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Oct 21 (Reuters) - The Bank of Canada's rate decision, global flash PMIs for October, comments from Federal Reserve officials, and China's economic stimulus efforts should dominate a relatively quiet week for data and major central bank events. The subdued U.S. data schedule is led by S&P Global flash PMIs, existing and new home sales, durable goods, the Federal Reserve's Beige Book, weekly jobless claims and University of Michigan sentiment. Several Fed officials will voice their opinions on the outlook for the economy and interest rates. The BoC is expected to lower its policy rate from 4.25% on Wednesday, with 19 of 29 economists in a Reuters poll expecting a chunky 50 basis-point cut. Canada's main data release is August retail sales. China's one-year and five-year loan prime rates will be cut by 20-25 basis points on Monday following last month's cuts to the reserve requirement ratio, benchmark seven-day reverse repo rate and medium-term lending facility rate as China pulls out the stops to achieve its 2024 growth target.
The PBOC also flagged that interest rates on existing mortgages would be adjusted on Oct 25, dropping by an average of 50 bps for 90% of existing mortgages. Japan has a low-key week for event risk, with flash PMIs, Tokyo October CPI and services PPI the main releases, ahead of the general election on Sunday. European Central Bank President Christine Lagarde will discuss Europe's economic outlook on Wednesday. Euro zone flash consumer confidence and PMIs and the German Ifo business climate survey are the only significant data.
The UK has flash PMIs on Thursday, while Bank of England Governor Andrew Bailey has three speaking engagements in the U.S.
Australia has no top-tier data due. Reserve Bank of Australia Deputy Governor Andrew Hauser's comments in a fireside chat on Monday may draw some interest.
New Zealand releases September trade data and a few central bank officials are due to speak, including Governor Adrian Orr.
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(Andrew Spencer is a Reuters market analyst. The views expressed are his own. Editing by Sonali Desai) ((andrew.m.spencer@thomsonreuters.com; sonali.desai@thomsonreuters.com))
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