Aurelia Butler

The bourse will also help stabilize economic growth by actively supporting control of the coronavirus and the resumption of work, and will manage and shape market expectations toward the positive side, the SSE said in a statement posted on its website on Sunday.”The SSE should fully understand the huge political significance of the 20th Party Congress, and effectively maintain stability of the capital market,” according to the statement, published after the SSE held an internal meeting last week. Chinese President Xi Jinping is widely expected to secure an unprecedented third term as leader of the Communist Party during the congress later this year, which is held once every five years.The SSE also said it would make solid and detailed preparations to expand reforms of the initial public offering process, and will shoulder the political responsibility in preventing and resolving financial risks. The Shanghai Composite Index has rebounded roughly 14% from its low point this year hit on April 27, but is still down about 10% so far this year. More

Yellen, speaking on NBC’s “Meet the Press,” said strong hiring numbers and consumer spending showed the U.S. economy is not currently in recession.U.S. hiring remained robust in June, with 372,000 jobs created and the unemployment rate holding at 3.6%. It was the fourth straight month of job gains in excess of 350,000.”This is not an economy that is in recession,” said Yellen. “But we’re in a period of transition in which growth is slowing and that’s necessary and appropriate.”Still, data last week suggested the labor market was softening with new claims for unemployment benefits hitting their highest point in eight months.Yellen said inflation “is way too high” and recent Federal Reserve interest rates hikes were helping to bring soaring prices back in check. In addition, the Biden administration is selling oil from the Strategic Petroleum Reserve, which Yellen said has already helped lower gas prices.”We’ve seen gas prices just in recent weeks come down by about 50 cents (a gallon) and there should be more in the pipeline,” she said.Yellen, who previously served as chair of the Federal Reserve, hopes the Fed can cool the economy enough to bring down prices without triggering a broad economic downturn.”I’m not saying that we will definitely avoid a recession,” Yellen said. “But I think there is a path that keeps the labor market strong and brings inflation down.”U.S. gross domestic product, a broad measure of economic health, shrank at a 1.6% annual rate in the first quarter, and a report on Thursday is expected to show a gain of just 0.4% in the second quarter, according to economists polled by Reuters.Yellen said that even if the second-quarter figure is negative, it would not signal that a recession has taken hold, given the strength in the job market and strong demand.”Recession is broad-based weakness in the economy. We’re not seeing that now,” she said.Journalists, some economists and analysts have traditionally defined a recession as two consecutive quarters of GDP contraction. But the private research group that is the official arbiter of U.S. recessions looks at a broad range of indicators instead, including jobs and spending. Brian Deese, director of the White House National Economic Council, said on Twitter (NYSE:TWTR) on Sunday that the upcoming second-quarter figures would be “backward looking,” which he called important context. “Hiring, spending, and production data look solid,” he said. More

The ECB was balancing its wish to tackle higher inflation with a worsening economic situation because of problems like the Ukraine conflict, Holzmann told Austrian broadcaster ORF.”The economy will grow less strongly, the forecasts point in this direction, that has made us somewhat cautious,” said Holzmann, who heads the Austrian National Bank. “We will see in the autumn what the economic situation is. Then we can probably decide if we do another 0.5% or less.”The ECB was also keen to prevent expectations of higher inflation becoming entrenched among the general public, he added.The ECB raised its benchmark deposit rate by 50 basis points to zero percent on Thursday, its first hike in 11 years as it joined global peers in jacking up borrowing costs. More

Hello and welcome to the working week.Let the games begin. No, not the acrimonious tussle between the final two candidates in the Conservative party’s leadership election — although you can watch that on the BBC on Monday. This week is the start of the Commonwealth Games in the UK’s second-largest city, Birmingham.The opening day of the international sports fest will be marred by that other big event of the 2022 British summer: industrial action. The RMT will stage the latest in its series of walkouts over pay levels for rail industry workers on Wednesday, the same day that Aslef — representing train drivers — counts the votes in its strike ballot over members’ pay awards. The unrest continues to spread, with telecoms engineers and port workers either striking or balloting for industrial action over pay.Across the Channel, energy ministers from EU member states will this week meet in Brussels to decide measures to end the European reliance on Russian fuel supplies. The prospects are not good, according