Key events next week: India's IIP, US CPI, UK Q3 GDP, China’s trade data and more

Events from India and around the world next week. (Representative Image)

Next week, investors will focus on a slew of economic data that will be announced in the US, UK, India, and China.

On November 7, China will publish its export and import trade statistics for the month of October. The US consumer price inflation and core CPI for October will be out on November 10, and the first estimate of UK's Q3 gross domestic product (GDP) and India's industrial output figures will be released on November 11.

Also, leading companies in India, US and UK will also announce their quarterly earnings reports.  Indian markets will also see four initial public offerings (IPOs) that will open for subscription. Cumulatively, they are looking to raise over Rs 5,020 crore.

Let's take a look at the important economic, business and political events of the week starting November 7.

November 7

China trade data (October)

China will release its official trade data for the month of October on November 7. The country is expected to report slower export and import growth. Export growth for China is seen as a major component supporting its economic expansion.

A Reuters poll showed on November 4 that China's export growth likely cooled in October as global demand continued to soften, while imports remained sluggish amid weakening growth at home. Exports likely rose 4.3 percent last month from a year earlier, according to the median forecast of 20 economists in the poll, and imports were forecast to have risen just 0.1 percent from a year earlier, the poll showed.

According to the delayed data released by China Customs, in September, China’s exports grew by 5.7 percent compared with a year earlier, down from 7.1 percent growth in August. Imports grew by 0.3 percent compared with a year earlier, unchanged from 0.3 percent growth in August.

November 8

US midterm elections

The US midterm elections polling is scheduled to be held on November 8. All the members of 435 seats are running to be re-elected. All 435 House seats and 35 of the 100 Senate seats are on the ballot. Additionally, 36 out of 50 states will elect governors. Members of the House of Representatives only have a term of two years.

The midterm elections will decide who controls Congress as well as state legislatures and governor’s offices. The elections will give voters an opportunity to indirectly express their views on the presidency, the party in power in the White House, and the current direction of the country.

Currently, Democrats led by Joe Biden are in the majority. The outcome will influence the playing field for the 2024 presidential campaign.

November 10

US CPI & core CPI (October)

The US consumer price index (CPI) report for the month of October will be released on November 10.

The CPI increased 8.2 percent in the year to September, slowing from both August’s reading of 8.3 percent and the June peak of 9.1 percent. However, core CPI, which excludes volatile food and energy prices, rose 6.6 percent in the year to September, up from 6.3 percent in August, hitting a fresh 40-year high.

US Initial jobless claims

While the US initial jobless claims data for the week is awaited, the number of Americans filing new claims for unemployment benefits unexpectedly fell last week ending October 29. Initial claims for state unemployment benefits slipped 1,000 to 217,000 against forecast of forecast 220,000 claims for the week ended October 29, the Labor Department said on November 3.

November 11

India’s industrial production

India's factory output measured in terms of Index of Industrial Production (IIP) for the month of September will be released on November 11.

The Quick Estimates of IIP are released on the 12th of every month (or previous working day if 12th is a holiday) with a six-week lag. They are compiled from data received from source agencies, which in turn receive the inputs from the producing factories/ establishments. This macroeconomic data is important for policymakers as it showcases the current state of manufacturing, mining and other important sectors.

India's industrial growth, as per the Index of Industrial Production (IIP), slid to an 18-month low of -0.8 percent in August from 2.2 percent in July, data released by the Ministry of Statistics and Programme Implementation on October 12 showed.

UK Q3 GDP

Preliminary reading of United Kingdom's gross domestic product for Q3 will be out.

Britain's economy shrank in Q2, official data showed on August 12. UK gross domestic product dropped 0.2% in the April-June period versus an initial estimate of a contraction of 0.1%, after a rise of 0.4% in the first quarter.

The final version of the S&P Global UK Services Purchasing Managers' Index (PMI) fell to 48.8 in October, slipping below the 50.0 threshold for growth where the index sat in September.

Earnings Watch

Watch for updates on company earnings from top Indian and American businesses.

A number of Indian businesses, including BPCL, Ceat, Coal India, Divi's Laboratories, India Cement, Paytm (November 7); Bajaj Electricals, MRF (November 8); Dhanlaxmi Bank, JP Infra, Novartis, Orient Cement, Pidilite, Tata Motors, Lupin (November 9); Apollo Hospitals, Ashok Leyland, Bata, Berger Paints, Jindal Steel, SAIL (November 10); Adni Power, BHEL, IDFC, Mahindra & Mahindra (November 11); Aurobindo Pharma (November 12) - will report their Q2 earnings.

Notable companies due to report include BioNTech, Lyft, Vroom (November 7); DuPont, Norwegian Cruise Line Holdings, Disney, GlobalFoundries, AMC Entertainment (November 8); Rivian Automoive, Marks & Spencer, Aviva (November 9); AstraZeneca, Paysafe, Ralph Lauren, WH Smith, Phillips 66, Brookfield Asset Manager, Haleon (November 10).

IPOs that will open for subscription in India

Four more initial public offerings (IPOs)—Archean Chemicals Industries Ltd, Five Star Business Finance Ltd, Kaynes Technology India and Inox Green Energy Services Ltd—will hit the markets next week to cumulatively raise around Rs 5,020 crore.

Archean Chemicals and Five Star Business will both open for subscription on November 9. Kaynes Technology India Ltd's IPO opens on November 10. Inox Energy Services Ltd issue will open on November 11.