Hey and welcome to the working week.
It’s summertime right here at FT towers, however for all of us over the subsequent seven days it’s summit time. The gathering of Nato member states in The Hague on Tuesday is by far an important of those given European defence considerations and the open animosity in the direction of the 76-year-old navy alliance by US President Donald Trump. Spain additionally threatens to spoil the party. Optimists hope that this gathering might be an opportunity to rebuild religion within the establishment.
Secretary-general Mark Rutte has improved the probabilities of a profitable assembly by some adroit diplomatic manoeuvring in current weeks. In consequence, the 32 member states are anticipated to agree to extend their defence spending goal from 2 per cent of GDP to three.5 per cent, plus an additional 1.5 per cent on infrastructure. The problem for the European signatories will then be methods to promote this spending improve to their home voters.
After Nato, a lot of the similar European leaders (UK excepted) will transfer to the EU summit in Brussels, primarily to mirror on the defence talks. If the Nato assembly is a catastrophe, these international locations may probably have to attract up new methods.
Sticking with Brussels, we now have the EU-Canada commerce summit. It’s an fascinating improvement given Trump’s shaking up of world commerce alliances, however not vastly consequential. Once more, the discuss will revolve round weaponry as the 2 sides are anticipated to signal an settlement to affix the “re-arm Europe” defence procurement scheme.
Wars presently raging will proceed to seize the headlines, however can’t be diarised. FT subscribers can nonetheless join a webinar on Wednesday with FT journalists and company answering your questions, The Israel-Iran warfare: how far will it go?
There may be additionally a major navy anniversary this week for the beginning of a battle that has not but formally completed, 80 years after the occasion: the Korean war.
The central bankers are out in pressure on the talking circuit over the subsequent seven days. It’s one other skinny week for financial information reviews, essentially the most notable being the wealthy nation comparisons within the buying managers’ index reviews. Extra particulars beneath.
The tail-end of earnings season has a couple of large names reporting figures, reminiscent of sports activities model colossus Nike and multinational garments retailer H&M. Once more the principle information is more likely to come away from the regulatory filings. For example, Tesla will try and ship a automobile from the corporate’s manufacturing facility in Austin, Texas to a buyer’s residence, in response to a submit by the corporate’s CEO Elon Musk on X on 10 June. The milestone coincides with Musk’s 54th birthday.
Yet another factor . . .
It’s not simply summit time. Pageant season has arrived with the granddaddy of all of them, Glastonbury, kicking off this week. It’s been yr for Glasto commercially. However clearly not everyone seems to be a music competition fan — simply ask local London residents.
How do you intend to spend the subsequent seven days? Electronic mail me at jonathan.moules@ft.com or, in case you are studying this out of your inbox, hit reply.
Key financial and firm reviews
Here’s a extra full record of what to anticipate by way of firm reviews and financial information this week.
Monday
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Austan Goolsbee, president of the Federal Reserve Financial institution of Chicago, to talk on the 2025 Milwaukee Enterprise Journal’s Mid-12 months Outlook convention
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European Central Financial institution president Christine Lagarde provides an introductory assertion earlier than the Committee on Financial and Financial Affairs (ECON) of the European parliament in Brussels
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Antonio Filosa turns into Stellantis CEO
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Eurozone, France, Germany, India, Japan, UK, US: S&P International/HCOB/HSBC flash buying managers’ index (PMI) information
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Singapore: Might shopper value index (CPI) inflation fee information
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Outcomes: KB Residence Q2, Metcash FY, Naspers FY, Prosus FY
Tuesday
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Megan Greene, member of the Financial institution of England Financial Coverage Committee, to talk at NIESR on “Financial coverage implications of variations in central financial institution steadiness sheet administration”
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Dave Ramsden, deputy governor, markets and banking, on the Financial institution of England, might be a speaker and panellist on the Barclays CEPR Financial Coverage Discussion board.
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Canada: Might CPI inflation fee information
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Germany: June ifo Enterprise Local weather Index
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US: Might state employment and unemployment figures, plus June Convention Board Client Confidence Index
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Outcomes: BlackBerry Q1, Bunzl pre-close buying and selling assertion, Carnival Q2, FedEx This autumn, SThree HY buying and selling replace, TD SYNNEX Q2
Wednesday
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Related British Meals is anticipated to make an announcement about the way forward for its Vivergo Fuels bioethanol plant in Hull, the nation’s largest. The corporate stated the plant may shut with out authorities assist after the current UK-US commerce deal allowed subsidised US ethanol into the British market.
