Welcome to independence week. The big one, the celebration of 1776 and all, starts Monday in the United States. But from Algeria to Venezuela, Argentina to South Sudan, disengagement from former colonial powers is a strong theme — and a source of holiday cheer around the world — over the next seven days.
However, for those of us trying to work (or continue with) work, this will not be a week of celebrations.
French rail workers will go on strike on Wednesday, days before the country’s school holidays begin.
Then there is the drama of the British summer of discontent. Lawyers in England and Wales will resume their “crime doesn’t pay defenders” strike tomorrow. They will be joined on Tuesday by banking regulators from the Financial Conduct Authority, represented by Unite, who are back out challenging their latest pay offer. In addition, the range of workers who act is growing. Also on Tuesday, Whirlpool washing machine makers will be balloted for strike action over what union bosses have described as an “insulting” wage offer.
It seems a good point to mention that the Financial Times is running a survey on the falling 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, Switzerland. The Ukraine Recovery Conference is the latest in a series of high-level political meetings first held in London in 2017, originally to discuss reforms that could open up foreign investment at a time of relative peace for the nation Russia’s invasion has given new urgency to this support.
Is there 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 meetings. This Thursday’s event, Capitalizing On Disruption To Create Business Opportunities, is free and you can do so by clicking here. here.
Sainsbury’s trading update will, in effect, be a repeat of Tesco’s a couple of 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 sink into recession. A series of business surveys this week will highlight areas of concern for employers. 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
We have another week of UK corporate news dominated by retailers. J Sainsbury’s trading update on Tuesday will in effect be a repeat of Tesco’s a couple of weeks ago, as it has also taken a strategic decision to accept lower prices that will cut profits to keep customers.
Currys could be quite interesting given that the UK electricals retailer is the clear market leader, but its market cap has shriveled, margins are tight and there’s a sense that the pandemic was the point highest in the company.
Read the full week’s schedule here
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