The Global Week Ahead

Xi Hosts the SCO Summit and Celebrates the 80th Anniversary of the End of World War II with World Leaders, Trump’s Tariff Deals in Doubt, and Markets Focus on the Fed’s Beige Book and US Jobs Report

Summer is officially over and world capitals in the Northern Hemisphere are roaring back to work this week.  But the major geopolitical events of the week will be in China. 

President Xi Jinping is hosting the Shanghai Cooperation Organization (SCO) summit being held in Tianjin, China.  This will be a particularly important SCO gathering as Russian President Vladimir Putin, Indian Prime Minister Narendra Modi, and other leading Asian leaders will be in attendance and holding sideline meetings with Xi.  Of note, Prime Minister Modi’s sideline meeting with Xi shows continuing warming between the two nations – which has been historically frosty – as both struggle to deal with President Trump’s tough tariff regime. 

After the SCO, Xi will hold an extravaganza 80th anniversary celebration in Beijing marking the end of World War II for China.  Putin, Modi, and at least 28 other national leaders will be in attendance including North Korean dictator Kim Jong Un.  The significance of his attendance is it suggests new warming in the relationship between Beijing and Pyongyang which has been strained in recent years.

What both events clearly show is a growing alignment between nations that are outright hostile to the United States and the West with those nations hardest hit by the Trump tariffs, giving the combined nations a reason to work together. Seeing the leaders of China, Russia, North Korea, India, Iran, Cuba, and other nations sitting together watching an enormous Chinese military parade will drive that point home.  What comes out of these meetings will likely be quite impactful on global markets in the weeks and months ahead.

Here in the US, two issues will be of major focus to markets this week.  First, the decision by a Federal Appeals Court on Friday ruled that President Trump’s use of the International Emergency Economic Powers Act (IEEPA) is illegal.  These were put in place on “Liberation Day” on April 2nd.  The decision upholds an earlier ruling by the U.S. Court of International Trade and is now likely headed to the U.S. Supreme Court.  But in the meantime, it puts into doubt the legality of Trump’s trade deals with the UK, EU, Japan, and South Korea.  Moreover, it the US Supreme Court upholds this decision, it will mean the Trump Administration will have to repay the billions of tariffs collected since April, estimated at roughly $142 billion.

The second event is the ongoing battle over whether President Trump can fire Federal Reserve Board Governor Lisa Cook.  A federal judge on Friday held an emergency hearing on the matter but did not issue a ruling.  Our view is that this battle will go all the way to the Supreme Court and will likely not hold Cook back from voting at the upcoming Federal Open Markets Committee (FOMC) meeting on interest rates later this month.

Turning to look at the global economic and financial radar screen this week, and starting with the US, there will be a number of important reports out this week. The big events will be the Federal Reserve’s release of the Beige Book on Wednesday and the jobs report on Friday.  Also, this week, the ISM indices will be out, giving more clarity on the manufacturing and services sectors, and the JOLTS print on Wednesday and the ADP report on Thursday.

In Asia, Japan releases Financial Statements Statistics of Corporations for Q2, which is expected to show as much as 3% growth year over year.   In China, the August PMIs are out on Sunday, and manufacturing data is out on Monday, while services data is out on Wednesday.

In Europe, we will see the Eurozone CPI report on Tuesday as European Central Bank President Christine Lagarde gives a speech on Monday.

Below is the rest of our detailed report of the major geopolitical and geoeconomic events in the coming week:

Sunday, August 31, 2025

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Asia

Political/Social Events –

·       The Shanghai Cooperation Organization Summit begins in Tianjin, China hosted by Chinese President Xi Jinping.  Indian Prime Minister Narendra Modi, Russian President Vladimir Putin, and North Korean Leader Kim Jong-Il are expected  to attend.  Putin will afterwards travel to Beijing for meetings with Xi.

·       Today is Kyrgyzstan Independence Day.

Economic & Financial Reports/Events –

·       China NBS Manufacturing PMI (August)/ NBS Non-Manufacturing PMI (August)/ NBS General PMI (August)

Europe

Political/Social Events –

·       European Commission President Ursula von der Leyen will meet with Polish Minister Donald Tusk in Warsaw and the visit the border between Poland and Belarus. She will then travel to Bulgaria to meet with Prime Minister Rosen Zhelyazkov and visit a defense factor.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Middle East

Political/Social Events –

·       Oman will implement a "golden visa" for investors and wealthy residents..

Economic & Financial Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Monday, September 1, 2025

Global

·        Egypt will host a G20 meeting on food security in Cairo.

·       South Korea assumes the chair of the UN Security Council for the month of September.

Americas

Political/Social Events –

·       Guyana holds presidential and parliamentary elections. Centre-left President Irfaan Ali of the People's Progressive Party Civic (PPP/C) is likely to be re-elected. However, opposition parties will likely secure a majority in the National Assembly (legislature).

·       Today is Labor Day in the United State and Canada. It is a national holiday in both countries.  Financial markets are closed.

·       Mexican judges elected in the country's first judicial election in June will take office.

·       The Inter-American Tropical Tuna Commission continues its annual meeting in Panama City.

Economic & Financial Reports/Events –

·       Mexico Business Confidence (August)/ S&P Global Manufacturing PMI (August)/ Foreign Exchange Reserves (August)/ Fiscal Balance (July)

·       Chile IMACEC Economic Activity (July)

·       Brazil S&P Global Manufacturing PMI (August)/ BCB Focus Market Readout

·       Colombia Davivienda Manufacturing PMI (August)

·       Peru Inflation Rate (August)

·       Argentina Tax Revenue (August)

Asia

Political/Social Events –

·       Today is Uzbekistan Independence Day, a national holiday.

Economic & Financial Reports/Events –

·       New Zealand Building Permits (July)

·       Australia S&P Global Manufacturing PMI (August)/ Building Permits (July)/ Company Gross Profits Q2/ ANZ-Indeed Job Ads (August)/ Business Inventories Q2/ Private House Approvals (July)/ Commodity Prices (August)

·       Japan Capital Spending Q2/ S&P Global Manufacturing PMI (August)

·       South Korea Imports/ Exports/ Balance of Trade (August)/ S&P Global Manufacturing PMI (August)

·       Indonesia S&P Global Manufacturing PMI (August)/ Imports/ Exports/ Balance of Trade (August)/ Inflation Rate (August)/ Tourist Arrivals (July)

·       Malaysia S&P Global Manufacturing PMI (August)

·       Philippines S&P Global Manufacturing PMI (August)

·       Taiwan S&P Global Manufacturing PMI (August)

·       Thailand S&P Global Manufacturing PMI (August)

·       China Caixin Manufacturing PMI (August)

·       India HSBC Manufacturing PMI (August)

·       Hong Kong Retail Sales (July)

Europe

Political/Social Events –

·       There will be an informal meeting of EU Ministers for European Affairs through September 2 in Copenhagen, Denmark.

·       The EU Parliament returns to work from summer holiday.

·       European Commission President Ursula von der Leyen will travel to Lithuania to meet with President Gitana Nauseda and then visit the Lithuania and Belarus border.  She will then travel to Romania and meet with President Nicusor Dan and Prime Minister Illie Bolojan and visit the military port of Constana.

·       The British Parliament returns to work from their summer holiday.

·       Moldova begins negotiations with the EU about joining.

·       Today is Slovakia Constitution Day.

Economic & Financial Reports/Events –

·       European Central Bank President Christine Lagarde will give a dinner speech at the 2025 ECB Legal Conference "Building Europe's Autonomy: Law, Institutions, Cooperation" in Frankfurt, Germany.

·       European Central Bank Board Member Isabel Schnabel will chair a panel on 'Autonomy through the internal market and the capital markets union' at 2025 ECB Legal Conference "Building Europe's Autonomy: Law, Institutions, Cooperation" in Frankfurt, Germany.

·       European Central Bank Board Member Piero Cipollone will chair a panel on 'Resilience, autonomy and cooperation in payments and clearing systems' at the 2025 ECB Legal Conference titled 'Building Europe's Autonomy: Law, Institutions, Cooperation' in Frankfurt Germany.

