Hello and welcome to the working week.
After the voting, the process of digesting the election results for the European parliament and individual member states begins. How will they change the EU? Why not join FT journalists and experts on Wednesday for a subscriber-exclusive webinar to discuss this. Register by clicking here and put your questions to our panel now.
Sticking with Europe, Italy will this week host the annual G7 Summit in the luxury resort of Borgo Egnazia just south of Bari in the southern peninsula region of Apulia, looking out on to the Adriatic. The event, which runs from Thursday to Saturday, will bring together world leaders, most of whom met last week at the D-Day commemorations in northern France. Expect further talk about support for Ukraine as it seeks to repel the Russian invasion.
In the US, Hunter Biden’s trial on criminal gun charges is likely to wrap up this week. My colleague Joshua Chaffin’s reports from Delaware provide the background you need. For good or ill this trial has become inextricably linked to the conviction of former president Donald Trump, and threatens to distract from President Joe Biden’s attempts to invigorate his re-election campaign as painful and ugly family episodes are re-aired.
The UK election approaches the halfway stage (here is your what to watch guide), with the brief distraction next weekend of the Trooping of the Colour to celebrate King Charles’s official birthday (as opposed to his actual one; don’t ask) preceded by the King’s Birthday Honours list. Will it be as controversial as Prime Minister Rishi Sunak’s candidates for gongs?
It’s another week for significant interest rate decisions. This time, for the US Federal Reserve (expected to keep rates on hold at a 23-year high range of 5.25 to 5.5 per cent) and the Bank of Japan (also likely to stick, in its case at 0 to 0.1 per cent).
There are a number of set-piece corporate announcements from the tech world: in Silicon Valley, the Apple fans will be out in Cupertino for its annual Worldwide Developers Conference. In the UK, attention will focus on the London market arrival of Cambridge-created cult gadget start-up Raspberry Pi, providing some relief for the beleaguered stock exchange — though it’s hardly the £1tn “British Microsoft”.
Tesla holds its annual shareholder meeting on Thursday, with a noteworthy schedule including a vote on Elon Musk’s disputed $56bn pay package, plans to reincorporate in Texas from Delaware and the election of directors, including Musk’s brother Kimbal. Proxy firms ISS and Glass Lewis have already voted against Musk’s remuneration.
One more thing . . .
Do you like football? Let me reassure you that this is a safe space for those of us not naturally drawn to the beautiful game — you know, those of us always picked last when deciding teams. However, there will be no avoiding the fact that this Friday is kick-off for the 2024 Euro tournament in Germany. If you’re in Berlin this week, this new exhibition could be a draw.
What are your priorities for the next seven days? What would you like to read more about from this newsletter? Email me at jonathan.moules@ft.com or, if you are reading this from your inbox, click reply.
Key economic and company reports
Here is a more complete list of what to expect in terms of company reports and economic data this week.
Monday
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Apple begins its annual Worldwide Developers Conference (WWDC) at its headquarters in Cupertino, with an opening keynote address by CEO Tim Cook
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Japan: revised Q1 GDP figures
Tuesday
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Raspberry Pi, the low-cost, high performing computer creator, is expected to announce the final pricing of its initial public offering on the London market Shares are expected to begin trading on Friday.
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Opec June oil market report
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UK: June labour market figures
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Results: FirstGroup FY, GameStop Q1, Oracle Q4, Oxford Instruments FY
Wednesday
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AEI June oil market report
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Germany: May consumer price index (CPI) and harmonised index of consumer prices (HICP) inflation rate data
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UK: April GDP estimate
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US: Federal Open Market Committee decision on interest rates. Also, May CPI inflation rate and real earnings data
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Results: Broadcom Q2, RWS Holdings HY
Thursday
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Tesla annual shareholder meeting
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EU: April industrial production figures
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UK: Royal Institution of Chartered Surveyors residential market survey
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US: May producer price index (PPI) inflation rate data
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Results: Adobe Q2, Crest Nicholson HY, Fuller, Smith & Turner FY, Virgin Money UK HY
Friday
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Superdry shareholders vote on proposed capital and restructuring measures
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EU: Q1 labour market figures
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Japan: interest rate announcement
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Results: Tesco Q1 trading statement
World events
Finally, here is a rundown of other events and milestones this week.
Monday
Tuesday
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The Women in Business Summit, the FT’s flagship event on gender equality and inclusive leadership, gathering more than 200 senior executives to explore policies, strategies and initiatives to close the gender gap. Click here to register
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Germany: Ukraine Recovery Conference, part of a series aimed at mobilising international and private sector support for the economic and social stabilisation of the country following the 2022 Russian invasion, begins in Berlin.
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Iran: nominees due to be announced for the Iranian presidential election on June 28. The election is being held following the death of President Ebrahim Raisi in a helicopter crash last month
Wednesday
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Russia: Russia Day, marking the day in 1990 when the First Congress of People’s Deputies of the Russian Federation adopted the Declaration on Russia’s National Sovereignty. Russian President Vladimir Putin is expected to speak and hand out state awards in the Kremlin’s St George Hall
Thursday
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250th day of Hamas-Israel conflict
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Italy: G7 Summit, hosted by Italian Prime Minister Giorgia Meloni and attended by leaders of the other G7 member nations, plus the presidents of the European Council and the European Commission, begins in Apulia, south-west Italy
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US: 2024 US Open Championship golf tournament begins in Pinehurst, North Carolina
Friday
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Germany: Euro 2024 football tournament kicks off in Munich with a game between the host nation and Scotland.
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UK: King’s Birthday Honours List announced, ahead of the Trooping of the Colour ceremony tomorrow, marking the monarch’s official birthday.
Saturday
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Hong Kong: 2024 International Dragon Boat Race contest begins on the Victoria Harbour, running until tomorrow
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Italy: G7 Summit concludes
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Switzerland: Summit on Peace in Ukraine, held at the Bürgenstock Resort above Lake Lucerne. About 80 countries are expected to participate
Sunday
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Father’s day, celebrated internationally
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UK: 200th anniversary of London vicar Arthur Broome meeting a group including MPs Richard Martin and William Wilberforce in a London coffee house to found what is now the Royal Society for the Prevention of Cruelty to Animals
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US: 77th Tony Awards for the American theatre industry held in New York. Click here to read the list of nominees