Fri. Sep 17th, 2021

Global Economy Updates

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Welcome to the work week, that is, if you are still at your desk.

The holiday season is in full swing in the northern hemisphere, or so it should be. Do you feel it?

Travel unlocking will be a theme for the next seven days, again raising concerns about governments struggling with rising Covid-19 infections later in the year.

From 4am on Monday morning the UK will accepts travelers arriving from the EU and US which has been typed twice. International voyages will also be able to resume from British ports after a break of 16 months.

Travel and tourism businesses are a sticking point, although Financial Times economic correspondent Delphine Strauss noted last week that the local holiday market is already enjoy a blessed year thanks to Brits embracing the staycation – a word I detest. Maybe some will be attracted to the Edinburgh Fringe, Returned to the streets of Auld Reekie on Friday after last year’s online event – for those who can not do it, there will still be online opportunities to watch from the comfort of your laptop.

In the US, the annual community building event, National Night Out, will have a special significance for American hospitality businesses, eager to fully reopen the economy. In corporate terms, Marriott reported its earnings in the second quarter on Tuesday, giving some insight into how the hotel industry is doing.

However, the path from pandemic is not linear. The presence of the police and army is increasing in Sydney, which has been under orders to stay at home since the end of June, following an increase in Covid-19 cases.

If you need a boost, there’s always the Tokyo Olympics – FT reporters will do it what the action covers.

Amid the joys of medal successes – see the FT’s alternative view on this Japan will also be a focus for gloomy reflection this week: Friday marks the 76th anniversary of the atomic bombing of Hiroshima.

Thanks to everyone who was emailed – with comments on The Week Ahead. We’re listening to your suggestions, including an adjustment to the presentation of corporate earnings below, which will hopefully make it a little easier to digest.


This is a week for insurance earnings reports. French insurance company Axa is hoping to resolve a bruising dispute with the hospitality industry over pandemic claims, after offering a settlement to restaurants in its home market in June that are expected to cost the group over € 300 million.

But with legal disputes on the go on claims for disruption of business arising from the pandemic, the Covid-related account for many insurers remains uncertain, so Axa’s earnings in the second quarter on Monday will be closely monitored. The manager of the insurer can also provide more details about the attack on ransomware about its Asian operations, which the FT unveiled in May.

Insurer Hiscox, which is listed in London, will announce its half-year results on Tuesday. After a furious pandemic for the group, which itself was forced to pay out some business disruption policies to a test industry in the entire industry, the company announced in July, long-term CEO Bronek Masojada would leave the endorsement.

Direct Line, the London-listed insurer, also reports on Tuesday ahead of major regulation suspension to prices in the UK car and home insurance market. This is a particularly volatile time for car insurers, as more cars return to the roads after a pandemic slump in management that reduced claims and lowered prices.

The impact Covid has had on the car’s side of business will also be worth seeing at the general insurance division of Italy’s largest insurer, Generali, which also delivered half-year results on Tuesday. Europe’s largest insurer, Allianz, which reports on Friday, could provide further information on claims in Germany due to the devastating floods in July, which are expected to lead to more than € 500 million in disbursements.

Good news is likely from coronavirus vaccine maker Moderna, if last week’s figures were from competitors Pfizer and AstraZeneca is anything to go by.

Economic data

This week’s rush of Purchasing Managers’ Index (PMI) for manufacturing and services in July will provide further insight into the health of the economic recovery from the Covid-19 slump.

Important economic and company reports

Here is a more complete list of what you can expect this week in terms of company reports and economic data.


  • China, the eurozone, France, Germany, India, Japan, the United Kingdom: Manufacturing PMI data

  • US, construction spending figures

  • Axa H1, Ferrari Q1, Heineken H1, HSBC H1, Mitsubishi UFJ Financial Group Q1


  • Australia, the Reserve Bank of Australia, holds its monthly meeting

  • Canada, Markit Manufactures PMI Data

  • US Census Bureau publishes monthly sales figures for cars

  • UK, Office for National Statistics publishes quarterly GDP data

  • Assicurazioni Generali H1, Bank of Ireland Q2, BMW H1, BP Q2 ConocoPhillips Q2, Direct Line Insurance Q2, Domino’s Pizza Q2, Eli Lilly & Co Q2, Generali H1, Greggs H1, Hiscox H1, Infineon Technologies Q3, Japan Airlines Q1, Lyft Q2, Marriott International Q2, Nippon Steel and Sumitomo Metal Corporation Q1, Prudential Financial Q2, Ralph Lauren Q2, Société Générale Q2, Standard Chartered Bank H1, Stellantis H1


  • China, eurozone, France, Germany, India, Japan, UK, US: PMI services data

  • EU, Eurostat publishes monthly retail figures

  • Italy, monthly retail sales

  • UK, Bank of England publish official holdings of international reserves

  • US, ADP Job Numbers

  • Allied Irish Banks H1, Commerzbank Q2, General Motors Q2, Honda Motor Q1, Hugo Boss Q2, Kraft Heinz Q2, Legal & General H1, Next Q2 trading statement, SoftBank Q1, Sony, Q1 Taylor Wimpey H1, Toyota Q1, Uber Technologies Q2 , Western Union Q2


  • Eurozone, ECB publishes economic bulletin

  • France, figures for industrial production

  • Germany, monthly order data from manufacturers (factory) published

  • Germany, IHS Markit Construction PMI

  • UK, Bank of England hold next MPC meeting on interest rates

  • United Kingdom, Association of Motor Manufacturers and Dealers’ new car registration data

  • UK, IHS Markit / Cips Construction PMI

  • US Department of Commerce publishes monthly figures on international trade

  • US, initial jobless claims

  • Adecco Q2, Adidas H1, AIG Q2, Bayer H1, Bombardier Q2, CBS Q2, Continental H1, Crédit Agricole Q2, Glencore H1 production report, Hammerson H1, Investec AGM, Kellogg Q2, Lufthansa Q2, Moderna Q2, Mondi H1, Nintendo Q1, Novo Nordisk Q2, Pirelli Q2, Rolls-Royce H1, Serco H1, Siemens Q3, Swisscom H1, Thomson Reuters Q2, Viacom Q2, WPP H1


  • Canada, monthly unemployment rate

  • France, monthly trade balance figures

  • Germany, Industrial production data

  • UK, Halifax monthly and annual house price index

  • British, British retail consortium publishes BRC-ShopperTrak foot monitor

  • US Federal Reserve Consumer Credit Scores

  • US, non-farm payroll figures

  • US, Monthly Unemployment Statistics

  • Alliance Q2, AP Moller Maersk Q2, Capita H1, ING Q2, NTT Q1, RTL Q2, TripAdvisor Q2

World events

Here’s an overview of other opportunities and milestones this week.


  • US Senate meets in Washington

  • United Kingdom, England to allow fully vaccinated travelers from the US and EU to arrive without quarantine


  • USA, National evening out, an annual community building event, which promotes better relations with local police forces, is held in most US states

  • India, festival of Krishna Janmashtami, commemorating the birth of the Hindu god Krishna


  • UK, Playday, hosts an annual celebration of children’s play rights

  • USA, Illinois celebrates Barack Obama’s birthday in honor of the 44th president on his birthday



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