·       Ireland AIB Manufacturing PMI (August)/ Harmonized Inflation Rate (August)

·       Romania Unemployment Rate (July)

·       Russia S&P Global Manufacturing PMI (August)

·       Great Britain Nationwide Housing Prices (August)/ BoE Consumer Credit (July)/ Mortgage Lending & Approvals (July)/ S&P Global Manufacturing PMI (August)

·       Hungary PPI (July)/ HALPIM Manufacturing PMI (August)

·       Poland S&P Global Manufacturing PMI (August)/ GDP Growth Rate Q2

·       Spain Tourist Arrivals (July)/ HCOB Manufacturing PMI (August)

·       Turkey GDP Growth Rate Q2/ Istanbul Chamber of Industry Manufacturing PMI (August)

·       Switzerland procure.ch Manufacturing PMI (August)

·       Italy HCOB Manufacturing PMI (August)/ Unemployment Rate (July)

·       France HCOB Manufacturing PMI (August)

·       Germany HCOB Manufacturing PMI (August)

·       Euro Area HCOB Manufacturing PMI (August)/ Unemployment Rate (July)/ ECB Schnabel Speech/ ECB Cipollone Speech/ ECB President Lagarde Speech

·       Greece S&P Global Manufacturing PMI (August)/ Unemployment Rate (June)/ Unemployment Rate (July)

·       Serbia GDP Growth Rate Q2

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nigeria Stanbic IBTC Bank Nigeria PMI (August)/ Foreign Exchange Reserves (August)

·       South Africa ABSA Manufacturing PMI (August)/ Total New Vehicle Sales (August)

Tuesday, September 2, 2025

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       US Secretary of State Marco Rubio will travel to Mexico and Ecuador for bilateral meetings through September 4.

·       The US Congress returns to work from its August recess.

·       Brazil's Supreme Court hear legal arguments regarding attempted coup charges against former president Jair Bolsonaro.

Economic & Financial Reports/Events –

·       Brazil IPC-Fipe Inflation (August)/ GDP Growth Rate Q2

·       USA Redbook (August)/30/ S&P Global Manufacturing PMI (August)/ ISM Manufacturing PMI (August)/ RCM/TIPP Economic Optimism Index (September)/ LMI Logistics Managers Index (August)/ Total Vehicle Sales (August)

·       Canada S&P Global Manufacturing PMI (August)

·       Paraguay Inflation Rate (August)

Asia

Political/Social Events –

·       Today is Independence Day in Vietnam, a national holiday.

Economic & Financial Reports/Events –

·       Bank of Japan Deputy Governor Ryozo Himino will meet with and give remarks to local leaders in Eastern Hokkaido, Japan.

·       New Zealand Export Prices Q2/ Import Prices Q2/ Terms of Trade Q2/ Global Dairy Trade Price Index (September/02)

·       South Korea Inflation Rate (August)

·       Australia TD-MI Inflation Gauge (August)/ Current Account Q2/ Net Exports Contribution to GDP Q2/ Cotality Dwelling Prices (August)

·       Japan BoJ Himino Speech

·       Thailand Business Confidence (August)

·       Singapore SIPMM Manufacturing PMI (August)

·       Kazakhstan Inflation Rate (August)

·       Pakistan Inflation Rate (August)/ Wholesale Prices (August)

Europe

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       European Central Bank Board Member Frank Elderson will chair a panel on 'Independent administrative discretion and the rule of law' at 2025 ECB Legal Conference "Building Europe's Autonomy: Law, Institutions, Cooperation" in Frankfurt, Germany.

·       European Central Bank Board Member Pedro Machado will participate on a panel entitled 'Independent administrative discretion and the rule of law' at 2025 ECB Legal Conference "Building Europe's Autonomy: Law, Institutions, Cooperation" in Frankfurt, Germany

·       Romania PPI (July)

·       Hungary GDP Growth Rate Q2

·       Switzerland Retail Sales (July)

·       France Budget Balance (July)

·       Spain Unemployment Change (August)/ New Car Sales (August)

·       Euro Area Inflation Rate (August)/ CPI Flash (August)/ ECB Elderson Speech/ ECB Machado Speech

·       Italy PPI (July)/ New Car Registrations (August)

Middle East

Political/Social Events –

·       The Lebanese Armed Forces will present a plan for Hezbollah's disarmament to Lebanon's Cabinet.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Mozambique GDP Growth Rate Q2

·       Nigeria GDP Growth Rate Q2

Wednesday, September 3, 2025

Global

·       The United Nations General Assembly will meet on Ukraine.

Americas

Political/Social Events –

·       President Trump will host Polish President Karol Nawrocki at the White House.

·       Jamaica holds House of Representatives elections.

Economic & Financial Reports/Events –

·       St Louis Fed president Alberto Musalem gives speech at the Peterson Institute in Washington, D.C.

·       Minneapolis Federal Reserve Bank President Neel Kashkari participates in a fireside chat hosted by the Minnesota Women's Economic Roundtable.

·       USA MBA Mortgage Market Index (August/29)/ MBA Purchase Index (August/29)/JOLTs Job Openings (July)/ Factory Orders (July)/ Fed Beige Book/ API Crude Oil Stock Change (August/29)/EARNINGS: Salesforce, HPE, Gitlab, Dollar Tree

·       Brazil Industrial Production (July)/ S&P Global Composite & Services PMI (August)

·       Mexico Consumer Confidence (August)

·       Canada Labor Productivity Q2

·       Colombia Exports (July)

Asia

Political/Social Events –

·       China will hold a military parade marking the 80th anniversary of the end of World War II, with 26 foreign leaders in attendance.

Economic & Financial Reports/Events –

·       South Korea Foreign Exchange Reserves (August)/ GDP Growth Rate Q2

·       Australia Ai Group Industry Index (August)/ S&P Global Composite & Services PMI (August)/ GDP Growth Rate Q2

·       Hong Kong S&P Global PMI (August)

·       Japan S&P Global Composite & Services PMI (August)/ BoJ JGB Purchases

·       Singapore S&P Global PMI (August)

·       Vietnam S&P Global Manufacturing PMI (August)

·       China Caixin Composite & Services PMI (August)

·       India HSBC Composite & Services PMI (August)/ M3 Money Supply (August/22)

·       Pakistan Balance of Trade (August)

Europe

Political/Social Events –

·       The European Union's new floating price cap on Russian oil, set at 15% below the six-month average market price, will take effect.

·       The Eastern Economic Forum will be held in Vladivostok Russia through September 6.

Economic & Financial Reports/Events –

·       European Central Bank President Christine Lagarde will give welcoming remarks at the 9th ESRB Conference "Broadening horizons: ESRB’s next decade of impact" in Frankfurt, Germany.

·       Bank of England Deputy Governor Sarah Breeden gives a keynote speech at the Bank of England and Warwick Business School Innovation In Money and Payments Conference.

·       Ireland AIB Services PMI (August)

·       Russia S&P Global Composite & Services PMI (August)

·       Slovakia Real Wages Q2

·       Turkey Inflation Rate (August)/ PPI (August)

·       Spain HCOB Composite & Services PMI (August)

·       Euro Area HCOB Composite & Services PMI (August)/ PPI (August)

·       Great Britain BoE L Mann Speech / S&P Global Composite & Services PMI (August)/ BoE Breeden Speech

·       Italy HCOB Composite & Services PMI (August)

·       France HCOB Composite & Services PMI (August)

·       Germany HCOB Composite & Services PMI (August)

·       Poland Interest Rate Decision (September)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Saudia Arabia Riyad Bank PMI (August)

·       United Arab Emirates S&P Global PMI (August)

·       Israel Tourist Arrivals (August)

·       Jordan PPI (July)/ Unemployment Rate Q2

Africa

Political/Social Events –

·       Angola will host its "Angola Oil & Gas" conference in Luanda.

Economic & Financial Reports/Events –

·       Egypt S&P Global PMI (August)/ M2 Money Supply (July)

·       South Africa S&P Global PMI (August)/ GDP Growth Rate Q2

·       Angola GDP Growth Rate Q2

Thursday, September 4, 2025 

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       China’s top trade negotiator, Li Chenggang, will meet with US trade negotiators in Washington today and Friday.

·       US Council of Economic Advisors Chair Stephen Miran will get a confirmation hearing before the Senate Banking Committee to fill out the term of Federal Reserve Board Governor Adriana Kugler.

·       Bloomberg holds its Bloomberg Power Players New York Conference.

Economic & Financial Reports/Events –

·       New York Federal Reserve Bank President John Williams gives keynote before an Economic Club of New York Signature Luncheon.

·       Chicago Federal Reserve Bank President Austan Goolsbee participates in moderated Q&A before mHub Industry Disruptor Series event.

