The Fast and the Furious in a Week of Contrasting Events

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Hello and welcome to the working week.

It could be considered seven days of contrasts. As the war in Ukraine continues and NATO conducts military exercises in the Baltics and Central Europe, this week will commemorate the D-Day landings that liberated Europe in World War II.

Sporting chills with the 24 Hours of Le Mans in France but also sporting scandal with the opening of the trial for fraud against Sepp Blatter and Michel Platini, the former bosses of world and European football, before the Swiss Federal Criminal Court.

France heads to the polls again for the legislative elections, while the Belgian royal family heads to the Democratic Republic of Congo, where Congolese are hoping for an apology for colonial oppression.

We’ll be reaching for the skies with several space mission launches, as well as the FT’s Investing in Space conference, while looking down (with some trepidation) on World Oceans Day, created to commemorate and act to protect our blue planet.

Thanks for the emails regarding the future of the work week. As noted, many people – most often freelancers – worked various forms of work schedules long before the global web was even a twinkle in Tim Berners-Lee’s eyes, and generally many longer than business Monday to Friday or the mythical nine to five. .

But the future of our workweek is an interesting debate. What is the highlight of your schedule? Can this newsletter inform you better? Write to me at the usual address [email protected]

Economic data

The OECD will release its periodic outlook for the global economy on Wednesday, but we will also get updates on the more immediate situation with inflation figures from the United States and China on Friday.

Monetary policy will once again be front and center with the rate-setting committees of the European Central Bank, Reserve Bank of Australia and Central Bank of Russia all meeting this week.

Companies

As we come ashore with the end of this quarter’s earnings season, European low-cost airline Wizz Air will release figures for the full year. It hasn’t been a good week for the aviation sector with insufficient staff to cope with a rush of holidaymakers creating chaos at airports – a problem that is expected to last well into the summer. However, Wizz has ambitious growth plans. Can he convince investors that he has clear skies ahead?

Inditex dominates the retail catwalk bringing new trends to the high street. But rising input costs – from labor to freight to energy – are the biggest challenge for new chairwoman Marta Ortega, daughter of Inditex co-founder Amancio Ortega, who will lead his first earnings call on Wednesday after taking office in April.

Main economic and corporate reports

Here’s a more comprehensive list of what to expect in terms of corporate reports and economic data this week.

Monday

Tuesday

  • Asia, Europe, World: S&P Global Sector PMI Figures

  • Euro zone, France, Germany: S&P Global construction PMI figures

  • Australia, Reserve Bank of Australia monthly monetary policy meeting

  • Germany, March industrial production figures

  • South Africa, Q1 GDP figures

  • UK, retail sales figures, stock market index provider FTSE Group quarterly series member review plus S&P Global/Cips services PMI figures

  • United States, consumer credit figures for April

Wednesday

  • EU, OECD Economic Outlook report

  • GDP and household consumption figures for the EU, eurozone in the first quarter

  • France, March trade balance data

  • Italy, April retail sales figures

  • Japan, first quarter GDP figures, plus April trade balance data

  • Poland, the Monetary Policy Committee of the National Bank of Poland meets in Warsaw

  • Russia, May Consumer Price Index (CPI) data

  • UK, S&P Global/Cips construction figures plus British Retail Consortium NielsenIQ May Buyer’s Price Index data

  • Results: Inditex Q1, Wizz Air AF

Thursday

  • China, trade balance figures for May

  • EU and European Central Bank Governing Council hold final monetary policy meeting to decide interest rates in Amsterdam

  • United Kingdom, Royal Institution of Chartered Surveyors, May residential market survey

  • Results: Tate & Lyle AF

Friday

  • China, May CPI and Producer Price Index (PPI) data

  • Canada, May unemployment figures

  • India, Italy: industrial production data for April

  • Italy, industrial production figures

  • Russia, central bank interest rate announcement

  • United Kingdom, Bank of England Quarterly Survey of Public Inflation Expectations

  • United States, May CPI figures

Global Events

Finally, here’s a look at some of the other events and milestones from this week.

Monday

  • Austria, the Board of Governors of the International Atomic Energy Agency meets in Vienna

  • China is expected to launch a spacecraft with three astronauts to the core module of the unfinished Chinese space station on a six-month mission

  • Denmark, France, Germany, Ireland, Norway, Switzerland: Pentecost/Pentecost public holiday

  • France, 78th anniversary of the WWII D-Day landings in Normandy. A US ceremony will also take place at the WWII Memorial in Washington.

  • South Korea, Memorial Day to commemorate those who died in the Korean War

  • Tonga, public holiday for Emancipation Day, commemorating independence from British protectorate status

  • UN celebrates Russian Language Day, recognized as one of six official UN languages

  • UK Chancellor Rishi Sunak appears before the Treasury Committee to answer questions about his recently announced cost-of-living support package, as a strike is planned by 4,000 union members from railways, shipping and transport on Transport for London after the RMT slammed TfL for threatening 600 job losses

  • In the United States, the ninth Summit of the Americas begins in Los Angeles, bringing together representatives from the United States, Canada and Mexico to discuss common goals. This year’s motto is Build a Sustainable, Resilient and Equitable Future.

Tuesday

  • Beginning of the entrance examination to the Chinese national university, or “gaokao”

  • Democratic Republic of Congo, King Philippe and Queen Mathilde of Belgium, the first visit by a Belgian royal couple in 12 years, is expected to include a long-awaited apology to the Congolese people for the country’s colonial past

  • NATO holds a press conference to discuss the Ramstein Legacy 22 exercise involving missile defense drills across Poland, Lithuania, Latvia and Estonia

  • Switzerland, a ministerial meeting of the General Council of the World Trade Organization begins in Geneva

  • Global Boardroom FT Live event with speeches from, among others, Gina Raimondo, US Secretary of Commerce, on the semiconductor crisis and FT columnist Martin Wolf addressing Bank of Japan Governor Haruhiko Kuroda

Wednesday

  • Switzerland, start of the corruption trial of former FIFA President Sepp Blatter and former UEFA chief Michel Platini before the Swiss Federal Criminal Court

  • UK, the FT Live Investing in Space conference begins online and in person at the Pan Pacific Hotel in London, including an interview with astronaut Samantha Cristoforetti speaking from the International Space Station.

  • United States, the 21st Tribeca Film Festival, co-founded by Robert De Niro, opens in New York

  • World Oceans Day to raise awareness of environmental damage to the seas

Thursday

Friday

  • China, opening of the 25th Shanghai International Film Festival

  • Portugal, holiday for Portugal Day

Saturday

  • France, 90th European 24 Hours of Le Mans race, the oldest active sports car race in endurance, begins

  • Papua New Guinea, general elections begin

  • United Kingdom, opening of London Fashion Week

Sunday

  • France, legislative election for the 577 members of the National Assembly

  • Germany, the meeting of G7 science ministers begins in Frankfurt

  • Italy, municipal elections

  • Philippines, a public holiday commemorating the country’s independence from Spain in 1898

  • Russia Day, commemorating the country’s declaration of independence from the Soviet Union in 1990

  • USA, 75th Annual Tony Awards for Best Broadway Productions presented at Radio City Music Hall in New York

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