Hello and welcome to the working week.
Or perhaps I should welcome you to independence week. The big one — the celebration of 1776 and all that — kicks off across the US on Monday. But from Algeria to Venezuela, Argentina to South Sudan, disconnecting from former colonial powers is a strong theme — and a source for public holidays around the world — for the next seven days.
For those of us trying to get into (or on with) work, however, this is not going to be a week for celebrations.
French rail workers will begin strike action on Wednesday, days before the country’s school holidays begin.
Then there is the unfolding drama of the British summer of discontent. Barristers in England and Wales will tomorrow resume their “crime doesn’t pay for advocates” strike. On Tuesday they will be joined by the banking regulators at the Financial Conduct Authority — represented by Unite — who are walking out (again) in defiance of their latest pay offer. Moreover, the range of workers taking action is growing. Also on Tuesday, Whirlpool’s washing machine makers will be balloted for strike action over what the union bosses have called an “insulting” pay offer.
This seems a good point to mention that the Financial Times is running a survey on the cost of living squeeze — how are you coping with higher prices? To take part, click here.
After last week’s Nato summit in Madrid, the focus for western efforts trying to help Ukraine this week will switch to Lugano in Switzerland. The Ukraine Recovery Conference is the latest in a series of high-level political gatherings first held in London in 2017, originally to discuss reforms that could open up foreign investment in a time of relative peace for the nation. Russia’s invasion has given a new urgency to such support.
Is there anything to lighten the mood? Well, the summer season has begun — and by that I mean the FT Live summer season of stimulating talks and gatherings. This Thursday’s event, Capitalising On Disruption To Create Business Opportunities, is free to attend and you can do so by clicking here. Looking further ahead, you can save yourself a seat (and money) at the FT Weekend Festival — happening in London on September 3. Enter the promo code FTWFxNewsletters for a £10 discount on the ticket at ft.com/ftwf.
Thank you (again) for your comments about The Week Ahead. Email me at jonathan.moules@ft.com
Economic data
The key question for the moment is if, or in some cases, when major western economies tipping into recession. A clutch of business surveys this week will highlight the areas of concern for business owners. Also closely watched will be Wednesday’s minutes of the Federal Reserve’s last rate-setting meeting and the US labour market report on Friday.
Companies
We are in for another week of UK corporate news dominated by retailers. The trading update from J Sainsbury on Tuesday will in effect be a rerun of Tesco a couple of weeks ago given that it too has taken a strategic decision to accept lower prices that will reduce profits in order to keep customers.
Currys could be quite interesting given that the British electrical goods retailer is the clear market leader but its market cap has shrivelled, margins are tight and there is a sense that the pandemic was the company’s high water mark.
Key economic and company reports
Here is a more complete list of what to expect in terms of company reports and economic data this week.
Monday
Canada, Bank of Canada business outlook survey
EU, May industrial producer prices data
Germany, May trade balance figures
Tuesday
Australia, Reserve Bank of Australia’s monthly rate-setting meeting
China, France, Germany, Italy, UK, US: Caixin/IHS Markit/S&P Global service sector purchasing managers’ index (PMI) data
EU, eurozone S&P Global composite (manufacturing and services) PMI data
UK, official holdings of international reserves plus trade figures
US, May factory orders
Results: Sainsbury’s Q1 trading statement
Wednesday
EU, May retail sales figures
EU, France, Germany, UK: Cips/IHS Markit/S&P Global construction PMI data plus US services PMI data and eurozone productivity PMI data
Germany, May factory orders data
US, Federal Open Market Committee publishes the minutes of its June meeting
Results: Redde Northgate FY
Thursday
EU, European Central Bank publishes its quarterly financial statements
France, May trade balance data
Germany, May industrial production figures
Poland, National Bank of Poland’s base rate-setting meeting
Russia, June CPI data
UK, Q1 productivity figures plus Halifax monthly house price index
US, ADP employment report
Results: Currys FY, Jet2 FY, Persimmon Q1 trading update, RS Group Q1 trading update
Friday
Canada, June unemployment data
China, June consumer price index (CPI) and producer price index (PPI) figures
Italy, May industrial production figures
Japan, May trade balance data
UK, KPMG/REC monthly jobs report plus banking sector Q1 regulatory capital figures
US, June unemployment figures
Results: OMV Q2 trading update
World events
Finally, here is a rundown of other events and milestones this week.
Monday
Switzerland, international Ukraine Recovery Conference begins in Lugano
US, Independence Day celebrations
UK, barristers resume strike action at courts in England and Wales, escalating action begun last week over legal aid funding
Tuesday
Algeria, Independence Day celebrations
Anniversary of the invention in 1946 of the bikini by Louis Réard, a French car engineer and clothing designer, who named his garment after the site used by the US for atomic tests
Venezuela, Independence Day celebrations
Wednesday
EU, speed limiting technology is set to become mandatory for all new vehicles sold following rules agreed in 2019. The UK has said it will align with these vehicle standards.
France, rail workers to go on strike over pay levels
Spain, Running of the Bulls festival begins in Pamplona
Thursday
Italy, trial begins in Genoa in the court case regarding the collapsed Morandi motorway bridge in 2018
UK, deadline for a government decision on whether to go ahead with a new coal mine in Cumbria. Also, the annual Llangollen International Musical Eisteddfod begins in north-east Wales.
Friday
UK, Hinkley Point B nuclear plant is expected to begin its shutdown despite concerns of blackouts later this year
Saturday
Argentina, Independence Day celebrations
Eid al-Adha, one of the most important festivals in the Muslim calendar, begins
South Sudan, Independence Day celebrations
UK, Wimbledon women’s tennis championship final
Sunday
Bahamas, National Day commemorating independence from the UK in 1973
Ireland, National Day marking 101 years since the signing of a truce ending the Irish War of Independence
Japan, election of upper house representatives
Republic of the Congo, parliamentary and municipal elections
UK, Wimbledon men’s tennis championship final
Source: Economy - ft.com