·       USA Challenger Job Cuts (August)/ ADP Employment Change (August)/ Imports/ Exports/ Balance of Trade (July)/ Initial Jobless Claims (August)/30/ Unit Labour Costs Q2/ S&P Global Composite & Services PMI (August)/ ISM Services PMI (August)/ EIA Natural Gas & Crude Oil Stocks Change (August/29)/ 15- & 30-Year Mortgage Rate (September/04)/ Fed Balance Sheet (September/03) EARNINGS: Broadcom, Lululemon

·       Mexico Gross Fixed Investment (June)

·       Canada Imports/ Exports/ Balance of Trade (July)/ S&P Global Composite & Services PMI (August)

·       Uruguay Inflation Rate (August)

·       Brazil Balance of Trade (August)

·       Colombia PPI (August)

Asia

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       South Korea Current Account (July)

·       Japan Foreign Bond Investment (August)/30/ Stock Investment by Foreigners (August)/30

·       Australia Imports/ Exports/ Balance of Trade (July)/ Household Spending (July)

·       Thailand Inflation Rate (August)

·       Malaysia Interest Rate Decision

Europe

Political/Social Events –

·       There will be an informal meeting of EU Energy Ministers in Copenhagen, Denmark through September 5.

Economic & Financial Reports/Events –

·       The Handelsblatt banking summit will be held in Frankfurt, Germany.

·       European Central Bank Board Member Piero Cipollone will give an introductory statement at a hearing on the digital euro before the Committee on Economic and Monetary Affairs (ECON) of the European Parliament in Brussels, Belgium

·       Hungary Retail Sales (July)

·       Switzerland Inflation Rate (August)/ Unemployment Rate (August)

·       Euro Area HCOB Construction PMI (August)/ Retail Sales (July)/ ECB Cipollone Speech

·       France HCOB Construction PMI (August)

·       Germany HCOB Construction PMI (August)

·       Italy HCOB Construction PMI (August)

·       Great Britain New Car Sales (August)/ S&P Global Construction PMI (August)/ DMP 1Y CPI Expectations (August)/ DMP 3M Output Price Expectations (August)

·       Slovenia Balance of Trade (July)

·       Ireland Current Account Q2/ GDP Growth Rate Q2/ GNP Q2

·       Turkey Foreign Exchange Reserves (August/29)/ Imports/ Exports/ Balance of Trade (August)

·       Spain Consumer Confidence (July)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Kuwait M2 Money Supply (July)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       South Africa Business Confidence Q3

·       Egypt Foreign Exchange Reserves (August)

Friday, September 5, 2025

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Brazil PPI (August)

·       Canada Unemployment Rate (August)/ Employment Change (August)/ Full & Part Time Employment Chg (August)/ Participation Rate (August)/ Average Hourly Wages (August)/ Ivey PMI s.a (August)

·       USA Unemployment Rate (August)/ Participation Rate (August)/ Average Hourly Earnings (August)/ Government Payrolls (August)/ Manufacturing Payrolls (August)/ U-6 Unemployment Rate (August)/ Baker Hughes Total Rigs Count

·       Ecuador Inflation Rate (August)

·       Costa Rica    Inflation Rate (August)

·       Colombia Inflation Rate (August)

·       El Salvador Inflation Rate (August)

Asia

Political/Social Events –

·       Japan will host the 12th Japan-Australia meeting of foreign and defense ministers in Tokyo.

·       Singapore’s parliament goes into session.  This is the first gathering of parliament since the May elections when the ruling People’s Action Party won a commanding majority.

Economic & Financial Reports/Events –

·       Japan Household Spending (July)/ Average Cash Earnings (July)/ Overtime Pay (July)/ Coincident Index (July)/ Leading Economic Index (July)

·       Philippines Inflation Rate (August)/ Foreign Exchange Reserves (August)

·       Singapore Retail Sales (July)

·       Taiwan Inflation Rate (August)/ Foreign Exchange Reserves (August)

·       Hong Kong Foreign Exchange Reserves (August)

·       India Foreign Exchange Reserves (August/29)

Europe

Political/Social Events –

·       UK Reform holds it two-day national conference in Birmingham, England.

Economic & Financial Reports/Events –

·       Germany Factory Orders (July)/ New Car Registrations (August)

·       Romania GDP Growth Rate Q2/ Retail Sales (July)

·       Great Britain Halifax House Price Index (August)/ Retail Sales (July)/ Retail Sales ex Fuel (July)/ BBA Mortgage Rate (August)

·       Hungary Industrial Production (July)

·       France Imports/ Exports/ Balance of Trade (July)/ Current Account (July)/ Foreign Exchange Reserves (August)/ New Car Registrations (August)

·       Slovakia Balance of Trade (July)/ GDP Growth Rate Q2/ Retail Sales (July)

·       Switzerland Consumer Confidence (August)/ Foreign Exchange Reserves (August)

·       Italy Retail Sales (July)

·       Euro Area Employment Change Q2/ GDP Growth Rate Q2

·       Greece Balance of Trade (July)/ GDP Growth Rate Q2

·       Ireland Unemployment Rate (August)

·       Serbia PPI (August)

·       Poland Foreign Exchange Reserves (August)

·       Turkey Treasury Cash Balance (August)

·       Russia Vehicle Sales (August)

·       Ukraine Foreign Exchange Reserves (August)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       South Africa Foreign Exchange Reserves (August)

·       Ghana Inflation Rate (August)

Saturday, September 6, 2025

Global

·       There will be an OPEC+ ministerial meeting in Vienna, Austria.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Asia

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Vietnam Balance of Trade (August)/ Foreign Direct Investment (August)/ Industrial Production (August)/ Inflation Rate (August)/ Retail Sales (August)/ Tourist Arrivals (August)

Europe

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Sunday, September 7, 2025

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Asia

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Indonesia     Foreign Exchange Reserves (August)

·       China Foreign Exchange Reserves (August)/ Standing Committee National People's Congress

·       Japan Foreign Exchange Reserves (August)

Europe

Political/Social Events –

·       There will be an informal meeting of EU Agriculture Ministers through September 9 in Copenhagen, Denmark.

Economic & Financial Reports/Events –

·       Nothing significant to report.

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Israel Business Confidence (August)/ Foreign Exchange Reserves (August)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic & Financial Reports/Events –

·       Nothing significant to report.

The Global Week Ahead

Trump to Host Putin in Alaska in a Bid for Ukraine Peace, The Deadline for the End of the US–China Tariff Pause Looms, and Markets Get Ready for A Busy Economic Calendar

August 10 - 17, 2025

While most of us were looking forward to a quiet August and some time away from the office and our computer screens, the month is proving to be jam-packed with major geopolitical events and a steady stream of breaking news headlines. 

With that in mind, this coming week, arguably one of the biggest events of the year will take place when President Trump hosts Russian President Vladimir Putin in Anchorage, Alaska, to discuss a possible cease-fire in Ukraine.  The question of the day is whether or not Ukrainian President Volodymyr Zelensky will be invited to attend the Friday meeting, too, as European leaders are urging Trump to extend an invitation to him.

Considering the initial terms of any ceasefire seem to be allowing Russia to keep Ukrainian land it has seized over the last three years - including Crimea -  you would think the Ukrainian President should be present.   Zelensky has already rejected the idea of ceding any Ukrainian land to Russia.  

Markets and Western leaders intently watch the lead-up to Friday’s meeting  (markets and policymakers seem to be bracing for the high likelihood of surprise twists, turns, and demands from Putin in the next few days before the summit) and what might or might not come of it all.   

But markets are also focused on Tuesday when the pause on tariffs between China and the US is set to expire.  The pause put in place by President Trump brought the tariffs down from 145% to 30% for US tariffs and from 145% to 10% for Chinese tariffs on US goods. As to whether President Trump will again extend the pause is unclear at this point, but seen as likely – perhaps another 90 days – as a way to further warm up relations between Beijing and Washington.

But one complication could be President Trump’s ramping up of tariffs on India for purchasing sanctioned Russian oil, which in turn impacts China as it will likely lead to higher oil prices and raise the question of when Trump will place tariffs on China, which also purchases sanctioned Russian oil and gas.

Another aspect of the Trump tariff efforts is likely to be announced sometime this week, too, when the President announces the results of Section 232 investigations in pharmaceuticals and semiconductors.  It is expected he will slap heavy tariffs on both sectors, perhaps as high as 150% on pharmaceuticals and 100% on semiconductors. 

Looking at the global economic radar screen this week, it is going to be a busy week of data releases and reports.  In the US, the July CPI report is out on Tuesday, PPI is out Thursday, and the University of Michigan consumer sentiment for August is out Friday.    On top of these three big reports, we will see retail sales figures and industrial production numbers out on Friday. 

In Asia, the Reserve Bank of Australia decides on interest rates on Monday.  China released inflation data on Saturday (which was reported as being flat).  This coming Friday, China will be releasing its house price index, industrial production numbers, retail sales, and unemployment figures.   And Japan will be releasing PPI on Wednesday and Q2 GDP figures on Friday.

Moving over to Europe, Germany’s ZEW survey and CPI are released on Tuesday, and the UK releases Q2 GDP figures on Thursday.

Below are all the other major geopolitical and geoeconomic events we are tracking this coming week:

Sunday, August 10, 2025

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       Today is Independence Day in Ecuador, a national holiday.

