Hello and welcome to the working week . . .
. . . though many of you might be out of the office, as holiday season is upon us. Whether you’re devouring mince pies or latkes over the next seven days, you’re likely to have noticed the sharp pinch of inflation in your burgeoning grocery bill and the lengthy wishlists you might have to attend to. Expect thorough reporting on the strength of the consumer this week — especially on Boxing Day — as journalists decipher the effect of prolonged high interest rates on budgets.
While the holiday spirit will dominate the news agenda, there are notable developments to watch across the world, as the three defining themes of 2024 — elections, war and inflation — continue to hum in the background.
On Tuesday, Moldova’s pro-EU president-elect Maia Sandu will attend her inauguration. Her narrow election victory in October, despite alleged Russian meddling in the process, will set the former Soviet country on a path to EU membership. Georgia, on the other hand, will on Sunday swear in Mikheil Kavelashvili to the presidency, a pro-Russian firebrand. Croatia will hold a first-round presidential vote on Sunday. Democracy emerges bloodied but unbowed.
Bank of Japan governor Kazuo Ueda will deliver a speech on Christmas Day. Economists will pore over his words for clues on how president-elect Donald Trump’s tariffs will affect the pace and trajectory of monetary policy in the country. The minutes from the Australian central bank’s most recent rate-setting meeting, being released on Tuesday, will further shed light on how policymakers are weighing geopolitical risk.
UK third-quarter GDP figures will be out on Monday, after months of disappointing economic releases for chancellor Rachel Reeves. Analysts are anticipating another lacklustre reading, casting a shadow over the government’s pro-growth aims.
Corporate news is thin on the ground, with most western stock exchanges closed on Christmas Day. Despite this, investors will be looking for indications that last week’s “reality check” for Wall Street’s soaring equities will continue. The UK market will remain closed on Boxing Day.
One more thing . . .
Christmas Day in my family home is synonymous with one thing: board games. This week, I’ll be trundling up to Leeds with Catan and Ticket to Ride in tow. (I’m tired of besting my siblings at Scrabble.) For as long as I can remember, I’ve loved the shared moments playing a game around a table generates. It’s a shame not all FT writers agree.
What games are you playing this week? Let me know at harvey.nriapia@ft.com.
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
Tuesday
Wednesday
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Bank of Japan governor Kazuo Ueda gives speech
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Christmas Day: UK, US and other markets closed
Thursday
Friday
World events
Finally, here is a rundown of other events and milestones this week.
