This week, forget US vs. China. The action will be in Europe
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The central banker credited with saving the euro is poised to go out with a bang.
Mario Draghi, who will on Thursday preside over his last interest rate decision as president of the European Central Bank, has positioned himself to do something extraordinary: push rates further into negative territory, and announce the restart of a bond-buying program meant to stimulate the region's economy. Such moves — which will be closely watched by markets — look increasingly controversial.
Even so, not everyone is on board with the ECB cutting rates slightly and launching another asset-purchase program, or quantitative easing.
The region is not in recession. Some worry that the impact will be minimal, and that acting now risks further depleting the central bank's toolkit. This could limit the ECB's ability to intervene effectively in the event of a crisis.
"Rates are so low generally that you've gotten to the point where there is little juice left," Andrew Kenningham, chief Europe economist at Capital Economics, told me.
The bond-buying piece of the equation, in particular, has seen pushback from some ECB policymakers in recent days. They argue that the region's economy isn't weak enough to warrant such a move.
For Draghi, it's a tough final act. You can bet investors, and perhaps President Donald Trump, will be paying attention.
Remember: The Federal Reserve holds its September meeting the following week. This will set the stage.
Also happening: Of course, the ECB decision isn't the only action in Europe.
Eyes remain on UK Prime Minister Boris Johnson, who last week suffered a parliamentary revolt aimed at preventing Britain from crashing out of the European Union without a deal to protect the economy. The pound went on a wild ride as a result.
Now the country is looking toward a potential election, which Johnson wants to hold before the October 31 Brexit deadline. Parliament could vote again on whether to give Johnson a green light as soon as Monday. But the odds don't look good; the country's opposition parties have said they'll oppose the measure.
Meet the new iPhones, same as the old iPhones?
Now a dispatch from my CNN Business colleague Seth Fiegerman in New York:
"Apple is set to unveil its latest iPhone lineup on Tuesday at its most closely watched event of the year.
The stakes are high for the company. Even as it works to diversify its revenue by pushing into premium subscription services, the iPhone remains Apple's single biggest moneymaker. And it's struggling.
iPhone sales have declined in recent quarters as the company grapples with consumers waiting longer to upgrade their smartphones and a trade war denting demand in China, once one of Apple's most promising markets.
If the rumors ahead of this year's event are true, Apple is gearing up to announce incremental changes to the iPhone, which may generate press but not change the concerning trend lines for the company.
As of now, expect better cameras and some clunky new names (iPhone 11 Pro?), but not much in the way of breakthrough new features."
Monday: UK monthly GDP and industrial production
Tuesday: China inflation; US small business sentiment; Apple iPhone 11 event
Wednesday: US producer price index; OPEC monthly report
Thursday: ECB decision; US consumer price index; Kroger and Broadcom earnings
Friday: US retail sales; University of Michigan consumer sentiment survey