Economic Reports/Events –

·       Nothing significant to report.

Asia

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Europe

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Saudi Arabia Industrial Production (June)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Monday, August 11, 2025

Global

·       The UN Security Council is scheduled to hold an open debate on Maintenance of international peace and security: Maritime security: Prevention, innovation and international cooperation to address emerging challenges.  

Americas

Political/Social Events –

·       President Donald Trump will hold a press conference to address crime in Washington, D.C.  Trump may announce his intention to call out the National Guard to help enforce a crackdown on crime.

·       Peru's President Dina Boluarte visits Japan and Indonesia.

·       The US Congress is in recess for the month of August and returns September 2.

Economic Reports/Events –

·       Mexico Industrial Production (June)

·       Canada BoC Market Participants Survey

·       Brazil BCB Focus Market Readout

Asia

Political/Social Events –

·       Vietnam's General Secretary To Lam and South Korean President Lee Jae Myung will hold a bilateral summit part of Lam's four-day state visit to South Korea through Wednesday. Lam will be the first foreign leader hosted by Lee since the South Korean president took office in June, and the visit comes at a time of blossoming bilateral ties.

·       Today is Mountain Day in Japan.  Financial markets are closed.

Economic Reports/Events –

·       Reserve Bank of Australia Interest Rate Decision and Press Conference

·       Indonesia Retail Sales (June)/ Car Sales (July)

·       Malaysia Construction Output Q2/ Unemployment Rate (June)

Europe

Political/Social Events –

·       The Salzburg Festival 2025 begins and runs through August 31.

Economic Reports/Events –

·       Romania Balance of Trade (June)

·       Slovakia Construction Output (June)

·       Turkey Industrial Production (June)/ Auto Production (July)/ Auto Sales (July)

·       Italy Inflation Rate (July)/ Balance of Trade (June)

·       Slovenia Industrial Production (June)

·       Belarus Inflation Rate (July)

·       Russia Balance of Trade (June)

·       Greece Unemployment Rate (June)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Israel Consumer Confidence (July)

Africa

Political/Social Events –

·       Today is Independence Day in Chad.

Economic Reports/Events –

·       South Africa Manufacturing Production (June)

·       Tanzania Inflation Rate (July)

·       Mozambique Inflation Rate (July)

·       Ethiopia Inflation Rate (July)

Tuesday, August 12, 2025

Global

·       The UN Security Council is scheduled to hold a briefing on the Middle East, followed by consultations on the Middle East (Yemen).

·       OPEC releases its monthly report on oil production.

Americas

Political/Social Events –

·       The temporary pause agreed to between the US and China on trade tariffs expires.

·       Uruguayan unions will conduct a partial strike to oppose the wage adjustment for public sector workers.

·       Mexico hosts a U.N. conference on the status of women in Latin America and the Caribbean.

·       In French Guiana, the Ariane 6 rocket launch, carrying EUMETSAT’s Metop-SGA1 satellite, is the first of the next generation of European polar-orbiting weather satellites.

Economic Reports/Events –

·       Federal Reserve Bank of Richmond President Thomas Barkin addresses the Health Management Academy at the Four Seasons Hotel Chicago.

·       USA NFIB Business Optimism Index (July)/ Inflation Rate (July)/ CPI (July)/ Redbook (August/09)/ Fed Schmid Speech/ WASDE Report/ Monthly Budget Statement (July)/ API Crude Oil Stock Change (August/08)

·       Brazil Inflation Rate (July)

·       Canada Building Permits (June)

·       Paraguay Balance of Trade (July)

·       Uruguay Industrial Production (June)

Asia

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Australia NAB Business Confidence (July)

·       India Inflation Rate (July)

·       Kazakhstan Unemployment Rate Q2/ PPI (July)

Europe

Political/Social Events –

·       Norway’s sovereign wealth fund releases an updated list of its holdings in the 9,000 companies it is invested in worldwide, plus second-quarter results, at a press conference in Arendalsuka, Norway.

·       Armenia and the US will hold joint military exercise in Armenia – The Eagle Partner 2025 – through August 20.

Economic Reports/Events –

·       Great Britain BRC Retail Sales Monitor (July)/ Unemployment Rate (June)/ Employment Change (June)/ HMRC Payrolls Change (July)/ Claimant Count Change (July)

·       Ireland Construction PMI (July)

·       Romania Inflation Rate (July)

·       Turkey Current Account (June)/ Retail Sales (June)

·       Euro Area ZEW Economic Sentiment Index (August)

·       Germany ZEW Economic Sentiment Index (August)/ ZEW Current Conditions (August)/ Current Account (June)

·       Serbia Inflation Rate (July)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Israel Imports/ Exports/ Balance of Trade (July)

·       Jordan Inflation Rate (July)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       South Africa Unemployment Rate Q2/ Gold Production (June)/ Mining Production (June)/ Unemployed Persons Q2

·       Kenya Interest Rate Decision

·       Angola Wholesale Prices (June)

Wednesday, August 13, 2025

Global

·       The International Energy Agency (IEA) releases its monthly oil production report for all OECD member countries.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Federal Reserve Bank of Richmond President Thomas Barkin speaks at the Greenville Chamber of Commerce in Greenville, South Carolina.

·       Federal Reserve Bank of Atlanta President Raphael Bostic speaks at a lunch hosted by the state central bank alongside the Franklin County Economic Development Authority

·       Federal Reserve Bank of Chicago President Austan Goolsbee speaks on regional monetary policy at a lunch, hosted by the Greater Springfield Chamber of Commerce.

·       USA MBA Mortgage Market Index (August/08)/ EIA Gasoline & Crude Oil Stocks Change (August/08)

·       Brazil Retail Sales (June)/ Business Confidence (August)

·       Colombia Consumer Confidence (July)

·       Canada BoC Summary of Deliberations

·       Argentina Inflation Rate (July)

·       Ecuador Balance of Trade (June)

·       Peru Balance of Trade (June)

Asia

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       New Zealand Electronic Retail Card Spending (July)

·       Japan Reuters Tankan Index (August)/ PPI (July)/ Machine Tool Orders (July)

·       South Korea Unemployment Rate (July)

·       Singapore           Current Account Q2/ GDP Growth Rate Q2

·       Philippines Foreign Direct Investment MAY

·       Australia Home Loans Q2/ Investment Lending for Homes Q2/ RBA Chart Pack/ Wage Price Index Q2

·       Thailand Interest Rate Decision

·       China Vehicle Sales (July)

Europe

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Germany Wholesale Prices (July)/ Inflation Rate (July)

·       Spain Inflation Rate (July)

·       France IEA Oil Market Report

·       Poland GDP Growth Rate Q2/ Balance of Trade (June)/ Current Account (June)

·       Romania Current Account (June)

·       Serbia Current Account (June)

·       Hungary Monetary Policy Meeting Minutes

·       Russia GDP Growth Rate Q2/ Inflation Rate (July)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       The African Union – AIP Water Investment Summit 2025 begins in Cape Town, South Africa and runs through August 15.

Economic Reports/Events –

·       South Africa Retail Sales (June)

Thursday, August 14, 2025

Global

·       The UN Security Council is scheduled to hold a TCC meeting on the United Nations Interim Force in Lebanon (UNIFIL). 

Americas

Political/Social Events –

·       Venezuelan unions will stage demonstrations against government repression in Caracas..

Economic Reports/Events –

·       Richmond Federal Reserve Bank President Thomas Barkin participates in a webinar conversation hosted by the National Association for Business Economics.

·       USA Initial Jobless Claims (August/09)/ Continuing Jobless Claims (August/02)/ PPI (July)/ EIA Natural Gas Stocks Change (August/08)/ 15- & 30-Year Mortgage Rate (August/14)/ Fed Balance Sheet (August/13)

·       Colombia Industrial Production (June)/ Retail Sales (June)

·       Paraguay Consumer Confidence (July)

·       Peru Interest Rate Decision

·       El Salvador Inflation Rate (July)

Asia

Political/Social Events –

·       In Hong Kong, the trial of Hong Kong media mogul Jimmy Lai reconvenes for closing arguments. The founder of the pro-democracy news outlet Apple Daily, which was forced to close in 2021, has been held in solitary confinement for nearly 1,700 days under the controversial national security law that China imposed on the city. Western governments and human rights groups have called for his release.

·       Pakistan celebrates Independence Day, a national holiday.

