The S&P 500 index fell Wednesday — after spending most of the day higher — snapping a five-session streak of gains. Tech shares stumbled toward the end of regular trading as Apple Inc. slid from the day’s highs. FedEx Corp. plunged after a forecast cut. With few big economic headlines imminent, and much of the U.S. focused on the impeachment vote, investors may take a wait-and-see stance as the holidays near.

“We think it’s largely going to be a non-event,” Candice Bangsund, a vice president and portfolio manager at Fiera Capital, said of the impeachment. “It’s going to be the story likely for the next two to three weeks and then it will be ancient history and we’ll be moving on to the elections, to trade negotiations.”

With global stocks close to all-time highs and the U.S.-China trade accord announced Friday yet to be signed, traders are finding few reasons to bid prices higher. The outlook for America’s monetary policy remains steady — two Federal Reserve policy makers reiterated that interest rates are on hold — yet the miserable results from FedEx were a reminder of the headwinds to growth.

The Stoxx Europe 600 index closed lower as national benchmarks traded mixed, with Germany’s gauge underperforming even as data showed business expectations improved for a third month.

PSA Group rose and Fiat Chrysler Automobiles NV was steady as they agreed to combine in a deal to create the world’s fourth-biggest auto manufacturer. Bang & Olufsen A/S plunged after the luxury TV and stereo maker issued its fourth profit warning in a year. The pound extended its losses after tumbling Tuesday on renewed concern that a no-deal Brexit is possible. The dollar strengthened against most of its G-10 peers.

Earlier in Asia, equities were mixed, with shares falling in Tokyo but rising in Hong Kong and India. The yuan was steady offshore after China’s central bank injected liquidity into the financial system.

Meanwhile, West Texas crude rebounded, and energy shares rose, after a bullish U.S. inventory report.

Here are some key events to watch for this week:

–Policy decisions are due Thursday from the Bank of Japan and the Bank of England.

–Revised U.S. GDP data are due Friday.

–Friday also brings quadruple witching in the U.S., the simultaneous expiration date of stock index futures, stock index options, stock options and single stock futures. Expect elevated trading volume, particularly in the last hour of trading.

These are the main moves in markets:

Stocks

-The S&P 500 index was little changed at 3,191.14 as of 4:05 p.m. New York time, the first retreat in more than a week and the largest fall in a week.

-The Stoxx Europe 600 index declined 0.1% to 414.38.

-The U.K.’s FTSE 100 index advanced 0.2% to 7,540.75, hitting the highest in almost 20 weeks with its sixth consecutive advance.

-Germany’s DAX index decreased 0.5% to 13,222.16.

-The MSCI Emerging Market index jumped 0.6% to 1,108.81, hitting the highest in 18 months with its sixth consecutive advance.

Currencies

-The Bloomberg Dollar Spot index gained 0.1% to 1,195.87, the highest in a week.

-The euro declined 0.3% to $1.1118, the weakest in a week on the largest drop in more than a week.

-The British pound decreased 0.3% to $1.3086, the weakest in two weeks.

-The Japanese yen depreciated 0.1% to 109.57 per dollar, the weakest in almost seven months.

Bonds

-The yield on 10-year Treasuries gained four basis points to 1.92%, the highest in five weeks.

-Germany’s 10-year yield advanced five basis points to -0.25%, the highest in five weeks.

-Britain’s 10-year yield increased one basis point to 0.775%.

Commodities

-West Texas Intermediate crude gained 0.1% to $60.97 a barrel, hitting the highest in three months with its fifth consecutive advance.

-Gold weakened 0.1% to $1,475.54 an ounce.

That mix helped generate about $108 billion for the economy of Manhattan’s New York County in 2018 — and topped outposts such as Silicon Valley and Seattle that are known for their digital prowess, according to a new report from the Bureau of Economic Analysis.

Los Angeles County — with its large movie industry and a growing number of tech firms contributing $102 billion last year — holds the No. 2 spot in the U.S. information economy.

Information includes old-line media publishing, broadcasting and movie production as well as newer services such as data processing and hosting services. Broadcasting remains by far the largest segment — accounting for more than 40% of the total output — but data processing is growing much faster.

In the No. 3 position, Silicon Valley’s Santa Clara County — home of numerous tech giants including Apple Inc. and Alphabet Inc. — added $81 billion to its economy last year from the information sector. Washington’s King County, where Microsoft Corp. and Amazon.com Inc. are headquartered, added $65 billion, making that county the fourth largest in the information sector.

