Fulcrum Perspectives

An interactive blog sharing the Fulcrum team's policy updates and analysis.

Francis Kelly 4/2/23 Francis Kelly 4/2/23

The Global Week Ahead

April 2 - 9, 2023

As much of the world prepares for the Easter and Passover holidays, several important geopolitical events are taking place this week. French President Emanual Macron and European Community President Ursula von der Leyden will visit Beijing for meetings with President Xi Jinping. This comes on the heels of von der Leyden’s tough Thursday speech calling out China for human rights violations and urging Europe to distance itself more aggressively from China.

But perhaps the most significant event this week will be the historic criminal arraignment of former President Donald Trump in New York – the first President of the United States to be arrested for a crime since former President Ulysses S. Grant was arrested for speeding in a horse-drawn carriage in 1872. Trump is facing 30 criminal counts.

Also this week, Speaker of the House Kevin McCarthy (R-CA) and several other members of the House of Representatives are scheduled to meet with Taiwanese President Tsai Ing-wen in Los Angeles – an action Beijing has strongly condemned.

It is a short week in global financial markets due to Easter and Passover. Central banks India, Australia, and New Zealand will be looking to raise rates this week. And key reports on manufacturing in Japan and labor data in the US on Friday will be watched closely.

Finally, we would note Monday is the 50th anniversary of the first cell phone call being made – our lives have never been the same since.

Here is what we are watching around the world this week:

Sunday, April 2, 2023:

Global

· Much of the Christian world celebrates Palm Sunday.

· Russia takes the chair of the UN Security Council

· Much of the Christian world celebrates Palm Sunday.

· Today is World Autism Awareness Day.

Americas

Political/Social Events –

· Argentina celebrates Malvinas Day (Day of the Veterans), commemorating the loss of lives in the 1982 Falklands War.

Economic Reports/Events –

· Nothing significant to report (NSTR).

Asia

Political/Social Events –

· In Japan, the government will officially launch the Children and Families Agency. The new organization will be tasked with helping the development of children (and encouragement for families to have children), including their health and security, as the country grapples with a fast-declining birthrate.

· In Australia, Daylight Savings Time ends.

Economic Reports/Events –

· NSTR

Europe

Political/Social Events –

· Paris will vote on whether or not to ban electric scooters.

· Montenegro holds the 2nd round of the presidential elections.

· Bulgaria holds parliamentary elections, its fifth parliamentary election in less than two years.

· Finland holds parliamentary elections. The Social Democratic Party (SDP), led by Prime Minister Sanna Marin, is facing an extremely close race despite successfully leading Finland’s accession to NATO.

· Andorra holds parliamentary elections.

· Union Day of Belarus and Russia is celebrated (mostly in Belarus), commemorating the agreement signed between Russian President Boris Yeltsin and Belarus’ President Alexander Lukashenko on April 2, 1996. The agreement was intended to enhance the integration of both countries economically and offer mutual support.

Economic Reports/Events –

· NSTR

Middle East

Political/Social Events –

· Israel’s Cabinet is expected to vote on a proposal to create a new national guard unit. Under the proposal, Israeli National Security Advisor Itamar Ben-Gvir would oversee the leadership of the unit. It is expected the Israeli Defense Forces, the Border Police, and the Shin Bet (internal security).

· Iran celebrates Islamic Republic Day, marking the day the Shah was overthrown and the current Islamic regime took power.

Economic Reports/Events –

· NSTR

Africa

Political/Social Events –

· NSTR

Economic Reports/Events –

· NSTR

Monday, April 3, 2023:

Global

· OPEC+ Ministerial Meeting. Yesterday, in a surprise announcement, Saudi Arabia and other OPEC+ members announced they intend to cut output by 1.16 million barrels a day.

· The World Bank and the International Monetary Fund (IMF) will hold a roundtable to discuss the issue of sovereign debt. This is in advance of the annual World Bank/IMF Spring meetings in Washington, DC, and comes out of growing concern over the growing debt crisis in a number of emerging markets.

· Today is the 50th anniversary of Motorola engineer Martin Cooper making the first-ever cell phone call.

Americas

Political/Social Events –

· The US Congress is out of session this week and next for Passover and Easter holidays.

· NASA and the Canadian Space Agency (CSA) name the four astronauts who will orbit the Moon on the Artemis II mission, the first crewed flight test of the Space Launch System and Orion Spacecraft ahead of a future Moon landing.

· Venezuela and Curaçao are scheduled to reopen the border of the Venezuela-Curaçao sea and air and Venezuela-Bonaire sea borders. The borders of Aruba, Bonaire, and Curaçao were shut due to the smuggling of gold, copper, and other raw materials out of Venezuela.

Economic Reports/Events –

· Federal Reserve Board Governor Lisa D. Cook gives a speech on “The U.S. Economic Outlook and Monetary Policy” and participates in a moderated conversation presented by the University of Michigan Economics, Ann Arbor, Michigan.

· US S&P Global Manufacturing PMI (March), Construction Spending (February), ISM Manufacturing PMI/Manufacturing Employment/Manufacturing New Orders (March)

· Canada Bank of Canada Business Outlook Survey

· Brazil S&P Global Manufacturing PMI (March), Balance of Trade (March), BCB Focus Market Readout

· Mexico S&P Global Manufacturing PMI (March), Business Confidence (March)

· Colombia Davivienda Manufacturing PMI (March), Monetary Policy Minutes

· Peru Inflation (March)

· Argentina Tax Revenue (March)

Asia

Political/Social Events –

· NSTR

Economic Reports/Events –

· China Caixin Manufacturing PMI (March)

· Japan Tankan Manufacturing & Non-Manufacturing Indexes/Large All Industry Capex(Q1), Jibun Bank Manufacturing PMI (March)

· India S&P Global Manufacturing PMI (March)

· Australia Judo Bank Manufacturing PMI Index (March), TD-MI Inflation Gauge (March), Home Loans (February), Building Permits (February), Retail Sales (February), Commodity Prices (March)

· Indonesia S&P Global Manufacturing PMI (March), Inflation (March) Tourist Arrivals (February)

· South Korea S&P Global Manufacturing PMI (March)

· Singapore URA Property Index (Q1), SIPMM Global Manufacturing PMI (March)

· Philippines S&P Global Manufacturing PMI (March), Budget Balance (February)

· Vietnam S&P Global Manufacturing PMI (March)

Europe

Political/Social Events –

· In the UK, Passport Office workers begin a five-week strike over pay. Additionally, British Museum workers and British Library workers will also go on strike over pay.

· In the Hague, the trial of former Kosovo Leader Hashim Taçi and three other former Kosovo leaders for crimes against humanity begins. Taçi is accused of numerous crimes committed during and after the 1998-1999 Kosovo conflict.

Economic Reports/Events –

· ECB Board Member Elizabeth McCaul gives a keynote speech at the virtual conference "Crypto Markets: The Future of Regulation" organized by Droit & Croissance (Rules for Growth) institute.

· Eurozone S&P Global Manufacturing PMI (March)

· Germany S&P Global Manufacturing PMI (March)

· UK S&P Global/CIPS Manufacturing PMI (March)

· France S&P Global Manufacturing PMI (March) , Budget Balance (February)

· Poland S&P Global Manufacturing PMI (March)

· Italy S&P Global Manufacturing PMI (March)

· Spain S&P Global Manufacturing PMI (March), Tourist Arrivals (February)

· Switzerland Inflation (March), CPI (March)

· Russia S&P Global Manufacturing PMI (March)

Middle East

Political/Social Events –

· NSTR

Economic Reports/Events –

· Israel Central Bank Interest Rate Decision

· Turkey Inflation (March), CPI (March), PPI (March), Istanbul Chamber of Industry Manufacturing PMI (March)

Africa

Political/Social Events –

· Kenya is bracing for widespread protests led by political opposition groups. They are angered by the rapidly rising cost of living and are calling for President William Ruto to resign.

Economic Reports/Events –

· South Africa ABSA Manufacturing PMI (March), Total New Vehicles Sales (March)

· Nigeria Stanbic IBTC Bank Nigeria PMI (March

Tuesday, April 4, 2023:

Global

· the World Health Organization (WHO) will publish its first estimates of infertility prevalence in over a decade. The report provides insight into global and regional infertility prevalence by analyzing all relevant studies from 1990 to 2021.

· World Bank Group President David Malpass will give a speech at the Atlantic Council in Washington, D.C., on how the Bank can further encourage inclusive growth. Malpass is stepping down in June and is expected to be replaced by former VISA credit card executive Ajay Banga.

Americas

Political/Social Events –

· Former President Donald Trump is scheduled to be arraigned in New York Court for criminal charges brought By New York City District Attorney Alvin Bragg.

· President Joe Biden will visit a clean energy tech company in Minnesota as part of a 20-state tour he and Vice President Kamala Harris are conducting to highlight his economic agenda and its success.

· Chicago will hold a run-off election to select a new mayor.

Economic Reports/Events –

· US Federal Reserve Board Governor Lisa D. Cook gives virtual introductory remarks at the “Exploring Careers in Economics – Spring 2023” Conference. Boston Federal Reserve Bank President Susan Collins will also speak.

· Cleveland Fed President Mester will speak to the Money Marketeers of New York University.

· US Redbook (April 1), JOLTs Job Openings (February), Factory Orders (February), IBD/TIPP Economic Optimism (April), LMI Logistics Managers Index (March)

· Canada Building Permits (February)

· Mexico FX Reserves (February)

· Colombia Exports (February)

Asia

Political/Social Events –

· India celebrates the Mahavir Jayanti religious holiday.

Economic Reports/Events –

· The Asian Development Bank (ADB) releases its new economic and inflation forecasts for the Indo-Pacific region.

· South Korea Inflation (March), CPI (March)

· Reserve Bank of Australia Interest Rate Decision

· Sri Lanka Central Bank Interest Rate Decision, Current Account Q4), Balance of Trade (February)

· Pakistan Inflation (March), Wholesale Prices (March), Central Bank Interest Rate Decision

Europe

Political/Social Events –

· European Commission President Ursula von der Leyen and French President Emmanuel Macron are scheduled to travel to China for meetings with President Xi Jinping. The visit comes on the heels of a speech von der Leyen gave earlier this past Thursday calling on Europe to be “bolder” on China, arguing China had become “more repressive at home and more assertive abroad.” Beijing strongly condemned the speech.

· NATO Foreign Affairs Ministers are scheduled to meet through April 5th at NATO headquarters in Brussels. They are expected to discuss the Ukrainian War and how NATO can further support Ukraine’s efforts. US Secretary of State Antony Blinken will attend.

· The EU-US Energy Council Ministerial Meeting will be held in Brussels. US Secretary of State Antony Blinken and EU High Representative for Foreign Affairs Josep Borrell will attend and speak at a joint press conference. In advance of the meeting, Blinken has said the meeting will focus on how Russia is seeking to “weaponize energy” to achieve victory in Ukraine.

Economic Reports/Events –

· Bank of England Chief Economist Huw Pill will give a speech on “Inflation, persistence & monetary policy” at the International Centre for Monetary and Banking Studies in Geneva, Switzerland.

· Eurozone ECB Consumer Expectations Survey, PPI (February)

· Bank of England Financial Policy Summary & Record

· Germany Imports/Exports/Balance of Trade (February)

· Spain Unemployment (March)

· Credit Suisse is scheduled to hold its annual meeting in Zurich.

Middle East

Political/Social Events –

· NSTR

Economic Reports/Events –

· Egypt S&P Global PMI (March)

· Turkey Imports/Exports/ Balance of Trade (March)

· Israel Tourist Arrivals (March), Business Confidence (March), FX Reserves (March)

· Saudi Arabia Riyad Bank PMI (March)

· Qatar GDP (Q4), Financial Centre PMI (March)

· Jordan S&P Global PMI (March), S&P Growth PMI (March)

Africa

Political/Social Events –

· NSTR

Economic Reports/Events –

· Kenya GDP (Q4)

Wednesday, April 5, 2023:

Global

· The Jewish religious holiday of Passover begins, going through April 13th.