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Speech by Financial institution of Japan coverage board member Naoki Tamura at a gathering with native leaders in Fukushima
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Australia: Might CPI inflation fee information
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France: June INSEE shopper confidence survey
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Japan: abstract of opinions from final rate-setting assembly. Additionally, companies producer value index (PPI) inflation fee information
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Outcomes: Babcock FY, Normal Mills This autumn, Halfords FY, HB Fuller Q2, Liontrust Asset Administration FY, Micron Know-how Q3, MillerKnoll This autumn/FY, PayChex This autumn, ProCook FY, Steelcase Q1, Winnebago Industries Q3, Worthington Enterprises This autumn
Thursday
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Financial institution of England governor Andrew Bailey provides a keynote speech on the British Chambers of Commerce’s annual convention, titled “The place’s the expansion?”
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EU: European Central Financial institution Normal Council assembly on-line.
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UK: Houses England housing and BoE capital issuance statistics.
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US: Q1 GDP estimate (third time)
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Outcomes: Acuity Q3, Inchcape interim buying and selling replace, James Latham FY, H&M HY, McCormick & Co Q2, Moonpig FY, Nike This autumn, Serco pre-close buying and selling assertion, Volex FY, Walgreens Boots Alliance Q3
Friday
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Switzerland: Financial institution for Worldwide Settlements annual convention, together with a session chaired by Federal Reserve Financial institution of New York president John Williams.
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US: Might private earnings and outlays information
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Outcomes: Apogee Enterprises Q1
World occasions
Lastly, here’s a rundown of different occasions and milestones this week.
Monday
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EU overseas affairs ministers will focus on the Russian aggression towards Ukraine, after an off-the-cuff change of views with Ukraine’s minister of overseas affairs Andrii Sybiha. The bloc’s financial sanctions towards Russia in response to the unlawful annexation of Crimea and Sevastopol, are as a result of expire right this moment until prolonged
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Belgium: EU-Canada summit in Brussels
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Italy: forty seventh Antarctic Treaty Consultative Assembly begins in Milan — additionally the twenty seventh assembly of the Committee for Environmental Safety — working till July 3
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Japan: Okinawa Memorial Day. eightieth anniversary of the top of the Battle of Okinawa, the one land battle in Japan
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Norway: King Harald V and Sonja welcome Emmanuel and Brigitte Macron initially of a two-day state go to by the French president and first woman
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UK: Web Zero Supply Summit, hosted by the Metropolis of London Company, a part of London Local weather Motion Week. Audio system embody Lord Mayor of the Metropolis of London Alastair King
Tuesday
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China: 14th NPC Standing Committee (NPCSC), China’s senior legislative physique, convenes for its sixteenth session, working till Friday
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Italy: Amazon founder Jeff Bezos and media persona Lauren Sanchez start a three-day wedding ceremony social gathering to tie the knot in Venice, one of the crucial high-profile weddings of the yr
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Netherlands: The Hague hosts the 2025 Nato Summit, that includes heads of state and authorities, overseas and defence ministers. It is going to be the primary time this gathering has occurred within the Netherlands
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UK: Financial institution of England governor provides proof in Westminster to the Lords Financial Affairs Committee
Wednesday
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Indonesia: FT Reside’s two-day Power Transition Summit Asia begins on the Langham Hilton in Jakarta and on-line. Register here
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Korea: seventy fifth anniversary of North Korea invading South Korea, capturing Seoul inside days and pushing US and South Korean forces, working below a United Nations banner, to the south-eastern tip of the peninsula. The fightback resulted in a stalemate alongside the thirty eighth parallel, with an armistice however no peace treaty
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UK: Glastonbury Pageant, the most important greenfield music and performing arts competition on the earth, begins at its residence within the Vale of Avalon in Somerset. The primary music programme begins on Friday. Sir Rod Stewart performs within the legends slot on Sunday
Thursday
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eightieth anniversary of the primary 50 international locations signing the Constitution of the United Nations, the founding doc of the UN
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EU: two-day European Summit begins in Brussels
Friday
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Poland: European Council on International Relations begins its two-day annual council assembly in Warsaw, the place policymakers and thought leaders will collect to debate urgent international challenges
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US: Federal Reserve publishes the outcomes from its annual financial institution stress take a look at
Saturday
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Australia: 2025 British & Irish Lions worldwide rugby union tour of Australia opens with Western Drive vs British & Irish Lions in Perth
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UK: Armed Forces Day, displaying assist for service households, cadets, veterans, recruits, and repair personnel. Occasions happen throughout the nation
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US: Tesla anticipated to run self-drive take a look at from the corporate’s Austin manufacturing facility
