CBRT rate

The Central Bank of the Republic of Turkey (CBRT) is set to hold its Monetary Policy Committee’s October meeting on Thursday.

• The bank, which has been subject to criticism for a long time over its independence will announce its interest rate decision at 14:00 local time. 

British data

The Bank of England (BoE) Governor Andrew Bailey warned on Sunday that the bank would raise interest rates as it would “have to act” on the rising inflation.

• Bailey, who will be speaking before a series of data on Tuesday, nevertheless declined to give any indication of when the bank might raise interest rates from the current record low of 0.1%. The bank said its inflation will exceed 4% as the economy tries to overcome the Covid crisis.

Bailey said rising energy prices will remain higher for longer than previously thought.

The latest figures show that prices have increased by an average of 3.2% over the past 12 months.

• The UK is releasing its September consumer price index on Wednesday.

Retail sales, manufacturing, services and composite purchasing index PMI are set for release on Friday.

EU summit

European Union leaders will meet in Brussels on Thursday and Friday for the European Council summit.

The leaders are expected to discuss many issues, from the EU’s role in stabilizing gas prices, the importance of transatlantic partnership, the rise of opposition to the bloc in eastern Europe, and Brussels’ relationship with China.

NATO summit

NATO defense ministers will also meet at the end of the week in Brussels, the capital of Belgium.

The meeting of the US-led group will address the defeat in Afghanistan, the heating tensions with Russia, and the emerging military Indo-Pacific front against China.

Asia-Pacific

The finance ministers of the Asia-Pacific Economic Cooperation (APEC) countries are meeting in New Zealand this week.

The ministers, in between rising China-US tensions are set to discuss the macroeconomic and financial issues their countries face.

US stocks

In the US, the S&P 500 rose 0.3% to 4,486.46 on Monday, while the Dow Jones Industrial Average fell 36.15 points (0.1%) to 35,258.61. The Nasdaq Composite Index rose 0.8% to 15,021.81.

A range of big names, including Netflix, Johnson & Johnson, United Airlines and Procter & Gamble are poised to make their earning announcements on Tuesday. Tesla, Verizon and IBM are other giants to post earnings in the rest of the week.

China disappointment

China reported disappointing GDP data in the third quarter with an annual growth of 4.9%. That was well below the 5.2% growth expected by economists surveyed by Reuters.

Industrial production in China also fell short of expectations last month.