Americas

Political/Social Events –

· US Speaker of the House Kevin McCarthy (R-CA) and a contingent of other members of the House of Representatives are scheduled to meet with Taiwanese President Tsai Ing-wen in Los Angeles. Tsai is “transiting” through the US on her way to Latin America. China has condemned the meeting and “transit.”

· Mexican President Andres Manuel Lopez Obrador (AMLO) will host the leaders of Chile, Argentina, Brazil, Colombia, Cuba, Honduras, Belize, Bolivia, and Saint Vincent and the Grenadines in a forum aimed at forging a plan to better battle inflation in the He.

· Argentina’s flight controllers and airport employees are expected to go on strike over pay, threatening a chaotic Easter travel period.

Economic Reports/Events –

· US Imports/Exports/Balance of Trade (February), S&P Global Composite/Services PMIs (March), ISM PMIs/Employment/Business Activity Reports (March), MBA Indexes (March 31st), ADP Employment Change (March)

· Canada Imports/Exports/Balance of Trade (February)

· Brazil S&P Global Composite/Services PMIs (March)

· Mexico Inflation (March), Consumer Confidence (March)

· Uruguay Inflation (March)

· Argentina Industrial Production (February)

· Colombia PPI (March), Inflation (March)

Asia

Political/Social Events –

· The three-day Ching Ming Festival – also known as Tomb-Sweeping Day -- is celebrated in China, Taiwan, and Hong Kong. All financial markets there are closed.

Economic Reports/Events –

· Japan Jibun Bank Services/Composite PMIs (March)

· India S&P Global Composite/Services PMIs (March), M3 Money Supply (March 17th)

· South Korea FX Reserves (March)

· Reserve Bank of Australia Philip Lowe will give a speech to the National Press Club in Sydney.

· Australia RBA Chart Pack, Ai Group Industry Index (March), Judo Bank Services/Composite/Services PMIs (March)

· Singapore S&P Global PMI (March), Retail Sales (February)

· Philippines Inflation (March), Unemployment (February), FX Reserves (March)

· New Zealand Central Bank Interest Rate Decision.

Europe

Political/Social Events –

· Belarusian President Alexander Lukashenko will travel to Moscow, Russia, for meetings with Russian President Vladimir Putin on Union State integration.

· The European Commission to publish its proposed overhaul of the economic bloc’s pharmaceuticals legislation.

· In the UK, 1,500 driving examiners and test center staff at the Driver and Vehicle Standards Agency resume strikes over pay.

Economic Reports/Events –

· ECB Board Member Philip R. Lane gives a lecture at the University of Cyprus.

· Eurozone S&P Global Composite/Services PMIs (March)

· Germany Factory Orders (February), S&P Global Composite/Services PMIs (March)

· UK S&P/CIPS UK Services and Composite PMIs (March)

· France Industrial Production (February), S&P Global Composite/Services PMIs (March)

· Italy S&P Global Composite/Services PMIs (March), Retail Sales (February)

· Spain Industrial Production (February), S&P Global Composite/Services PMIs (March), Consumer Confidence (March)

· Poland Central Bank Interest Rate Decision

· Russia S&P Global Composite/Services PMIs (March)

Middle East

Political/Social Events –

· NSTR

Economic Reports/Events –

· UAE S&P Global PMI (March)

· Lebanon BLOM Lebanon PMI (March)

Africa

Political/Social Events –

· NSTR

Economic Reports/Events –

· South Africa S&P Global PMI (March)

· Kenya Stanbic Bank PMI (March)

· Uganda Stanbic Bank Uganda PMI (March)

Thursday, April 6, 2023:

Global

· WL Global Supply Chain Pressure Index (March)

Americas

Political/Social Events –

· NSTR

Economic Reports/Events –

· St. Louis Federal Reserve President James Bullard will give an outlook on the US economy and monetary policy at the Arkansas State Bank Department’s Day with the Commissioner event in Little Rock, Arkansas.

· US Challenger Jobs Cuts (March), Initial Jobless Claims (April 1st)

· Canada Unemployment (March), Ivey PMI (March)

· Colombia Inflation (March)

Asia

Political/Social Events –

· NSTR

Economic Reports/Events –

· China Caixin Services and Composite PMIs (March)

· India Central Bank Interest Rate Decision, Cash Reserve Ratio

· Hong Kong S&P Global PMI (March)

· Australia Imports/Exports/Balance of Trade (February)

Europe

Political/Social Events –

· France is bracing for an 11th day of strikes and protests over President Emmanuel Macron’s pension reform law.

Economic Reports/Events –

· Eurozone S&P Global Construction PMI (March)

· Germany Industrial Production (February), S&P Global Construction PMI (March)

· France S&P Global Construction PMI (March)

· Italy S&P Global Construction PMI (March)

· UK Halifax House Price Index (March), S&P Global/CIPS Construction PMI (March)

· Switzerland Unemployment (March), FX Reserves (March)

· Russia Vehicle Sales (March)

Middle East

Political/Social Events –

· Russian Foreign Minister Sergey Lavrov is scheduled to visit Turkey through April 7th for meetings with Turkish Foreign Minister Mevlut Cavusoglu. They are expected to discuss trade, energy, and tourism. But they are also expected to focus heavily on the Ukraine War, the situation in Syria, the South Caucasus, and Afghanistan. It is also likely this is a pre-meeting for a likely visit by Russian President Vladimir Putin to Turkey on April 27th (which is yet to be confirmed).

Economic Reports/Events –

· The United Arab Emirates' Al Ansari Exchange will start trading on the Dubai Financial Market.

· Turkey FX Reserves

Africa

Political/Social Events –

· NSTR

Economic Reports/Events –

· Uganda Central Bank Interest Rate Decision

Friday, April 7, 2023:

Global

· The UN’s Food and Agriculture Organization (FA) Food Price Index (March)

· Good Friday is observed among Christians globally. Most businesses, financial markets, and governments in Europe, Latin America, and the US are closed or close early in advance of Easter.

Americas

Political/Social Events –

· SpaceX Falcon 9 rocket launch of the Intelsat 40e communications satellite from the Cape Canaveral Space Force Station in Florida

Economic Reports/Events –

· US Unemployment (March), Consumer Credit Change (February), Used Car Prices (March)

Asia

Political/Social Events –

· NSTR

Economic Reports/Events –

· Japan Household Spending (February), FX Reserves (March), Coincident Index (February), Leading Economic Index (February)

· South Korea Current Account (February)

· India Deposit Growth (March 24th), FX Reserves (March 31st), Bank Loan Growth (March 24th)

· Singapore FX Reserves (March)

· Pakistan Balance of Trade (March)

Europe

Political/Social Events –

· In the UK, Unite union members who refuel naval ships employed by Serco at Devonport Dockyard in Plymouth begin their weekend strike.

Economic Reports/Events –

· France Imports/Exports/Balance of Trade (February), Current Account (February), FX Exchanges (March)

· Poland Monetary Policy Meeting Minutes, FX Reserves (March)

· Ukraine FX Reserves (March)

· Russia GDP (Q4)

Middle East

Political/Social Events –

· NSTR

Economic Reports/Events –

· Egypt FX Reserves (March)

· Turkey Treasury Cash Balance (March)

Africa:

Political/Social Events –

· NSTR

Economic Reports/Events –

· Uganda Business Confidence (March), Balance of Trade (February)

Saturday, April 8, 2023:

Global

· NSTR

Americas

Political/Social Events –

· NSTR

Economic Reports/Events –

· NSTR

Asia

Political/Social Events –

· NSTR

Economic Reports/Events –

· Bank of Japan Governor Haruhiko Kuroda ends his term of office and is officially succeeded by Kazuo Uedo.

· China FX Reserves (March)

Europe

Political/Social Events –

· NSTR

Economic Reports/Events –

· NSTR

Middle East

Political/Social Events –

· NSTR

Economic Reports/Events –

· NSTR

Africa

Political/Social Events –

· NSTR

Economic Reports/Events –

· NSTR

Sunday, April 9, 2023:

Global

· Easter is observed by much of the Christian world globally.

· Palm Sunday is observed today in the Orthodox church.

Americas

Political/Social Events –

· NSTR

Economic Reports/Events –

· NSTR

Asia

Political/Social Events –

· Japan holds local elections in 47 prefectures and several major cities. The elections are considered a major indicator for the ruling Liberal Democratic Party as Prime Minister Fumio Kishida is expected to call for early parliamentary elections following a slide in his poll numbers.

Economic Reports/Events –

· NSTR

Europe

Political/Social Events –

· Kosovo Constitution Day is observed.

· The Church of England begins a 28-day period of prayer leading to the coronation of King Charles next month.

Economic Reports/Events –

· NSTR

Middle East

Political/Social Events –

· NSTR

Economic Reports/Events –

· NSTR

Africa

Political/Social Events –

· NSTR

Economic Reports/Events –

· NSTR

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Francis Kelly 3/31/23 Francis Kelly 3/31/23

The Global Week Ahead

March 26 - April 2, 2023

In the coming week, US-China relations will take center stage again as Taiwan’s President travels through the US on her way to visit Latin America. While the visit is billed as a “transit” on her way to Guatemala and Belize (two of the few Latin American nations still to recognize Taiwan over China diplomatically), President Tsai Ing-wen is expected to meet with US Speaker of the House Kevin McCarthy (R-CA) and a number of other members of Congress in Los Angeles. President Tsai has no publicly scheduled official meetings with anyone in the Biden Administration. We will watch Beijing’s public response closely, which we believe will be more limited than when then-Speaker of the House Nancy Pelosi (D-CA) visited Taiwan last August.

As President Tsai traverses through the US to Latin America, Taiwan’s former President Ma Jing-Jeou, who is a member of the Kuomintang (KMT) opposition party to Tsai’s Democratic Progressive Party (DPS), will make a historic visit to China. Billed as a Taiwanese student visit, it is the first time a former Taiwanese President has visited the mainland since the end of the Chinese Civil War in 1949.

In the US, President Biden will host the 2023 Summit for Democracy in Washington, DC. Co-hosting the event will be the leaders of Costa Rica, the Netherlands, the Republic of Korea, the Republic of Zambia, and leaders from 122 nations. Also in Washington this week, both the Senate and the House of Representatives will hold hearings examining what happened to cause the collapse of Silicon Valley Bank and federal regulators to seize Signature Bank. They will also focus on how stable the US and global banking systems are currently.

On the economic agenda this week, it is a busy week in China as the government releases its monthly purchasing manager indexes data this week, a report investors are tracking closely to get a sense of how fast the country’s economy is returning to normal. Also, most of the nation’s largest banks are due to report earnings in China. In the US, we are watching the US personal consumption expenditures price index, a leading indicator the Federal Reserve looks to understand inflation.

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

Sunday, March 26, 2023:

Global

· Nothing significant to report (NSTR)

Americas

Political/Social Events –

· CANCELLED: Brazil’s President Luiz Inacio Lula da Silva (Lula) was scheduled a visit to China through March 30th. Lula was bringing along more than 240 business representatives, including 90 from the agricultural sector. There are rumors Lula is considering an invitation from Beijing to join the Belt-and-Road Initiative. However, Lula was diagnosed with pneumonia and announced this past Saturday he had to cancel the trip.

· US Vice President Kamala Harris will visit Ghana.

· Cuba holds parliamentary elections.

· The New York State Legislature will finalize its budget this week, and included in the bill will likely be a ban on the use of gas stoves and other gas-powered appliances in homes and commercial buildings, possibly beginning in January 2025.

Economic Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· The China Development Forum (The Boao Forum), often referred to as “China’s Davos,” continues. It began on March 25th and continues through March 27th. More than 100 foreign senior executives and former government officials – including Henry Kissinger and former Bridgewater CEO Ray Dalio – are expected to attend.

· Turkmenistan holds parliamentary elections.

· Bangladesh celebrates Independence Day, commemorating the country’s independence from Pakistan in 1971.

Economic Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· Ukraine celebrates the Day of the National Guard.

· King Charles and his wife Camilla begin their first state visit as monarch and Queen Consort, traveling to France and Germany.

· European Daylight Savings Time begins, moving the clocks forward one hour.

Economic Reports/Events –

· ECB Board Member Isabel Schnabel participates in a discussion at the University of Chicago Booth School of Business Conference on the Global Economy and Financial Stability in Miami, Florida.

