Did somebody mention something about an election in Spain? Of course, in all seriousness, it is of extreme importance, and as the dust starts to settle on yesterday’s results, the week will be dominated by the fallout and lots of scurrying around.
Whereas the political field will be mostly messy but now largely uneventful, the markets don’t stop, and we start the week with in Spain with the publication of the industrial price indices for June, the hotel statistics (occupancy, prices and profitability indicators), also for June, which are eagerly awaited to see if the expected tourism boost has come to fruition (most experts think it will by the way), and the doubtful credit data for May.
Meanwhile, in the business section, the results of the first half of the year for Naturgy (formerly Gas Natural Fenosa), whose stock price was up 1.33% at close of business on Friday, and Spanish pharmaceutical company Almirall stand out. Their stock price also increased 1.19% on Friday. Away from Spain, but of interest to many who visit, Ryanair will also present its quarterly results today. Spain’s Q2 GDP comes out later in the week.
Microsoft publish their financials on Tuesday, which may or may not have been boosted by their delving into Artificial Intelligence (AI). An academic report last week revealed how ChatGPT, the AI platform Microsoft is backing, has become more stupid in its latest carnations, perhaps showing that it is indeed presenting human-like qualities. It is having a direct effect on the quality of work produced by the bot. Spotify, Meta (Facebook, WhatsApp, Instagram) publish their figures this week too.
Elsewhere on Monday, the Industrial Price Index (PMI) leading indicators for the month of July for Germany, France, the United Kingdom, the euro area as a whole, the United States and Japan will also be released.
In the UK, we will see numerous high-profile Government figures appearing before the Infected Blood Inquiry, which is investigating how thousands of NHS patients were given blood transfusions containing HIV and hepatitis C in the 1970s and 1980s. Commons Leader Penny Mordaunt appears on Monday, Prime Minister Rishi Sunak appears on Wednesday, and Chancellor Jeremy Hunt on Friday. One of the key questions aside from how it happened, is why the Government has failed to respond to chair Brain Langstaff’s recommendation in April that a formal compensation framework be established to support the victims.
There are also a lot of high-profile cases in court coming to a close this week in the UK. A verdict is expected in the Kevin Spacey trial against the Hollywood actor charged with sexual offences. Jaswant Chail will become the first person since 1946 to be sentenced for treason at the Old Baily, after his AI chatbot girlfriend advised him over his plans to enter the grounds of Windsor Castle with a crossbow to “kill the Queen”. The House of Lords will be debating AI this week too, although the two are not directly linked. Also, Louis De Zoysa is sentenced for murdering Sgt Matt Ratana, who he shot dead after smuggling a gun into Croydon Custody Centre in September 2020.
Although it never seems to go away, the weather might dominate headlines later in the week as the Met Office publishes its annual report on the State of the UK Climate.
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