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A British remake of planes, trains and automobiles

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Hello and welcome to the work week.

Or rather, welcome to the “summer of discontent” if you live in the UK. What started out as pumping trouble due to rising fuel prices, this week’s disruption to air traffic from staff shortages will spill over to problems on the trains – in the country that gave you this mode of transport. A series of national rail strikes and another London underground strike are likely to bring the network to a standstill.

The dispute centers on wage demands and the impact on jobs of efficiency cuts made more urgent by the drop in earnings during the pandemic lockdowns. Government ministers, who, as this piece notes, now effectively control all rail funding following changes made during the pandemic, have refused to speak directly with the RMT, the main union calling the action.

Whether this will have a major impact on Thursday’s two UK midterm elections – this week’s main election news – is a moot point, as polls are already pointing to a double whammy for the Conservatives – a “red wall” and a “blue wall”. wall” constituency – amid anger at their leader and the country’s prime minister, Boris Johnson.

The aviation industry is also in the spotlight this week with the annual general meeting of the International Air Transport Association (IATA) in Doha. The news here is probably not very positive. Last October, the Iata predicted that 2.3 billion people would fly by 2021 and 3.4 billion by 2022, compared to 4.5 billion people traveling in 2019.

Another international meeting this week is the postponed meeting of Commonwealth heads of state in Rwanda. The venue will raise some uncomfortable questions for Prince Charles, who will be attending on behalf of the Queen, given the UK’s deal with the country to take in British asylum seekers, a policy the heir to the throne had described as “horrible” according to a report in the Times newspaper.

The week closes with German Chancellor Olaf Scholz welcoming his colleagues from the other G7 countries to a summit at the remote Schloss Elmau castle in Bavaria, the same location his predecessor Angela Merkel chose in 2015. The most notable point here, however, is the special guest, Narendra Modi of India, and whether this will help Western powers – Australia will do something similar during a state visit to India earlier this week – in the battle for allies over Russia’s growing closeness. and counter China.

Thanks again to those of you who wrote to share your thoughts on current events and opinions on what we should add or lose from the list. Let them come to jonathan.moules@ft.com.

Economic data

Surveys are the theme for this week with a series of purchasing managers index reports, regional Fed announcements in the US and Ifo business confidence data in Germany.

The pinnacle in terms of central bankers’ speeches — and there are a few this week — will be Jay Powell’s biannual appearance before the Senate Banking, Housing and Urban Affairs Committee to deliver its monetary policy report. And just in case you don’t have enough data on the cost of living, we also get more inflation updates from Germany, Canada, the UK and Japan.


The cost of living and trends in shopping will be a topic of discussion among global retail groups meeting in Dublin this week for the Consumer Goods Forum. The chief executives of UnileverCoca ColaCarrefourtesco and walmart are among the speakers on the list.

Not many dated earnings announcements this week. FedEx will report fourth-quarter figures on Thursday, but that was anticipated last week when the US delivery company shook off concerns about the economy when it announced an increased dividend and two new board members.

Key economic and business reports

Here’s a more complete list of what to expect this week in terms of business reports and economic data.


  • Germany, producer price index (PPI) figures May

  • UK, trade data, Rightmove monthly house price index plus Office for National Statistics data on home affordability. Jonathan Haskel, professor of economics at Imperial College Business School, will speak at techUK’s Tech Policy Leadership Conference on the topic of his book Restarting the Future: Restoring the Intangible Economy


  • Canada retail data, April

  • UK, Kantar monthly food market share figures plus Huw Pill, chief economist of the Bank of England, is a panelist at the Institute of Chartered Accountants in England and Wales East England Economic Summit

  • Results: Lennar Q2


  • Canada Consumer Price Index (CPI) data in May

  • EU, flash consumer confidence figures plus European Central Bank Governing Council to hold non-monetary policy meeting in Frankfurt

  • CPI and PPI data for the UK, May

  • Federal Reserve Chairman Jay Powell will submit his semiannual report on monetary policy to the Senate Banking, Housing and Urban Affairs Committee

  • Reports: Berkeley Group for your information, KB Home Q2


  • Argentina, GDP figures first quarter

  • Eurozone, France, Germany, UK, US: IHS Markit and S&P Global flash composite (manufacturing and services) purchasing managers index (PMI) data

  • EU, ECB publishes monthly economic bulletin

  • UK, May government sector financial data plus GfK consumer confidence survey

  • US, Federal Reserve releases results of annual bank stress tests

  • Results: FedEx Q4


  • Germany, Ifo monthly business confidence index

  • May CPI Data for Japan

  • SoftBank AGM

  • Spain, final Q1 GDP figures

  • UK, May retail sales and consumer confidence plus Huw Pill delivers a speech at a conference on “Inflation and Debt – Challenges for Monetary Policy after Covid-19”

  • Results: AutoMax Q1

World Events

Finally, here’s an overview of this week’s other events and milestones.


  • Argentina, the holiday of Flag Day, commemorating the death of General Manuel Belgrano, the creator of the Argentine flag, in 1820

  • India, Australian Defense Secretary Richard Marles visits India, led by newly elected Prime Minister Anthony Albanese the country’s focus on tightening relations with the subcontinent as a counterweight to China

  • Belgium will return a “relic” of Patrice Lumumba, the first Prime Minister of the Democratic Republic of the Congo, who was assassinated in 1961 during an official ceremony in Brussels

  • EU Foreign Affairs Council meets in Luxembourg

  • Qatar, chief executives of some of the world’s leading airlines gather for the 78th AGM of the International Air Transport Association (IATA) in Doha

  • Rwanda, the meeting of Commonwealth heads of government begins. This event has been postponed from 2020 due to the pandemic

  • Switzerland, Executive Council of the World Meteorological Organization meets in Geneva

  • UK, sixth anniversary of the EU membership referendum

  • UK, the FTs Innovative Lawyers Top personally back in London with speakers from Chatham HouseeasyJet and Airbnb to discuss what it means today to be a responsible business leader in law


  • The summer solstice is celebrated in the Northern Hemisphere and marks the longest day of the year and the first day of summer

  • Prince William, third in line to the British throne, turns 40

  • Ireland, 2022 Consumer Goods Forum Global Summit Begins in Dublin

  • UK, 40,000 railway workers expected to walk away in a three-day series of railway strikes – expected to cause six days of disruption


  • Russia, commemoration in Moscow of the anniversary of the German invasion of the Soviet Union in 1941

  • UK, 50th Glastonbury music festival begins, returning from a two-year pandemic-related hiatus to the venue at Worthy Farm in Pilton, Somerset. The headliners include Sir Paul McCartney, Billie Eilish and Elbow


  • Belgium, EU leaders meet in Brussels with agenda including approval for Croatia’s bid to join eurozone in 2023

  • Grenada, general election

  • Luxembourg, public holiday

  • UK by-elections to be held in two former Conservative seats, Wakefield plus Tiverton and Honiton, seen as a litmus test for British Prime Minister Boris Johnson’s degree of disapproval after party gate revelations


  • Germany, 74th Anniversary of the Beginning of the Berlin Blockade, One of the First Major International Crises of the Cold War

  • Venezuela, Armed Forces Day holiday


  • Croatia, Slovenia: Statehood Day

  • Germany, 2022 G7 summit begins at Schloss Elmau, near the town of Garmisch-Partenkirchen, in Bavaria

  • Mozambique, National Day

  • UK, deadline for government to extend funding to Transport for London, operator of the capital’s metro and bus network

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