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.

Monday, March 27, 2023:

Global

· The UN Security Council is scheduled to hold a briefing on Somalia. In the afternoon, there will be a meeting on threats to international peace and security.

Americas

Political/Social Events –

· The Federal Trade Commission and Justice Department's Antitrust Division will co-host a Spring Enforcers Summit on Monday, featuring FTC chair Lina Khan, DOJ Assistant Attorney General Jonathan Kanter, and senior staff from both agencies discussing mergers and conduct enforcement.

Economic Reports/Events –

· US Federal Reserve Board Governor Philip N. Jefferson will give a speech on the Implementation and Transmission of Monetary Policy at the H. Parker Willis Lecture, Washington and Lee University, Lexington, Va.

· US Dallas Fed Manufacturing Index (March)

· Brazil FGV Consumer Confidence (March), Current Account (February), FDI (February), BCB Focus Market Readout

· Mexico Balance of Trade (February)

Asia

Political/Social Events –

· Former Taiwanese President Ma Ying-jeou is scheduled to visit mainland China. It is the first such trip of a former Taiwanese leader since the end of the Chinese Civil War in 1949. Ma, a senior member of the opposition KMT Party, will be in China through April 7th. He will be leading a group of Taiwanese students to “interact with counterparts from mainland China” in a number of cities. He will visit a number of cities but not Beijing.

· India will be bracing for nationwide protests over the course of the week following the conviction of opposition leader Rahul Gandhi for defaming Prime Minister Narendra Modi.

Economic Reports/Events –

· China Industrial Profits (February)

· Japan Coincident Index (January), Leading Economic Index (January)

· Taiwan Consumer Confidence (March)

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

Europe

Political/Social Events –

· Hungary’s parliament will consider Finland’s accession to NATO.

· Scotland will vote on the new Scottish National Party leadership will be, announcing the results in the afternoon. Whoever is elected will be Scotland’s new first minister following Nicola Sturgeon’s recent decision to step down.

· Spain’s Prime Minister, Pedro Sanchez, will visit China for meetings with President Xi Jinping. The two are expected to discuss China’s peace proposal to end the Ukraine War. He will also participate in the Boao Forum (The China Development Forum).

· Germany’s Verdi and EVG unions will hold a 24-hour strike seeking better pay.

· The UK’s Public and Commercial Services Union, which represents driving examiners, will go on strike in Scotland and Northeast England over a pay dispute.

Economic Reports/Events –

· Bank of England’s Governor Andrew Bailey will give a speech at the London School of Economics.

· ECB Board Member Frank Elderson will give a keynote speech on the management and supervision of the banks’ climate-related and environmental policy views at the 30th anniversary of the Foreign Bankers' Associations The Netherlands in Amsterdam.

· ECB Board Member Isabel Schnabel will participate in a conversation at an event organized by Columbia Economics - Program for Economic Research, SGH Macro Advisors, and Richard Paul Richman Center at Columbia University in New York

· Eurozone Loans to Households (February), Loans to Companies (February), M3 Money Supply (February)

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

· France Unemployment (February)

· UK CBI Distributive Trades (March)

Middle East

Political/Social Events –

· NSTR

Economic Reports/Events –

· Israel Composite Economic Index (February)

· Saudi Arabia Balance of Trade (January)

· Turkey Business Confidence (March), Capacity Utilization (March)

Africa

Political/Social Events –

· NSTR

Economic Reports/Events –

· NSTR

Tuesday, March 28, 2023:

Global

· The UN Security Council is scheduled to hold a debate on threats to international peace and security caused by terrorist acts: Countering Terrorism and preventing violent extremism conducive to terrorism by strengthening cooperation between the United Nations and regional organizations and mechanisms.

Americas

Political/Social Events –

· The US Senate Banking Committee will hold a hearing on the recent bank failures and the Federal regulatory response. Fed Vice Chair Michael Barr, FDIC Chair Marty Gruenberg, and Treasury Undersecretary for Domestic Finance Nellie Liang will testify.

· To Be Confirmed: The Treasury Department said it will release proposed guidance this week for domestic sourcing requirements for electric vehicles to qualify for tax credits provided by the Inflation Reduction Act. The delayed guidance for the $7,500 tax credits was supposed to be released at the end of 2022, but the Treasury temporarily waived the rules and pushed the release date to the end of March. The announcement is being closely watched by automakers who are waiting to see how they will switch their supply chains to more domestic sources.

· The 2023 SAFE Summit will be held in Washington, DC, through March 29th. The event – billed as “A pathway to electrification from minerals to market “ – will include senior Biden Administration officials, foreign leaders, and top executives speaking about the supply chains for the transportation and energy sector.

Economic Reports/Events –

· US Goods Trade Balance (February), Retail Inventories (February), Redbook (March 25th), S&P/Case-Schiller Home Price Index (January), CB Consumer Confidence (March), Richmond Fed Manufacturing Indexes (March), Dallas Fed Services Indexes (March)

· Brazil BCB Copom Meeting Minutes

· Argentina Current Account (Q4)

Asia

Political/Social Events –

· NSTR

Economic Reports/Events –

· Australia Retail Sales (February)

· Central Bank of Japan Governor Kuroda Harukiho will give a speech at the FIN/SUM (Fintech Summit) 2023 Conference in Tokyo.

Europe

Political/Social Events –

· The EU Transport, Telecommunications, and Energy Council will meet to discuss a general approach to the gas and hydrogen package, including a proposal for a directive and a proposal for a regulation on common internal market rules for renewable and natural gases and hydrogen.

· Bank of England Governor Andrew Bailey will testify before the UK Parliament’s Treasury Committee on the collapse of Silicon Valley Bank.

Economic Reports/Events –

· ECB Board President Christine Lagarde will give a speech at the opening ceremony of the BIS Innovation Hub Eurosystem Centre in Frankfurt.

· ECB Board Member Andrea Enria will give a keynote speech on "How is the European Banking Supervision process changing?" at the 22nd Handelsblatt Annual Conference on Banking Supervision in Frankfurt.

· France Business Confidence (March)

· Italy Business Confidence/Consumer Confidence (March)

Middle East

Political/Social Events –

· NSTR

Economic Reports/Events –

· Qatar Balance of Trade (February)

· Saudi Arabia Private Bank Lending (February), M3 Money Supply (February)

Africa

Political/Social Events –

· The Central African Republic celebrates the Commemoration of Boganda, honoring Barthélemy Boganda, the nation’s first prime minister.

· Madagascar celebrates Martyrs’ Day, commemorating all those people who died in 1947 in the revolt against the French.

Economic Reports/Events –

· NSTR

Wednesday, March 29, 2023:

Global

· The UN Security Council is scheduled to hold a briefing on the United Nations Organization Stabilization Mission in the Democratic Republic of the Congo (MONUSCO) followed by consultations. In the afternoon, the Security Council will hold consultations on the United Nations Disengagement Observer Force (UNDOF).

Americas

Political/Social Events –

· President Biden will host the 2023 Summit for Democracy in Washington, DC. Co-hosting the event, which runs through March 30th, will be the leaders of Costa Rica, the Netherlands, the Republic of Korea, and the Republic of Zambia and leaders from 122 nations. Of note, the White House struck off Turkey and Hungary from the invite list.

· The US House Financial Services Committee will hold a hearing on the response to the failures of Silicon Valley Bank and Signature Bank. Federal Reserve Board Vice Chair Michael Barr will testify along with other Federal regulators. Also testifying will be FDIC Chair Marty Gruenberg and Treasury Undersecretary for Domestic Finance Nellie Liang.

· The National Association for Business Economics will hold its annual conference in Washington, DC. World Trade Organization Director-General Ngozi Okonjo-Iweala will deliver remarks on climate and trade. And Phillip Swagel, the Director of the Congressional Budget Office, will deliver remarks on US fiscal policy and likely talk about the debt ceiling.

· Today is the deadline for US federal agencies to remove TikTok from government devices.

Economic Reports/Events –

· US MBA Mortgage Market Index (March 24th), Pending Home Sales (February)

· Brazil PPI (February), Bank Lending (February), Net Payrolls (February)

· Paraguay GDP (Q4)

· Argentina Economic Activity (January)

Asia

Political/Social Events –

· NSTR

Economic Reports/Events –

· South Korea Consumer Confidence (March)

· Singapore Export & Import Prices (February), PPI (February)

· Australia CPI Indicator (March)

· Vietnam Industrial Production (March), FDI (March), Balance of Trade (March), Inflation (March), GDP (Q1), Retail Sales (March)

Europe

Political/Social Events –

· Russia Foreign Minister Sergey Lavrov meets with Iranian Foreign Minister Hossein Amir-Amirabdolahian in Moscow. They are expected to discuss the situation in Syria, Afghanistan, the South Caucasus, and Caspian.

· U.K. government expected to publish its plan to help the U.K. reach its net-zero emissions target by 2050.

Economic Reports/Events –

· ECB Board Member Isabel Schnabel will participate in a panel discussion at the 39th Annual National Association for Business Economics (NABE) Economic Policy Conference, "Orienting Policy for a Polarized World" in Washington, D.C.

· ECB Governing Council Non-Monetary Policy Meeting will be held in Frankfurt.

· Germany GfK Consumer Confidence (April)

· France Consumer Confidence (March)

· Switzerland Economic Sentiment Index (March)

· UK BoE Consumer Credit (February), Mortgage Lending/Approvals (February), Car Production (February)

· Russia GDP (February), Unemployment (February), Real Wages (January), Business Confidence (March), Corporate Profits (January), Industrial Production (February), Retail Sales (February)

Middle East

Political/Social Events –

· NSTR

Economic Reports/Events –

· Qatar GDP (Q4)

Africa

Political/Social Events –

· NSTR

Economic Reports/Events –

· Kenya Central Bank Interest Rate Decision

Thursday, March 30, 2023:

Global

· The UN Security Council is scheduled to hold an open debate on peace and security in Africa: The impact of development policies in the implementation of the Silencing the Guns agenda.

Americas

Political/Social Events –

· Former Brazilian President Jair Bolsonaro will return to Brazil following self-imposed exile in Florida after losing the election three months ago.

· The EU-US Trade and Technology Council will meet through March 31st in Luleå, Sweden. US Secretary of State Antony Blinken and EU Commission Vice President Margrethe Vestager will attend. The Council was created to find a way to ease tensions over US subsidies of domestic electric vehicles created in the Inflation Reduction Act last year. They will also discuss export controls and sanctions against Russia as well as work on global telecommunications and artificial intelligence standards.

· On the second day of the National Association for Business Economics annual conference, Treasury Secretary Janet Yellen will deliver remarks on the economy.

· Today is opening day for Major League Baseball in the US.

Economic Reports/Events –

· Richmond Fed President Thomas Barkin will speak at the Virginia Council of CEOs' quarterly meeting.

· US Initial Jobless Claims (March 25th), Corporate Profits Index (Q4), GDP Growth Rate (Q4), GDP Sales (Q4), Real Consumer Spending (Q4)

· Canada CFIB Business Barometer (March)

· Mexico Central Bank Interest Rate Decision, Fiscal Balance (February), Unemployment (February)

· Brazil Industrial Production (January), IGP-M Inflation (March)

· Argentina Consumer Confidence (March)

Asia

Political/Social Events –

· Japan's Chief of Staff of the Japan Maritime Self-Defense Force, Admiral Ryo Sakai, will visit Stirling naval base on the west coast of Australia, during a six-day trip to the country. The Indian Ocean-facing base will be a submarine hub under the AUKUS agreement with the U.S. and U.K.

Economic Reports/Events –

· Australia CoreLogic Dwelling Prices (March)

· Pakistan Consumer Confidence (March)

Europe

Political/Social Events –

· King Charles III will begin his first official visit to Germany since becoming King. He will give a speech to the German Bundestag (parliament) and make other visits in the country through March 31st. The King’s scheduled visit to France was canceled due to ongoing violent strikes over pension reform legislation.

· Russian Foreign Minister Sergey Lavrov hosts Nicaraguan Foreign Minister Mocada for talks in Moscow.

