA 9M, Baxter International Q3, BBVA Q3, Biogen Q3, Bristol Myers Squibb Q3, Cigna Q3, Clariant Q3/9M, CMS Energy Q3, Cnooc Q3/9M, Coinbase Q3, Comcast Q3, Computacenter Q3 trading update, DTE Energy Q3, Eli Lilly & Co Q3, Essentra Q3 trading update, Estée Lauder Q1, Filtronic AGM trading statement, First Solar Q3, Fortune Brands Innovations Q3, Fox Corp Q1, Fujitsu HY, Gem Diamonds Q3 trading update, GoDaddy Q3, Haleon Q3, Hershey Q3, ING Q3, International Paper Q3, Kimberly-Clark Q3, Lufthansa Q3, Mastercard Q3, Merck Q3, Osaka Gas Q2, Panasonic Q2, Prudential Financial Q3, Puma Q3, Reddit Q3, Repsol Q3, Samsung Electronics Q3, Schneider Electric Q3, Shell Q3, Société Générale Q3, Spectris Q3, Standard Chartered Q3, Stellantis Q3, Stryker Q3, TotalEnergies Q3, Vale Q3, Volkswagen Q3/9M, Vulcan Materials Q3, Western Digital Q1, Willis Towers Watson Q3, WPP Q3 trading update
Friday
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Banca d’Italia will host the 11th edition of their International Macroeconomics Workshop, jointly organised with the Bank of England and Banque de France, at their base in Rome. The keynote lecture will be given by Fabrizio Perri, monetary adviser and deputy director at the Federal Reserve Bank of Minneapolis
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Australia: September producer price index (PPI) inflation rate data
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EU: October Eurozone inflation estimate
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France: October CPI and producer price index (PPI) inflation rate data
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Japan: September labour force survey
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UK: GDP revisions in annual and quarterly rounds, focusing on revisions in the Blue Book. HMRC deadline for submission of annual paper Self Assessment Tax Returns. Also, Nationwide October House Price Index
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US: September personal income and outlays data
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Results: AbbVie Q3, Aon Q3, Canadian National Railway Q3, Charter Communications Q3, Chevron Q3, Colgate-Palmolive Q3, ExxonMobil Q3, Ingersoll Rand Q3, Linde Q3, MediaTek Q3, Mitsubishi Electric HY, Sumitomo Q2, T Rowe Price Q3, VICI Properties Q3, Weyerhaeuser Q3, WW Grainger Q3
World events
Finally, here is a rundown of other events and milestones this week.
Monday
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Japan: US President Donald Trump begins a three-day visit, including talks with the country’s newly elected Prime Minister Sanae Takaichi
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South Korea: Apec Leaders’ Week begins in Gyeongju, running until Saturday and culminating with the 32nd Asia-Pacific Economic Cooperation Economic Leaders’ Meeting. The annual summit is attended by leaders from Apec’s 21 member nations including China, Japan, Russia and the US
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Sweden: the 77th Session of the annual Nordic Council, the largest political summit in the Nordics, bringing together prime ministers, foreign ministers, and 87 parliamentarians from across the region, begins at the Riksdag parliament building in Stockholm, running until Thursday
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US: the China Forum, an annual two-day conference hosted by the Victims of Communism Memorial Foundation, begins on Capitol Hill in Washington
Tuesday
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Malaysia: 47th Asean Summit and Related Summits, which have been running since October 23, conclude in Kuala Lumpur
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UK: Employment bill returns to the House of Lords, after the Labour government made amendments to the controversial legislation.
Wednesday
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Netherlands: parliamentary elections
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South Korea: Trumps begins a two-day visit to the country in Seoul
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Tanzania: presidential, parliamentary and councillor elections
Thursday
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Malaysia: Asean defence ministers’ meetings in Kuala Lumpur
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South Korea: US President Donald Trump to meet his Chinese counterpart Xi Jinping on the sidelines of the Apec Economic Leaders’ Meeting in Gyeongju
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US: Tyler Robinson appears in court charged with murder in the shooting death of conservative activist Charlie Kirk
Friday
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Bahrain: start of the IISS Manama Dialogue, a forum for ministers, policymakers and decision makers to debate the Middle East’s most pressing foreign-policy, defence and security challenges
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UK: 50th anniversary of rock band Queen releasing “Bohemian Rhapsody” as a single for the first time. Written by Freddie Mercury for the band’s 1975 album A Night at the Opera, the song topped the British singles chart for nine weeks
Saturday
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All Saints Day holiday in various countries
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Colombia: International Conference on Family Planning, a six-day event, begins in Bogotá to discuss sexual and reproductive health and rights
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South Korea: Chinese President Xi Jinping concludes his visit to the country
Sunday
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All Souls Day celebrated in various countries
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Opec+ monthly meeting, online
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Mexico: Day of the Dead parade in Mexico City
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US: Daylight Saving Time ends, with clocks going back one hour
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