By Caleb Silver
Here are some important events happening around the world this week:
Canada National Elections
Japan All Industry Index
Germany Producer Price Index
Existing home sales U.S.(September)
Philly Fed Non-Manufacturing Survey (U.S.)
EU Consumer Confidence
Energy Information Agency Petroleum Status Report
Mark Zuckerberg Libra House Hearing
Durable goods orders announced U.S. (September)
New Home Sales Announced U.S. (September)
European Central Bank Rate Announcement (A final cut by Draghi?)
Consumer sentiment Index U.S. (October)
France Producer Price Index
Baker-Hughes Rig Count (Oil rigs in the Gulf of Mexico)
Ciao, Mario!This week's European Central Bank policy meeting will be the last for President Mario Draghi. Draghi is going to be replaced by Managing Director of the International Monetary Fund, Christine Lagarde. Draghi leaves with mixed reviews.
His aggressive policies, including negative interest rates, helped end the Eurozone debt crisis, which early in the decade seemed like it would destroy the currency. However, a significant faction of ECB policy makers are unsure of the ECB’s continued stimulus and whether negative rates will cause inflation or growth in the European Union, which is faltering.
Brexit Final PushSpeaking of Europe, we may finally get a final decision on the shape and timing of Brexit this week. While Prime Minister Boris Johnson hoped the new deal he negotiated with the EU would get through Parliament on Saturday, MPs passed the Letwin amendment instead. The amendment says Parliament will withhold its approval of a deal until legislation to implement it, the Withdrawal Agreement Bill, has been passed. Johnson was forced by law to request the EU for an extension to the Oct. 31 Brexit deadline until Jan. 31, 2020. Since it was against his wishes, he did not sign the letter and sent a second letter saying the delay would be a mistake, prompting the Labour Party to label him "a spoilt brat."
This week, he will push for a meaningful vote on his deal and introduce the Withdrawal Agreement Bill in Parliament. It will be up to Speaker John Bercow to decide if the vote will be held. If his deal gets majority approval and the legislation to implement it is passed, the extension request will be withdrawn and Britain will leave the EU by the end of the month. This will also be the case if the EU rejects the extension request. MPs hoping to keep Britain in the bloc's customs union are reportedly planning to introduce amendments to the deal.