Economic Reports/Events –

· The ECB’s General Council meetings in Frankfurt.

· Eurozone Economic Sentiment/Industrial Sentiment (March), Selling Price Expectations (March), Services Sentiment (March), Consumer Confidence (March), Consumer Inflation Expectations (March)

· Germany Inflation (march)

· Spain Inflation (March), Retail Sales (February), Business Confidence (March)

· Switzerland KOF Leading Indicators (March)

· Italy Unemployment Rate (February), PPI (February)

Middle East

Political/Social Events –

· NSTR

Economic Reports/Events –

· Turkey Economic Confidence Index (March), MPC Meeting Summary), FX Reserves (March 24th)

· Egypt Central Bank Interest Rate Decision

· Kuwait Private Bank Lending (February), M2 Money Supply (February)

Africa

Political/Social Events –

· Kenya’s opposition party will call for nationwide anti-government protests over the cost of living.

Economic Reports/Events –

· South Africa Central Bank Interest Rate Decision, Private Sector Credit (February), M3 Money Supply (February), PPI (February)

Friday, March 31, 2023:

Global

· NSTR

Americas

Political/Social Events –

· NSTR

Economic Reports/Events –

· US Federal Reserve Board Governor Christopher J. Waller gives a speech on "The Unstable Phillips Curve" at the Federal Reserve Bank of San Francisco Macroeconomics and Monetary Policy Conference, San Francisco, California.

· US Federal Reserve Board Governor Lisa D. Cook gives a speech on “The U.S. Economic Outlook and Monetary Policy” at the 2023 Midwest Economics Association 87th Annual Meeting, Cleveland, Ohio.

· US Core PCE Price Index (February), Personal Income (February), Chicago PMI (March), Michigan Consumer Sentiment (March), Michigan Consumer Expectations (March), Michigan Current Conditions (March), Michigan Inflation Conditions (March)

· Canada GDP (January), Budget Balance (January)

· Brazil Unemployment (February), Nominal Budget Balance (February), Gross Debt to GDP (February)

· Costa Rica GDP (Q4), Current Account (Q4)

· Colombia Unemployment (February), Cement Production (February)

· El Salvador Current Account (Q4), GDP (Q4)

· Paraguay Current Account (Q2)

· Uruguay Current Account (Q4), Balance of Trade (February)

Asia

Political/Social Events –

· NSTR

Economic Reports/Events –

· China NBS Manufacturing PMI & Non-Manufacturing PMI (March)

· India External Debt (Q4), Government Budget Value (February), FX Reserves (March 24th), Infrastructure Output (February), Current Account (Q4)

· Japan Unemployment (February), Core CPI (March), Industrial Production (February), Retail Sales (February), Housing Starts (February), Construction Orders (February)

· Australia Housing Credit (February), Private Sector Credit (February)

· Taiwan S&P Global Manufacturing (March)

· Singapore URA Property Index (Q1), Bank Lending (February)

· Hong Kong Retail Sales (February)

· Philippines Budget Balance (February), Business & Consumer Confidence (Q1)

· Sri Lanka Inflation (March), Current Account (Q4)

Europe

Political/Social Events –

· In the UK, London Heathrow Security Staff will go strike seeking better pay. Also, members of the Unite union working at Devonport Dockyard in Plymouth resume their strike over pay.

Economic Reports/Events –

· ECB Board President Christine Lagarde participates in a Q&A session with students at "Nuovi incontri per il Futuro - Future-oriented meetings" organized by Osservatorio Permanente Giovani-Editori in Florence, Italy.

· Eurozone Inflation (March), Unemployment (February), CPI (March)

· Germany Retail Sales (February), Import Prices (February), Unemployment (March)

· France Inflation (March), PPI (February), Household Consumption (February)

· UK Current Account (Q4), GDP (Q4), Business Investment (Q4), Nationwide Housing Prices (March)

· Italy Industrial Sales (January), Inflation (March), CPI (March)

· Switzerland Retail Sales (February)

· Poland Inflation (March)

· Spain Current Account (January)

· Ukraine Current Account (February)

· Russia M2 Money Supply (February)

Middle East

Political/Social Events –

· NSTR

Economic Reports/Events –

· Turkey Imports/Exports/Balance of Trade (February)

· Egypt M2 Money Supply (February)

Africa:

Political/Social Events –

· NSTR

Economic Reports/Events –

· South Africa Balance of Trade (February)

· Nigeria FX Reserves (March)

· Uganda Inflation (March), GDP (Q4)

· Rwanda PPI (February)

· Kenya Inflation (March)

Saturday, April 1, 2023:

Global

· It’s April Fools’ Day. Beware!

Americas

Political/Social Events –

· NSTR

Economic Reports/Events –

· Peru Inflation (March)

Asia

Political/Social Events –

· NSTR

Economic Reports/Events –

· China Current Account (Q4)

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

Europe

Political/Social Events –

Economic Reports/Events –

· ECB Board Member Luis de Guindos participates in a panel at the event "The outlook for the economy and finance" organized by Ambrosetti.

Middle East

Political/Social Events –

· NSTR

Economic Reports/Events –

· NSTR

Africa

Political/Social Events –

· NSTR

Economic Reports/Events –

· NSTR

Sunday, April 2, 2023:

Global

· Much of the Christian world celebrates Palm Sunday.

Americas

Political/Social Events –

· NSTR

Economic Reports/Events –

· NSTR

Asia

Political/Social Events –

· In Australia, Daylight Savings Time ends.

Economic Reports/Events –

· NSTR

Europe

Political/Social Events –

· Paris will vote on whether or not to ban electric scooters.

· Montenegro holds the 2nd round of the presidential elections.

· Bulgaria holds parliamentary elections.

· Finland holds parliamentary elections.

· Andorra holds parliamentary elections.

Economic Reports/Events –

Middle East

Political/Social Events –

· Iran celebrates Islamic Republic Day, marking the day the Shah was overthrown, and the current Islamic regime took power.

Economic Reports/Events –

· NSTR

Africa

Political/Social Events –

· NSTR

Economic Reports/Events –

· NSTR

Please let us know if you or a colleague would like to be added to our distribution list.

Francis Kelly 3/24/23 Francis Kelly 3/24/23

The Global Week Ahead

March 19 - 26, 2023

This week will be hectic across the geopolitical and geoeconomics spectrum. First, the markets have been on edge all weekend, awaiting a resolution for the faltering Credit Suisse, which, at the time of this note being written, looks like UBS is going to buy CS for $3 billion.

On the geopolitical front, on Monday, Chinese President Xi Jinping travels to Moscow for three days of meetings where he is expected to call for a truce between Russia and Ukraine. The Chinese foreign minister spoke to the Ukrainian foreign minister about this idea last week – let’s see if President Putin will accept it and where the China-Russia relationship is going (will China announce they are going to give military aid to Russia if Ukraine does not agree to a cease-fire?). While Xi is in Moscow, Japan’s Prime Kishida meets with Indian Prime Minister Modi – both members of the Quad (the Quadrilateral Security Dialogue) – to discuss the Ukraine War, China risk, and the upcoming G7 meeting India is chairing.

The UK Parliament is set to vote on the Northern Ireland agreement with the EU on Wednesday. And on Sunday, Brazilian President Lula begins a large trade mission to China amidst rumors he is considering joining China’s Belt-and-Road Initiative.

The European Council (heads of state) will meet this week twice – first in Sweden and then in Brussels, where the Ukraine War will be the top priority issue discussed. Meanwhile, President Biden makes his first official visit to Canada to discuss the Ukraine War with Prime Minister Pierre Trudeau and find ways to strengthen the USMCA trade deal. On Thursday, the CEO of TikTok will testify in front of a congressional committee as Congress continues to consider legislation banning the app from being used in the US – a position we believe the Biden Administration supports.

But the most significant action this week will be among central banks. The US Federal Reserve Open Market Committee meets to consider raising or lowering rates (viewpoints are all over the place). Other central banks considering rate increases this week include the UK, Switzerland, Brazil, Saudi Arabia, Turkey, Hong Kong, Taiwan, and Nigeria.

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

Sunday, March 19, 2023:

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Japan’s Prime Minister Fumio Kishida meets with Indian Prime Minister Narendra Modi in New Delhi, India. They will discuss the G20 Summit, which India is chairing this year, as well as the Ukraine War.

· Kazakhstan holds parliamentary elections.

Economic Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· Montenegro holds presidential elections.

· In the UK, it is Mother’s Day.

· France commemorates victims of the Algerian War of 1954-1962.

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.

Monday, March 20, 2023:

Global

· Today is the 20th anniversary of the Iraq War.

· the UN Security Council is scheduled to hold a briefing on the 1591 Committee. The Secretary-General is also scheduled to hold a briefing, followed by consultation, on the United Nations Integrated Transition Assistance Mission in Sudan (UNITAMS).  

· Today is the Vernal equinox, the first day of spring as measured by a day’s length equaling that of the night and the Earth’s poles being equidistant from the Sun.

Americas

Political/Social Events –

· US Special Presidential Envoy for Climate John Kerry travels to Mexico for meetings with Mexican President López-Obrador to discuss ways to mutually work on climate-related issues.

· Mexico celebrates Benito Juárez Birthday Memorial, a national holiday. Juárez, a former president, led the opposition to French intervention in Mexico.

Economic Reports/Events –

· Canada New Motor Vehicle Sales (January)

· Brazil BCB Focus Market Readout, IBC-BR Economic Activity (January)

· El Salvador Balance of Trade (February)

· Paraguay GDP (Q4)

Asia

Political/Social Events –

· Chinese President Xi Jinping begins a three-day state visit to Russia. Describing the relationship between the two countries as having “no limits,” Xi is expected to propose a truce in the Ukraine War which comes after the foreign ministers of Ukraine and China spoke earlier this week about a possible peace agreement.

· Japan’s Prime Minister Fumio Kishida visits India to meet with Prime Minister Narendra Modi. Both nations are members of the Quad and are expected to focus on the Ukraine War, China, and the upcoming G7 meeting (which India is chairing).

· Germany’s Education Minister, Betinna Stark-Watzinger, begins a three-day visit to Taiwan. She will not meet with Taiwan’s President Tsai Ing-wen out of concern of angering China.

Economic Reports/Events –

· The IMF is expected to agree to a $2.9 billion bailout of Sri Lanka.

· China Loan Prime Rate (1 year & 5 year)

· Japan Central Bank Summary of Opinions

· Taiwan Export Orders (February)

Europe

Political/Social Events –

· Russian President Vladimir Putin will give an address at the International Parliamentary Conference on “Russia and Africa in a Multipolar World” in Moscow. More than 40 African delegations will be in attendance.

· Armenia’s Foreign Minister Ararat Mirzoyan will travel to Moscow for meetings with Russian Foreign Minister Sergey Lavrov. They will discuss the situation in the Lachin corridor and the situation in Nagorno-Karabakh.

· The EU will host the International Donors’ Conference entitled “Together for the People of Türkiye and Syria” in Brussels. The Conference will discuss how best to help in the wake of the devastating earthquakes.

· The EU Foreign Affairs Council will meet to discuss the Ukraine War, and exchange views on Tunisia and other issues.

· The EU Agriculture and Fisheries Council meets in Brussels to discuss the agricultural market situation, trade-related issues in the wake of the Ukraine War, a “New Deal for Pollinators,” and other issues.

· The French Parliament will likely hold a no-confidence vote over the Prime Minister’s use of special constitutional powers to force through controversial pension reforms without parliamentary consent.

· The UK hosts a conference on war crimes in Ukraine.

· UK university workers will walk out on strike over pay.

Economic Reports/Events –

· ECB President Christine Lagarde participates in a meeting with the European Council President Charles Michel, European Commission President Ursula von der Leyen, and European Investment Bank President Werner Hoyer in Brussels.

