In Canada, meanwhile, home sales data for October will reveal whether the central bank’s rate cuts are starting to jolt the sluggish housing market.

A packed week for data elsewhere includes a range of economic numbers from China, wage and growth statistics in the UK, and multiple inflation readings, from India to Argentina. New European Union forecasts will also be published.

Click here for what happened in the past week, and below is our wrap of what’s coming up in the global economy.

Asia

A data blast from China may show the economy’s performance improved marginally in October, with industrial output, fixed asset investment and retail sales all seen picking up a bit as the downturn in property investment moderates.

Even so, the data will underscore the necessity of the broad stimulus steps undertaken since late September as President Xi Jinping seeks to achieve his growth goals.

China’s slew of figures comes at the end of the week, on the same day that Japan is expected to report that its economic growth slowed to an annualized 0.6% quarter on quarter in the three months through September.

India’s inflation is projected to have picked up to 5.72% in October, while industrial output is seen rebounding in September in figures due on Tuesday.

Australia gets consumer and business confidence surveys on Tuesday before releasing a number of labor-market statistics later in the week.

The wage price index for the third quarter comes on Wednesday, and other employment statistics for October will be published a day later. Indonesia reports trade data on Friday.

Among central banks, the Bank of Japan releases a summary of opinions from its October meeting, when it held rates steady, and Reserve Bank of Australia Governor Michele Bullock appears on a panel on Thursday, with policymaking colleague Brad Jones doing the same a day later.

Europe, Middle East, Africa

The UK will be in focus following Thursday’s Bank of England rate cut, which came with a warning of the inflationary impact of the recent budget. Governor Andrew Bailey is scheduled to make a speech on Thursday.

Wage numbers on Tuesday may show mildly slowing pay growth, offering limited reassurance to policymakers. A release on Friday will probably reveal economic growth to have weakened in the third quarter to 0.2% from 0.5% in the prior three months, according to economists.

Other countries with initial GDP numbers for the same period include Poland on Thursday and Switzerland on Friday.

Turning to the euro zone, Tuesday’s German ZEW index will offer a glimpse of investor sentiment at a time when Europe’s biggest economy is still struggling to shake off industrial malaise, and now faces the prospect of early elections as well.

Euro-zone industrial production on Wednesday will reveal the state of manufacturing at the end of the third quarter, and a second estimate of GDP will arrive concurrently. The European Commission in Brussels will release new economic forecasts for the region at the end of the week.

The European Central Bank on Thursday will publish an account of its October meeting, possibly containing hints on officials’ thinking for their December decision. Vice President Luis de Guindos, speaking in Madrid the same day, is among several officials scheduled to make appearances.

In Sweden, minutes of the Riksbank’s decision to ramp up easing with a half-point rate cut are due on Wednesday, followed by its financial stability report a day later.

In Russia on Wednesday, data will probably show the economy contracted in the third quarter — for the first time since war-related fiscal stimulus began boosting activity back in late 2022. Bloomberg Economics forecasts GDP to have fallen 0.3% to 0.5% in the three months through September.

Russia is among a number of countries releasing inflation data. Here’s an overview:

• On Sunday, Egyptian monetary officials will hope annual price growth slowed in October after quickening for two successive months to 26.4% in September. That’s likely to have delayed the start of an easing cycle.

• Norway on Monday may show a notable slowdown in inflation, to 2.4%. But with krone weakness preoccupying officials, the central bank kept borrowing costs unchanged on Thursday, signaling no imminent plans for any reduction.

• With Russia’s release for October due on Wednesday, policymakers will watch to see if a 200 basis-point rate increase last month will help slow down price growth toward its 4% target. In September it was at 8.6%.

• On Friday, Nigeria’s inflation numbers are expected to show quickening to 33.4% from 32.7% after gasoline costs spiked because of the scaling back of subsidies, according to Bloomberg Economics.

• The same day in Israel, data will likely reveal price growth stayed above 3%, the upper end of the official target. It’s been above target for three straight months as the conflicts in Gaza and Lebanon cause government spending on defense to soar and worsen supply-side constraints.

Among central banks, monetary policymakers in Zambia are expected to leave their rate unchanged at 13.5% to support the drought-battered economy. That ordeal has prompted the International Monetary Fund to almost halve its 2024 growth projections, to 1.2%.

Latin America

Argentina President Javier Milei is likely to get some welcome news with the October consumer prices report. Monthly inflation may have slowed to a three-year low of just under 3% with the annual reading coming in under 200%, down from April’s 289.4% peak.

Analysts expect a hawkish tone to the minutes of the Brazilian central bank’s Nov. 6 decision to hike to 11.25%. At the same time, forward guidance may be in short supply given that Brazil’s government had yet to commit to spending cuts, and all the wild cards inherent following the US election.

Economists expect a hike of at least the same magnitude at the BCB’s December meeting, and many have marked up their terminal rate projections to 13% or more.

Uruguay’s central bank has held its key rate at 8.5% since April and is likely to keep it there for a fifth straight meeting.

In Peru, Lima labor market figures and September GDP-proxy data are on tap, both underscoring the economy’s rebound from last year’s recession.

Banco de Mexico’s case for a third-straight rate cut on Nov. 14 looked pretty straightforward a month ago, but yet another bout of faster inflation makes it a slightly tougher call.

Still, the combination of slower growth and 21 straight months of slowing core inflation will likely see Governor Victoria Rodriguez and colleagues go ahead with the reduction to 10.25%.

–With assistance from Brian Fowler, Laura Dhillon Kane, Monique Vanek, Robert Jameson, Paul Wallace and Piotr Skolimowski.

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