Live news updates from October 17: UK chancellor axes most of mini-budget tax cuts, Goldman Sachs plans reorganisation – Financial Times

Hello and welcome to the working week. Or should that be the week of the workers? The 20th national congress from 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 particular record — to give a broad picture of the country as it enters this new era.

In the UK, representatives associated with British workers will gather in Brighton for the particular annual Trades Union Congress, which was rescheduled due to the death of Queen Elizabeth II last month. Given the state of the economy plus industrial unrest, there will be much to discuss. Pensions, the particular 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 associated with state, which begins on Thursday in Brussels.

Former White House strategist Steve Bannon interviews Kari Lake, the Republican party nominee for Arizona governor, at the Conservative Political Action Conference within Dallas upon 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 in order to be sentenced for contempt of Our elected representatives after failing to comply with a subpoena issued by the particular committee investigating the attack.

Finally, among the anniversaries this week is a significant one with regard to 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 information. UK pumpiing figures regarding 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 the consumer-led recovery is at the moment.

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

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


We’re deep into the earnings season, starting the 7 days 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 associated with New York Mellon, Charles Schwab, the half-year report from Naked Wines and a third-quarter operations update from Rio Tinto.

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