BOE Set to Hold Rates as UK Budget Looms Over Decision

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The following day, the outplacement firm Challenger, Gray & Christmas will release a count of announced job cuts for October. Those data come after several large companies — including Amazon.com Inc. and United Parcel Service Inc. — announced reductions in headcount. 

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Other hints about the labor market will surface in the Institute for Supply Management surveys of manufacturers and service providers.    

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Turning north, Canadian Prime Minister Mark Carney is about to release his government’s first budget, which is expected to slash operating spending while investing heavily in capital projects to grow the economy. 

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Economists predict the deficit to rise to at least C$70 billion ($50 billion), or more than 2% of gross domestic product. Businesses are hopeful Carney’s push to unleash private capital will include favorable corporate tax changes. 

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The document, due Tuesday, is also expected to contain a “climate competitiveness strategy” that de-emphasizes emissions targets, plus an immigration plan that aims to scoop up tech talent spurned by US President Donald Trump’s H-1B visa changes. 

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A day before the budget is unveiled, Bank of Canada Governor Tiff Macklem will participate in a fireside chat hosted by The Logic, a tech publication. 

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And at the end of the week, jobs data for October is likely to show continued softness after the country shed a net 45,900 positions in the third quarter and the unemployment rate rose to 7.1%.

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Asia

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November kicks off with a raft of factory activity releases that offers a snapshot of how the region’s export engines are holding up amid global trade strains.

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Readings from China, India, South Korea, Taiwan and Japan will be closely watched for signs that supply-chain disruptions and weak external demand are weighing on manufacturing sentiment.

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Southeast Asian economies from Indonesia to Malaysia to Thailand also report manufacturing PMIs, with Asean nations risking fewer benefits from Washington’s latest trade deals than the US gains in return.

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Indonesia, Vietnam, Taiwan and China also publish trade figures that will show how regional exports are faring in the face of higher US tariffs.

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On Monday, Indonesia reports trade and inflation figures. Australia’s data pulse quickens with building approvals, home-price and household-spending releases — a prelude to the Reserve Bank of Australia’s policy decision the next day.

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The RBA’s rate-setting board is set to hold the cash rate at 3.6% on Tuesday. Governor Michele Bullock is unlikely to offer firm guidance as policymakers weigh whether sticky prices warrant a longer hold, or if a softening labor market could justify more easing.

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The same day, South Korea publishes inflation data. New Zealand reports its quarterly employment and wage figures on Wednesday, and Indonesia releases third-quarter GDP, with economists predicting a slowdown. Singapore posts retail sales for September.

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Thursday brings a policy update from Bank Negara Malaysia, which is expected to keep its overnight rate at 2.75%.

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By Friday, China’s inflation gauges are expected to show continued disinflation. A series of foreign-reserve updates across the region, including from China, India and South Korea, will round off the week, offering a glimpse into how central banks are managing currency volatility amid a firm US dollar.

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Meanwhile, Japan delivers a heavy run of data including labor cash earnings, household spending and real wages — key inputs for the Bank of Japan’s assessment of wage-driven inflation.