Hello and welcome to the working week.
An important event to watch in the UK will be the release of the long-awaited phase 2 report from the Grenfell Tower Inquiry, which will be published on Wednesday. The inquiry was set up following the devastating and fatal fire that engulfed the London block in 2017. The first phase of the report that was released in October 2019 sent shockwaves through the UK homebuilding sector, and years later leaseholders in residential buildings are still footing the bill to replace cladding that the report deemed unsafe.
Phase 2 will look at how the flammable cladding came to be installed, including how it was picked and the testing it underwent. There will also be a more detailed look at the London Fire Brigade’s response to the blaze. The service’s commissioner at the time, Dany Cotton, resigned shortly after the 2019 report sparked a wave of criticism.
On the data front, the US Department of Labor’s Bureau of Labor Statistics on Friday is set to release its monthly employment report for August, which will include data for non-farm payrolls. Economists estimate that the US economy will have added 160,000 jobs in August. The last batch of data for July was far below economists’ expectations and was a prime suspect in spurring the sell-off that sent ructions through markets at the start of last month.
One more thing . . .
That’s it from me. Next week Melody Abike Adebisi will be guiding you through the events you need to keep an eye on. If you’re sad that the Olympics have ended and the Paralympic Games will wrap up later this week, I will leave you with a recommendation: the World Nomad Games start on Sunday in Astana, Kazakhstan. If you’re expecting sporting classics such as athletics or cycling you will be in for a surprise. Events include horseback wrestling, horseback archery (are you sensing a theme?) and kusbegilik — which you could describe as hunting with birds of prey, such as golden eagles, but more competitive.
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
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S&P Global Manufacturing PMI covering August for several countries including the UK, Netherlands, Italy, Czech Republic, India, Germany, Japan, South Korea, Russia, China and the Eurozone
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UK: Georges Elhedery takes over as the chief of HSBC replacing Noel Quinn
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UK: Marc Page become the chief financial officer of Metro Bank
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Labour day in the US and Canada. Financial markets closed in both countries
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Vietnam: Independence Day. Financial markets closed
Tuesday
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UK: Data for mergers and acquisitions involving UK companies set to be released by the Office for National Statistics
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S&P Global Manufacturing PMI covering August for the US, Canada and the global economy
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Turkey: Consumer price index for August
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Brazil: GDP Q2 figures
Wednesday
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Australia: Q2 GDP data
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Canada: Interest rate announcement
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Poland: Interest rate announcement
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UK: British Chambers of Commerce publishes its quarterly economic forecast for unemployment, inflation, GDP growth and interest rates for the next three years
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UK: Rebalancing of the FTSE indices including the FTSE 100 and 250. EasyJet and Burberry Group are set to move from the FTSE 100 to the FTSE 250.
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US: Federal Reserve publishes its Beige Book summary of economic conditions
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Results: Direct Line HY, Dollar Tree Q2
Thursday
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UK: Bank of England publishes monthly data for its Decision Maker Panel, which surveys a host of chief financial officers from UK companies for their outlook on the country’s economy
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Results: Lloyd’s of London interim results, Broadcom Q3
Friday
World events
Finally, here is a rundown of other events and milestones this week.
Monday
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UK: End of summer recess for House of Commons and House of Lords.
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Slovenia: Bled Strategic Forum hosted by the country’s government in the resort town of the same name. Speakers include a host of Balkan leaders along with officials from across Europe.
Tuesday
Wednesday
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UK: The Grenfell Tower Inquiry publishes phase 2 of its report into how a fire engulfed the residential block in 2017
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US: New York Fashion Week for the spring/summer 2025 season begins
Thursday
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Canada: Toronto International Film Festival opens and runs until September 15
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UK: Winner of the Mercury Prize Album of the Year announced
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US: 2024 National Football League season starts with the Baltimore Ravens against the Kansas City Chiefs
Friday
Saturday
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Algeria: Presidential election
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Ireland: UK Prime Minister Keir Starmer meets Irish premier in Dublin. The two leaders are expected to attempt a “reset” of relations between the two countries
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US Open tennis women’s singles final
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UK: FT Weekend festival held at Kenwood House in London
Sunday
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France: Closing ceremony of the Paris Paralympics
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US Open tennis men’s singles final
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Russia: Local elections
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Kazakhstan: World Nomad Games begin in Astana