· ECB President Christine Lagarde gives a statement at a hearing held by the Committee on Economic and Monetary Affairs (ECON) of the European Parliament in Brussels

· Eurozone Balance of Trade (January)

· Germany PPI (February), Bundesbank Monthly Report

· Poland Employment (February), Industrial Production (February) PPI (February), Corporate Sector Wages (February)

Middle East

Political/Social Events –

Economic Reports/Events –

· Israel Unemployment (February), Inflation Expectations (March), M1 Money Supply (February)

· Turkey Central Government Debt (February)

· Oman Inflation (February)

Africa

Political/Social Events –

· South Africa’s Economic Freedom Fighters (EEF) and other organizations are expected to join the South African Federal of Trade Unions (SAFTU) in demonstrations demanding a resolution to the ongoing national energy crisis as well as the resignation of President Cyril Ramaphosa.

Economic Reports/Events –

· Nothing significant to report.

Tuesday, March 21, 2023:

Global

· Today is World Downs Syndrome Day.

· Ramadan begins.

Americas

Political/Social Events –

· The American Bankers Association Washington Summit begins. US Treasury Secretary Janet Yellen will give remarks today, and Acting Comptroller of the Currency Michal Hus will discuss his agency’s priorities on Wednesday.

Economic Reports/Events –

· US Redbook (March 18th), Existing Home Sales (February)

· Canada Inflation (February), CPI (February)

· Argentina Balance of Trade (February)

· Costa Rica Balance of Trade (February)

Asia

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· South Korea PPI (February)

· Australia Reserve Bank Meeting Minutes

Europe

Political/Social Events –

· NATO Secretary-General Jens Stoltenberg presents the defense alliance’s annual report at its headquarters in Brussels.

· The EU General Affairs Council meets to discuss the state of EU-UK relations.

Economic Reports/Events –

· ECB President Christine Lagarde speaks via a pre-recorded high-level panel "CBDCs: Keeping momentum in uncertain times" at BIS Innovation Summit 2023 "Technological innovation in an age of uncertainty" organized by the Bank for International Settlements (BIS) in Basel

· ECB Board Member Andrea Enria gives a presentation of the ECB Annual Report on supervisory activities 2022 to the Committee on Economic and Monetary Affairs (ECON) of the European Parliament in Brussels

· Later in the day, ECB Board Member Andrea Enria participates in an exchange of views with José Manuel Campa, Chair of the European Banking Authority, on the implications of the failure of Silicon Valley Bank for financial stability in Europe, at the Committee on Economic and Monetary Affairs of the European Parliament in Brussels

· Eurozone New Car Registration (February), ZEW Economic Sentiment Index (March), Construction Output (January)

· Germany ZEW Economic Sentiment Index (March)

· UK Public Sector Borrowing (February)

· Switzerland SNB 2022 Annual Report, Balance of Trade (February)

· Russia Consumer Confidence (Q1)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Israel Manufacturing Production (January)

· Qatar Total Credit Growth (February) M2 Money Supply (February)

· Jordan Unemployment (Q4)

Africa

Political/Social Events –

· Namibia celebrates Independence Day, celebrating its full independence in 1990 from South Africa.

Economic Reports/Events –

· Nigeria Central Bank Interest Rate Decision.

Wednesday, March 22, 2023:

Global

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

· The UN 2023 Water Conference begins in New York and runs through March 24th.

Americas

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· US Federal Reserve Open Market Committee Interest Rate Decision & Press Conference, MBA Mortgage Market Index (March 17th)

· Canada New Housing Price Index (February), Bank of Canada Summary of Deliberations

· Brazil Central Bank Interest Rate Decision

· Mexico Private Spending (Q4), Aggregate Demand (Q4)

· Argentina Leading Indicator (February), Full-Year GDP Growth (2022), Unemployment Rate (Q4)

· Paraguay Central Bank Decision

Asia

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· India M3 Money Supply (March 10th)

· Australia Westpac Leading Index (February)

Europe

Political/Social Events –

· The UK Parliament will hold a vote on the “Stormont Brake to the Windsor Framework between the United Kingdom and the European Union.” This will settle how the UK and EU deal with Northern Ireland vis a vi Brexit and EU trade relations.

Economic Reports/Events –

· ECB President Christine Lagarde gives an address at The ECB and its Watchers XXIII Conference organized by the Institute for Monetary and Financial Stability at Goethe Universität Frankfurt in Frankfurt

· ECB Board Member Fabio Panetta participates in a debate entitled "Global Shocks, Policy Spillovers, and Geo-Strategic Risk: How to Coordinate Policies" at The ECB and its Watchers XXIII Conference organized by the Institute for Monetary and Financial Stability at Goethe Universität Frankfurt in Frankfurt.

· ECB Board Member Philip Lane participates in a debate entitled "Monetary Policy: How to Get Inflation Back to Target?" at The ECB and its Watchers XXIII Conference organized by the Institute for Monetary and Financial Stability at Goethe Universität Frankfurt in Frankfurt.

· Eurozone Current Account (January),

· UK Inflation Rate (February), PPI (February), Retail Price Index (February), CBI Industrial Trends Orders (March)

· Italy Current Account (January)

· Poland M3 Money Supply (February)

· Switzerland Current Account (Q4)

· Russia PPI (February)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Israel Imports/Exports/Balance of Trade (February), Composite Economic Index (February)

· Lebanon Inflation Rate (February)

· Kuwait Interest Rate Decision

· Qatar Deposit Interest Rate (March)

· Saudi Arabia Interest Rate Decision

· UAE Interest Rate Decision

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· South Africa Leading Business Cycle Indicator (January), Inflation (February)

Thursday, March 23, 2023:

Global

· The UN Security Council is scheduled to hold a briefing on the Middle East, followed by consultations on the Middle East (Syria). In the afternoon, the Security Council is scheduled to have a briefing on the 1540 Committee.

Americas

Political/Social Events –

· US President Joe Biden begins a two-day visit to Canada for meetings with Canadian Prime Minister Justin Trudeau. Biden will address the Canadian Parliament, as well. Among the topics to be discussed are Russia’s invasion of Ukraine, the situation in Haiti, and ways to improve the implementation of the US-Mexico-Canada (USMCA) trade agreement.

· The US House Commerce and Energy Committee will hold a hearing with the CEO of TikTok, Shou Zi Chew, testifying in response to Congress’ concerns over the app’s consumer privacy and data security practices. This comes as Congress and the Biden Administration consider banning TikTok in the US.

Economic Reports/Events –

· US Current Account (Q4), Initial Jobless Claims (March 18th), New Home Sales (February), Kansas Fed Composite Index (March), Kansas Fed Manufacturing Index (March), Building Permits (February), Chicago Fed National Activity Index (February),

· Mexico Inflation (March), Retail Sales (January)

· Argentina Retail Sales (January)

Asia

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Japan Reuters Tankan Index (March)

· Hong Kong Interest Rate Decision, Inflation (February)

· Singapore CPI (February), Inflation (February)

· Taiwan Interest Rate Decision, Industrial Production (February), Retail Sales (February), M2 Money Supply (February)

· Philippines Interest Rate Decision

Europe

Political/Social Events –

· The Euro Summit, bringing together all the heads of EU states, is to be held in Gothenburg, Sweden, through March 24th.

Economic Reports/Events –

· Bank of England Interest Rate Decision & MPC Meeting Minutes

· ECB Board Member Philip Lane participates in a panel entitled "Global Shocks, Policy Spillovers, and Geo-Strategic Risk: How to Coordinate Policies" at The ECB and its Watchers XXIII Conference organized by the Institute for Monetary and Financial Stability at Goethe Universität Frankfurt in Frankfurt

· UK Gfk Consumer Confidence (March)

· Switzerland Central Bank Interest Rate Decision

· Poland Unemployment (February)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Turkey Consumer Confidence (March), Overnight Lending Rate (March), FX Reserves (March 17th)

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· South Africa Consumer Confidence (Q1)

Friday, March 24, 2023:

Global

· Nothing significant to report.

Americas

Political/Social Events –

· The U.N. Human Rights Council shares the outcome of its Universal Periodic Review of Ecuador and Brazil.

· The Ibero-America Summit is held through March 25th in the Dominican Republic. Heads of state from 22 Latin American countries, along with Spain, Portugal, and Andorra, will participate.

Economic Reports/Events –

· Federal Reserve Bank of St. Louis President James Bullard gives a presentation and participates in a fireside chat on the U.S. economy and monetary policy before Greater St. Louis Inc.

· US Durable Goods Orders (February), S&P Global Manufacturing PMI/Global Services PMI/Composite PMI (March)

· Canada Retail Sales (January), Wholesale Sales (January), Manufacturing Sales (February)

· Brazil IPCA CPI (March)

· Mexico Economic Activity (January)

· Colombia Business Confidence (February)

· Uruguay GDP (Q4)

· Trinidad & Tobago Interest Rate Decision

Asia

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Japan Inflation (February), Jibun Bank Manufacturing PMI/Services PMI/Composite PMI (March)

· India Deposit Growth (March 10th), FX Reserves (March 17th), Bank Loan Growth (March 10th)

· Taiwan Unemployment (February)

· Australia Judo Bank Manufacturing PMI/Services PMI/Composite PMI (March)

· Indonesia M2 Money Supply (February)

· Singapore Industrial Production (February)

· Sri Lanka PPI (January)

Europe

Political/Social Events –

· The European Council will meet in Brussels.

· The UK’s Conservative Party holds its Spring Forum in Birmingham to strategize for next year’s May local elections and a general election which will be held at some point in 2024.

Economic Reports/Events –

· Eurozone S&P Global Manufacturing PMI/Global Services PMI/Composite PMI (March)

· Germany S&P Global Manufacturing PMI/Global Services PMI/Composite PMI (March)

· France S&P Global Manufacturing PMI/Global Services PMI/Composite PMI (March)

· UK S&P Global/CIPS Manufacturing PMI/Global Services PMI/Composite PMI (March), Retail Sales (February)

· Spain GDP (Q4)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Turkey Tourist Arrivals (February)

· Kuwait Inflation (February)

Africa:

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Saturday, March 25, 2023:

Global

· Nothing significant to report.

Americas

Political/Social Events –

· US Vice President Kamala Harris will begin a tour of Ghana, Tanzania, and Zambia through April 2nd.

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 –

· In Scotland, the Scottish Green Party – the junior coalition partner of the Scottish National party – holds its spring conference in Glasgow.

· Greece celebrates Independence Day, commemorating the Greek Revolution of 1821.

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 26, 2023:

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Brazil’s President Luiz Inacio Lula da Silva (Lula) begins a visit to China through March 30th. Lula will bring along more than 240 business representatives, including 90 from the agricultural sector. There are rumors Lula will entertain an invitation from Beijing to join the Belt-and-Road Initiative.

· Cuba holds parliamentary elections.

Economic Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Turkmenistan holds parliamentary elections.

· Bangladesh celebrates Independence Day, commemorating the country’s independence from Pakistan in 1971.

Economic Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· Ukraine celebrates the Day of the National Guard.

· King Charles and his wife Camilla begin their first state visit as monarch and Queen Consort, traveling to France and Germany.

· European Daylight Savings Time begins, moving the clocks forward one hour.

Economic Reports/Events –

· ECB Board Member Isabel Schnabel participates in a discussion at the University of Chicago Booth School of Business Conference on the Global Economy and Financial Stability in Miami, Florida.

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.

Please let us know if you or a colleague would like to be added to our distribution list.

Francis Kelly 3/12/23 Francis Kelly 3/12/23

The Global Week Ahead

March 12 - 19, 2023

This week, Washington will be buzzing about the Federal Reserve and Federal Deposit Insurance Corporation (FDIC) moves to seize Silicon Valley Bank and Signature Bank and the decision to make all depositors whole. Key members of Congress were briefed on Friday and Saturday. We understand regulators met around the clock this weekend to set up a new lending facility for any bank currently stressed with a one-year term compared with 90 days at the discount window. There remain a lot of questions at the time of this writing as to how many banks will likely take part in the program.

On the geopolitical front, President Biden will host a meeting of the AUKUS in San Diego, California. The AUKUS Pact is the joint defense group consisting of the US, UK, and Australia established to counter Chinese military advancements in the Indo-Pacific. The big news likely to come out of the meeting is President Biden is expected to announce the US will sell nuclear submarines to Australia.

