The NATO Summit will Dominate Headlines this Week

On Monday, the EU Energy Ministers will be meeting in Valladolid, Spain, where they will advance the reform of the wholesale electricity market.

That´s pretty much the highlight of the start of the week as far as Spain is concerned, as things do tend to go quieter as we head through the summer, as a result, there´s not a lot of activity in the markets to start the week. Although we do have the IEE «Business freedom in Spain. Economic Freedom Index 2023. Critical analysis of the new proposal of the Financial Client Defence Authority» to look forward to.

In the Eurozone, the Sentix Index for June is published on Monday, along with the US Wholesale Inventories for May and the Chinese CPI and PPI for June, which will be the main focus for investors.

Spain and Europe come together for the first major meeting of the General Affairs Council of the EU since Spain took over the Presidency. Spain will present the priorities of its mandate.

Euro banknotes will be under the microscope, possibly quite literally, as the European Central Bank details the next steps for the redesign of euro banknotes.

On Tuesday, His Majesty King Filipe will be in San Javier, specifically at the General Air Academy.

In the UK, Joe Biden will be in London on Monday meeting with Rishi Sunak, the fourth time in as many months, although the first when Sunak is facing a possible leadership confidence vote (yes, another one! Oh, and Suella Braverman is one of the contenders).

Biden is also scheduled to meet with King Charles for the first time since he was crowned (Charles, not Biden), with climate change expected to be one of the topics to be discussed, as both King Charles, and President Biden are known for their environmentally conscious attitudes (ignore the part about flying), unlike Sunak, who is facing increasing criticism for his lack of green commitment.

Both Sunak and Biden will be in Vilnius on Tuesday for the NATO Summit, where Ukraine is top of the agenda, which might prove fortuitous once again for Sunak, along with more talk about “small boats” from the UK Government this week, despite the failing of their policy and the massive surge since Brexit removed many of the tools the UK had to deal with the problem, as the state of the UK will be highlighted once again this week, and the boats and Ukraine always serve as a distraction.

On Tuesday, the Office of National Statistics will report on wages and employment, and the Bank of England will publish their biannual report on the stability of the UK’s financial sector on Wednesday. The monthly GDP estimate and the OBR’s fiscal risks and sustainability report will see the light of day on Thursday, and the ONS will report on the impact of the rising cost of living to round the week off on Friday.

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