The Week of June 3, 2024 Newsletter

??THIS WEEK: Climate Action, Supply Chain, Artificial Intelligence, Healthcare, Sustainability, Trade

Get the inside scoop on the latest global updates, including critical economic insights and climate strategy updates. Arm yourself with our executive brief today! #GlobalEvents, #EconomicData, #MonetaryPolicy, #GovernmentHearings, #FinancialReports, #ClimateAction, #ArtificialIntelligence, #HealthcareInitiatives, #InternationalRelations, #InfrastructureDevelopment

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HAPPENING THIS WEEK

Monday, 3 June

• Germany: 60th Sessions of the UNFCCC Subsidiary Bodies start in Bonn.
• France: 26th Session of the Intergovernmental Council of the Intergovernmental Hydrological Program begins in Paris.
• Switzerland: 63rd meeting of the Standing Committee to the Convention on Wetlands begins in Gland.
• USA: Second Session of the Intergovernmental Preparatory Committee of the Third UN Conference on LLDCs starts in New York City.
• House Oversight and Accountability Select Subcommittee on the Coronavirus Pandemic: Hearing with Dr. Anthony Fauci in Washington, D.C.
• Belgium: European elections activities and final plenary session of the 9th term of the European Parliament in Brussels.

Tuesday, 4 June

• Belgium: European Civil Protection Forum 2024 begins in Brussels.
• Belgium: Webinar on financial protection in healthcare in Brussels.
• Belgium: Textiles ecosystem stakeholder event starts in Brussels.
• House Homeland Security Subcommittee on Emergency Management and Technology: Hearing on OSHA’s Proposed Rule on Fire Brigades Standard in Washington, D.C.
• House Energy and Commerce Subcommittee on Energy, Climate and Grid Security: Hearing on Powering AI in Washington, D.C.
• House Natural Resources Subcommittee on Energy and Mineral Resources: Hearing on critical minerals legislation in Washington, D.C.
• Joint Economic Committee: Hearings on artificial intelligence and economic growth in Washington, D.C.
• Senate Agriculture, Nutrition, and Forestry Subcommittee on Commodities, Risk Management, and Trade: Hearings on pathways to farming in Washington, D.C.

Wednesday, 5 June

• World Environment Day: Over 1800 events worldwide; focus on land restoration, desertification, and drought resilience.
• India: Indian election results announced.
• Singapore: Shangri-La Dialogue continues.
• Senate Committee on Environment and Public Works: Oversight hearing on the budget of the Federal Highway Administration in Washington, D.C.
• Senate Committee on the Budget: Hearings on climate challenges to insurance markets in Washington, D.C.
• Senate Committee on Finance: Hearings on trade preference programs in Washington, D.C.
• Senate Judiciary Subcommittee on Competition Policy, Antitrust, and Consumer Rights: Hearings on competition and economic resiliency in Washington, D.C.
• Belgium: Event on reducing consumer food waste in Brussels.
• Belgium: EU Cancer Mission webinar on understanding cancer.
• Belgium: European Civil Protection Forum continues in Brussels.
• Belgium: Textiles ecosystem stakeholder event continues in Brussels.

Thursday, 6 June

• USA: Event to commemorate World Environment Day in collaboration with Saudi Arabia in Washington, D.C.
• Belgium: European elections begin Europe-wide.
• Singapore: U.S. Secretary of Commerce Gina Raimondo attends the Indo-Pacific Economic Framework Ministerial meeting.
• European Parliament: Public debates on European elections.

Friday, 7 June

• World Food Safety Day
• Belgium: Investors Dialogues on Energy webinar on Net-Zero Industry Act online.
• European Parliament: European elections continue.

GLOBAL ECONOMIC PULSE

The worldwide economic outlook hinges on several key central bank decisions and PMI data releases across different regions, highlighting the interconnectedness of global financial markets.

USA: In the USA, all investor attention is on the upcoming non-farm payrolls and wage growth statistics. The May US flash Purchasing Managers' Index (PMI) data indicated subdued employment conditions, signaling a potential slowdown in job growth and easing wage pressures. This is crucial as the market is eager for signs of decelerating job growth to gauge the possibility of future Federal Reserve rate cuts. Moreover, detailed sector data from the tech sector will provide insights into growth and demand conditions.

EUROPE: The European Central Bank (ECB) is expected to begin its policy easing cycle with a 25 basis points rate cut. European Parliament elections may shift the EU political center to the right. GDP updates for the eurozone are anticipated, with market focus on how many more rate cuts the ECB will implement in 2024. Meanwhile, Bank of Canada (BoC) meetings may also result in rate cuts, with PMI prices data indicating elevated inflationary pressures.

ASIA: Key economic indicators include Japan's wages and China’s trade data. The Reserve Bank of India (RBI) is likely to maintain its 6.5% policy rate amidst stable inflation and robust PMI data. China's Caixin manufacturing PMI and May trade data will be closely watched, with expectations of export rebound due to base effects. Australia's Q1 GDP, PMI, inflation, and trade data are also critical. In South Korea, strong chip exports are expected to boost May exports. Japan’s labor cash earnings and household spending data, along with inflation reports from Indonesia and the Philippines, will be crucial.

LATIN AMERICA: The main event is the presidential elections in Mexico. Additionally, Brazil’s GDP updates are expected, with worldwide PMI data providing broader economic insights.

AFRICA: South Africa's GDP updates are anticipated, with global PMI trends providing further economic context.

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