Sat. May 28th, 2022

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Hello and welcome to the work week.

Changes in political leadership are back on the agenda – I have warn you that it will be a theme of 2022.

First, we expect it to be the week that Sue Gray finally publishes the “partygate” report. Will it yield a smoking gun for rebel MPs to end Boris Johnson’s time in Downing Street or will it enable the prime minister to emerge from this latest existential leadership crisis? It’s Tuesday’s Burns Night, such a good time perhaps for those planning Johnson’s downfall to reflect on the Scottish poet’s wisdom on the best plans of mice and men.

There will be change at the top in Italy if the presidential election starts on Monday. Prime Minister Mario Draghi, who has done much to restore confidence in the Italian government and unite the nation, is the forerunner – he also has the support of the FT editorial staff and former Economist editor Bill Emmott. But the process of deciding who will replace Sergio Mattarella, whose seven-year term ends on February 3, is complex – more so made by the attempt to return by Silvio Berlusconi. And if Draghi wins, who will replace him as prime minister?

The week will end on Sunday with elections in Portugal, which were announced by the country’s president Marcelo Rebelo de Sousa two years ahead of schedule after parliament rejected the Socialist minority government’s 2022 state budget. Political change is in the air. Anger over various corruption scandals promotes support for populist candidates.

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Economic data

The most important economic event this week comes on Wednesday when the Federal Open Market Committee announces its latest decision on US interest rates, although it is likely to be a holding operation, with the first rate hike generally expected in March.

However, there are many other items in the diary, which give us a better indication of Omicron’s impact on economic growth around the holiday season, with a bunch of quarterly gross domestic product estimates and purchasing managers’ index data.


China is the link factor for the corporate earnings reports this week.

how did H&Myear-round sales – which are out Friday – were affected by the state-influenced consumer boycotts in China of his clothing? Similarly, how much does Sweden’s hard stance on Huawei hurt Ericsson, whose numbers are out Tuesday?

China is part of the reason why analysts expect healthy quarterly figures from appeal, reported Thursday. Sales were boosted by the technology company’s products to gain market share among wealthier Chinese users.

The availability of technology – especially semiconductors – will be on the minds of Hyundaiinvestors. Hyundai performed relatively well last year after accumulating components – although sales fell below target in 2021 as stocks ran out – and the carmaker is expected to report its highest operating profit in eight years due to strong demand for recreational vehicles and premium Genesis sedans.

Finally, there are also high expectations for Tesla, whose engine production numbers were, eh, car forward.

Key economic and company reports

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


  • Eurozone, France, Germany, Japan, UK, US: IHS Markit flash composite purchasing manager index (PMI) data releases

  • South Korea, GDP figures

  • UK Bank of England Quarterly Asset Acquisition Facility Report

  • Results: Halliburton Q4, IBM Q4, Philips V4


  • Germany, Ifo Institute monthly business confidence index

  • Remy Cointreau K3 sales update

  • UK, HMRC publishes tax receipts and National Insurance Contributions data

  • US, Federal Housing Finance Agency Monthly Home Price Index and Consumer Confidence Data

  • Results: 3M Q4, American Express Q4, Atlas Copco Q4, Ericsson Q4, General Electric Q4, Hyundai engine Q4, Johnson and Johnson Q4, Lockheed Martin Q4, Texas Instruments Q4, Tod’s FY, Verizon V4


  • Canada, Bank of Canada’s interest rate decision

  • France, consumer confidence figures

  • US, Federal Open Market Committee meeting interest rate decision

  • Results: AT&T Q4, Boeing Q4, Intel Q4, Lonza Group FY, Nidec V3, Tesla Q4, Wizz Air V3

  • Trade update: Brewin Dolphin Q1, CMC Markets V3


  • Anglo American K4 production report

  • Germany, consumer confidence data

  • US, GDP Q4 estimate plus consumer spending data

  • Results: appeal Q1, Sabadell Bank Q4, Comcast Q4, Deutsche Bank H1, Diageo H1, easyJet Q1, JetBlue Airways Q4, LVMH FY, Mastercard Q4, McDonald’s Q4, Mondelez International Q4, Northrop Grumman Q4, Rogers Communication Q4, Safilo Group FY, Samsung Electronics Q4, JUICE FY, Sartorius FY, STMicroelectronics Q4, Visa V1

  • Trade updates: CVS Group H1, Fever tree FY, Myth V3


  • France, provisional Q4 GDP plus producer price index (PPI) figures

  • Germany, flash Q4 GDP figures

  • Italy, PPI data

  • United Kingdom, Bank of England Capital Issue Statistics

  • US, personal income and spending data

  • Results: Rupees Q4, Chevron Q4, Colgate-Palmolive Q4, Daiwa Securities V3, H&M FY, Saipem V3, UniCredit FY, Volvo V4

World events

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


  • EU, UK: British Foreign Secretary Liz Truss and EU Commissioner responsible for Brexit negotiations meet Maros Sefcovic for further talks in Brussels

  • Italy, Libya: presidential election

  • Switzerland, World Health Organization Executive Council launches 150th Geneva session

  • UK, a year of events celebrating 1900 years of Hadrian’s Wall, kicks off today on the birthday of the Roman emperor


  • Egypt, 11th anniversary of the beginning of the Egyptian Revolution, which involved street protests, strikes and violent clashes

  • EU General Affairs Council meets in Brussels

  • UK, Burns Night celebrated on the birthday of Scottish poet Robert Burns, plus in London “The Blue Boy” by Thomas Gainsborough returns to the National Gallery 100 years after it was last shown there, and England will remain the most Covid restrictions, such as wearing masks and vaccine passports


  • Australia Day, marking the arrival at Sydney Cove of the First Fleet in 1788

  • India, Republic Day commemorating the launch of the Indian Constitution


  • Honduras’ Xiomara Castro to be sworn in as the country’s first female president

  • International Holocaust Remembrance Day on the 77th Anniversary of the Liberation of the Nazi German Concentration Camp Auschwitz




  • Australia, men’s last day in the Australian Open tennis tournament

  • Portugal, general election.

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