The global week ahead: from the economy to big tech earnings

The big market thought: Judging by the ominous pronouncements from Wall Street, every trader under the sun should be prepping for fresh turmoil in the world’s biggest stock market. Yet hedging for doom and gloom is falling out of fashion fast, thanks to a historic equity rout that’s already erased $13 trillion in market value this year.

The big race: The clock is ticking for the would-be next prime minister of the UK to declare themselves. Ahead of an initial leadership vote Monday, Rishi Sunak threw his hat into the ring, joining Penny Mordaunt. The former chancellor has momentum on his side, with at least 120 Conservative Party lawmakers backing him. But don’t count out Boris Johnson, who’s yet to publicly declare his hand. And regardless of who wins, the huge economic and fiscal headwinds ahead spell further pain for the pound.

The big consolidation:  Over in China, there’s no doubt over who’s in charge. Xi Jinping on Sunday unveiled a Politburo’s supreme Standing Committee that was stacked with close allies for his third term, with former chief of staff Li Qiang in line to become premier. And in a major regression, China won’t have a woman on its Politburo for the first time in 25 years.

The big earnings: After earnings reports from Goldman, Bank of America and Netflix last week helped assuage some concerns over the health of the consumer, tech giants Microsoft, Apple and Amazon take their turn this week, along with other heavy weights Boeing and Caterpillar. The big oil names — Exxon and Chevron — also release their results on Friday.

Read: Earnings season: Why you need to keep an eye on the FAANG companies