24 July – 28 July

24 July

The Federal Reserve is likely this week to signal that it is staying on course for tighter monetary policy, as supportive financial markets and robust corporate hiring trump concerns about surprisingly weak inflation.

Saudi Arabia and Russia have threatened to escalate a brewing oil dispute to the highest levels of government, as frustration with countries who have failed to cut production in line with an Opec-led supply deal starts to spill over.

Shares in Burberry jumped almost 2 per cent on Monday afternoon after Belgian billionaire Albert Frère boosted his stake in the luxury retailer from 3 per cent to 4 per cent.

Executives at Citigroup are expected to hang an attempt to improve industry-trailing returns in part on the US bank’s credit card and Mexico operations at its first investor day in nine years.

25 July

Two of the UK’s biggest bookmakers significantly increased the amount they spent on entertaining MPs as the government came under pressure to take action against the gambling industry.

EasyJet was caught in the chill winds of Ryanair’s warning of a late-summer price war among Europe’s short-haul carriers with shares sliding across the sector.

A restructuring by acquisitive Chinese conglomerate HNA has moved the ownership of a 29.5 per cent stake from a mysterious Chinese investor to a New York-registered non-profit, adding to the questions surrounding the governance of the company.

Caterpillar boosted its sales and profits forecast for a second time this year, spurring optimism that its business is on track for a sustained revival following years of weak demand for its iconic yellow machines.

26 July

Two years ago Wolfgang Schäuble said “it would be better” for Greece to leave the eurozone. But in rare praise this week Germany’s steely finance minister struck a much warmer note.

What had looked like persistent strength for the Aussie dollar today, even after drab inflation data, now appears to be melting away after a speech from the Reserve Bank of Australia’s governor suggested the central bank would take no cues from its counterparts’ recent tightening.

Chipmaker AMD shares jumped by as much as 8 per cent in after-hours trading as strong sales of its new processors beat Wall Street forecasts and it upgraded its outlook.
After the recent launch of its new Ryzen processors for desktop PCs and Vega graphics processors, which are popular with videogamers as well as cryptocurrency miners, AMD saw its second-quarter revenues rise by 19 per cent to $1.22bn, better than the $1.16bn expected by analysts.

It will not be too long before the term “Abenomics” will join “Cool Britannia”, “the end of history” and “Brics” in the cupboard of cast-offs: ideas that once had thrilling, zeitgeisty chic, but are now too threadbare to be worn in public.

27 July

In the run-up to last year’s referendum on membership of the EU, the Remain campaign and a host of independent forecasters warned that a Leave vote would inflict immediate pain to the economy.

The more sombre mood over the UK economic outlook is expected to keep sterling traders in a similar frame of mind for the remainder of the quarter, with analysts forecasting that any Brexit developments are unlikely to shift the currency from its narrow range.

Ford told investors to expect a decline in pre-tax profits for the full year, its first guidance under the new chief executive Jim Hackett, as the automaker adjusts to the weakest market for US car sales since the financial crisis.

Emma Walmsley’s first big decision as chief executive of GlaxoSmithKline, to judge by most media reports, was selling the pharma group’s Horlicks drinks brand. But any notion that a background in marketing L’Oréal cosmetics made her more of a brand strategist than a scientist was neatly dispelled on Wednesday.

28 July

The rate of US growth picked up steam but wage growth undershot estimates, underscoring the economy’s recent patchy performance.

The Swiss franc weakened further against the euro on Friday, dropping for a fourth consecutive day to its lowest level since the country’s central bank removed its upper limit at the start of 2015.

Amazon on Thursday issued a rosy sales outlook for the current quarter, but an earnings miss sent shares in the e-commerce behemoth lower in extended trading.

Back in 2006, a swaps trader sent a jubilant message to a counterpart at Barclays who had just salvaged his interest rate trading position by helping to rig the daily Libor rate. He said: “Dude. I owe you big time! Come over one day after work and I’m opening a bottle of Bollinger”.