Top of the agenda: what you can't miss in the economy and markets this week

Employment data will be in focus in the United States on Friday, but before that there is attention under Portugal, in particular, the Web Summit starting on Wednesday. It's all online this time, but there's no shortage of interest.

Eóin Noonan / Web Summit

Monday, November 30

Featured event: Statistics Portugal publishes quick estimate of unemployment in October

The National Institute of Statistics publishes the rapid estimate of unemployment in October, after having placed 7,7% in September, an increase of 1,2 percentage points compared to August. Meanwhile, the European Commission stated, in the autumn economic projections presented on 5 November, that the unemployment rate in Portugal should rise to 8% this year, before falling to 7,7% in 2021 and 6,6% in 2022.

However, CIP - Confederação Empresarial de Portugal warned, however, on 16 November that the perception of and economic activity worsened in the last month and that there are no signs of improvement. Oscar Gaspar, vice president of CIP, stressed that "we are still in a deep economic crisis", stressing the unemployment rate may skyrocket to double digits by the end of the year, despite the Government pointing to an unemployment rate of 8,7 %.

Other events in focus:

  • INE publishes quick estimate of tourist activity in October
  • INE releases quick estimate of IPC / HICP in November
  • INE presents Quarterly National Accounts for the third quarter
  • Spain: Inflation in November
  • Christine Lagarde, ECB president, speaks at the online event “Thought Leadership Forum” (10:30 am)
  • Continuation of the debate and vote on the specialty of the State Budget for 2021
    Marcelo Rebelo de Sousa receives the Minister of Health and the Minister of Justice

Tuesday, December 1

Featured event: Eurostat releases euro zone inflation in November

The consensus of analysts points to an annual inflation of -0,3% in the euro zone in November, unchanged from the value of the previous month. In the chain, the forecast is for a slight increase in prices, 0,2%, also equal to the pace of October.

Inflation in the eurozone thus remains well below that desired by the European Central Bank, which projects an annual average of -0,2% in the fourth quarter. Chief economist Philip Lane recently warned of the dangers of tolerating subdued inflation and the topic will certainly be the focus of attention at the December 10 meeting of the Board of Governors.

Other events in focus:

  • Conclusion of the OPEC + meeting
  • Germany: unemployment rate in October
  • Eurogroup meeting, via video conference. Includes post-program monitoring assessment from Portugal
  • Canada: Third quarter GDP

Wednesday, December 2

Featured event: Beginning of Web Summit 2020

This time the Web Summit is all on the web. The pandemic forced the organization led by Paddy Cosgrave to move the event to the online video format after four editions at FIL, at Parque da Nações in Lisbon.

Despite the transition to online, the organization says it expects more than 100 visitors from 150 countries to hear speeches from more than 800 participants and visit 2.500 startups or communicate with 1.500 investors. There is no lack of reasons for interest, therefore, with the organization highlighting the presence of Ursula von der Leyen, president of the European Commission, Eric Yuan, founder and CEO of Zoom and Reid Hoffman, co-founder of LinkedIn.

At the launch event, at 12 o'clock, in addition to Cosgrave and von der Leyen, Prime Minister António Costa and Fernando Medina, Mayor of Lisbon, will also be on the virtual 'stage'.

Other events in focus:

  • Eurostat reports eurozone unemployment rate in October
  • Germany: October retail sales

Thursday, December 3

Featured event: Eurostat discloses retail sales in the euro zone in October

Other events in focus: 

  • IHS Markit releases November eurozone PMI indices
  • Brazil: GDP for the third quarter
  • USA: New claims for unemployment benefits in the week ending November 28

 

Friday, December 4

Featured Event: US employment data in November

Non-farm payrolls are possibly the most important indicator in the North American economy at this time. The expectation for the November figures is for an increase of 500 thousand jobs, an increase that will be confirmed, however, a continuation of the downward trend since June.

Read more

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Huawei and Web Summit renew partnership

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Web Summit: CDS wants to know if the Government will keep paying 11 million euros even though it is online

The CDS-PP today questioned the Prime Minister if Portugal is going to “finance the most expensive virtual event ever”, maintaining the annual investment of 11 million euros related to the organization of the Web Summit, which this year takes place on the internet.
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USA: Unemployment benefit claims drop slightly this week

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Competitiveness Forum anticipates technical recession in first quarter due to confinement

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Parents entitled to 66% of the salary to stay at home to take care of children up to 12 years

Parents who are not telecommuting will be entitled to excused absences to take care of their children during the 15 days that schools will be closed. This 66% corresponds to the gross salary, with 33% to be paid by the company and 33% by the State, excluding subsidies and supplements. Whoever earns the minimum wage is always entitled to a total amount of 665 euros.
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