Also, this week, the Black Sea Grain Initiative is set to expire on Saturday. Initially negotiated between Ukraine and Russia, it allows the free flow of grain and fertilizers out of the Black Sea and to markets globally – particularly to Africa and the Middle East, which are the primary buyers. If an extension is not granted, global markets will likely see a significant spike in food prices, and global food security issues will be considerably raised.

On the global economic agenda this week, the European Central Bank will meet and likely raise rates again. US CPI will be reported, while the Bank of Japan will release minutes from last week's meeting.

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

Sunday, March 12, 2023:

Global

· Nothing significant to report.

Americas

Political/Social Events –

· US Daylights Savings begins in the United States, advancing the clock one hour. We hate this day.

· The Academy Awards are held in Los Angeles, California.

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 –

· Belarusian President Alexander Lukashenko will visit Iran for talks with President Ebrahim Raisi.

Economic Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Israel GDP (Q4), Current Account (Q4)

Africa

Political/Social Events –

· Cameroon holds Senate elections.

· Mauritius celebrates Independence Day, gaining its independence from the UK in 1968.

Economic Reports/Events –

· Nothing significant to report.

Monday, March 13, 2023:

Global

· UN and Russian officials are scheduled to meet in Geneva, Switzerland, to discuss an extension of the Black Sea Grain Initiative, which is scheduled to expire on Saturday.

Americas

Political/Social Events –

· US President Joe Biden hosts British Prime Minister Rishi Sunak and Australian Prime Minister Tony Albanese in San Diego, California, to unveil new details of the 2021 AUKUS pact created 18 months ago in part to counter Chinese influence in the Indo-Pacific. A deal will likely be announced where the US will sell Australia nuclear submarines.

Economic Reports/Events –

· US Consumer Inflation Expectations (February)

· Mexico Industrial Production (January)

· Brazil BCB Focus Market Readout

· Ecuador Balance of Trade (January)

· Uruguay Industrial Production (January)

· Paraguay GDP (Q4), Balance of Trade (February)

Asia

Political/Social Events –

· China’s National People’s Congress concludes with President Xi Jinping officially starting his third term. Also, China’s new Premier, Li Qiang, is expected to meet the press at the end of the Congress along with other top officials.

· Japan will ease COVID guidelines on mask-wearing and allow individuals to decide when to wars masks.

· The joint Freedom Shield military exercise between the United States and South Korea will commence in South Korea and last through March 23rd. It is the first US-South Korean in five years.

Economic Reports/Events –

· Japan BSI Large Manufacturing (Q1)

· India Inflation (February)

· South Korea Export Prices/Import Prices (February)

· Australia Westpac Consumer Confidence Index (March0, NAB Business Confidence (February)

· Indonesia Motorbike Sales (February)

Europe

Political/Social Events –

· The Eurogroup will meet to discuss macroeconomic and fiscal developments and fiscal policy guidance for 2023 and 2024. They will also discuss preparations for the Spring World Bank/IMF meetings in Washington, DC. ECB Board Member Fabio Panetta will participate.

· The EU Employment, Social Policy, Health, and Consumer Affairs Council will meet through March 14th. They will discuss the impact of the Ukraine War on labor markets, the regulation of fees to the European Medicines Agency (EMA), and the EU’s global health strategy.

· In the UK, Commonwealth Day is celebrated, celebrating the Commonwealth of Nations.

· Scotland’s Scottish National Party leadership ballot is held.

· In the UK, junior doctors will begin a three-day strike.

Economic Reports/Events –

· Nothing significant to report.

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Turkey Current Account (January), Retail Sales (January)

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Tuesday, March 14, 2023:

Global

· OPEC Monthly Meeting

· The United Nations Economic and Social Commission for Western Asia (ESCWA), is organizing the Arab Forum for Sustainable Development 2023 in Beirut, Lebanon, which will be held through March 16th.

Americas

Political/Social Events –

· U.S. Secretary of State Antony Blinken will visit Ethiopia and Niger.

Economic Reports/Events –

· US Federal Reserve Board Governor Michelle Bowman will give a speech entitled “The Innovation Imperative: Modernizing the US Banking System” at the Independent Community Bankers Association’s Conference.

· US Inflation ((February), CPI (February), Redbook (March 11th), NFIB Business Optimism Index (February)

· Uruguay Unemployment (January)

· Argentina Inflation (February)

· Colombia Consumer Confidence (February)

· Costa Rica Central Bank Interest Rate Decision

Asia

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· China FDI (February)

· India Imports/Exports/Balance of Trade (February), WPI Inflation (February), WPI Food Index (February), WPI Manufacturing (February)

· Hong Kong Industrial Production (Q4)

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

Europe

Political/Social Events –

· The EU Economic and Financial Affairs Council (ECOFIN) meets to discuss the implementation of the Recovery and Resilience Facility (RRF), the economic and financial impacts of the Ukraine War, and the EU budget. ECB Board Member Luis de Guindos will participate.

· In the UK, today is the start of the four-day Cheltenham Festival, one of the biggest meetings in the British National Hunt horseracing calendar.

Economic Reports/Events –

· UK Unemployment (January)

· Spain CPI (February), Inflation (February)

· Italy Industrial Production (January)

· Switzerland Producer & Import Prices (February)

· Ukraine GDP (Q4)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Turkey Auto Production (February)

· Qatar Inflation (February)

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· South Africa Gold Production (January), Mining Production (January), Manufacturing Production (January)

Wednesday, March 15, 2023:

Global

· IEA Oil Market Report

· the UN Security Council is scheduled to hold a vote in the morning linked to the United Nations Mission in South Sudan (UNMISS). In the afternoon, the Security Council is scheduled to hold a briefing on the Middle East and the 2140 Committee. The briefing will be followed by consultations on the Middle East (Yemen) and the 2140 Committee.

Americas

Political/Social Events –

· US Secretary of State Antony Blinken meets with the African Union leadership in Addis Ababa.

· US Director of the Office of Management and Budget Shalanda Young will testify before the Senate Budget Committee on President Biden’s 2024 budget proposal.

Economic Reports/Events –

· US PPI (February), Retail Sales (February), New York Empire State Manufacturing Index (March), Business Inventories (January), NAHB Housing Market Index (March), Retail Inventories (January), MBA Mortgage Market Index (March 10th)

· Colombia Industrial Production (January), Retail Sales (January)

· Peru GDP (January), Unemployment (February)

Asia

Political/Social Events –

· Japanese Prime Minister Fumio Kishida holds a tripartite meeting with representatives of business and labor unions to coincide with the announcement by large corporations of pay raises starting in April.

· Economic Reports/Events –

· China People’s Bank of China 1-Year MLF Announcement, Industrial Production (January & February), Retail Sales (January & February), Unemployment (February)

· Bank of Japan Monetary Policy Meeting Minutes

· South Korea Unemployment Rate (February)

· Philippines Cash Remittances (January)

· Indonesia Imports/Exports/Balance of Trade (February)

· Sri Lanka GDP (Q4), Manufacturing PMI& Services PMI (February)

Europe

Political/Social Events –

· In the UK, Chancellor Jeremy Hunt presents the budget to Parliament.

· Also, in the UK, a large number of strikes are scheduled. London Underground drivers are expected to go on strike. Also, UK teachers in England and Wales are expected to go on strike as well as BBC local radio journalists. Additionally, more than 100,000 civil servants in the Public and Commercial Services Union are going to stage a walk-out.

· Belarus celebrates Constitution Day.

· In the Netherlands, provincial elections are to be held.

Economic Reports/Events –

· Germany Wholesale Prices (February)

· France Inflation (February)

· UK Spring Budget 2023

· Poland Inflation (February), Industrial Production (January)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Saudi Arabia Inflation (February), Wholesale Prices (February)

· Turkey Budget Balance (February)

· Israel Inflation (February), M1 Money Supply (February)

· Jordan Inflation (February)

· Oman total Credit (January), M2 Money Supply (January)

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nigeria Food Inflation (February)

· South Africa Retail Sales (January)

Thursday, March 16, 2023:

Global

· The UN Security Council is scheduled to hold a vote in the morning linked to the United Nations Assistance Mission in Afghanistan (UNAMA), which will be followed by consultations on the 1701 report. In the afternoon, the Security Council is scheduled to hold a briefing on the Maintenance of international peace and security: Security sector reform.

· the UN United Nations Office on Drugs and Crime (UNODC) is expected to publish its first Global Report on Cocaine.

Americas

Political/Social Events –

· US Secretary of State Antony Blinken meets with Niger’s President Mohammed Bazoum and Foreign Minister Hassoumi Massaoudou in Niamey, Niger.

· US Secretary of Treasury Janet Yellen will testify before the Senate Finance Committee on President Biden’s 2024 budget proposal.

· The Inter-American Development Bank board of directors will hold their annual meeting in Panama City, Panama.

Economic Reports/Events –

· US Initial Jobless Claims (March 11th), Export Prices/Import Prices (February), Philadelphia Fed Manufacturing Index (March), Philadelphia Fed Business Conditions (March), Philadelphia Fed CAPEX Index (March), Philadelphia Fed Employment (March), Philadelphia Fed New Orders (March), Import Prices/Export Prices (February), Building Permits (February), Housing Starts (February)

Asia

Political/Social Events –

· South Korean Prime Minister Yoon Suk Yeol will visit Japan through March 17th. It is the first time a South Korean Prime Minister has visited Japan in twelve years and comes after a breakthrough plan to resolve a long-standing dispute over forced labor in World War II.

Economic Reports/Events –

· China House Price Index (February)

· Japan Imports/Exports/Balance of Trade (February), Machinery Orders (January), Industrial Production (January)

· Hong Kong Unemployment (February)

· Australia Consumer Inflation Expectations (March), Unemployment (February), Reserve Bank of Australia Bulletin

· Indonesia Loan Growth (February), Central Bank Interest Rate Decision, Lending Facility Rate (March), Deposit Facility Rate (March)

Europe

Political/Social Events –

· The EU Environmental Council meets to discuss the industrial emissions directive, a proposal to set up an EU certification framework for carbon removal, and packaging and packaging waste policy.

· Israeli Prime Minister Benjamin Netanyahu will meet with German Chancellor Olaf Scholz in Berlin, Germany.

· Russian President Vladimir Putin is scheduled to meet with the Russian Union of Industrialists and Entrepreneurs. The group is composed of the leading oligarchs, and the last time Putin met with them was the day he announced the invasion of Ukraine (February 24, 2022).

· Czech president Petr Pavel meets his Polish counterpart in a two-day state visit to the neighboring EU nation.

Economic Reports/Events –

· European Central Bank Interest Rate Decision & ECB Press Conference

· Eurozone Deposit Facility Rate, Marginal Lending Rate

· Italy Inflation (February), CPI (February)

· Poland Balance of Trade (January), Inflation (January & February), Current Account (January)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Turkey FX Reserves (March 10th)

Africa

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· South Africa Building Permits (January)

Friday, March 17, 2023:

Global

· The OECD interim economic outlook report on the global economy will be released.

Americas

Political/Social Events –

· US Secretary of Treasury Janet Yellen will testify before the House Ways & Means Committee on President Biden’s 2024 budget proposal.

· St. Patrick’s Day is celebrated in the US (and in Ireland, too, of course).

Economic Reports/Events –

· US Industrial Production (February), Manufacturing Production (January), Capacity Utilization (February), Michigan Consumer Sentiment (March), Michigan Current Conditions (March), CB Leading Index (February)

· Canada PPI (February), Raw Materials Prices (February)

· Brazil Unemployment (January), IBC-BR Economic Activity (January)

· Colombia Imports/Balance of Trade (January), ISE Economic Activity (January)

Asia

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Japan Tertiary Industry Index (January)

· India FX Reserves (March 10th)

· Singapore Non-Oil Exports (February), Balance of Trade (February)

· Philippines Budget Balance (January)

Europe

Political/Social Events –

· The UK Liberal Democrat Party holds its spring conference in York.

· Today is the 9th anniversary of Russian President Vladimir Putin’s signing of the decree “recognizing the autonomous Ukrainian region of Crimea.”

