Hello and welcome to the working week.
Donald Trump is set to unveil his reconstruction plan for Gaza and details for a UN authorised stabilisation force when he hosts the first formal meeting of his newly created Board of Peace in Washington on Thursday. The body was originally conceived as part of the US president’s push to create a governance framework for the Palestinian enclave. However, the text of its charter, which stresses the need for a “more nimble and effective international peace-building body”, suggests a far broader scope, leading to speculation that Trump wants his new club of nations to replace the UN, a thorny issue explored by British historian Mark Mazower in this FT Weekend essay.
Several financial markets will be closed on Monday owing to President’s Day in the US, Carnival in South America and lunar new year celebrations across south-east Asia. The US economic data run this week is therefore light, but there will be plenty of material from elsewhere, including inflation data from Japan, the UK, Germany, France and Canada, employment figures from the UK and Germany and a rate decision from China.
Mining is the earnings theme over the coming days and New Delhi will play host to sector leaders at its AI Impact Summit. Speakers include Nvidia chief executive Jensen Huang and Alphabet CEO Sundar Pichai. More details below.
One more thing…
The start of Lent means, to me at least, a chance to find some joy in a year that has so far been a depressing litany of harsh weather and political storms. It’s Pancake Day on Tuesday here in the UK. Anyone fancy whipping up soufflé pancakes?
Do you have an answer to the winter blues? Email me at jonathan.moules@ft.com or, if you are reading this from your inbox, hit reply. However you are spending the next seven days, I wish you well.
Key economic and company reports
Here is a more complete list of what to expect in terms of company reports and economic data this week.
Monday
- Argentina: Lunes de Carnaval. Financial markets closed for two days
- Brazil: Carnival. Financial markets closed for two days
- China/Hong Kong: Chinese New Year’s Eve. China’s financial markets close for the rest of the week, while Hong Kong markets open for a half-day on Monday then close until Friday
- EU: December industrial production figures
- India: January wholesale price index (WPI) inflation rate data
- Japan: first Q4 GDP estimate
- South Korea: Seollal eve holiday. Financial markets closed for three days
- Switzerland: first Q4 GDP estimate
- UK: February Rightmove House Price Index
- US: President’s Day national holiday, also marking George Washington’s birthday. Financial markets closed
- Earnings calls: Bridgestone FY
Tuesday
- Canada: January consumer price index (CPI) inflation rate data
- Germany: January CPI and harmonised index of consumer prices (HICP) inflation rate data
- UK: February labour market statistics. Also, flash Q4 productivity estimate and ONS housebuilding figures
- US: The Conference Board Employment Index
- Earnings calls: Antofagasta FY, BHP HY, Cadence Design Systems Q4/FY, Caesars Entertainment Q4/FY, Carrefour FY, DTE Energy Q4/FY, Fluor Q4/FY, Genuine Parts Q4/FY, Havas FY, InterContinental Hotels FY, Kenvue Q4/FY, Kerry Group FY, Medtronic Q3, Palo Alto Networks Q2, Vulcan Materials Q4/FY
Wednesday
- France: January CPI inflation rate data
- Germany: Q4 labour market statistics
- UK: January CPI and producer price index (PPI) inflation rate data. Also, February UK House Price Index and Price Index of Private Rents
- US: minutes of the last Federal Open Market Committee meeting published
- Earnings calls: Analog Devices Q1, BAE Systems FY, Celanese Q4/FY, Conduit Re FY, DoorDash Q4, eBay Q4, FirstEnergy Q4/FY, Garmin Q4/FY, Glencore FY, Mirvac HY, Moody’s Q4/FY, National Australia Bank Q1 trading update, Orange FY, Pan African Resources HY, Pitney Bowes Q4/FY, Suncorp HY
Thursday
- Australia: January labour force data
- EU: December and Q4 construction output figures
- UK: healthy life expectancy figures, 2011-13 and 2022-24
- US: December State Job Openings and Labor Turnover (Jolts) data, plus December international trade figures
- Earnings calls: Accor FY, Aegon FY, Airbus FY, Air France-KLM FY, Akamai Technologies Q4/FY, Centrica FY, Consolidated Edison Q4/FY, CRH Q4/FY, Deere & Co Q1, Etsy Q4/FY, Kinross Gold Q4/FY, Live Nation Entertainment Q4/FY, Moncler FY, Mondi FY, Nestlé FY, Newmont Q4/FY, Occidental Petroleum Q4/FY, Pernod Ricard HY, Renault FY, Repsol Q4/FY, Rio Tinto FY, Walmart Q4/FY, Zurich Insurance FY
Friday
- China: interest rate decision
- Eurozone, France, Germany, India, Japan, UK, US: S&P Global/HBOC flash manufacturing and services purchasing managers’ index (PMI) data
- Germany: January industrial products PPI inflation rate statistics
- Japan: January CPI inflation rate data
- UK: January retail sales for Great Britain, plus public sector finances figures
- US: updated Q4/FY GDP estimate
- Earnings calls: Anglo American FY, Chemring AGM and trading update, Danone FY, Kingspan FY, PPL Q4/FY, SEGRO FY, Sika FY, Umicore FY, Western Union Q4/FY
World events
Finally, here is a rundown of other events and milestones this week.
Monday
- India: AI Impact Summit begins in New Delhi, discussing responsible deployment of AI at scale. Attendees at the five-day event include Nvidia CEO Jensen Huang, Reliance Industries managing director Mukesh Ambani, Anthropic CEO Dario Amodei, Alphabet CEO Sundar Pichai and World Economic Forum CEO Børge Brende
- North Korea: Day of the Shining Star (Kim Jong Il’s Birthday) national holiday. This follows claims by South Korea’s spy agency last week that current leader Kim Jong Un has chosen his daughter, believed to be named Kim Ju Ae and currently about 13 years old, to be his successor
Tuesday
- Lunar new year, celebrated in various countries across east and south-east Asia
- Celebration ahead of the Lent fasting period in the western church calendar, known as Shrove Tuesday (or Pancake Day) in the UK, Mardi Gras in France and Fat Tuesday in the US, where New Orleans celebrates with the Mardi Gras Carnival
- India: French President Emmanuel Macron attends the AI Impact Summit as part of visit to New Delhi and Mumbai, during which he will meet with Indian Prime Minister Narendra Modi
- Italy: final day of the Venice Carnival
Wednesday
- Greenland: Denmark’s King Frederik X begins a three-day official visit to the North American island nation that is also part of his country
- Japan: The Diet, Japan’s parliament, convenes for a special session, with Prime Minister Sanae Takaichi expected to launch her second cabinet
- Vatican City: Pope Leo XIV celebrates the Ash Wednesday Mass at St Peter’s Basilica with the traditional imposition of ashes on congregants
Thursday
- UK: London Fashion Week begins
- US: President Donald Trump convenes the first meeting of his Board of Peace in Washington. Across town the National Governors Association will start its three-day Winter Meeting of state governors
Friday
Saturday
Sunday
- Laos: parliamentary elections
- UK: EE BaftaA Film Awards, hosted by Alan Cumming, is held at the Royal Festival Hall in London