Hello and welcome to the working week.
A defiant Donald Trump will once again be in the spotlight when he appears at a federal court in Miami, Florida, on Tuesday, making him the first former US president to face federal criminal charges as he campaigns for another White House run.
Trump over the weekend made his first public appearance since being indicted on 37 criminal counts tied to his handling of classified documents, telling an audience of Republicans that the charges were “ridiculous and baseless”.
The charges unsealed last Friday include 31 counts linked to violations of the Espionage Act, specifically the wilful retention of national defence information without authorisation. He is also facing allegations of conspiracy to obstruct justice and making false statements.
Staying in the courts, lawyers for the former FTX chief executive Sam Bankman-Fried, who faces multiple charges including wire fraud and conspiracy to commit campaign finance violations, will on Thursday present oral arguments in New York.
Mainz-based pharmaceuticals producer BioNTech is also in the dock this week, where it faces a barrage of compensation claims in Germany brought by two law firms that allege their clients suffered lasting health damage from the company’s coronavirus vaccine. The group will on Monday face its first German court hearing over the claims in a case brought on behalf of a middle-aged medical worker.
The UK Covid-19 inquiry holds its first public hearing on Tuesday, starting an investigation scheduled to last at least until 2026 and expected to cost more than £100mn.
The chair, Baroness Heather Hallett, intends to listen to evidence about almost every aspect of a pandemic that has killed 227,000 people in Britain and infected many millions more, from preparedness and government decision-making to the impact on care homes and the health service.
On the global stage US president Joe Biden meets Nato secretary-general Jens Stoltenberg on Monday at the White House ahead of next month’s Nato summit in Vilnius, Lithuania, where the war in Ukraine will top the agenda.
Further updates on Ukraine’s counteroffensive should reach us through the week, while President Vladimir Putin will on Monday mark Russia Day, the anniversary of the 1990 adoption of the Declaration on Russia’s National Sovereignty, with a Kremlin speech.
It’s a busy week for the central banks, with three of the big hitters in action. First up is the US Federal Reserve, which announces rates on Wednesday, followed by the European Central Bank on Thursday and the Bank of Japan on Friday.
The majority of leading academic economists polled by the Financial Times predict at least two more quarter-point US interest rate increases this year.
Economists expect the ECB to raise interest rates by another quarter percentage point, despite the eurozone’s official recession being confirmed last week and inflation pressures now easing significantly. The Bank of Japan is expected to remain on hold.
FT Live’s Women in Business Summit Europe (formerly Women at the Top Europe) is back on Tuesday. Register here to join leaders from Beauty Pie, Harvey Nichols and more to discuss tactics on inclusive leadership, responsible business and the future of work.
What is in your diary the coming week? If you wish to share, send me details at jonathan.moules@ft.com or hit reply to this email.
Economic data
The Fed’s rate decision will come a day after the consumer price index (CPI) inflation measure for May is released on Tuesday.
The UK has labour market and gross domestic product releases this week, ahead of the Bank of England’s Monetary Policy Committee meeting next week.
Companies
It is another mixed bag of results this week at the tail-end of this earnings season. Retail stands out as a theme with figures from the online fast fashion providers Asos and Boohoo, and word about the mood on the high street from H&M and Tesco, whose chair John Allan will step down at the company’s annual meeting on Friday.
We might be struggling to get back to the office, but trade shows are another matter. Informa, the FTSE 100 company that owns Monaco Yacht Show and World of Concrete in Las Vegas among other trade events, will give a trading update on Thursday ahead of its AGM.
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
Bank of England Monetary Policy Committee member Catherine Mann speaks at a webinar hosted by Signum chair Charles Myers
GMB union members working at Amazon in Coventry will begin another three-day strike over pay. The employees staged the first strike at a UK Amazon site in January, and followed it up with industrial action in February, March and April.
India, May consumer price index (CPI) inflation rate figures
US, federal budget balance
Results: Oracle Q4
Tuesday
Bank of England governor Andrew Bailey gives evidence to the House of Lords Economic Affairs Committee session “Bank of England: how is independence working?”
Centrica AGM
Opec monthly oil market report
Germany, May CPI and harmonised indices of consumer prices (HICP) inflation rate figures plus June ZEW Economic Sentiment survey
UK, May labour market figures
US, May CPI inflation rate figures
Results: Ashtead Q4, Bellway trading update, CMC Markets FY, Iomart FY, Oxford Instruments FY
Wednesday
ITV chief executive Dame Carolyn McCall gives evidence to the Culture, Media and Sport Committee, following accusations of a “toxic” culture on its flagship This Morning programme
Shell capital markets day
EU, monthly industrial production figures
New Zealand, Q1 GDP figures
UK, monthly GDP estimate, industrial production and trade figures
US, Federal Open Market Committee rate-setting meeting decision announcement
Results: Safestore H1
Thursday
Bank of England deputy governor Sir Jon Cunliffe speaks at Politico Global Tech summit in London
Oral arguments to be presented in a New York courtroom for former FTX chief executive Sam Bankman-Fried, facing multiple charges including wire fraud, conspiracy to commit commodities fraud and conspiracy to commit campaign finance violations
China, May industrial production figures
EU, European Central Bank interest-rate decision
France, May CPI and HICP inflation-rate measure
Japan, May trade balance figures
Russia, Q1 GDP figures
UK, May insolvency statistics
US, May retail sales figures
Results: Adobe Q2, Asos trading update, Boohoo trading update, Bunzl trading statement, Fuller, Smith & Turner FY, Halfords FY, H&M Q2 sales update, Informa trading update and AGM
Friday
Purplebricks shares due to be delisted from London’s AIM market
EU, Ecofin meeting and May HICP inflation rate figures
Japan, Bank of Japan makes interest-rate announcement following Monetary Policy Committee meeting
Results: Peel Hunt FY, Tesco Q1 trading update and AGM, where chair John Allan will step down
World events
Finally, here is a rundown of other events and milestones this week.
Monday
Philippines, Independence Day public holiday
Russia Day. Financial markets closed
UK, London Fashion Week concludes with a show of ready-to-wear men’s and women’s designer clothing
US, president Joe Biden plays host to Nato secretary-general Jens Stoltenberg at the White House to discuss the upcoming Nato Summit in Vilnius, Lithuania
Tuesday
255th Royal Academy of Arts summer exhibition, the world’s largest open submission contemporary art show, featuring about 1,000 paintings, sculptures, drawings and models, opens in London
UK, the nation’s Covid inquiry begins hearing evidence for its first investigation
US, former president Donald Trump due to appear at a Federal court in Miami following a criminal investigation into his handling of classified documents after leaving office
Wednesday
UK, junior doctors in England begin a 72-hour strike over pay after the government offered a 5 per cent salary increase
UK, Labour party deputy leader Angela Rayner addresses the annual conference of the union Unison
Thursday
Brussels, Nato defence ministers meeting
US Open golf tournament begins in Los Angeles
Friday
England and Australia begin their 2023 Ashes series contest with a test match at the Edgbaston cricket ground in Birmingham, UK
Saturday
UK, Trooping the Colour parade in London for King Charles’s official birthday
Sunday
Mali, the West African nation will hold a referendum, setting it on a path to constitutional rule following two military coups
UK, Tax Freedom Day calculated by the Adam Smith Institute to mark when the average British taxpayer stops earning for the government and starts earning for themselves
Father’s Day celebrated in various countries
Source: Economy - ft.com
