Howdy and welcome to the working week.
Wall Road takes centre stage, as a string of US monetary establishments publish second-quarter earnings. Financial institution of New York Mellon, Wells Fargo, Citigroup, BlackRock and JPMorgan are up on Tuesday, adopted by Financial institution of America, Morgan Stanley and Goldman Sachs on Wednesday. Analysts anticipate a glittering set of studies, buoyed by the weak greenback and broad sanguinity concerning the probability of a world commerce struggle.
US financial fundamentals are wobblier. The Federal Reserve continues to be in wait-and-see mode, as heightened uncertainty round tariffs looms over its forecasts. Economists can be anticipating the central financial institution’s Beige Ebook, publishing on Wednesday, for a clearer image. US inflation information for June and the subsequent studying within the Michigan shopper sentiment index will assist enrich the image of the state of play on the bottom.
China is anticipated to ship a second-quarter GDP year-on-year progress determine of greater than 5 per cent on elevated exports, regardless of the wave of protectionism washing over the world. Coverage stimulus and the truce between Beijing and Washington have helped protect its financial system from the worst results of tariffs.
In Britain, whose financial system contracted in Might, skies are undoubtedly gloomier. (Though not actually, because the nation swelters by its third heatwave of the yr.) Chancellor Rachel Reeves can be giving her Mansion Home speech on Tuesday, beneath a cloud of embarrassing fiscal U-turns.
Readers shouldn’t anticipate her to confront investor anxieties about a wealth tax. As an alternative, anticipate some chipper words on shoring up a culture of investing. Inflation information publishing on Thursday, which economists anticipate to have ticked as much as 3.5 per cent, simply may burst her bubble.
Whither Donald Trump? I’ve buried point out of the US president on this e-newsletter as a result of — to cite our commerce guru Alan Beattie — nobody knows anything. The White Home will proceed to stress US buying and selling companions into inking commerce offers. However after extending the “liberation day” tariff deadline till August 1, its threats are losing credibility. Retaliation from the nations hit with new levies and hand-wringing from worldwide our bodies might be on the menu. I’ll have a taco to go, please.
Apart from the banks, firm studies are skinny on the bottom as we crawl into the canine days. One theme although is prescription drugs, with Johnson & Johnson and Novartis posting earnings. One other is the semiconductor business, with studies from TSMC and ASML.
Another factor . . .
The World Aquatics Championships is beneath approach in Singapore. Stretching by July to conclude on August 3, it showcases a number of the world’s most spectacular athletes within the water.
I used to fairly get pleasure from swimming till a near-fatal accident within the Mediterranean in the summertime after my sixteenth birthday. I haven’t actually finished it since then, however this heartening piece about a London club teaching adults swimming skills may simply encourage me to check the waters once more.
What sports activities are you doing this summer season? Let me know at harvey.nriapia@ft.com. Or, in case you are studying this out of your inbox, simply hit reply. Have an awesome week.
Key financial and firm studies
Here’s a extra full listing of what to anticipate when it comes to firm studies and financial information this week.
Monday
Tuesday
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China: Q2 GDP
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Canada: June CPI
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US: June CPI
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Outcomes: Aker BP Q2, Ericsson Q2, Tomtom Q2, Financial institution of New York Mellon Q2, Wells Fargo Q2, Citigroup Q2, JPMorgan Chase Q2, Experian Q1 2026, Barratt Redrow FY buying and selling assertion, B&M Q1 buying and selling assertion
Wednesday
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US: Fed points the Beige Ebook
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UK: June CPI
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Outcomes: Morgan Stanley Q2, Financial institution of America Q2, Goldman Sachs Q2, Johnson & Johnson Q2, Morgan Stanley Q2, ASML Q2, Richemont Q1, Finnair H1
Thursday
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South Africa hosts two-day G20 assembly of finance ministers and central financial institution governors
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Japan: June month-to-month commerce information, June CPI
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Outcomes: TSMC Q2, Volvo Automobiles Q2, PepsiCo Q2, Marsh McLennan Q2, easyJet Q3, Novartis Q2, GE Aerospace Q2, US Bancorp Q2, Frasers Group FY, Dunelm This autumn and FY
Friday
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US: Michigan Shopper Sentiment index July
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Outcomes: Telenor Q2, Burberry Q1, Danske Financial institution Q2, Charles Schwab Q2
World occasions
Lastly, here’s a rundown of different occasions and milestones this week.
Monday
Tuesday
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UK: Financial institution of England governor Andrew Bailey and Rachel Reeves to talk at Mansion Home; setting committee questions Thames Water executives; parliamentary committee questions OBR chair on fiscal dangers
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US: Arizona holds main to fill vacant US Home seat; Trump anticipated to talk at Pennsylvania vitality summit
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Nominations introduced for the Emmy awards
Wednesday
Thursday
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South Korea: Supreme Courtroom to ship ultimate verdict on Samsung Electronics chair Jay Y Lee
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Federal Reserve: Board governor Adriana Kugler to talk in Washington on housing and the financial system; board governor Christopher Waller to talk in New York on the financial outlook