Economic Reports/Events –

· Eurozone Inflation (February), CPI (February), Labor Cost Index (Q4), Wage Growth (Q4)

· Italy Balance of Trade (January), Construction Output (January)

· Ukraine Balance of Trade (January)

· Russia Central Bank Interest Rate Decision and Press Conference

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 –

· South Africa Consumer Confidence (Q1)

Saturday, March 18, 2023:

Global

· The Black Sea Grain Initiative, a temporary, 120-day deal allowing grain and fertilizers from Ukraine and Russia to be shipped via the Black Sea, expires. If it is not renewed, it will pose an immediate global food security threat.

Americas

Political/Social Events –

· Nothing significant to report.

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 –

· German Chancellor Olaf Scholz travels to Japan with a delegation of German ministers for the so-called intergovernmental consultative framework. They will discuss bilateral cooperation on economic security and trade.

· In Portugal, tens of thousands of workers are expected to protest in Lisbon as part of a protest organized by the country’s largest workers’ union CGTP to demand higher wages.

· In the UK, barge workers who are members of the Unite union will go on strike for better pay.

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 19, 2023:

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· Kazakhstan holds parliamentary elections.

Economic Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· Montenegro holds presidential elections.

· In the UK, it is Mother’s Day.

· France commemorates victims of the Algerian War of 1954-1962.

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.

Please let us know if you or a colleague would like to be added to our distribution list.

Francis Kelly 3/10/23 Francis Kelly 3/10/23

The Global Week Ahead

March 5 - 12, 2023

Events in China will be center stage this week. China’s People’s National Congress, composed of more than 5,000 Party members, will officially confirm President Xi Jinping as President and also select a new Premier. Additionally, the Party will ratify a series of institutional reforms.

EU President Ursula von der Leyen will visit Canada early in the week to discuss Canada’s ability to supply the EU with critical minerals. She will then travel to Washington, DC, to meet with President Biden. They will discuss Ukraine and the ongoing tensions between the US and EU over the recently passed Inflation Reduction Act and its impact on the EU’s electric vehicle industry.

Also, this week, the Board of Governors of the International Atomic Energy Agency (IAEA) will meet to discuss Iran’s nuclear program. IAEA Secretary-General Raphael Grossi held unexpected meetings with senior Iranian officials in Tehran on Friday in an effort to persuade Iran to reverse course on rapidly developing a nuclear weapons program.

Markets will also be focused on Federal Reserve Board Chair Jay Powell’s testimony before Congress this week. The US jobs report will also be front and center later this week.

Japan’s Central Bank will also meet this week to consider interest rate increases. It will be the last meeting of BoJ Governor Haruhiko Kuroda before stepping down. We expect the Japanese Diet (Parliament) to confirm Governor-nominee Kazuo Ueda and two new Deputy Governors, Ryozo Himino and Shinichi Uchida.

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

Sunday, March 5, 2023:

Global

· The Fifth United Nations Conference on the Least Developed Countries (LDC5) begins in Doha, Qatar. The conference will run through March 9th. UN Secretary-General António Guterres will deliver the opening speech.

Americas

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· South Korean National Security Director Kim Sung-Han will travel to Washington, D.C., to discuss bilateral cooperation with North Korea, as well as economic and regional security issues.

Economic Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· The German cabinet will meet today and tomorrow at the Meseberg Castle to try to hammer out a number of issues causing friction between the coalition members. These include finding areas where the government can save money and reinstate the so-called “debt brake,” which limits the amount of money German states can spend and earn. The debt brake was suspended during COVID.

· Estonia holds parliamentary elections.

· Today is the 70th anniversary of Joseph Stalin.

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 –

· Tunisia’s opposition party, the National Salvation Front, and the Tunisian General Labor Union are expected to protest against the rule of President Kais Saied in defiance of local governmental decisions to deny permits to protest.

Economic Reports/Events –

· Nothing significant to report.

Monday, March 6, 2023:

Global

· The World Trade Organization (WTO) holds a General Council meeting (the highest-level decision-making body) through March 7th.

· The Board of Governors of the International Atomic Energy Agency (IAEA) will meet in Vienna, Austria. It is expected they will discuss IAEA’s Director-General Rafael Grossi’s meeting last week, with the Head of the Atomic Energy Organization of Iran (AEOI), Mohammad Eslami, in Tehran, Iran. IAEA) has confirmed that traces of highly enriched uranium particles, up to 84 percent, were recently found in Iran. This is the closest Iran has gotten to reaching the 90 percent threshold required for weapons-grade nuclear fuel.

· The UN Security Council is scheduled to hold a briefing, followed by consultations, on the United Nations Mission in South Sudan (UNMISS). The Special Representative of the Secretary-General for South Sudan and Head of UNMISS, Nicholas Haysom, will brief reporters at the Security Council Stakeout after the Security Council meeting on South Sudan. In the afternoon, the Security Council is scheduled to hold a briefing on the Middle East, followed by consultations on the Middle East (Syria).

· The UNESCO - EU H2020 LimnoPlast Conference - Diving into Freshwater Microplastic Pollution - connecting Water, Environmental and Social Sciences begins in Paris, France, and will continue until March 8th.

Americas

Political/Social Events –

· The US Senate and the US House of Representatives are in session this week.

· US Securities and Exchange Commission Chair Gary Gensler will participate in a fireside chat with the Council of Institutional Investors in Washington, D.C.

· Office of the Comptroller of the Currency Acting Comptroller Michael Hsu will speak on crypto at the Institute of International Bankers Annual Conference in Washington, D.C., also speaking will be FDIC Chair, Martin Gruenberg.

· The CERAWeek Conference is held in Houston, Texas. It is one of the largest energy conferences in the world and will feature energy ministers, CEOs, and leading analysts.

Economic Reports/Events –

· US Factor Orders (January), LMI Logistics Managers Index (February)

· Canada Ivey PMI (February)

· Mexico Auto Production/Auto Exports (February)

· Brazil BCB Focus Market Readout, Car Production/New Car Registrations (February)

· Ecuador Inflation Rate (February)

· Costa Rica Inflation (February)

Asia

Political/Social Events –

· Indonesia’s Foreign Minister Retno L.P. Marsudi will meet with Japanese Foreign Minister Yoshimasa Hayashi, in Tokyo as part of a celebration of the 65th anniversary of Indonesia-Japan diplomatic relations and 50 years of ASEAN-Japan partnership.

· Japan will attempt again to launch its H3 medium-lift rocket after it called off a Feb. 17 launch.

Economic Reports/Events –

· South Korea FX Reserves (February), Inflation Rate (February), CPI (February)

· Australia TD-MI Inflation Gauge (February)

Europe

Political/Social Events –

· In the UK, further NHS ambulance worker strikes by members of the Unite union are expected. But the Unison and GMB unions, which represent many more ambulance workers in England, have called off their industrial action after what they described as a “huge shift” in the government’s position.

· Also in the UK, members of the Unite members will strike at the Drax power station in Yorkshire.

· Additionally, in the UK, driving examiners who are part of the Public and Commercial Services (PCS) union begin a program of rolling strikes over pay, pensions, and jobs.

Economic Reports/Events –

· ECB Board Member Philip R. Lane gives a lecture at Trinity College in Dublin, Ireland.

· Eurozone S&P Global Construction PMI (February), Retail Sales (January)

· Germany S&P Global Construction PMI (February)

· France S&P Global Construction PMI (February), Retail Sales (January)

· Italy S&P Global Construction PMI (February)

· UK S&P Global/CIPS Construction PMI (February)

· Spain Consumer Confidence (February)

· Switzerland Inflation (February), CPI (February)

Middle East

Political/Social Events –

· Turkey’s political opposition parties, working in an alliance, are expected to announce their mutual decision on a presidential candidate to run against President Recep Tayyip Erdogan. However, it appears the alliance is struggling to stay together on their decision and may fracture before the elections in May.

Economic Reports/Events –

Africa

Political/Social Events –

· Ghana celebrates Independence Day, which they achieved from the UK in 1957.

Economic Reports/Events –

· Nigeria Balance of Trade (October/November/December 2022)

Tuesday, March 7, 2023:

Global

· The UN Security Council is scheduled to hold an open debate on Women and peace and security: Towards the 25th anniversary of resolution 1325 (2000).

Americas

Political/Social Events –

· The US Senate Banking Committee’s Economic Policy Subcommittee will hold in the afternoon (following Fed Chair Powell’s Semiannual Monetary Policy Report in the morning) a hearing on “The Federal Debt Limit and its Economic and Financial Consequences.”

Economic Reports/Events –

· US Federal Reserve Board Chair Jay Powell gives the Semiannual Monetary Policy Report to the Senate Banking Committee.

· US IBD/TIPP Economic Optimism (March), Wholesale Inventories (January), Redbook (March 4), Consumer Credit Change (January)

· Mexico Consumer Confidence (February)

· El Salvador Inflation (February)

Asia

Political/Social Events –

· ASEAN holds the 5th Defense Interaction Program, Jakarta, Indonesia.

· China’s New Foreign Minister Quin Gang gives his first press briefing. He is expected to share his views on China’s foreign policy goals.

· Micronesia holds parliamentary elections.

Economic Reports/Events –

· China FX Reserves (February), Imports/Exports/Balance of Trade (January-February)

· Japan FX Reserves (February), Overtime Pay (January)

· South Korea GDP (Q4)

· Taiwan Imports/Exports/ Balance of Trade (February), Inflation Rate (February)

· Hong Kong FX Reserves (February)

· The Reserve Bank of Australia will meet to decide interest rates. Later in the day, RBA Governor Philip Lowe will speak at the AFR Business Summit, Imports/Exports/Balance of Trade (January), Retail Sales (January)

· Philippines Inflation (February), FX Reserves (February)

· Indonesia FX Reserves (February)

· Pakistan Balance of Trade (February)

Europe

Political/Social Events –

· EU Defense Ministers hold an informal meeting through March 8th in Stockholm, Sweden. They will discuss the EU’s military support for Ukraine and hold a working lunch with UN and NATO representatives led by NATO Secretary-General Jens Stoltenberg.

· EU President Ursula von der Leyen begins a visit to Canada, travels to Canadian Forces Base Kingston; meets with Prime Minister Justin Trudeau; addresses a Joint Session of Parliament; joint visit with Prime Minister Trudeau of a Canadian clean technology company. One of the key issues she will discuss with Trudeau is how Canada can better supply the EU with raw materials, particularly minerals needed for electric vehicles.

· EU Education, Youth Culture and Sports Council (Education) meets in Brussels to discuss teacher shortages.

· France is expecting additional widespread strikes in opposition to pension reform being considered by the French Parliament.

Economic Reports/Events –

· Germany Factory Orders (January)

· UK BRC Retails Sales Monitor (February), Halifax House Price Index (February), BBA Mortgage Rate (February)

· France FX Reserves (February)

· Spain Industrial Production (January)

· Switzerland Unemployment (February), FX Reserves (February)

· Poland FX Reserves (February)

· Ukraine FX Reserves (February)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Israel Business Confidence (February), FX Reserves (February)

Africa

Political/Social Events –

Economic Reports/Events –

· Zambia FX Reserves (February), GDP (Q4)

Wednesday, March 8, 2023:

Global

· Today is International Women’s Day.

· The UN Security Council is scheduled to hold a briefing, followed by consultations on the United Nations Assistance Mission in Afghanistan (UNAMA).

· The World Baseball Classic begins in Japan, Taiwan, and the US. It is the first time the tournament has been played since 2017. More than 20 teams will participate.

Americas

Political/Social Events –

· The US House Budget Committee will hold a hearing on the “Fiscal State of the Union.”

· In Ecuador, The Confederation of Indigenous Nationalities of Ecuador will hold anti-government demonstrations.

· The US tech firm Relativity Space plans to launch the world’s first 3D-printed rocket from Cape Canaveral Space Force Station, Florida.

Economic Reports/Events –

· US Federal Reserve Board Chair Jay Powell testifies gives the Semiannual Monetary Policy Report before the House Financial Services Committee.

· US Imports/Exports/Balance of Trade (January), MBA Mortgage Index (March), ADP Employment (February), JOLTs Reports (January), WASDE Report

· Bank of Canada Interest Rate Decision, Exports/Imports/Balance of Change (January)

· Colombia Consumer Confidence (February)

· Argentina Industrial Production (January)

Asia

Political/Social Events –

· China and the Association of Southeast Asian Nations (ASEAN) will convene in Indonesia to resume negotiations over the South China Sea code of conduct until March 10. This is the first meeting since Indonesia took over the chair of ASEAN this year. China has overlapping geographical claims with several Southeast Asian countries.