Georgia’s Fulton County — the Atlanta area that includes Tyler Perry’s film studio as well as numerous fintech companies — rounds out the top five; it added $32 billion to its economy last year from information businesses.

Average weekly wages for information workers as of the second quarter of this year were led by the California counties of San Mateo ($6,113) and Santa Clara ($5,983).

It’s the first piece of encouraging news after a gauge of factory activity pointed to an unexpected worsening at the end of 2019, and the Bundesbank predicted growth will remain sluggish at least through 2020 as the impact of trade tensions, weaker global growth and political uncertainty only slowly wears off.

The Ifo Institute’s gauge rose the most since mid-2018 to 93.8, exceeding most estimates in a Bloomberg survey. The measure of the current situation rose, as did the overall business climate indicator.

Fledgling optimism among the 9,000 firms surveyed adds to assertions by the Economy Ministry as well as private investors that — despite remaining risks — Germany’s outlook is gradually getting brighter.

The increase in sentiment, partly on the back of the U.S.-China trade agreement, is just the first step, and it may be some time before hard data follow. Both industrial production and factory orders dropped at the start of the fourth quarter.

The trade deal is “good news and probably one of the reasons companies become more optimistic,” Clemens Fuest, president of the Ifo Institute, said on Bloomberg Television,. “At the same time, many companies are still cautious, because we know U.S. commercial policy is very volatile.”

Last week, the European Central Bank lowered its projection for growth in the wider euro area next year. At the same time, President Christine Lagarde pointed to signs of stabilization and argued downside risks had become “somewhat less pronounced.”

“The growth rate is much lower than the previous projection of 3 to 4 per cent, mainly due to the damages from drought and floods this year,” said Rapibhat Chandarasrivongs, secretary general.

Drought has impacted the production of rice, sugarcane and pineapples, he said, while the North and Northeast regions were affected by flooding in   August and September.

Thai farm sector has been hit by the global economic slowdown. However, cool weather in the last quarter is conducive to production of Durian, mangosteen and rambutan.

Livestock farming is faring better with efficient disease-prevention measures as African swine flu spread in neighbouring countries.

He said GDP of the farm sector is expected to grow 2 to 3 per cent next year,  in view of government policy and better global economic conditions.

The biggest threat to the farm sector lies in the Thai currency surging through the Bt30 per dollar threshold, making Thai produce more expensive than its competitors’.

The department is worked closely with the Bank of Thailand to ensure exchange rate of baht would not rise over Bt30 per dollar, he said.

Thailand will continue to suffer from drought next year with lower water supply.

Horticulture is forecast to expand 0.7 per cent next year with higher production of fruits, palm oil and rubber sheet. Cassava production will also increase as plantation areas expand.

Rice production is expected to drop due to drought while maize production will be hampered by worms. Sugarcane production will decrease while pineapple farmers are expected to reduce plantings due to falling price.

Livestock will grow 0.8 per cent, due to higher exports to China and South Korea where swine farmers are reeling from the epidemic of African swine flu. Production of pork is expected to decrease amid falling prices. Egg production will also fall due to lower import of chicken breeders.

The fishery sector is expected to contract by 1.3 per cent. Agri-related services are forecast to expand 2.7 per cent as farmers employ more machinery to replace labour.

Production of wood is expected to grow by 2 per cent as demand for Eucalyptus wood rises.

The central bank revised downward its forecast of economic growth to 2.5 per cent this year from 2.8 per cent while the forecast for next year was cut to 2.8 per cent from 3.3 per cent.

The central bank cited deeper export contractions and delay to an economic recovery for the lower projections. Headline inflation rate is expected to remain at a low level of 0.7 and 0.8 per cent for this year and next.

Thai exports were hit by the global slowdown and impact from the US-China trade war, in addition to structural changes in production which have eroded the competitiveness of Thai products.

Exports are expected to drop by 4.8 per cent this year, down from the previous projection of 2.3 per cent while a mild growth of 1.4 per cent is seen for next year, compared to an earlier forecast of 2.3 per cent.

Expansion of public investment at 1.7 per cent also fell below the previous projection of 2.5 per cent for this year.

With regard to private investment, it is expected to post growth of 2.5% this year, down from the earlier estimate of 3 per cent. Growth forecast for next year has been cut to 3.4 per cent from 4.8 per cent.

