Mon Jul 4 US celebrates Fourth of July. The Boston Pops show returns. | Tue Jul 5 Joint WTO-ITC event. | Wed Jul 6 FOMC minutes. Running of the Bulls in Pamplona. | Thu Jul 7 G20 foreign ministers in Bali. | Fri Jul 8 'French Davos' in Aix-en-Provence. | Sat Jul 9 Eid al-Adha, one of the most important festivals in the Muslim calendar, begins. The Group of 20 foreign ministers’ meeting is held in Bali against a backdrop of geopolitical and economic challenges, many triggered by Russia’s war in Ukraine. Israel, Australia and Poland are among countries setting monetary policy, while Mexico, Russia and South Korea are among those posting inflation data. Between scrapped flights and labor walkouts, Europe is looking at another messy week for mass transportation. Leading names in technology, media and investing converge on Sun Valley, Idaho, for Allen & Co.’s annual conference. Monday is a US market holiday as America celebrates Independence Day, with festivities including the return of the Boston Pops Fireworks Spectacular to the city.
Recession rumblngs. Federal Reserve Chair Jerome Powell says there's a risk the Fed could go too far on rate hikes but it's not a top risk to the economy. Photo: Bloomberg Recession fears continue to ratchet higher even as Fed Governor Jay Powell hopes the US can avoid one. Powell, speaking at the ECB's annual policy forum in Sintra, Portugal, said: "We hope that growth will remain positive," even as the Fed hikes rates to curb the highest inflation in 40 years. Inflation is continuing to reverberate through the market, with high-end furniture retailer RH slumping in extended trading after slashing its forecast for the second time in less than a month, blaming soaring mortgage rates and shrinking sales of luxury homes. Meanwhile, China’s economy showed further signs of improvement in June.
Mon Jun 27 G7 summit in Germany. EU energy minsters in Luxembourg. ECB Forum in Portugal. Wimbledon Championships start. | Tue Jun 28 Housing in the House. | Wed Jun 29 NATO summiit in Madrid. | Thu Jun 30 OECD parliamentary event. US Supreme Court releases an order list. | Fri Jul 1 Xi speaks in Hong Kong. Tour de France starts in Copenhagen. | Sat Jun 2 World UFO Day takes place on the anniversary of the Roswell incident in New Mexico in 1947. The Group of Seven leading economic powers started a three-day summit in Germany on Sunday. That meeting is followed by a NATO leaders gathering in Madrid. Following the meeting this week of EU leaders, the events are likely to be a key test of the West’s resolve to continue supporting Ukraine in its war against Russia, and to demonstrate unity as economies come under increased stress. The European Central Bank holds its annual Forum on Central Banking in Sintra, Portugal, with top global central bankers to speak at a time of acute concerns about inflation.
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