Live news updates: Bank of Canada reports biggest drop in business outlook since 2020


Hello and welcome to the working week. Or should that be the week of the workers? The 20th national congress of the Chinese Communist party is under way in Beijing and all eyes are on President Xi Jinping ahead of the expected vote to hand him an unprecedented third term in office.

The Financial Times has spoken with more than two dozen business executives, farmers, government officials and Chinese academics — although, understandably, none would go on the record — to give a broad picture of the country as it enters this new era.

In the UK, representatives of British workers will gather in Brighton for the annual Trades Union Congress, which was rescheduled due to the death of Queen Elizabeth II last month. Given the state of the economy and industrial unrest, there will be much to discuss. Pensions, the cost of living crisis and defending the right to strike are all on the agenda.

Economic troubles will be high on the agenda for the European Council meeting between EU heads of state, which begins on Thursday in Brussels.

Former White House strategist Steve Bannon interviews Kari Lake, the Republican party nominee for Arizona governor
Former White House strategist Steve Bannon interviews Kari Lake, the Republican party nominee for Arizona governor, at the Conservative Political Action Conference in Dallas on August 5 © Shelby Tauber/Reuters

In the US, the fallout from the January 6 2021 Capitol Hill riot continues. On Friday, Donald Trump’s former political adviser Steve Bannon is due to be sentenced for contempt of Congress after failing to comply with a subpoena issued by the committee investigating the attack.

Finally, among the anniversaries this week is a significant one for a British institution as the BBC turns 100. Many people will have a view on this. Perhaps it is time to review former FT editor Lionel Barber’s take on a century of “Auntie Beeb”.

Economic data

New Zealand releases third-quarter consumer price index inflation rate data. UK inflation figures for September are likely to see another rise in the headline rate back in double digits, while the GfK confidence reading and retail sales update will probably underline how unlikely a consumer-led recovery is at the moment.

The Federal Reserve will on Wednesday publish its latest Beige Book, providing commentary on current US economic conditions, and there will be an update on the increasingly fragile American housing market.

China’s monthly activity indicators will most likely illustrate the ongoing impact of Covid-19 restrictions.

Companies

We’re deep into the earnings season, starting the week with the rest of the big Wall Street banks reporting third-quarter numbers, followed by a mixture of consumer goods, retail, media, airlines and tech. Results issuers include third-quarter data from Bank of America, Bank of New York Mellon, Charles Schwab, a half-year report from Naked Wines and a third-quarter operations update from Rio Tinto.



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