Meanwhile, growth in household consumption this year is expected at 4.4 per cent, up from the previous forecast of 3.8 per cent, but an expansion of just 3 per cent is projected for next year, down from 3.1 per cent. High household debts, less employment opportunities especially in the manufacturing sector and a drop in incomes would combine to make consumers more cautious on spending.

The central bank foresees continuous expansion in tourist arrivals, estimated at 39.9 million and 41.7 million for this year and 2020, up from 38.3 million last year.

The central bank expected Dubai’s oil price to stay at $63.4 per barrel this year before dropping to $ 62.5 next year, down from an average of $69.6/barrel last year.

Thailand’s current account surplus is estimated to remain at a high level of $35.2 billion this year and $30 billion in 2020, up from $28.5 billion last year.

One of them is an ethanol production plant in Nakhon Sawan province worth Bt7.8 billion. The project is in line with the government’s policy of promoting a bio-economy.

Another one is the production of radial tyres for cars worth Bt11.018 billion. The project is situated in the Laem Chabang Industrial Estate in Chonburi. It will use local natural latex of around 17,006 tonnes per year.

Another one is the extract of some ores such as copper, nickel and tin from the waste of printed circuit boards for reuse. The project is worth Bt3.874 billion. It is located in Pinthong Industrial Estate, Chonburi. The project has a production capacity of 148,000 tonnes per year.

The MPC assessed that the Thai economy would expand at a lower rate than the previous forecast and would be below its potential due to a decline in exports, which affected employment and domestic demand.

Headline inflation was projected to be below the lower bound of the inflation target.

Overall financial conditions remained accommodative due to the previous two policy rate cuts.

Financial stability risks had already been addressed to some extent, although there remained pockets of risks that warranted monitoring, the MPC said.

The committee viewed that a more accommodative monetary policy in the recent period would contribute to economic growth and support the rise of headline inflation towards the target.

Looking ahead, the committee said it would monitor developments in economic growth, inflation, and financial stability, together with associated risks, in deliberating monetary policy going forward.

The MPC said it stands ready to use policy tools as appropriate.

Prawit was presiding over the event “5G The New BEGINNING to change Thailand’s economic landscape”, co-hosted by Krungthep Turakit newspaper, The Nation, Thansettakij newspaper, Kom Chad Leuk newspaper, and Khao Hoon newspaper.

He added that the 5G technology would help bridge the income gap and widen people’s accessibility to information and education as well as healthcare services. All these will lead to the improvement of people’s living quality.

The National Broadcasting and Telecommunications Commission plans to hold a multiple spectrum band auction in February next year.

He added that the government is aware of the challenges that telecom operators will face in planning the investment in the 5G network and service.

The NBTC telecom subcommittee has recently announced that it will auction only three spectrum bands in February, a change from thefour bandsoriginally planned.

NBTC’s secretary-general Takorn Tantasith said the subcommittee resolved to auction 1800MHz, 2600MHz, 26 GHz, while the 700MHz will be auctioned later.

The subcommittee is of the opinion that the 700MHz band should be auctioned together with 3500MHz band at a later date.

Merely rolling out 5G networks will not be enough for Thailand to reap the full economic benefits of 5G, the chief executive officer of Total Access Communication, Alexandra Reich, said in a keynote address.

She added that unlocking the full benefits of 5G would require a collaboration of all state and private parties.

She encouraged businesses to reach out to all telecom operators to jointly build 5G use cases together and drive sustainable economic growth in Thailand.

According to a report by the National Broadcasting and Telecommunications Commission report, the lack of a 5G ecosystem in Thailand by 2030 would come at an opportunity cost of Bt2.3 trillion.

She said that 5G growth will be very different from 4G: it will come from B2B (business-to-business) and B2B2C (business to business to consumer) use cases rather than just consumers and mobile network operators.

She said there is still time to start exploring what 5G can do for Thai businesses.

She pointed out some areas where businesses can most benefit from 5G.

She said 5G could bring vastly improved upload and download speeds, a game changer for video surveillance and analytics.

This was set to improve efficiencies across a wide range of industries, from energy and transportation to cities and facility management, she said.

She added that in the world of retail, in-store video surveillance and analytics could identify consumer-purchasing patterns and behaviours in real-time, allowing optimised pricing, quickly spotting shifting retail trends and even predicting where demand is headed.

She said DTAC remained committed to promoting 5G in Thailand and it was responding by upgrading its network and exploring multiple-use cases, from fixed wireless access to connected vehicles.