As the week progresses, a series of pivotal economic events and political developments are set to unfold across the globe. The US presidential election on November 5, 2024, is drawing significant attention, with elections for 33 Senate seats, all 435 House seats, state governorships, and state legislatures taking place simultaneously [495758b2]. This election is expected to influence not only domestic policies but also international economic relations.
Following the elections, the US Federal Open Market Committee is scheduled to meet on November 6-7, 2024, where a 25 basis points rate cut is anticipated as part of the ongoing adjustments to monetary policy [495758b2]. This decision is critical as it will impact borrowing costs and economic growth in the US, which is closely monitored by global markets.
In Malaysia, Bank Negara Malaysia will also convene on November 6, 2024, to decide on the overnight policy rate, which is expected to remain steady at 3% [495758b2]. This decision comes amid a backdrop of various economic data releases, including the external trade data for September, which was released on October 14, 2024, showing a promising outlook for the country's economy [bac4da6c].
Additionally, over 1,700 US firms are set to report their third-quarter earnings during this period, providing crucial insights into corporate performance and economic health [495758b2]. Meanwhile, the Reserve Bank of Australia will announce its monetary policy decision on November 5, 2024, and G7 countries will also be making monetary policy decisions on November 7, 2024, reflecting the broader economic conditions affecting these nations [495758b2].
In China, trade and inflation data will be released between November 7-9, 2024, which will further inform global economic trends and investor sentiment [495758b2]. These developments underscore the interconnectedness of economic policies and political events across the US, Malaysia, and beyond, as stakeholders brace for a week filled with critical announcements and data releases.