to Europe Express newsletter writer Valentina Pop. On Sunday, President Vladimir Putin will have his opportunity to grandstand as Navy Fleet Day is celebrated in port cities across Russia.If that is all too depressing, then perhaps it is worth celebrating the prospect of further significant compensation for the British postmasters made to suffer because of the faulty Horizon computer system. Former Supreme Court judge Lord John Dyson is expected to make an announcement on the final settlement for victims of the IT scandal following the government’s announcement of an interim payment totalling £19.5mn in June.The pick of the election news this week is Tunisia’s vote on a new constitution. Politicians and analysts say there is little doubt that the charter, drawn up by populist leader Kais Saied, will be adopted even if they expect a low turnout.Next Sunday, my colleague Georgina Quach will be shepherding The Week Ahead rundown while I take a few days off. I’ll be back with you at the beginning of August.Thank you for your messages about this newsletter. Please keep them coming, to [email protected], or hit reply to this email. Economic dataAll eyes will be on Washington on Wednesday for the Federal Reserve’s latest interest rate announcement. Expectations are for a tightening of the monetary policy machinery with a 75 basis point increase. At least one senior Fed governor would like the Federal Open Market Committee to go even further.Then we will get the data on growth — did someone mention recession — with quarterly GDP figures for the US, Canada, France, Germany and the mass of eurozone countries.CompaniesWe’ve hit peak earnings season with an A to Z (or at least X) of company names — ironic given that Tuesday’s list includes Alphabet.The negative impact of the strong dollar has been seen across a range of US earnings calls this quarter. It is expected to surface as an issue again with a clutch of results announcements from Silicon Valley tech companies, which have some of the highest percentages of revenue from overseas. Microsoft, which reports on Tuesday, has already cut its guidance based on the dollar, and Morgan Stanley issued a note last week saying the dollar could lead to disappointing guidance from Apple when it reveals its numbers on Thursday.Attention will also be focused on the consumer goods industry with Unilever, Danone, Procter & Gamble, Reckitt Benckiser, Nestlé and Mondelēz all reporting this week. The concern among analysts is that shoppers are tightening their belts, choosing cheap own-label supermarket products over multinational brands. The decision by Unilever and others to raise their prices has not made the situation any easier.Key economic and company reportsHere is a more complete list of what to expect in terms of company reports and economic data this week.MondayGermany, IFO business confidence indexUK, CBI quarterly trends surveyResults: Kuehne+Nagel H1, Philips Q2, Ryanair Q1TuesdayJapan, Bank of Japan issues minutes of its latest monetary policy meetingUS, June residential sales figures plus consumer confidence dataResults: 3M Q2, Alphabet Q2, Coca-Cola Q2, Dassault Systemes H1, Drax Group H1, easyJet Q3 trading update, Games Workshop FY, General Electric Q2, General Motors Q2, Heathrow airport H1, LVMH H1, McDonald’s Q2, Michelin H1, Microsoft Q4, Mitie Q1 trading update, Mondelēz International Q2, Moody’s Q2, Randstad Q2, Raytheon Q2, Rémy Cointreau Q1 sales update, Texas Instruments Q2, UBS Q1, Unilever H1, United Parcel Service Q2, Valeo H1, Visa Q3, Xerox Q2WednesdayGermany, GfK consumer confidence indexUK, British Retail Consortium and Nielsen monthly shop price index plus Office for National Statistics quarterly figures for profitability of British companiesUS, Federal Open Market Committee makes interest rate announcement with officials signalling a 75 basis point riseResults: Airbus H1, BASF Q2, Boeing Q2, Breedon H1, Bristol Myers Squibb Q2, British American Tobacco H1, Carrefour Q2, Credit Suisse Q2, Danone H1, Deutsche Bank Q2, Deutsche Börse Q2, Equinor Q2, Ford Motor Q2, GlaxoSmithKline Q2, Holcim H1, Iberdrola H1, Kering H1, Kraft Heinz Q2, Lloyds Banking Group H1, Mercedes-Benz Q2, Meta Q2, Millennium BCP Q2, Mitsubishi Motors Q1, Paragon Banking Group Q3 trading update, Puma Q2, Qualcomm Q3, Rio Tinto H1, Smurfit Kappa H1, Spotify Q2, T-Mobile Q2, UniCredit H1ThursdayFrance, consumer confidence figuresGermany, preliminary consumer price index dataUK, Society of Motor Manufacturers and Traders monthly vehicle and engine manufacturing figures, quarterly company incorporation data plus British Film Institute breakdown of the number and spend of UK produced films in Q2US, Q2 GDP (advanced estimate)Results: Amazon Q2, Anglo American H1, Apple Q3, ArcelorMittal Q2, BAE Systems H1, Banco Santander H1, Barclays H1, BT Group Q1, Centrica H1, CMC Markets Q1 trading update, Co-operative Bank H1, Comcast Q2, CVS Group trading update, Diageo FY, Enel H1, Hammerson H1, Harley-Davidson Q2, Intel Q2, ITV H1, JCDecaux H1, L’Oréal H1, Leonardo H1, Mastercard Q2, Merck & Co Q2, Nestlé H1, Nissan Motor Q1, Northrop Grumman Q2, OMV Q2, Orange H1, Panasonic Q1, Pfizer Q2, Relx H1, Rentokil Initial H1, Repsol Q2, Royal Dutch Shell Q2, Samsung Q2, Sanofi-Aventis Q2, Schroders