Live updates: World Bank chief warns of looming food and climate crises

Hello and welcome to the working week. Or should it be workers week? The 20th National Congress of the Communist Party of China is underway in Beijing and all eyes are on President Xi Jinping ahead of the scheduled vote to give him an unprecedented third term.

The Financial Times spoke to more than two dozen Chinese business executives, farmers, government officials and academics – although, naturally, none would be recorded – to provide an overview of the country as it enters this new era.

In the UK, representatives of British workers will gather in Brighton for the annual trade union congress, which was postponed due to the death of Queen Elizabeth II last month. Given the state of the economy and industrial unrest, there will be plenty to discuss. Pensions, the cost of living crisis and the defense of the right to strike are on the agenda.

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

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

In the United States, the fallout from the Capitol Riot of January 6, 2021 continues. On Friday, Donald Trump’s former political adviser, Steve Bannon, is to be sentenced for contempt of Congress after failing to comply with a subpoena issued by the Commission of Inquiry into the bombing.

Finally, among this week’s anniversaries is a significant one for a British institution as the BBC turns 100. Many people will have an opinion on this. Perhaps it’s time to revisit 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 expected to see a further double-digit headline rate hike, while GfK’s confidence reading and retail sales update will likely underline just how drawn a recovery by consumers is unlikely at this time.

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

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


We are in the midst of earnings season, starting the week with the rest of the major Wall Street banks releasing third quarter numbers, followed by a mix of consumer goods, retail, media, airlines and technology. Reporters 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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