Elections will dominate the week ahead again, with the French campaign kicking off today, meaning politicians are vying for votes on both sides of the Channel. In the broader world of trade, the relationship between China and Australia is in focus as Li Qiang, China’s second most important political figure, visits Australia following a recovery in the two countries’ trading relationship.
China-Australia
Chinese premier Li Qiang is in Australia today (17 June) as he continues a regional tour aimed at improving relations with the country. He is expected to visit Parliament House in Canberra as part of the visit after already visiting the country’s winemaking region; it follows a relaxation in tariffs on Australian wine imposed by China during recent trade disputes.
It comes as the FT reports that trade between Australia and China has hit a record level of US$145bn. Part of the boost is a result of the rising price of iron ore, Australia’s most vital export. Services exports to China have also increased, particularly in the travel and tourism sectors.
Election talk
Following last week’s manifesto launches, it’s set to be a less policy-heavy week for the major parties in the UK general election. There is another manifesto launch today, though, as Reform UK launches its ‘contract’ with voters in Merthyr Tydfil in Wales.
Speaking there today, leader Nigel Farage highlighted the UK’s post-Brexit growth from seventh- to fourth-largest exporter in the world, while rejecting the idea of a closer relationship with the EU following the UK’s exit. The BBC notes that he also described Europe as a “declining part” of the global economy.
The final fortnight of the campaign will feature another TV debate on Thursday in the form of a Question Time 'Leaders’ Special', which will feature leaders from Labour, the Conservatives, the Liberal Democrats and the SNP. You can stay up-to-date with election through our regular update feature here.
French election
The French parliamentary election campaign starts today, following a flurry of alliance-making efforts in recent days across the country’s political spectrum.
A group of left-wing parties announced the creation of a ‘New Popular Front’ last week, the BBC reports, a move which they say will help to compete with the right-wing National Rally party led by Marine le Pen.
Polling puts the former on 28.5% of the vote and the latter on 29.5%. The National Rally’s strong performance in the recent EU elections triggered President Emmanuel Macron’s decision to call the parliamentary election.
In Europe, an informal meeting of the EU’s leaders at the European Council will take place today following the recent EU parliamentary voting.
Stats
This week will also feature a flurry of stats releases, not least from the US, where there will be fresh data on industrial production levels, with similar updates from China to follow.
UK inflation data will also be published following disappointing growth numbers last week. The Times reports predictions that the rate is likely to dip towards the target of 2%. The Bank of England remains unlikely to alter the current 5.25% interest rate when it votes on Thursday, partly to ensure consistency before the UK votes in the general election on 4 July. Thursday is also the day the European Central Bank (ECB) publishes its economic bulletin, while Japan publishes its own inflation data on Friday.
Other dates for the diary
Monday: China monthly economic data released
Tuesday: International Institute for Management Development (IMD) World Competitiveness Yearbook released
Wednesday: Li Qiang visits Malaysia
Thursday: Schwarzenegger Climate Initiative, hosted by Arnold Schwarzenegger, features Ursula von der Leyen and António Guterres in Vienna
Friday: EU Economic and Financial Affairs Council meeting takes place
Saturday: Arrival of Japanese emperor and empress in UK ahead of official state visit
Sunday: UN Public Service Day