G7 leaders gather in Hiroshima

Hello and welcome to Workweek.

The next 7 days are symmetrical. We start with the reaction to Turkey’s presidential and parliamentary elections and end next Sunday with another national vote in neighboring Greece.

In both cases, the ruling party has been in a bind due to the government’s response to natural and man-made national disasters. The Financial Times is in Ankara, so you can read the latest analysis of these results.

Another big event this week is Japan’s G7 summit in Hiroshima.US President Joe Biden not in person Because the U.S. debt ceiling is at an impasse, but members have plenty of reason to meet. Germany is pushing a controversial gas investment plan, while the United States wants its rich-country partner to increase economic pressure on China.

Meanwhile, Beijing is busy playing a mediator role in the Ukraine conflict. It will send envoys to Ukraine, Russia, Germany, France and Poland starting Monday. On this issue, the United States and China are on the same page.

Gains this week include food (notably Greggs and Premier Foods), phones (BT and Vodafone) and fashion (Burberry and Boohoo.com). Details are as follows.

In Britain, the National Conservative Conference, an event launched by the public affairs group Edmund Burke Foundation to help build a coalition of right-wing politicians in the West, opens on Monday. The head of the Competition and Markets Authority will be grilled by lawmakers from the Commerce and Trade Committee on Tuesday about their controversial decision to block Microsoft’s takeover of Activision Blizzard.

Finally, an episode of the US version of the FTWeekend Festival, taking place in Washington on Saturday with a guest list that included Hillary Rodham Clinton, Salman Rushdie, Jamie Lee Kerr Jamie Lee Curtis, Ta-Nehisi Coates, Barbara Sturm and various FT columnists and writers.You can also experience the weekend newspaper online by registering at ft.com/festival-usIf you’re a newsletter subscriber, save $20 with code NewslettersxFestival.

Thanks to those who suggested The Week Ahead list. Email me at jonathan.moules@ft.com.

Economic data

The U.S. and China dominated this week’s data run. U.S. retail sales, manufacturing and home sales data will provide further evidence of the extent of the slowdown. China’s monthly economic activity data could be important given recent signs that the post-COVID-19 rebound is losing momentum.

Japan will release its first-quarter gross domestic product growth data for the first time, and Canada will provide its latest inflation rate, as measured by the consumer price index.

The main data point for the UK this week will be unemployment figures on Tuesday. The European Union on Monday released its spring economic forecasts for GDP, inflation, employment and public finances. The central bank governor is also due to deliver various speeches, while Bank of England governor Andrew Bailey will answer questions from MPs at a Treasury select committee hearing.

company

boohoo Full-year figures are reported on Tuesday, and tears are likely to be shed. Online apparel retailing isn’t looking rosy right now. Witness the results of Asos last week. Boohoo blamed a return to the high street for the drop in revenue in its last trading update.

Simon Bowler, head of research at Numis, wrote of Boohoo in an analyst note: “Given exit rates, subdued data on online demand (as evidenced in part by Asos) and risks associated with US warehouse launches this fiscal year, we do not see the company Momentum to raise expectations at this stage.”

Key Economic and Company Reports

Below is a more complete list of company reports and economic data expectations for the week.

on Monday

• EU, spring economic forecasts for GDP, inflation, employment and public finances

• India, Wholesale Price Index (WPI) inflation measure for April

• result: Bridgestone Q1, curry transaction update, diploma H1, Suzuki Motor Corporation wind and cloud

Tuesday

• Canada’s April consumer price index (CPI) inflation rate data

• China, April retail sales and industrial output data

• EU, first-quarter jobs data flashes

• German Zew Economic Sentiment Survey

• International Energy Agency Oil Market Report

• Spain, European Central Bank Anneli Tuominen, member of the Supervisory Board, and Dominique Laboureix, Chair of the ECB’s Single Resolution Committee Iese Business School Madrid Campus

• UK, monthly labor market data

• US, NAHB housing market index and April retail sales data

• result: hush hush net Fengyun, Bouygues Q1, British H1, Greggs transaction update, The Home Depot Q1, imperial brand H1, land securities Fengyun, Marston’s H1, Singapore Airlines Fengyun, Vodafone wind and cloud

Wednesday

• SoarThe US-based leadership team will appear in court to challenge the authority of the liquidator charged with liquidating the company’s operations in the Bahamas.

