Welcome to Independence Week. The big one – celebrating 1776 and all – starts in the US on Monday. But from Algeria to Venezuela, Argentina to South Sudan, breaking ties with former colonial powers is a strong theme – and the source of public holidays around the world – over the next seven days.
For those of us trying to get started (or work) though, this won’t be a week for celebrations.
French rail workers will go on strike on Wednesday, days before the start of the country’s school holidays.
Then there is the unfolding drama of Britain’s summer of discontent. Lawyers in England and Wales will resume their ‘crime doesn’t pay lawyers’ strike tomorrow. They will be joined on Tuesday by banking regulators from the Financial Conduct Authority — represented by Unite — who are walking out again in defiance of their latest pay offer. In addition, the range of workers taking action is growing. Also on Tuesday, Whirlpool washing machine makers will be voted on strike action over what union bosses have called an “offensive” pay offer.
It seems good to mention that the Financial Times is running a survey on the shrinking cost of living – how are you coping with higher prices? To participate, click here.
After last week’s NATO summit in Madrid, the focus of Western efforts trying to help Ukraine this week will shift to Lugano in Switzerland. The Ukraine Recovery Conference is the latest in a series of high-level political meetings first held in London in 2017, initially to discuss reforms that could open up foreign investment in a time of relative peace for the nation. Russia’s invasion has given new urgency to such support.
Anything to lighten the mood? Well, the summer season has begun — and by that I mean the FT Live summer season of stimulating talks and gatherings. This Thursday’s event, Capitalizing on Disruption to Create Business Opportunities, is free to attend and you can do so by clicking here.
Sainsbury’s trading update will effectively be a repeat of Tesco’s a few weeks ago © Neil Hall/Reuters
Economic data
The key question at the moment is whether, or in some cases when, the major Western economies will fall into recession. A number of business surveys this week will highlight areas of concern for business owners. Also closely watched will be Wednesday’s minutes of the Federal Reserve’s latest rate-setting meeting and Friday’s US labor market report.
Companies
Another week of UK corporate news is ahead, dominated by retailers. The trading update from J Sainsbury on Tuesday will effectively be a repeat of Tesco’s a few weeks ago, given that it has also made a strategic decision to accept lower prices that will squeeze profits to retain customers.
Currys could be quite interesting given that the UK electricals retailer is the clear market leader, but its market capitalization is down, margins are thin and it feels like the pandemic has been the company’s high point.
Read the calendar for the entire week ahead here
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