H1, Segro H1, Smith & Nephew H1, St James’s Place Wealth Management H1, Stellantis H1, STMicroelectronics Q2, Total H1, Verisign Q2, Vivendi H1, Volkswagen H1, Weir Group H1FridayCanada, May GDP figuresEU, flash eurozone Q2 GDP figures plus flash monthly eurozone inflation estimateFrance, preliminary Q2 GDP figures plus consumer price index (CPI) and producer price index (PPI) dataGermany, July labour market figures and flash Q2 GDP dataItaly, CPI and PPI dataJapan, monthly unemployment rate, June retail sales figures plus preliminary June industrial production dataMexico, Q2 GDP figuresResults: AbbVie Q2, Air France-KLM H1, Aon Q2, AstraZeneca H1, Audi H1, BBVA Q2, BNP Paribas Q2, Chevron Q2, Colgate-Palmolive Q2, Croda International H1, Daiwa Securities Group Q1, Eni Q2, ExxonMobil Q2, Glencore H1 production report, IAG Q2, IMI H1, Intertek Group H1, Mediobanca Q2, NatWest H1, Procter & Gamble Q4, Renault H1, Sony Q1, Swiss Re H1World eventsFinally, here is a rundown of other events and milestones this week. MondayPhilippines, newly elected president Ferdinand “Bongbong” Marcos Jr delivers his first State of the Nation address. He has promised to “sweat” on Filipinos’ behalf.Spain, Galicia marks the Day of Galicia (Dia Nacional de Galicia), dedicated to the autonomous region’s patron saint JamesSwitzerland, a special meeting of the general council of the World Trade Organization in GenevaTaiwan, the army will stage the Han Kuang real artillery exercise, the country’s most important annual war gamesTunisia, national referendum vote on a new constitution that would greatly increase the powers of the presidentUK, the BBC hosts a live TV debate between Rishi Sunak and Liz Truss, the final two candidates in the Conservative party leadership race. Also, the Unite union will ballot hundreds of dockworkers in Liverpool at one of Britain’s largest container ports for strike action.US, the 11th International Space Station Research and Development Conference begins at the Omni Shoreham Hotel in WashingtonTuesdayAsalha Puja, commemorating Buddha’s first sermon in the Deer Park in Benares, is marked by BuddhistsCuba, Revolution Day commemorating the armed revolt by Fidel Castro and his allies against the military dictatorship of Fulgencio BatistaEU, an extraordinary meeting of the bloc’s energy ministers takes place in Brussels with the aim of creating a package of measures to secure fuel supplies following the Russian invasion of UkraineUK, GMB union in Scotland closes a strike ballot among almost 10,000 council workers for industrial action this summer in a dispute over pay. The Lambeth Conference, the once every decade meeting of Anglican bishops, begins in London and Canterbury. Also, Glorious Goodwood, one of the highlights of the British horseracing season, begins at the Goodwood racecourse near Chichester.WednesdayKorea, anniversary of the armistice in the 1950-53 Korean war, celebrated in North Korea as its “victory”UK, Aslef union strike ballot closes for train drivers at the rail companies Avanti West Coast and CrossCountry. On the same day, in a separate dispute over pay, rail workers in the RMT union will walk out.ThursdayEngland, the 22nd Commonwealth Games begins in BirminghamRussia, legal proceedings against WhatsApp and Snapchat will take place in Moscow regarding the tech companies’ repeated refusal to localise the data of Russians. WhatsApp faces a fine of up to Rbs18mn ($309,000), while Snap, the owner of the Snapchat app, faces fines of up to Rbs6mn.UK, the latest extension by the Westminster government to Transport for London’s short-term post-lockdown funding deal extension expires. Also, NHS Digital is to publish its female genital mutilation April 2020 to March 2022 report.FridayIslamic New Year (Al-Hijra) 1444 beginsUK, members of the Communication Workers Union employed by BT and Openreach are set to strike for 24 hours in a row over pay. A strike by the workers is also scheduled for next Monday.SaturdayFrance, highway authorities warn of “Black Saturday” congestion on French roads due to people beginning and returning from holidaysUK, Aslef train drivers at eight rail companies will strike in a dispute over pay. Also, the sailing regatta Cowes Week begins on the Isle of Wight and the National Eisteddfod, the largest and oldest celebration of Welsh culture, begins in the ancient market town of Tregaron.SundayCambodia, the 55th Asean ministerial meeting begins in Siem ReapRussia, the national holiday Navy Fleet Day with events in port cities. President Vladimir Putin is expected to attend a parade in St Petersburg.Senegal, parliamentary elections to decide the 165 members of the National AssemblySingapore, the New Cities Foundation hosts the New Cities Summit 2022UK, the newly formed Ukrainian Freedom Orchestra, including refugees from the war-torn country, will perform at the Proms music festival in London. Plus, the final of the Uefa Women’s Euro 2022 football competition takes place at Wembley Stadium in London. More

