Monday, 24 October 2011

Key Economic News To Watch This Week By: EW News Desk Team Date: 24 October 2011

Key Economic News To Watch This Week

By: EW News Desk Team   Date: 24 October 2011

About The Author

EW News Desk Team
Always on the look out for the latest news to monitor the state of the world economy.
EconomyWatch, News Desk Team

  •          
24 October 2011

A quick preview of the key economic events for the upcoming week:

Monday, 24 October
Les Hinton, the former executive chairman of News International, is due to give evidence to the UK Commons culture media and sport committee as part of its investigation into phone hacking.
Tuesday, 25 October
The EU-China Business Summit in Tianjin assembles industrial leaders and politicians – including Wen Jiabao, China’s prime minister – to discuss opportunities in China and trade with Europe. Meanwhile, in London, the China Investment Summit allows investors and fund managers to learn about and discuss investment opportunities in the world’s second-largest economy.
The world’s largest oil companies are reporting third-quarter earnings this week, with investors’ attention likely to be focused on whether they are managing to raise their production. The companies include BP, Royal Dutch Shell (Europe’s largest international oil company), ExxonMobil (the world’s largest oil group by market capitalization), ConocoPhillips, Chevron and Total.
Related: Biggest Oil Importers and Exporters
UBS’s third-quarter results will come as little surprise, since the Swiss bank indicated this month that it expected a modest profit in spite of the $2.3bn unauthorised trading loss at its London equity derivatives unit. Even hopes for clarification on how the unauthorised trades arose in London and failed to be detected may be dashed. Although the bank’s internal investigation is believed to be largely completed, legal restrictions may prevent UBS from saying more, in spite of the vast investor interest in the affair. Similarly, shareholders hoping for guidance on the group’s long-awaited plans to slim down investment banking – a step expected to be significantly more radical after the London events – may be disappointed. Further information will come only at the group’s investors’ day in New York on November 17.
Related: Inside the mind of UBS ‘rogue’ trader
Wednesday, 26 October
All eyes will be centered on the follow-up EU Summit when the markets around the world expect to see the promised “comprehensive strategy on the euro-area sovereign debt crisis”. This additional summit, which follows the one from October 23, is scheduled to take place by October 26 because EU leaders needed more time to finalize their new plans on how to prevent further contagion, recapitalize banks, expand EFSF, and conclude discussions on the next bailout installment for Greece.
Related: French-German split may spell doom for EU Summit
Boeing, the world’s second largest aircraft maker, reports its quarterly earnings – The same day that ANA, the Japanese carrier is due to launch the first commercial flight of the 787 Dreamliner.
Thursday, 27 October
The Republic of Ireland holds its presidential election. There are seven candidates for the mainly ceremonial role, including Sinn Féin candidate Martin McGuinness, the former IRA leader.
Friday, 28 October
Did Samsung surpass Apple as the biggest smartphone seller? That will be investors’ main question when the South Korean company unveils its third-quarter results. The head of Samsung’s mobile communications business has said it sold more than 20 million smartphones from July-September, compared with Apple’s 17 million. This indicates that the worsening legal disputes with Apple over patents have yet to hurt Samsung’s smartphone sales, but a crucial question is whether it can maintain its strong momentum in the fourth quarter after it lost some related legal battles in countries such as Germany, Australia and the Netherlands.
Related: Patent wars: Temporary truce as Samsung pays homage to former Apple CEO Steve Jobs
The 125th anniversary of the opening of the Statue of Liberty is marked in New York. The monument closes afterwards for a year-long refurbishment.
Sunday, 30 October
European Summer Time ends, with clocks put back one hour in the UK and most of the continent’s countries.

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