Economic Reports/Events –

·       South Korea Export Prices (July)/ Import Prices (July)

·       Australia Employment Change (July)/ Unemployment Rate (July)/ Participation Rate (July)

·       Japan BoJ JGB Purchases

·       India WPI Food Index (July)/ WPI Fuel (July)/ WPI Inflation (July)/ WPI Manufacturing (July)/ Passenger Vehicles Sales (July)

·       Kazakhstan GDP (July)

·       China New Yuan Loans (July)/ M2 Money Supply (July)/ Outstanding Loan Growth (July)/ Total Social Financing (July)

Europe

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Great Britain RICS House Price Balance (July)/ GDP (June)/ Goods Trade Balance (June)/ Balance of Trade (June)/ Business Investment Q2/ Construction Orders Q2/ Construction Output (June)/ Industrial Production (June)/ Manufacturing Production (June)/ Labour Productivity Q2/ NIESR Monthly GDP Tracker (July)

·       Romania GDP Growth Rate Q2/ Industrial Production (June)

·       Hungary Construction Output (June)/ Industrial Production (June)

·       Switzerland Producer & Import Prices (July)

·       France Inflation Rate (July)

·       Slovakia GDP Growth Rate Q2

·       Turkey Inflation Report/ Foreign Exchange Reserves (August/08)

·       Poland Inflation Rate (July)

·       Slovenia GDP Growth Rate Q2

·       Euro Area Employment Change Q2/ GDP Growth Rate Q2/ Industrial Production (June)

·       Russia Current Account Q2

·       Ukraine Balance of Trade (June)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Israel Inflation Rate (July)

· Saudi Arabia Inflation Rate (July)/ Wholesale Prices (July)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       South Africa SACCI Business Confidence (June)/ SACCI Business Confidence (July)

·       Egypt Unemployment Rate Q2

Friday, August 15, 2025

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       President Donald Trump to meet his Russian counterpart, President Vladimir Putin, in Alaska to discuss a ceasefire deal for the Ukraine conflict.

Economic Reports/Events –

·       Canada Manufacturing Sales (June)/ New Motor Vehicle Sales (June)/ Wholesale Sales (June)

·       USA NY Empire State Manufacturing Index (August)/ Export Prices (July)/ Import Prices (July)/ Retail Sales (July)/ Capacity Utilization (July)/ Industrial Production (July)/ Manufacturing Production (July)/ Michigan Consumer Sentiment/ Expectations/ Conditions Prel (August)/ Business Inventories (June)/ NOPA Crush Report/ Baker Hughes Total Rigs Count (August/15)/ Net Long-term TIC Flows (June)/ Foreign Bond Investment (June)/ Overall Net Capital Flows (June)

·       Colombia GDP Growth Rate Q2/ ISE Economic Activity (June)

·       Peru GDP Growth Rate (June)/ Unemployment Rate (July)

Asia

Political/Social Events –

·       Prime Minister Narendra Modi gives a speech at the Red Fort in Delhi to mark the anniversary of India’s independence from British rule in 1947.

·       Indonesian President Prabowo Subianto is set to deliver his first State of the Nation Address, in which he will explain the government's priority programs for the coming year. The speech will also include key economic targets, highlighting the administration's fiscal direction under his leadership. The address comes ahead of Indonesia's 80th Independence Day celebrations on Sunday.

·       Madagascar will host the 45th summit of the Southern African Development Community in Antananarivo.   The members of the Community include Angola,  Botswana. Comoros , Democratic Republic of Congo, Eswatini, Lesotho, Madagascar , Malawi, Mauritius, Mozambique. Namibia, Seychelles,  South Africa. Tanzania. Zambia and Zimbabwe.

·       Beijing hosts the 2025 World Humanoid Robot Games, the first global sporting event dedicated solely to humanoid robots, which runs until Sunday.

·       Today is Independence Day in South Korea. Financial markets are closed.

Economic Reports/Events –

·       New Zealand Business NZ PMI (July)/ Food Inflation (July)/ Visitor Arrivals (June)

·       Japan GDP Growth Annualized Q2/ Foreign Bond Investment (August/09)/ GDP Capital Expenditure Q2/ GDP External Demand Q2/ GDP Price Index Q2/ GDP Private Consumption Q2/ Stock Investment by Foreigners (August/09)/ Capacity Utilization (June)/ Industrial Production (June)

·       Australia Consumer Inflation Expectations (August)

·       China House Price Index (July)/ Industrial Production (July)/ Retail Sales (July)/ Fixed Asset Investment (YTD) (July)/ Unemployment Rate (July)/ FDI (YTD) (July)

·       Malaysia Current Account Q2/ GDP Growth Rate Q2

·       Taiwan GDP Growth Rate Q2

·       Hong Kong GDP Growth Rate Q2

·       India Bank Loan Growth (August/01)/ Deposit Growth (August/01)/ Foreign Exchange Reserves (August/08)/ Imports/ Exports/ Balance of Trade (July)

·       Kazakhstan GDP Growth Rate Q2/ Industrial Production (July)

·       Philippines Cash Remittances (June)

·       Sri Lanka Manufacturing PMI (July)/ Services PMI (July)

Europe

Political/Social Events –

·       Today is Liechtenstein National Day, a public holiday.

Economic Reports/Events –

·       Slovakia Inflation Rate (July)

·       Switzerland GDP Growth Rate Q2

·       Ireland Balance of Trade (June)

·       Serbia Building Permits (June)

·       Turkey Budget Balance (July)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       South Africa will hold its first-ever National Convention with political, business, and civil rights groups.

Economic Reports/Events –

·       Angola Foreign Exchange Reserves (July)/ M3 Money Supply (July)

·       Nigeria Food Inflation (July)/ Inflation Rate (July)

Saturday, August 16, 2025

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·        Nothing significant to report.

Asia

Political/Social Events –

§  India celebrates Janmashtami, a Hindu festival marking the birth of Krishna, the eighth avatar of Vishnu, featuring dramatic re-enactments of the life of Krishna throughout Mathura and Vrindavan.

Economic Reports/Events –

·       Nothing significant to report.

Europe

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Sunday, August 17, 2025

 Global

·       Today is the 80th anniversary of the publication of George Orwell’s Animal Farm.

Americas

Political/Social Events –

·       Bolivia holds presidential and parliamentary elections. The elections are shaped by significant internal divisions within the ruling Movement for Socialism (MAS) party, as current President Luis Arce and former president Evo Morales, who has been barred from running, vie for influence.

Economic Reports/Events –

·       Nothing significant to report.

Asia

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Europe

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Israel GDP Growth Annualized 1st Est Q2/ Unemployment Rate (July)

Africa

Political/Social Events –

·       Today is Independence Day in Gabon.

Economic Reports/Events –

·       Nothing significant to report.

The Global Week Ahead

Ukraine Peace Efforts Intensify as the 3rd Anniversary of Russia’s Invasion is Marked, Germany Holds Elections, and G20 Finance Ministers and Central Bankers Meet in South Africa

February 23 - March 1, 2025

Monday marks the 3rd anniversary of Russia's invasion of Ukraine.  In the shadow of this sad milestone, President Trump is continuing his rapid move to force peace talks between Russia and Ukraine, which are spurring multiple events this coming week.   

First, French President Emmanual Macron will travel to Washington on Monday for meetings with President Trump on the situation.  Later in the week, UK Prime Minister Keir Starmer will travel to Washington for talks, too.  The talks will include talks regarding Trump's threat to place tough new tariffs on Europe.  We would note that Polish President Andrzej Duda met with President Trump yesterday (Saturday) in Washington to discuss Ukraine and US-Polish security arrangements and cooperation.

In Europe, EU foreign affairs ministers will meet to discuss the current state of peace efforts and the situations in Gaza, Lebanon, and Syria.  Israeli Foreign Minister Gideon Ada will attend those meetings.

Meanwhile, results from Germany's elections are coming in today (Sunday).  As expected, the Christian Democratic Union/Christian Social Union (CDU/CSU) coalition led by Fredrik Mertz looks to have won the elections with 29 percent of the vote.  But in a historic first, the fa-right AfD Party came in second with more than 20 percent of the vote.  The CDU/CSU will likely have to form a coalition with either the Social Democratic Party (SPD), Green Party, or libertarian Free Democratic Party (if they reach the threshold of 5 percent required to be seated in the parliament – they are currently coming at 4.7 percent in exit polls) to form a ruling government.  Merz has said he will refuse to work with the AfD.

In Washington, Monday is the deadline for all federal workers to comply with a demand from Elon Musk's DOGE explaining their work or risk being fired.  A number of federal agencies, including the Federal Bureau of Investigations (FBI) under new Director Kash Patel, have ordered employees to ignore the demand, leaving many federal workers confused as to what to do.