Investing.com – Central Banks and earnings will continue to dominate the week ahead. After the European Central Bank announced an unexpectedly hawkish 50 basis point rate hike and markets rose in response to not-as-bad-as-feared earnings throughout the week, big earnings misses from Snap (NYSE:SNAP) as well as the in-limbo Twitter (NYSE:TWTR) and hard-disk drive maker Seagate (NASDAQ:STX) took the air out of the week’s rally, with leading indices and risk assets finishing the week on a down note.This week the Federal Reserve takes center stage with expectations for another big hike coming, while the biggest companies in the world and much of the S&P 500 as a whole share their reports. Economic data and continued developments out of Ukraine will also mark the week ahead.Here’s what you need to know:Inflation reports have remained elevated, and that’s led just about all market prognosticators to expect at least a 75 basis points hike from the Federal Reserve. A 100 basis points hike was briefly on the table, and Fed Funds future prices suggest a ~20% chance of that still happening, but reports suggest that the Fed won’t go quite that far.The FOMC statement and Fed Chair Powell’s press conference will be in some ways more needle moving for the market, as the market tries to size the possibility of a recession and how committed the Fed will be to taming inflation if that recession shows up. With talk already of rate cuts coming next year, the phrase ‘threading the needle’ is sure to come up a few times this week.The biggest companies in the world report earnings this week, and many of them are from the recently beaten down technology sector.The fun starts Tuesday, with Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL) reporting after the bell. Alphabet is especially on watch after the initial tremors from the digital advertising space that Snap and Twitter set off, and given the company does not provide guidance. Whether their 25% drop year to date means bad news is priced in remains to be seen.Facebook (NASDAQ:META) parent Meta Platforms reports on Wednesday after market hours and has been upfront about its big investment plans for the year and the challenges it faces from Tik Tok and pandemic-related comparisons, which has seen the stock drop 50% year to date as a result. Whether they are seeing any changes and whether they are still committed to their metaverse investments will be big factors in this report.Amazon.com (NASDAQ:AMZN) reports on Thursday after hours and, like Facebook, has also shared its bit of bad news. While GAAP net income may be skewed by Amazon’s stake in Rivian Automotive Inc (NASDAQ:RIVN), revenue momentum and how the retailing and cloud giant is handling cost inflation will both be key items. Any read-through on how the recent Prime Day sets the company up for Q3 and the back half of the year will also be important for investors.Last but the opposite of least, Apple (NASDAQ:AAPL) also reports on Thursday after hours. The champ in enterprise value among its mega-cap tech peers, Apple has also outperformed the group in 2022, down only 13.2% year to date, even ahead of the S&P 500. As pandemic-exiting related headwinds pick up and inflation makes upgrading to the latest iPhone a non-trivial task, can Apple’s relative strength persist?Many other industry giants are also on tap for earnings this week. Among the headliners:The recession and inflation talk that the Fed faced will also pose risks to corporate earnings, and the questions that will be asked again and again are whether companies are able to maintain visibility and growth amidst all of this, or whether now is the time to lower expectations given overall investor skepticism.Check out the full earnings calendar to track the stocks you care about during the week.A bevy of CPI and GDP numbers comes out towards the end of the week. While much of this will be backwards looking, it may still give a hint of what’s to come for the economy and central bank behavior.U.S. GDP is expected to be positive, which would avert the technical definition of a recession, namely two consecutive quarters of negative real GDP growth. U.S. Core PCE prices are expected to jump to a growth of 0.5% month over month, from 0.3% last month.Eurozone CPI is expected to show an 8.7% flash reading for July, while CPI ex Energy and Food is expected to be 4.7%. GDP growth is expected at .6% quarter over quarter.Amidst a summer of hot demand and hot prices, central banks and investors in the U.S., Europe, and globally will be watching to see whether economies can tackle the challenges of inflation without overly crimping the economy, a tricky balance to manage.Check out our full economic calendar for country-level CPI reports as well as any other key economic data releases.Russia’s war with Ukraine continues despite the green shoot of an agreement last week to allow Ukraine to ship grain out of its Odesa port, as Russian missiles struck the port on Saturday. Russia denies involvement in the strikes, and Ukraine continues to prepare to ship grain, which is viewed as a potential huge relief to global food shortages.The impact on global commodity markets, be they grain or oil, is a big focus for investors vis-à-vis Ukraine and Russia, but there were also hopes that the Turkish-negotiated deal over grain shipments might be a first step towards broader agreements. Implementation of this deal, as well as further developments in the war this week as it enters its 7th month, will help answer whether skepticism should continue to reign. More