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Week Ahead (19 October)

W/C Monday, 19 October - European Parliament's plenary session to be held virtually as Europe reckons with second wave of pandemic

This week's European Parliament's scheduled plenary session, due to take place in Strasbourg, has been moved online in response to a steep increase in the number of Covid-19 cases across Europe in recent weeks.

European capitals took further steps to contain the virus last week, and strong measures are expected to be introduced in a host of member states in the days ahead. Ireland and the UK have implemented stricter controls on the movement of citizens, while France, Germany and Italy all recorded daily record high numbers of Covid-19 infections. France imposed a curfew between 9pm and 6am, which began on Saturday, in nine major urban areas, while Germany agreed a framework for stricter controls among its municipalities.

Wednesday, 21 October - UK data on inflation and public debt to be released

Data covering inflation and public debt in the UK for September will be released on Wednesday. The 12-month Consumer Price Index including owner/occupier housing costs (CPIH), fell by 0.6% in August when compared to July, from 1.1% to 0.5%. The Consumer Prices Index (CPI) 12-month rate was 0.2% in August 2020, down from 1.0% in July. The September results may reflect to some degree the effect of localised lockdowns introduced in parts of England in September.

Public sector finance data for September will also be released on Wednesday. Estimates from August showed that public sector net borrowing was £35.9 billion, up by £30.5 billion compared to the same period last year, and was the third highest month since records began in 1993.

Friday, 23 October - Flash Eurozone composite PMI to be released

The Eurozone flash composite PMI is due to be released on Friday, showing early estimates for economic performance in October. September's results reflect the continuing difficulties faced by European economies in the face of the pandemic. The final composite outscored the September flash estimate, but was still down by 1.5 points from the August final score, dropping to 50.4 compared to 51.9.

This week's flash estimates may give an early indication of the effects of the second wave of Covid-19 currently sweeping Europe, which has prompted restrictions on the movement of citizens across many EU member states.

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