In Congress, the House will continue its efforts to hammer out a massive tax and budget Reconciliation bill in the face of a looming March 14 government shutdown.  Speaker of the House Michael Johnson (R-LA) is hoping to hold a vote on the bill by the end of the week, but likely disagreements among various factions in the Republican Caucus are likely to derail the effort, particularly around efforts aimed at cutting Medicaid.  The Senate passed a $340 budget reconciliation bill (leaving tax for another Reconciliation later this year) on Friday.  President Trump has said he prefers the House strategy of rolling the giant budget and tax bill into "One big, beautiful bill," but Senate Republicans have still moved on their two-bill track as a backup in case the House fails.

Looking at the global economic radar screen, markets are looking to Friday's US PCE release—which the Federal Reserve uses as its favored inflation gauge—which comes after the Conference Board's Consumer Confidence Index on Tuesday and the durable goods report on Thursday. 

In Asia, Japan's CPI data is released on Friday following the PPI print on Tuesday.  In Europe, the European Central Bank's meeting minutes from their January meeting are out on Thursday.  Germany, France, and Italy publish inflation prints on Friday.

Below is what else we are watching around the world this coming week:

Sunday, February 23, 2025

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       Today is Guyana Republic Day, a national holiday.

Economic Reports/Events –

·       Nothing significant to report.

Asia

Political/Social Events –

·       Today is Japanese Emperor Naruhito’s 65th birthday.

·       Today is National Day in Brunei, a public holiday.

Economic Reports/Events –

·       Nothing significant to report.

Europe

Political/Social Events –

·       Germany holds parliamentary elections that will determine the new leadership of the country.  Christian Social Union leader Fredrik Mertz is seen as the likely next Chancellor.  However, it is unclear what sort of coalition he will form to avoid the surging ultra-rightwing AfD Party.

·       Russia celebrates Defender of the Fatherland Day, otherwise known in Russia as Men’s Day, aimed at honoring men who serve in the armed forces.

Economic Reports/Events –

·       Nothing significant to report.

Middle East

Political/Social Events –

·       Hezbollah's former Secretary General Sheikh Hassan Nasrallah will be buried in Lebanon.

Economic Reports/Events –

·       Israel Manufacturing Production (December)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Monday, February 24, 2025

Global

·       The UN’s 58th session of the Human Rights Council begins in Geneva, Switzerland.  UN Secretary-General Antonio Guterres will open the session with a keynote speech.

·       The UN Security Council is scheduled to hold a briefing on Ukraine.

Americas

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Brazil FGV Consumer Confidence (February)/ BCB Focus Market Readout

·       Chile PPI (January)

·       Mexico Mid-month Inflation Rate (February)

·       Canada BoC Gravelle Speech

·       USA Chicago Fed National Activity Index (January)/ Dallas Fed Manufacturing Index (February)

·       Paraguay PPI (January)

·       Peru Current Account Q4

Asia

Political/Social Events –

·       British Business and Trade Secretary Jonathan Reynolds will travel to Delhi, India, for the 15th round of U.K.-India free trade negotiations.

·       Today is the birthday of the Japanese Emperor Naruhito.  Financial markets are closed.

·       Indonesia launches Danantara, a sovereign wealth fund with more than $900 billion in assets under management. Projects to be financed by the new fund are seen as crucial to attracting foreign investment and reaching Jakarta's goal of 8% annual economic growth.

Economic Reports/Events –

·       Masato Kanda becomes Asian Development Bank president, succeeding Masatsugu Asakawa, who stepped down yesterday. Kanda will complete the unexpired term of Asakawa, which ends on November 23, next year.

·       New Zealand Retail Sales Q4/ Credit Card Spending (January)

·       Indonesia M2 Money Supply (January)

·       Thailand Imports/ Exports/ Balance of Trade (January)

·       Singapore Inflation Rate (January)

·       Taiwan M2 Money Supply (January)

Europe

Political/Social Events –

·       The EU Foreign Affairs Council will meet in Brussels. Ministers will discuss the current state of play in Ukraine, the situation in Syria and Lebanon, and the situation in the Democratic Republic of Congo. Israeli Foreign Minister Gideon Saar will attend the meetings.

·       The EU Agriculture and Fisheries Council meets in Brussels.  Ministers will discuss the agricultural markets in the wake of Russia’s invasion of Ukraine. 

·       EU President Ursuala von der Leyen will travel to Ukraine to meet with President Zelensky.

·       The EU-Israel Association Council will meet in Brussels. The meeting will engage in political dialogue, focusing on the conflict in Gaza and Israeli-Palestinian relations, regional issues, including Iran, and global issues.

·       A delegation of the EU Internal Market and Consumer Protection Committee will travel to Washington DC to meet with US Congress, US government entities, academics and industries representatives, as part of efforts to strengthen transatlantic cooperation in key policy areas.

·       A delegation from the EU Economic and Monetary Affairs Committee will go to London to discuss EU-UK relations. They will cover competitiveness and investment, Ukraine’s reconstruction and sanctions against Russia, banking supervision, financial services, and digital finance. MEPs will meet, among others, the Bank of England Deputy Governor, the Financial Secretary to the Treasury and members of House of Lords and House of Commons 

·       Russia celebrates Day of the Defenders of the Motherland.

·       Estonia celebrates Independence Day.  Markets are closed.

Economic Reports/Events –

·       The Bank of England begins a two-day conference at its London conference center on the theme “The Future of the Central Bank Balance Sheet” to promote policy-relevant research in this field by bringing together researchers from academia, central banks and international institutions.

·       Turkey Business Confidence (February)/ Capacity Utilization (February)

·       Switzerland Non-Farm Payrolls Q4

·       Slovakia Inflation Rate (January)

·       Germany Ifo Business Climate (February)/ Ifo Current Conditions (February)/ Ifo Expectations (February)

·       Poland Unemployment Rate (January)/ Retail Sales (January)/ M3 Money Supply (January)

·       Slovenia Business Confidence (February)

·       Euro Area Inflation Rate (January)/ CPI Final (January)

Middle East

Political/Social Events –

·       Turkish President Recep Tayyip Erdogan's ruling AKP party holds congress meeting.

·       UAE President Mohammed bin Zayed al-Nahyan makes a state visit to Italy.

Economic Reports/Events –

·       Israel Interest Rate Decision

·       Lebanon Inflation Rate (January)

·       Qatar M2 Money Supply (January)/ Total Credit Growth (January)

·       Oman M2 Money Supply (December)/ Total Credit (December)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Ivory Coast Inflation Rate (December)/ Inflation Rate (January)

Tuesday, February 25, 2025

Global

·       There will be a virtual meeting of G7 heads of state will be held to discuss potential avenues for a peaceful resolution.

·       Brazil will lead the first BRICS+ Sherpas meeting as president of the bloc in Rio de Janeiro. 

·       The UN Security Council is scheduled to hold a briefing in the Middle East followed by consultations.

·       The UN Biodiversity 2025 Conference resumes sessions for the 16th meeting of the Conference of the Parties to the Convention on Biological Diversity in Rome. Agenda includes securing $200bn annually for biodiversity by 2030.

Americas

Political/Social Events –

·       President Trump hosts French President Emmanuel Macron for meetings on Ukraine and US-EU trade.

Economic Reports/Events –

·       Federal Reserve Board Vice Chair for Supervision Michael S. Barr will give a speech on Financial Stability followed by Q&A at the Yale School of Management in New Haven, Connecticut.

·       Dallas Federal Reserve Bank President Lorie Logan speaks before the 2025 BEAR (Bank of England Agenda for Research) Conference: “The Future of the Central Bank Balance Sheet" in London.

·       Richmond Federal Reserve Bank President Thomas Barkin speaks on “Inflation Then and Now" before the Rotary Club of Richmond.

·       Brazil IPCA mid-month CPI (February)

·       Canada Manufacturing Sales (January)

·       USA Redbook (February/22)/ S&P/Case-Shiller Home Price (December)/ House Price Index (December)/ CB Consumer Confidence (February)/ Richmond Fed Manufacturing & Services Revenues Index (February)/ Dallas Fed Services Index (February)/ Money Supply (January)/ API Crude Oil Stock Change (February/21)

·       Argentina Economic Activity (December)

Asia

Political/Social Events –

·       The 2025 Asia-Pacific Forum on Sustainable Development opens at the UN Conference Center in Bangkok, running until Friday.

·       South Korea's Constitutional Court will hold its final hearing for President Yoon Suk Yeol's impeachment trial.

·       The ASEAN Future Forum 2025 begins in Hanoi, Vietnam.

·       China’s 62nd Intergovernmental Panel on Climate Change (IPCC) begins in the eastern city of Hangzhou.

·       New Zealand's Prime Minister Christopher Luxon will visit Vietnam through February 28 to discuss mutual security and trade issues.

·       India and Japan will conduct joint urban warfare and counterterrorism drills near Mount Fuji. 

