THE WEEK AHEAD

COMPANY NEWS
Burberry will make its second quarter trading statement on Wednesday. China has been driving demand for luxury European goods, but there have been signs that this demand is beginning to abate, which will not bode well for the UK brand.

Hargreaves Lansdown will release an interim management statement on Thursday. Many will be watching to see what kind of effect the financial turmoil has had on the firm.

Asos will release its second quarter trading statement on Friday. It has been hit by weak UK retail demand this year.

ECONOMICS
● Today is Columbus Day in the US. Despite being a bank holiday, few banks recognise it – it seems even Italy’s historical figures are being downgraded. Only the CME financials and CME interest rates open outcry pits are closed.

● In Canada, it is Thanksgiving Day. All Canadian banks and markets will be closed.

● Tomorrow, the Royal Institution of Chartered Surveyors will release its September housing market survey. Last month it suffered a slight fall from
-22 to -23. This month could well show a sharper drop.

● Tomorrow, China will report its year-on-year M2 money supply figures, as well as its holdings of foreign exchange reserves quarter-on-quarter for September. The second announcement will be of particular interest.

● Tomorrow will also see the publication of the September FOMC minutes.

● On Thursday, the ECB will release its monthly report on the prevailing economic situation and the risks to price stability. Every market watcher knows the that the short answer to those questions is “bad” and “high.”

POLITICAL NEWS
● Members of Parliament return to Westminster this week after party conference season. Many on the Labour benches will be sat in different seats following last week’s shadow cabinet reshuffle.

● Tomorrow, the House of Lords will go through the second reading of the Health and Social Care bill in order to thrash out Andrew Lansley’s proposed NHS reforms.

● On Friday, G20 central bank governors and finance ministers will meet to discuss what to do about a problem called Greece. Expect platitudes and confirmations of intent. But little else.