Trump back in court | Financial Times

Hello and welcome to the working week.

A defiant Donald Trump will once again be in the spotlight when he appears at a federal court in Miami, Florida, on Tuesday, making him the first former US president to face federal criminal charges as he campaigns for another White House run.

Trump over the weekend made his first public appearance since being indicted on 37 criminal counts tied to his handling of classified documents, telling an audience of Republicans that the charges were “ridiculous and baseless”.

The charges unsealed last Friday include 31 counts linked to violations of the Espionage Act, specifically the wilful retention of national defence information without authorisation. He is also facing allegations of conspiracy to obstruct justice and making false statements. 

Staying in the courts, lawyers for the former FTX chief executive Sam Bankman-Fried, who faces multiple charges including wire fraud and conspiracy to commit campaign finance violations, will on Thursday present oral arguments in New York.

Mainz-based pharmaceuticals producer BioNTech is also in the dock this week, where it faces a barrage of compensation claims in Germany brought by two law firms that allege their clients suffered lasting health damage from the company’s coronavirus vaccine. The group will on Monday face its first German court hearing over the claims in a case brought on behalf of a middle-aged medical worker.

The UK Covid-19 inquiry holds its first public hearing on Tuesday, starting an investigation scheduled to last at least until 2026 and expected to cost more than £100mn. 

The chair, Baroness Heather Hallett, intends to listen to evidence about almost every aspect of a pandemic that has killed 227,000 people in Britain and infected many millions more, from preparedness and government decision-making to the impact on care homes and the health service.

On the global stage US president Joe Biden meets Nato secretary-general Jens Stoltenberg on Monday at the White House ahead of next month’s Nato summit in Vilnius, Lithuania, where the war in Ukraine will top the agenda.

Further updates on Ukraine’s counteroffensive should reach us through the week, while President Vladimir Putin will on Monday mark Russia Day, the anniversary of the 1990 adoption of the Declaration on Russia’s National Sovereignty, with a Kremlin speech.

It’s a busy week for the central banks, with three of the big hitters in action. First up is the US Federal Reserve, which announces rates on Wednesday, followed by the European Central Bank on Thursday and the Bank of Japan on Friday.

The majority of leading academic economists polled by the Financial Times predict at least two more quarter-point US interest rate increases this year.

Economists expect the ECB to raise interest rates by another quarter percentage point, despite the eurozone’s official recession being confirmed last week and inflation pressures now easing significantly. The Bank of Japan is expected to remain on hold.

FT Live’s Women in Business Summit Europe (formerly Women at the Top Europe) is back on Tuesday. Register here to join leaders from Beauty Pie, Harvey Nichols and more to discuss tactics on inclusive leadership, responsible business and the future of work.

What is in your diary the coming week? If you wish to share, send me details at [email protected] or hit reply to this email.

Economic data

The Fed’s rate decision will come a day after the consumer price index (CPI) inflation measure for May is released on Tuesday.

The UK has labour market and gross domestic product releases this week, ahead of the Bank of England’s Monetary Policy Committee meeting next week.

Companies

It is another mixed bag of results this week at the tail-end of this earnings season. Retail stands out as a theme with figures from the online fast fashion providers Asos and Boohoo, and word about the mood on the high street from H&M and Tesco, whose chair John Allan will step down at the company’s annual meeting on Friday.

We might be struggling to get back to the office, but trade shows are another matter. Informa, the FTSE 100 company that owns Monaco Yacht Show and World of Concrete in Las Vegas among other trade events, will give a trading update on Thursday ahead of its AGM.

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

• Bank of England Monetary Policy Committee member Catherine Mann speaks at a webinar hosted by Signum chair Charles Myers

• GMB union members working at Amazon in Coventry will begin another three-day strike over pay. The employees staged the first strike at a UK Amazon site in January, and followed it up with industrial action in February, March and April.

• India, May consumer price index (CPI) inflation rate figures

• US, federal budget balance

• Results: Oracle Q4

Tuesday

• Bank of England governor Andrew Bailey gives evidence to the House of Lords Economic Affairs Committee session “Bank of England: how is independence working?”

• Centrica AGM

• Opec monthly oil market report

• Germany, May CPI and harmonised indices of consumer prices (HICP) inflation rate figures plus June ZEW Economic Sentiment survey

• UK, May labour market figures

• US, May CPI inflation rate figures

• Results: Ashtead Q4, Bellway trading update, CMC Markets FY, Iomart FY, Oxford Instruments FY

Wednesday

• ITV chief executive Dame Carolyn McCall gives evidence to the Culture, Media and Sport Committee, following accusations of a “toxic” culture on its flagship This Morning programme

• Shell capital markets day

• EU, monthly industrial production figures

• New Zealand, Q1 GDP figures

• UK, monthly GDP estimate, industrial production and trade figures

• US, Federal Open Market Committee rate-setting meeting decision announcement

• Results: Safestore H1

Thursday

• Bank of England deputy governor Sir Jon Cunliffe speaks at Politico Global Tech summit in London

• Oral arguments to be presented in a New York courtroom for former FTX chief executive Sam Bankman-Fried, facing multiple charges including wire fraud, conspiracy to commit commodities fraud and conspiracy to commit campaign finance violations

• China, May industrial production figures

• EU, European Central Bank interest-rate decision

• France, May CPI and HICP inflation-rate measure

• Japan, May trade balance figures

• Russia, Q1 GDP figures

• UK, May insolvency statistics

• US, May retail sales figures

• Results: Adobe Q2, Asos trading update, Boohoo trading update, Bunzl trading statement, Fuller, Smith & Turner FY, Halfords FY, H&M Q2 sales update, Informa trading update and AGM

Friday

• Purplebricks shares due to be delisted from London’s AIM market

• EU, Ecofin meeting and May HICP inflation rate figures

• Japan, Bank of Japan makes interest-rate announcement following Monetary Policy Committee meeting

• Results: Peel Hunt FY, Tesco Q1 trading update and AGM, where chair John Allan will step down

World events

Finally, here is a rundown of other events and milestones this week.

Monday

• Philippines, Independence Day public holiday

• Russia Day. Financial markets closed

• UK, London Fashion Week concludes with a show of ready-to-wear men’s and women’s designer clothing

• US, president Joe Biden plays host to Nato secretary-general Jens Stoltenberg at the White House to discuss the upcoming Nato Summit in Vilnius, Lithuania

Tuesday

• 255th Royal Academy of Arts summer exhibition, the world’s largest open submission contemporary art show, featuring about 1,000 paintings, sculptures, drawings and models, opens in London

• UK, the nation’s Covid inquiry begins hearing evidence for its first investigation

• US, former president Donald Trump due to appear at a Federal court in Miami following a criminal investigation into his handling of classified documents after leaving office

Wednesday

• UK, junior doctors in England begin a 72-hour strike over pay after the government offered a 5 per cent salary increase

• UK, Labour party deputy leader Angela Rayner addresses the annual conference of the union Unison

Thursday

• Brussels, Nato defence ministers meeting

• US Open golf tournament begins in Los Angeles

Friday

Saturday

Sunday

• Mali, the West African nation will hold a referendum, setting it on a path to constitutional rule following two military coups

• UK, Tax Freedom Day calculated by the Adam Smith Institute to mark when the average British taxpayer stops earning for the government and starts earning for themselves

• Father’s Day celebrated in various countries