·       The Philippines and Japan hold a Defense Ministerial meeting in Manila.

·       Thailand and the U.S. jointly host the 43rd annual Cobra Gold exercise, the largest and longest-running military exercise in Southeast Asia. More than 8,000 personnel from the two host countries as well as Singapore, Indonesia, Japan, South Korea and Malaysia will take part. China, an emerging supplier of military equipment to Thailand, and India will join humanitarian assistance training.

·       The Philippines celebrates People Power Day, commemorating when in 1986 demonstrations took place that began leading to the end of the Marcos regime.

Economic Reports/Events –

·       South Korea Central Bank Interest Rate Decision

·       Malaysia Coincident Index (December)/ Leading Index (December)

·       Taiwan Industrial Production (January)/ Retail Sales (January)

·       Hong Kong Imports/ Exports/ Balance of Trade (January)

·       Thailand New Car Sales (January)

Europe

Political/Social Events –

·       Today is the 3rd anniversary of Russia launching a full-scale invasion of Ukraine, a major escalation of the Russo-Ukrainian war that started in February 2014.

·       The EU General Affairs Council will meet in Brussels.  Ministers will discuss the Future of Europe and the legislative agenda.

·       The European Commission will present its Clean Industrial Deal and its "simplification omnibus" package. 

·       Spanish Prime Minister Pedro Sanchez visits Kyiv for meetings with President Zelensky.

·       NATO countries train in extreme cold conditions in Finland's Lapland during "Arctic Forge 25".

Economic Reports/Events –

European Central Bank Executive Board Member Isabel Schnabel gives a keynote speech at the Bank of England’s Annual Research Conference “The Future of the Central Bank Balance Sheet” in London.

European Union New Car Registrations (January)

·       Germany GDP Growth Rate Q4

·       Hungary Gross Wage (December)/ Deposit Interest Rate (February)/ Interest Rate Decision

·       Slovenia Tourist Arrivals (January)

·       Great Britain CBI Distributive Trades (February)

·       Euro Area Negotiated Wage Growth Q4

·       Spain Consumer Confidence (January)

Middle East

Political/Social Events –

·       Kuwait celebrates National Day. Financial markets are closed.

Economic Reports/Events –

·       Saudi Arabia Imports/ Exports/ Balance of Trade (December)

·       Israel Composite Economic Index (January)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       South Africa Leading Business Cycle Indicator (December)

Wednesday, February 26, 2025

Global

·       The World Trade Organization holds a three-day trade policy review of Ukraine.

·       The UN Security Council is scheduled to hold a briefing on Sudan, followed by consultations. In the afternoon, it is scheduled to hold consultations on 1718 Committee (dealing with North Korea).

Americas

Political/Social Events –

·       President Trump will hold his first cabinet meeting.

Economic Reports/Events –

·       Richmond Federal Reserve Bank President Thomas Barkin speaks on “Inflation Then and Now" before the Northern Virginia Chamber of Commerce.

·       Atlanta Federal Reserve Bank President Raphael Bostic participates in a conversation on the economic outlook and housing before the Urban Land Institute's annual Housing Opportunity Conference.

·       USA MBA Mortgage Market Index (February/21)/ New Home Sales (January)/ EIA Crude Oil & Gasoline Stocks Change (February/21)/ Fed Bostic Speech/ Building Permits Final (January)

·       Canada Wholesale Sales (January)

·       Colombia Business Confidence (January)

·       Argentina Retail Sales (December)

Asia

Political/Social Events –

·       Defense ministers from the Association of Southeast Asian Nations (ASEAN) hold a retreat on the Malaysian island of Penang to discuss strengthening regional security cooperation and strategic unity. On Friday, the bloc's economy ministers meet at Desaru in Malaysia's southern Johor state.

·       Nikkei’s Japan-India-Africa Business Forum his held in Tokyo.  A number of senior government officials and senior executives from various industries are scheduled to speak.

·       Hong Kong unveils its budget for 2025, as a protracted downturn in the local property market and other factors weigh on the government's finances. Financial Secretary Paul Chan will be in the spotlight as observers look for any signs of changes to the city's low-tax structure, key to its appeal as a financial hub.

·       Indonesia launches its first bullion bank in a move described by President Prabowo Subianto as essential for storing gold reserves extracted from local mines. The new bank is aimed at accommodating Indonesia's growing capability to produce gold bars.

Economic Reports/Events –

·       Australia Construction Work Done Q4/ Monthly CPI Indicator (January)

·       Japan Coincident Index Final (December)/ Leading Economic Index Final (December)

·       Singapore Industrial Production (January)

·       Thailand Interest Rate Decision

·       Taiwan Unemployment Rate (January)/ GDP Growth Rate Q4

·       Hong Kong GDP Growth Rate Q4

Europe

Political/Social Events –

·       UK Prime Minister Kier Starmer travels to Washington, D.C., for meetings with President Trump to discuss trade and Ukraine.

Economic Reports/Events –

·       Bank of England Monetary Policy Committee member Swati Dhingra gives the Dow Lecture, “Trade fragmentation and monetary policy”, at the offices of the think-tank the National Institute of Economic and Social Research in London.

·        

·       Ireland Consumer Confidence (February)

·       Germany GfK Consumer Confidence MAR

·       Hungary Balance of Trade Final (December)

·       France Consumer Confidence (February)

·       Spain PPI (January)

·       Russia Summary of the Key Rate Discussion/ Industrial Production (January)

·       Ireland Construction Output Q4

Middle East

Political/Social Events –

·       The Infotopia 2025 Conference begins in the UAE.

·       Kuwait celebrates Liberation Day, marking the day Iraq was defeated after invading the country in 1991.

Economic Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       South Africa Inflation Rate (January)

Thursday, February 27, 2025

Global

·       The G20 Finance Ministers and Central Bank Governors meet in South Africa through February 28.

·       The UN Security Council is scheduled to vote on a draft resolution on the 2713 Committee (sanctions on Al-Shabaab). Afterwards, a briefing on the United Nations peacekeeping operations: Police Commissioners is scheduled to be held in the afternoon.

Americas

Political/Social Events –

·       Anguilla holds parliamentary elections.

·       Ontario Canada holds snap legislative assembly elections.

·       The Dominican Republic celebrates Independence Day, a national holiday.

Economic Reports/Events –

·       Federal Reserve Board Governor Michelle W. Bowman will give a speech on community banking at the Fort Hays State University Robbins Banking Institute Lecture Series, Hays, Kansas.

·       Cleveland Federal Reserve Bank President Beth Hammack speaks on “Financial Stability" before the Columbia University/Bank Policy Institute: 2025 Bank Regulation Research Conference.

·       Philadelphia Federal Reserve Bank President Patrick Harker speaks on the economic outlook before the Lyons Economic Forecast, presented by the University of Delaware's Center for Economic Education and Entrepreneurship.

·       Brazil IGP-M Inflation (February)/ Current Account (January)/ Foreign Direct Investment (January)/ Unemployment Rate (January)

·       Mexico Balance of Trade (January)/ Unemployment Rate (January)

·       Canada Current Account Q4/ Average Weekly Earnings (December)

·       USA Durable Goods Orders (January)/ GDP Price Index Q4/ Initial Jobless Claims (February/22)/ Real Consumer Spending Q4/ Pending Home Sales (January)/ EIA Natural Gas Stocks Change (February/21)/ Kansas Fed Composite & Manufacturing Index (February)/ 15- & 30-Year Mortgage Rate (February/27)/ Kansas Fed Index (February)/ Fed Balance Sheet (February/26)

Asia

Political/Social Events –

·       The ASEAN Economic Ministers' Meeting takes place in Kota Tinggi, Malaysia.

Economic Reports/Events –

·       New Zealand ANZ Business Confidence (February)

·       Great Britain Car Production (January)

·       Australia Building Capital Expenditure Q4/ Plant Machinery Capital Expenditure Q4/ Private Capital Expenditure Q4

·       Taiwan Consumer Confidence (February)

·       Malaysia PPI (January)

·       Philippines Budget Balance (December)

·       Sri Lanka PPI (January)

Europe

Political/Social Events –

·       The European Commission will visit India to advance free trade talks and hold the second meeting of the EU-India Trade and Technology Council through February 28.

Economic Reports/Events –

·       The European Central Bank publishes minutes from the last rate-setting meeting.

