This week, the buzz in business and politics, as well as coffee shop conversation, will centre on Budget 2020 as Malaysians digest the 88-page budget speech to see how it impacts our lives. Last Friday,

Finance Minister Lim Guan Eng tabled a smaller budget for next year, at RM297.02 billion, and announced new incentives for foreign investments that will be finalised by Jan 1. Industry experts and corporates will have further discussions on the matter with the finance minister on Monday, after he presents his Budget 2020 overview at the Budget 2020 Forum, jointly organised by RHB Banking Group, CGS-CIMB Securities Sdn Bhd and Malayan Banking Bhd.

The Kuala Lumpur courts will see several high-profile cases proceed. On Monday, the KL High Court will decide whether former Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor will be called to enter his defence on a RM2 million corruption charge. Tengku Adnan will be called to do so if the court decides the prosecution has established a prima facie case against him. The 1MDB-Tanore trial of former prime minister Datuk Seri Najib Razak resumes on Monday with the continuing testimony of the fund’s former CEO Datuk Shahrol Azral Ibrahim Halmi, the prosecution’s 9th witness.

The hearing of a RM3 million corruption and criminal breach of trust case involving former Federal Land Development Authority chairman Tan Sri Mohd Isa Abdul Samad, continues on Monday as well. On the same day, the court will also hear applications by Najib, his wife Datin Seri Rosmah Mansor and their daughter Nooryana Najwa to inspect and obtain the particulars of assets, including 315 handbags of various brands and cash in various currencies, that were seized by the Malaysian Anti-Corruption Commission.

Outside the country, on Monday, the Monetary Authority of Singapore is due to release its October monetary policy statement, while the city state’s Ministry of Trade and Industry will issue the preliminary gross domestic product estimate for the third quarter of 2019.  On Friday, China will release its third-quarter GDP figures. Bloomberg consensus points to slightly slower growth of 6.1% year on year from 6.2% y-o-y in 2Q2019. According to UOB Global Economics & Markets Research, the rest of China’s September macro data to be released will include trade data on Monday, the Consumer Price Index and the Producer Price Index on Tuesday, as well as retail sales, industrial production and unemployment rate on Friday.

Don’t hold your breath for an end to trade talks between the US and China. As at press time, talks between the world’s two largest economies were still progressing. News reports so far have quoted US President Donald Trump as saying that talks are going well while China reportedly said it is still open to a partial trade deal with the US. Nevertheless, markets will be watching whether the next round of US tariff hikes on US$250 billion worth of Chinese goods will take effect on Tuesday.

In a report last Friday, UOB said South Korea is the only major Asia-Pacific central bank with a monetary policy decision this week. It expects the central bank to cut its key policy rate by 25 basis points to 1.25% on Wednesday.

All eyes will also be on Hong Kong’s embattled leader Carrie Lam Cheng Yuet-ngor’s annual policy address on Wednesday, amid continuing protests that have reached near crisis point. Lam’s popularity rating has plunged to a new record low of 22.3 points out of 100, according to the latest public survey by the Hong Kong Public Opinion Research Institute.

Over in the US, an impeachment inquiry into Trump will stay in focus as the US Congress is back in session on Tuesday after a two-week recess. A former Ukraine envoy is scheduled to testify in the probe.  The US Treasury may also release its semi-annual “Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the US” report to US lawmakers. UOB noted that in the past five years, the October report was released between Oct 14 and 19, except for 2013 when it came out on Oct 30 due to a US government shutdown from Oct 1 to 17. Last year, the report was published on Oct 17. “This year’s report could take on added importance if the current round of trade talks breaks down for whatever reason,” says UOB.

At the same time, the International Monetary Fund-World Bank 2019 annual meeting takes place in Washington from Oct 14 to 19. The IMF is set to release its latest world economic outlook on Tuesday.

Later in the week, the spotlight will shift to the UK as the British parliament will sit on Oct 19 to discuss Brexit, following a meeting of the European Union (EU) Council, in what is possibly the last chance for the UK and the EU to agree to a deal ahead of the Oct 31 deadline.

EU leaders will gather in Brussels on Thursday and Friday to discuss, among others, the long-term EU budget, adopting a decision to appoint IMF chief Christine Lagarde as European Central Bank president and Brexit developments.

On the local corporate front, AME Elite Consortium Bhd, an integrated industrial space solutions provider, will make its debut on the Main Market of Bursa Malaysia on Monday.

According to Bloomberg data, Digi.Com Bhd is slated to report its third-quarter earnings on Friday.  On Tuesday, UMW Holdings Bhd will hold an extraordinary general meeting on the proposed disposal of 38.803 acres of land in Selangor for RM287.7 million. On Wednesday, Sarawak Cable Bhd will hold an EGM to get the nod from shareholders to sell a piece of land in Klang for RM65 million. On the same day, Kein Hing International Bhd will hold its annual general meeting.  On Thursday, Tower Real Estate Investment Trust, YTL Hospitality REIT as well as three public-listed companies controlled by businessman Datuk Siew Ka Wei — Nylex (Malaysia) Bhd, Ancom Logistics Bhd and Ancom Bhd — will hold their AGMs. On the same day, Perdana Petroleum Bhd, PA Resources Bhd and Ho Wah Genting Bhd will be holding EGMs.