Live news update: China and Hong Kong stocks rise on optimism for zero-Covid and property

It is not often that two heads of western powers celebrate birthdays in the same week. It is even rarer that both are in their eighth decade. Should we celebrate an age where there are clearly no barriers to such leadership work? King Charles III turns 74 on Monday, and will be honored with a 41-gun salute and the singing of “Happy Birthday” at the changing of the guard at Buckingham Palace. But US president Joe Biden passed a more important milestone, turning 80 on Sunday. He also has more important weeks of international diplomacy and national politics to deal with before blowing out the candles on his cake.

First, there is the G20 summit in Bali, or what one FT colleague labeled the first global government meeting the second cold war. Russian President Vladimir Putin is not presentbut China’s Xi Jinping is expected, so there will be pressure for Biden to speak with him.

At home, there is a small problem Donald Trump is widely trailing”very big announcement” on Tuesday from his Mar-a-Lago estate in Florida.

This is also the week for the Asia-Pacific Economic Cooperation summit in Thailand, unite 21 countries in the region, the first such face-to-face gathering since 2018. Again the US, China and Russia are invited, and again Putin will not be there. French President Emmanuel Macron will attend, however, as he has been invited to speak on global trade relations.

Fix the hole

Across the Atlantic in England, where the potential of festive roasts has a especially the season of sufferingThe most important diary date is Chancellor Jeremy Hunt’s financial statement on Thursday.

This country is in “fiscal hole“(not my phrase, Hunt’s) and the chancellor’s plan is to find about half of the required £55bn shortfall in cut public spendingwith measures including a delay in social care reforma freeze on income tax thresholds and stealth raid on inheritance tax.

FT’s parliamentary and economic team will be on hand to translate the word politician and find the key points buried in the Treasury documents. Read this explanation understand why England should act urgently. And if you think you can do a better job than the chancellor, knock yourself out and “filling the black hole“interactive.

Stick with British politics, Nicola Sturgeon will on Monday complete eight years as leader of the Scottish National Party. He got the job when his predecessor and mentor Alex Salmond stepped down after 2014. independence referendum. As Westminster cuts central government spending, Holyrood implements its own austerity. Will Sturgeon’s milestone prompt an assessment of her record as first minister?

United Nations Climate Change Conference COP27 draws to close on Friday, but on Sunday we have the start of something that will most likely grab the world news as well as the headlines of sports pages for the next month – the FIFA World Cup Qatar 2022. To say this is likely to be a contentious tournament. of an understatement – read our magazine reportage Here you go. The FT will be on hand to provide comprehensive coverage.

Finally, we have more elections. Malaysia goes to the polls on Saturday. Nepalis will vote for parliamentary and provincial government seats on Sunday and sister title FT Nikkei Asia has produced this. useful guide to the key point. Kazakhstan’s general election on Sunday is worth noting because it represents the most significant constitutional change for the oil-rich Central Asian country since declaring independence from the former Soviet Union.

Economic data

Carpentry works on new townhouses in Tampa, Florida

Carpenters work on new townhouses in Tampa, Florida © Octavio Jones / Reuters

There are some potentially important data releases next week from the US, namely the inflation rate of the producer price index, retail sales figures and further updates on the wobbling US housing market.

The UK’s big economic event is the Autumn Statement, but before that, UK unemployment data will be updated on Tuesday. The British government has focused attention on its record here because it is the only good news for them. However, it is not very good.

England will be the only advanced economy with jobs still below the pre-pandemic level at the beginning of 2023, according to a new analysis. the other”season of discontent“also appears as a number of workers – the latest nurse – salary demand increases in line with inflation.

Then on Wednesday came the inflation data and the concern that the size of the consumer price index will remain in two digits. The week will end for the UK with an update on retail sales, although expectations are not high given grim prediction from the country entered the recession.

The cost of living will also be in focus for the EU this week, with inflation data out on Thursday. There are also third-quarter gross domestic product estimates on Tuesday.

Company

The words “Elon Musk is due to grab the headlines again this week” can be written here at any time of the year, but this week the outburst is in the diary. This time over his $56bn pay package at Tesla. A court in Delaware, where the electric vehicle maker is registered, will hear complaints brought by shareholders.

Vodafone, which reports interim results on Tuesday, has been under pressure to overhaul its operations. Shareholders will see how much the company can make cut debt after the announcement of the sale of a stake in the business pole and Vantage last week.

Fashions change and so do the senior management team as the British brand Burberry has found this year. Investors will be eager to see what newish chief executive Jonathan Akeroyd has come up with to boost growth when the company reports first-half figures on Thursday. Analysts expect him to focus on improving profit margins, which have historically lagged behind larger French and Italian rivals.

Read the full week ahead calendar Here you go.

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