·       Turkey Imports/ Exports/ Balance of Trade Final (January)/ Economic Confidence Index (February)/ Foreign Exchange Reserves (February/21)

·       Hungary Unemployment Rate (January)

·       France PPI (January)/ Unemployment Benefit Claims (January)/ Jobseekers Total (January)

·       Slovakia Business and Consumer Confidence (February)

·       Spain Inflation Rate (February)

·       Switzerland GDP Growth Rate Q4

·       Euro Area Loans to Companies & Households (January)/ M3 Money Supply (January)/ Economic Sentiment (February)/ Consumer Confidence Final (February)/ Consumer Inflation Expectations (February)/ Industrial Sentiment (February)/ Selling Price Expectations (February)/ Services Sentiment (February)

·       Italy Business and Consumer Confidence (February)/ Industrial Sales (December)

·       Poland GDP Growth Rate Q4

·       Slovenia Retail Sales (January)

·       Greece Total Credit (January)

Middle East

Political/Social Events –

·       Syria is expected to announce its new government.

Economic Reports/Events –

·       Saudi Arabia M3 Money Supply (January)/ Private Bank Lending (January)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       South Africa PPI (January)

Friday, February 28, 2025

Global

·       Ramadan begins in the evening and goes through March 30.

Americas

Political/Social Events –

·       Yamandu Orsi takes office as President of Uruguay.

·       Argentine President Javier Milei gives an annual speech before the Legislative Assembly.

·       Brazil holds Rio Carnival 2025.

Economic Reports/Events –

·       Chicago Federal Reserve Bank President Austan Goolsbee participates in a moderated question-and-answer session before the Stanford Institute of Economic Policy Research 2025 SIEPR Economic Summit.

·       Brazil Gross Debt to GDP (January)/ Nominal Budget Balance (January)/ GDP Growth Rate Q4

·       Canada CFIB Business Barometer (February)/ GDP Growth Rate Annualized Q4/ GDP (December)/ Budget Balance (December)

·       Chile Copper Production (January)/ Industrial Production (January)/ Manufacturing Production (January)/ Retail Sales (January)/ Unemployment Rate (January)

·       USA Core PCE Price Index (January)/ Personal Income & Spending (January)/ Goods Trade Balance Adv (January)/ PCE Price Index (January)/ Retail Inventories Ex Autos (January)/ Wholesale Inventories (January)/ Core PCE Price Index (January)/ Chicago PMI (February)/ Baker Hughes Total Rigs Count (February/28)

·       Colombia Unemployment Rate (January)/ Cement Production (January)

·       Uruguay Unemployment Rate (January)/ Balance of Trade (January)

·       Argentina Tax Revenue (February)

·       Peru Inflation Rate (February)

·       Mexico Fiscal Balance (January)

Asia

Political/Social Events –

·       Taiwan celebrates Peace Memorial Day, a national holiday.

Economic Reports/Events –

·       New Zealand ANZ Roy Morgan Consumer Confidence (February)

·       Japan Tokyo CPI (February)/ Retail Sales (January)/ Foreign Bond Investment (February/22)/ Industrial Production (January)/ Stock Investment by Foreigners (February/22)/ Housing Starts (January)/ Construction Orders (January)

·       Australia Housing Credit (January)/ Private Sector Credit (January)/ CoreLogic Dwelling Prices (February)

·       Philippines Imports/ Exports/ Balance of Trade (January)

·       Singapore Bank Lending (January)/ Import Prices (January)/ Export Prices (January)/ PPI (January)

·       Thailand Industrial Production (January)/ Current Account (January)/ Private Investment & Consumption (January)/ Business Confidence (February)/ Retail Sales (December)

·       Malaysia M3 Money Supply (January)

·       Sri Lanka Inflation Rate (February)/ Balance of Trade (January)

·       India Government Budget Value (January)/ Bank Loan Growth (February/14)/ Deposit Growth (February/14)/ Foreign Exchange Reserves (February/21)/ Infrastructure Output (January)/ GDP Growth Rate Q4/ Fiscal Year GDP Growth 2nd Est 2024-25

·       Pakistan Inflation Rate (February)/ Wholesale Prices (February)

Europe

Political/Social Events –

·       European President Ursula von der Leyen will meet with Indian Prime Minister Narendra Modi in New Delhi.

·       Andalusia celebrates Andalusia Day, celebrating when the region of Spain became autonomous.

Economic Reports/Events –

·       Bank of England Deputy Governor for Markets and Banking Dave Ramsden gives the keynote speech at South Africa’s Stellenbosch University on monetary policy in a world of geopolitical fragmentation.

·       Germany Retail Sales (January)/ Import Prices (January)/ Unemployed Persons (February)/ Unemployment Change (February)/ Unemployment Rate (February)/ Baden Wuerttemberg CPI (February)/ Bavaria CPI (February)/ Brandenburg CPI (February)/ Hesse CPI (February)/ North Rhine Westphalia CPI (February)/ Saxony CPI (February)/ Inflation Rate (February)

·       Turkey GDP Growth Rate Q4/ Unemployment Rate (January)/ Participation Rate (January)

·       Great Britain Nationwide Housing Prices (February)

·       Hungary PPI (January)/ HALPIM Manufacturing PMI (February)

·       Switzerland Retail Sales (January)/ KOF Leading Indicators (February)/ Economic Sentiment Index (February)

·       France Inflation Rate (February)/ GDP Growth Rate Q4/ Household Consumption (January)/ Private & Non-Farm Payrolls Q4

·       Spain Current Account (December)/ Business Confidence (February)

·       Slovenia Inflation Rate (February)/ PPI (January)

·       Greece Retail Sales (December)/ PPI (January)

·       Italy Inflation Rate (February)

·       Ireland Average Weekly Earnings Q4/ Current Account Q4/ GDP Growth Rate Q4/ GNP Q4/ Inflation Rate (February)/ Retail Sales (January)

·       Serbia GDP Growth Rate Q4/ Industrial Production (January)/ Retail Sales (January)/ Unemployment Rate Q4

·       Euro Area ECB Consumer Inflation Expectations (January)

·       Russia M2 Money Supply (January)

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Qatar Balance of Trade (January)

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       South Africa M3 Money Supply (January)/ Private Sector Credit (January)/ Budget Balance (January)/ Balance of Trade (January)

·       Nigeria Foreign Exchange Reserves (February)

·       Zimbabwe Inflation Rate (February)

·       Kenya Inflation Rate (February)

Saturday, March 1, 2025

Global

·       Today is the first day of the meteorological spring.

·       Denmark takes the Chair of the UN Security Council for the month of March.

·       NASA’s Europa Clipper mission is due to make a fly-by of Mars en route to Jupiter’s moon Europa, where it will become the first mission to conduct a detailed scientific investigation of the moon.

Americas

Political/Social Events –

·       Today is the end of the 30-day suspension of US 25% tariffs President Trump is placing on Canada and Mexico.

Economic Reports/Events –

·       Nothing significant to report.

Asia

Political/Social Events –

·       South Korea celebrates Independence Movement Day, a national holiday commemorating the protests against Japanese colonial rule.

Economic Reports/Events –

·       South Korea Imports/ Exports/ Balance of Trade (February)

·       China NBS Non-Manufacturing, Manufacturing, & General PMI (February)

Europe

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Sunday, March 2, 2025

Global

·       Nothing significant to report.

Americas

Political/Social Events –

·       The 97th Academy Awards ceremony is held, where they give a bunch of awards for movies most of us have seen or heard of.

Economic Reports/Events –

·       Nothing significant to report.

Asia

Political/Social Events –

·       Tajikistan holds parliamentary and local elections.

·       Japanese Prime Minister Ishiba faces a deadline to get his proposed budget passed by the lower house of parliament.

Economic Reports/Events –

·       Nothing significant to report.

Europe

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Middle East

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

Africa

Political/Social Events –

·       Nothing significant to report.

Economic Reports/Events –

·       Nothing significant to report.

DWS Insurance Asset Management Conference

Nashville, Tennessee

October 1 - 3, 2023

I had the great pleasure of recently attending DWS’ outstanding Insurance Asset Management Conference in Nashville, Tennessee. It is the premier insurance asset management event out there - the attendance by insurance industry leaders is superb, the content is rich and deeply thought-provoking, and the ability to socialize with so many outstanding strategists on the future of insurance and insurance asset management is outstanding.

The panel I had the honor of sitting on was entitled “Braving the New World and World Markets,” which included Bjoern Jesch, DWS’ Global Chief Investment Officer, and Paul Kelly, the Global Head of Alternatives for DWS.

We covered a host of macroeconomic issues and geopolitical issues. What makes panels like this particularly enjoyable is both Paul and Bjoern are incredibly well-versed not just in what is going on in the markets but also in geopolitical risks and their potential impact on markets. It made for a deep, insightful discussion - I learned a lot from both of them in this hour-long event.

Thank you, DWS, for including me. Great job, Bjoern and Paul. Really outstanding event!

From left to right: DWS’ Bob Meikleham, who moderated, me, Paul Kelly, and Bjoern Jesch.