· South Korea’s ruling People Power Party (840,000 members) will cast ballots on who will take the leadership of the party.

· Australian Prime Minister Anthony Albanese will visit India for the first time as Prime Minister for talks on security and trade with Indian Prime Minister Narendra Modi. Both are members of the Quad (Australia, India, Japan, and the US), which just announced the establishment of a Working Group on Counter-Terrorism.

· Nepal will choose a new president in elections.

Economic Reports/Events –

· Australian Central Bank Governor Lowe speaks…, RBA Chart Pack

· China FX Reserves (February)

· India M3 Money Supply (February 20)

· Japan Current Account (January), Bank Lending (February), Coincident Index (January), Eco Watchers Survey (February), Leading Economic Index (January)

· Sri Lanka Tourist Arrivals (February)

· Indonesia Consumer Confidence (February)

Europe

Political/Social Events –

· The EU Development Ministers will hold an informal meeting in Stockholm, Sweden, through March 9th. They will discuss global health issues with World Health Organization Director-General Tedros Adhanom, and the role of multilateral development banks in fighting climate change, pandemics, and armed conflict. They will conclude the meeting with a working lunch on reconstruction support for Ukraine.

· TO BE CONFIRMED: UK Prime Minister Rishi Sunak is expected to bring the newly negotiated Post-Brexit Northern Ireland Trade Protocol to the Parliament for approval.

· Greek Prime Minister Kyriakos Mitsotakis will dissolve Parliament ahead of the country's general elections on April 9. The conservative government’s (led by the New Democracy party) term ends in July.

Economic Reports/Events –

· ECB Board Member Christine Lagarde participates in a discussion with Ms. Okonjo-Iweala at International Women’s Day event organized by World Trade Organization (WTO) in Geneva, Switzerland.

· ECB Board Member Fabio Panetta gives introductory remarks at a meeting of the Euro Cyber Resilience Board for pan-European Financial Infrastructures.

· Bank of England Monetary Policy Committee member Dr. Swaiti Dhingra will speak at the Resolution Foundation on “A Cost-of-Living Crisis: Inflation during an unprecedented term of trade shock” in London.

· Eurozone GDP (Q4), Employment Change (Q4)

· Germany Industrial Production (January), Retail Sales (January)

· Italy Retail Sales (January)

· Poland Interest Rate Decision

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.

Thursday, March 9, 2023:

Global

· Nothing significant to report.

Americas

Political/Social Events –

· President Biden will release his fiscal 2024 budget proposal to Congress.

· Concordia holds its 2023 Concordia Americas Summit in Miami, Florida, through March 10th. A number of US and Latin American senior political figures, CEOs, and scholars are expected to speak.

Economic Reports/Events –

· Federal Reserve Vice Chair for Supervision Michael S. Barr will speak on crypto regulation at the Peterson Institute for International Economics, Washington, D.C.

· US Challenger Job Cuts (February), Initial Jobless Claims (March 4)

· Mexico Inflation (February)

· Paraguay GDP (Q4), Inflation Rate (February)

· Uruguay Inflation (February)

· Peru Interest Rate Decision, Balance of Trade (January)

Asia

Political/Social Events –

· Japan’s Lower House is expected to vote to confirm the next Governor and two Deputy Governors of the Bank of Japan, Kazuo Ueda, and two new Deputy Governors, Ryozo Himino and Shinichi Uchida.

Economic Reports/Events –

· China Inflation (February), PPI (February)

· Japan GDP (Q4), Machine Tool Orders (February), Consumer Confidence (February)

· Australia Building Permits (January), Private House Approvals (January)

· Philippines Unemployment (January), Industrial Production)

Europe

Political/Social Events –

· In Brussels, Turkey, Sweden, and Finland hold talks in Brussels about the two Nordic nations’ respective bids to become fully fledged members of NATO. Turkey continues to hold up Sweden’s membership over concerns that alleged Turkish terrorists are being harbored in Sweden.

· EU Trade Ministers will hold informal meetings in Stockholm, Sweden, through March 10th. They are expected to discuss EU-US trade issues and trade support for Ukraine.

· The EU Justice and Home Affairs Council will meet through March 10th in Brussels. They will discuss asylum and immigration issues, the future of visa policy in the EU, internal security issues in the wake of Russia’s invasion of Ukraine, and the EU charter of fundamental rights and the civic space.

Economic Reports/Events –

· Bank of England Executive Director for Financial Stability Strategy and Risk, Sarah Breeden, will give a speech on macro-prudential/monetary policy interactions at Leeds University.

· Eurozone Inflation Rate (January)

· UK RICS House Price Balance (February)

· France Non-Farm Payrolls (Q4)

· Italy Inflation Rate (February)

· Russia FX Reserves (February), Corporate Profits (December)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Israel Budget Balance (February), Current Account (Q4), Tourist Arrivals (February)

· Saudi Arabia GDP (Q4), Industrial Production (January)

· Egypt Inflation (February)

· Turkey FX Reserves (March 3)

Africa

Political/Social Events –

· Kenya is bracing for nationwide protests against the government's response to the cost-of-living crisis.

Economic Reports/Events –

· Zambia Current Account (Q4), Business Confidence (Q1)

Friday, March 10, 2023:

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Florida Governor Ron DeSantis visits Iowa. He will make visits later this month to Nevada and New Hampshire in advance of a likely presidential bid.

· The SXSW 2023 Conference kicks off in Austin, Texas. This conference will focus on artificial intelligence, security, privacy, and social media platforms.

Economic Reports/Events –

· US Unemployment (February), Monthly Budget Statement (February)

· Canada Unemployment (February), Participation Rate (February), Capacity Utilization (Q4)

· Brazil Business Confidence (March)

Asia

Political/Social Events –

· Japan’s Upper House is expected to vote to confirm the next Governor of the Bank of Japan, Kazuo Ueda, and two new Deputy Governors, Ryozo Himino and Shinichi Uchida.

· China’s President Xi is officially confirmed by the People’s National Congress. Additionally, the new institutional reform plan will be confirmed.

Economic Reports/Events –

· Bank of Japan Interest Rate Decision and press conference by Bank of Japan Governor Haruhiko Kuroda, Household Spending (January), PPI (February)

· China New Yuan Loans (February), Outstanding Loan Growth (February), Total Social Financing (February), M2 Money Supply (February), Vehicle Sales (February)

· India FX Reserves (March 3), Deposit Growth/Bank Loan Growth (February), Industrial Production (January), Manufacturing Production (January)

· South Korea Current Account (January)

· Philippines FDI (December)

Europe

Political/Social Events –

· EU President Ursula von der Leyen travels to Washington, DC, to meet with President Joe Biden. They are expected to discuss the Ukraine War as well as US-EU trade tensions. Additionally, The focus of the meetings will be “collaboration” on clean innovation, supply chains for green technology, and “rallying the world behind a global net zero emissions goal.”

· UK Prime Minister Rishi Sunak visits Paris to meet with French President Emmanuel Macron. The meeting is an effort to revive ties after recent political and trade tensions.

· In the UK, a 36-hour strike begins this evening over pay by more than 100 rail engineering workers employed by Balfour Beatty and members of the RMT union, the second in a series of walkouts this month.

Economic Reports/Events –

· ECB President Christine Lagarde meets with German Chancellor Olaf Scholz in Berlin, Germany.

· ECB Board Member Fabio Panetta gives a presentation on the digital euro at a meeting of the Executive Committee of the European Banking Federation in Frankfurt, Germany.

· ECB Board Member Elizabeth McCaul participates in a panel in the conference "The New Frontiers in Digital Finance" organized by Commissione Nazionale per le Società e la Borsa in Rome, Italy.

· Germany Inflation (February), CPI (February)

· UK GDP (January), Manufacturing Production (January), Industrial Production (January), Goods Trade Balance (January), Balance of Trade (January), Construction Output (January), NIESR Monthly GDP Tracker (February)

· France Exports/Imports/Balance of Trade (January), Current Account (January)

· Spain Retail Sales (January)

· Italy PPI (January)

· Poland Monetary Policy Meeting Minutes

· Ukraine Inflation (February)

· Russia Inflation (February)

Middle East

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Turkey Unemployment (January), Industrial Production (January), Participation Rate (January)

Africa:

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Rwanda Inflation (February)

Saturday, March 11, 2023:

Global

· Nothing significant to report.

Americas

Political/Social Events –

· Nothing significant to report.

Economic Reports/Events –

· Nothing significant to report.

Asia

Political/Social Events –

· China’s new Premier will be confirmed by the People’s National Congress. It is expected Li Quing will be chosen.

· Today is the 12th anniversary of the Great East Japan Earthquake, tsunami, and nuclear crisis at the Fukushima Daiichi power plant.

Economic Reports/Events –

· Nothing significant to report.

Europe

Political/Social Events –

· Lithuania celebrates Independence Restoration Day.

· UK’s Green Party begins its Spring Conference.

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 –

· Nigeria, having just finished presidential and parliamentary elections, will again head to the polls to elect state governors and state assembly representatives.

Economic Reports/Events –

· Nothing significant to report.

Sunday, March 12, 2023:

Global

· Nothing significant to report.

Americas

Political/Social Events –

· US Daylights Savings begins in the United States, advancing the clock one hour.

· The Academy Awards are held in Los Angeles, California.

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 (Q4)

Africa

Political/Social Events –

· Cameroon holds Senate elections.

· Mauritius celebrates Independence Day, gaining its independence from the UK in 1968.

Economic Reports/Events –

· Nothing significant to report.

Please let us know if you or a colleague would like to be added to our distribution list.

Francis Kelly 3/3/23 Francis Kelly 3/3/23

“A World Transforming: Global Trends Provide Investment Insights”

You might be interested in my article in the current edition of Investments & Wealth Monitor entitled “A World Transforming: Global Trends Provide Investment Insights.”

I identify four global trends transforming the world and markets. And with them, I try to answer some critical questions investment advisors are facing today: What should investment professionals understand about those changes, how best to read these changes, and which sectors will likely be most affected? Geographically, which regions will be the biggest winners and losers of these changes? How should investment professionals assess all this in the short, medium, and long term?

I hope you find this helpful. Please let me know if you have any questions.

Fulcrum Perspectives

April 2 - 9, 2023

Sunday, April 2, 2023:

Monday, April 3, 2023:

Tuesday, April 4, 2023:

Wednesday, April 5, 2023:

Thursday, April 6, 2023:

Friday, April 7, 2023:

Saturday, April 8, 2023:

Sunday, April 9, 2023:

March 31 - April 2, 2023

March 26 - April 2, 2023

Sunday, March 26, 2023:

Monday, March 27, 2023:

Tuesday, March 28, 2023:

Wednesday, March 29, 2023:

Thursday, March 30, 2023:

Friday, March 31, 2023:

Saturday, April 1, 2023:

Sunday, April 2, 2023:

March 24 - 26, 2023

March 19 - 26, 2023

Sunday, March 19, 2023:

Monday, March 20, 2023:

Tuesday, March 21, 2023:

Wednesday, March 22, 2023:

Thursday, March 23, 2023:

Friday, March 24, 2023:

Saturday, March 25, 2023:

Sunday, March 26, 2023:

March 12 - 19, 2023

Sunday, March 12, 2023:

Monday, March 13, 2023:

Tuesday, March 14, 2023:

Wednesday, March 15, 2023:

Thursday, March 16, 2023:

Friday, March 17, 2023:

Saturday, March 18, 2023:

Sunday, March 19, 2023:

March 10 - 12, 2023

Charts of the Week

March 5 - 12, 2023

Sunday, March 5, 2023:

Monday, March 6, 2023:

Tuesday, March 7, 2023:

Wednesday, March 8, 2023:

Thursday, March 9, 2023:

Friday, March 10, 2023:

Saturday, March 11, 2023:

Sunday, March 12, 2023:

March 3 - 5, 2023

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