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Your Sunday Briefing: From the Economy to Big Tech Earnings – BNN Bloomberg

(Bloomberg) — Hello again.

All ready for another week? Here’s something to help get you prepped.  

The big stat: The headline figure in the GDP report this week is expected to be positive, after contractions in the first two quarters of the year. Still, details of the report could provide a fuller picture of how consumer and business demand has fared under the Fed’s tightening campaign, alongside data on income and spending later in the week.    

The big market thought: Judging by the ominous pronouncements from Wall Street, every trader under the sun should be prepping for fresh turmoil in the world’s biggest stock market. Yet hedging for doom and gloom is falling out of fashion fast, thanks to a historic equity rout that’s already erased $13 trillion in market value this year.   

The big race: The clock is ticking for the would-be next prime minister of the UK to declare themselves. Ahead of an initial leadership vote Monday, Rishi Sunak threw his hat into the ring, joining Penny Mordaunt. The former chancellor has momentum on his side, with at least 120 Conservative Party lawmakers backing him. But don’t count out Boris Johnson, who’s yet to publicly declare his hand. And regardless of who wins, the huge economic and fiscal headwinds ahead spell further pain for the pound. 

The big consolidation:  Over in China, there’s no doubt over who’s in charge. Xi Jinping on Sunday unveiled a Politburo’s supreme Standing Committee that was stacked with close allies for his third term, with former chief of staff Li Qiang in line to become premier. And in a major regression, China won’t have a woman on its Politburo for the first time in 25 years.

The big earnings: After earnings reports from Goldman, Bank of America and Netflix last week helped assuage some concerns over the health of the consumer, tech giants Microsoft, Apple and Amazon take their turn this week, along with other heavy weights Boeing and Caterpillar. The big oil names — Exxon and Chevron — also release their results on Friday.  

The big trip: If you haven’t already made plans for the holiday season, you might want to get on to it. The travel industry expects the traffic for the Thanksgiving through New Year’s period to reach or exceed pre-pandemic levels and that’s already translating into a jump in fares.    

ICYM our Big Take: For years, lawmakers have attempted to crack down on assault weapons blamed for tragedies like the Sandy Hook Elementary School shooting. But as Jason Grotto and Michael Smith discover, there are more gun manufacturers than ever, including those making AR-15-style rifles that outmaneuver regulators. 

The big opinion: In his latest column, Niall Ferguson mulls how it is not civilizations that clash, but empires and examines what is at stake in cases of great-power conflict. 

And finally, we celebrate the 100th episode of the Bloomberg Crypto podcast, and use the opportunity to take stock of where the whole industry is going. 

Have a good week. See you on the other side. 

©2022 Bloomberg L.P.

Read More: Your Sunday Briefing: From the Economy to Big Tech Earnings – BNN Bloomberg

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