Let the games begin. No, not the bitter struggle between the last two candidates in the Conservative Party Leadership selection – although you can watch it on the BBC on Monday. This week is the beginning of Commonwealth Games In the second largest city in the UK, Birmingham.
The opening day of the international sports festival will be held at that other big event of the British summer 2022: industrial action. The RMT will perform the latter In its series of walkouts over pay levels for rail industry workers on Wednesday, the same day Assalaf – which represents rail drivers – counts the votes on its strike ballot over members’ pay awards. The unrest continues to spread, with telecoms engineers and port workers striking or indicating industrial action over pay.
Across the channel, energy ministers from EU countries will meet this week in Brussels to decide on steps to end European reliance on Russian fuel supplies. God The odds are not good, according to Europa Express newsletter writer Valentina Pope. On Sunday, President Vladimir Putin will have a chance to be seen as Navy Day is celebrated in port cities across Russia.
If that’s too depressing, then perhaps we should celebrate the prospect of further substantial compensation for British postmasters who have had to suffer because of Horizon’s flawed computer system. Former Supreme Court judge Lord John Dyson is expected to announce the final settlement for victims of the IT scandal following the government’s announcement of Interim payment of £19.5 million in June.
This week’s election news pick is Tunisia’s vote on a new constitution. Politicians and analysts say there is no doubt that the treaty, drafted by populist leader Qais Said, will be adopted even if they expect a low turnout.
All eyes are on Washington on Wednesday ahead of the Federal Reserve’s latest interest rate announcement. Expectations are for the tightening of the monetary policy mechanism with an increase of 75 basis points. At least one senior Fed governor would like the Federal Open Market Committee to do so go even further.
Then we’ll get the data on growth – someone mentioned a recession – with quarterly GDP data from the US, Canada, France, Germany and a host of Eurozone countries.
We’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 was seen across a range of US earnings calls this quarter. This is expected to resurface as a problem with a selection 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 focus on the consumer goods industry with Unilever, Danone, Procter & Gamble, Reckitt Benckiser, Nestlé and Mondelez all reporting this week. The worry among analysts is that shoppers are tightening their belts, choosing cheap own-brand supermarket products over multinational brands. The decision of Unilever et al raise their prices Didn’t make it any easier.
Read the full week’s diary Here.
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