• EU April Harmonized Index of Consumer Prices (HICP) Inflation Rate Chart

• Japan, first quarter GDP flash

• US, April housing starts data

• result: Aikon Q1 Trading Update, british land Fengyun, cisco system Q3, Experian Fengyun, JD Sports Fengyun, Mitchell and Butler H1, wise man H1, Siemens Q2, Synopsys Q2, Take-Two Interactive Software Q4, Target Q1, Tian Jianxing Q1, TP ICAP First Quarter Trading Update and Annual General Meeting, Zurich Insurance Q1

Thursday

• France, Germany, Switzerland: Financial markets closed for public holiday

• Japan, April trade balance data

• result: British Telecom group Fengyun, Burberry Fengyun, easyjet H1, International Distribution Services Fengyun, Tianda Fengyun, senior food Fengyun, walmart Q1

Friday

• German producer price index (PPI) inflation rate data for April

• Japan April CPI Inflation Rate Data

• UK, GfK consumer confidence survey

• result: deere co. Q2, intelligence quotient Fengyun, National Institute of Building wind and cloud

world events

Finally, here’s a rundown of the week’s other events and milestones.

on Monday

• French President Emmanuel Macron chaired the Select France summit to promote foreign investment in the country. Read his FT opinion piece here.

• In the Middle East, protests in Ramallah in the West Bank are expected to mark Nakba, or “catastrophe,” when Palestinians are forced to leave their villages or flee amidst the war over Israeli statehood.

• In the UK, the National Conservative Conference opens in London with speeches by Home Secretary Suella Braverman and Conservative MP Jacob Rees-Mogg.

• UK, world’s first self-driving bus service is plan to start in Scotland.

• The UN Security Council held a briefing on the Ukraine issue. In Latvia, Canadian and Latvian armies began training Ukrainian soldiers.

Tuesday

• Meeting of EU Finance Ministers in Brussels by the Belgian Economic and Financial Affairs Council (Ecofin)

• France, The 76th Cannes Film Festival start

• Competition and Markets Authority chairman Marcus Bokkerink and chief executive Sarah Cardell were questioned by members of the Business and Trade Committee.

• U.S. Secretary of State Anthony Blinken, Secretary of Defense Lloyd Austin and Secretary of Commerce Gina Raimondo will testify on U.S.-China relations at a Senate Appropriations Committee hearing.

Wednesday

• UK, Labor leader Sir Keir Starmer and Bank of England Governor Andrew Bailey address the British Chambers of Commerce global convention in London

Thursday

• UK, Northern Ireland local council elections

• In the UK, Bank of England Governor Andrew Bailey appeared before a Treasury select committee to answer questions about the impact of austerity policy on the economy and the role of quantitative easing in an outbreak of double-digit inflation. Separately, BoE Chief Economist Huw Pill convened a research symposium that brought together academics and central bankers from around the world to discuss the latest developments in the economy. Macro Financial Research.

Friday

• ISRAEL, Thousands of Israelis are expected to march through the alleys of Jerusalem to the Western Wall to commemorate Israel’s establishment of control over the city after the 1967 Six-Day War.

• Japan, 2023 G7 Summit Opened in Hiroshima

• ECB board member Isabel Schnabel speaks at the conference Financial Stability and Monetary Policy Conference The Charles Goodhart Library was subsequently opened at the Lincoln Fields Hotel in London in honor of Charles Goodhart.

Saturday

Sunday

• Greece, parliamentary elections

• Japan, G7 summit ends