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The Guardian - UK
The Guardian - UK
Business
Graeme Wearden

Euro a whisker from dollar parity; Heathrow caps passenger numbers amid travel disruption – as it happened

United States Euro Russia Recession Robert Habeck Germany Bank of England Europe
The euro and the dollar are close to parity for the first time since 2002,
The euro and the dollar are extremely close to parity for the first time since 2002, Photograph: Gerard Bottino/SOPA Images/REX/Shutterstock

Closing summary

After a dramatic day in the FX market, here’s a round-up of today’s main stories

We’ll be back tomorrow... GW

Larry Elliott: Fears of energy crunch dragging down euro in face of strong dollar

The euro’s weakness is also a story of US dollar strength, points out our economics editor Larry Elliott.

Investors traditionally flock to the US currency in times of uncertainty and there are plenty of reasons – war, inflation and the prospect of fresh measures in China to combat the Omicron variant of Covid-19 – for them to be jittery.

Economic factors are also pushing the dollar higher. The US is further down the road to economic recovery after the easing of Covid-19 restrictions than the eurozone, plus the country’s central bank, the Federal Reserve, has been quicker to start raising interest rates in response to rising inflation.

Here’s his analysis:

Oil has continued to slide, with Brent crude dropping below the $100 per barrel mark (as it also did last week, for the first time since April).

Global airlines chief slams new Heathrow restrictions

The head of the body representing global airlines has hit out at new restrictions at London’s Heathrow on Tuesday, Reuters reports.

Willie Walsh, director general of the International Air Transport Association and a former head of British Airways, said the airport underestimated the speed of the pandemic recovery and was focused on profit at the expense of airlines that must now foot the bill.

Walsh also panned moves to tell airlines to limit the number of seats they sell to limit summer disruption.

Market playing cat and mouse with euro parity

After its narrow escape this morning, traders are pondering how long the euro can avoid dollar parity.

Simon Harvey, head of FX at Monex Europe, says:

“The market is playing cat and mouse with euro parity at the moment in the absence of any major macro drivers,” said

Harvey added that Wednesday’s U.S. inflation data -- expected to rise to a new four-decade high of 8.8% for June -- could prove the catalyst.

“We may have to wait for U.S. CPI...or a clearer picture for European energy markets once planned maintenance in Nord Stream comes close to finalising for euro-dollar to break the threshold”

In New York, the benchmark stock indices have opened cautiously as investors fretted about the health of the global economy

The Dow Jones Industrial Average fell 60.53 points, or 0.19%, at the open to 31,113 points.

The S&P 500 dipped by 0.06%, while the tech-focused Nasdaq Composite has gained 0.4%.

German Conservative MEP, Markus Ferber is urging the European Central Bank to do more to fight inflation.

Ferber blames the euro’s weakness on the ECB’s loose monetary policy (interest rates are still at record lows). He argues the single currency would recovery “astonishingly quickly” if the central bank got tougher.

Ferber, the co-ordinator for the European People’s Party on the European Parliament’s Economic and Monetary Affairs Committee (ECON), says:

The Euro’s tumble against the Dollar is directly attributable to the ECB’s monetary policy approach. While Central Banks in other developed economies have gone all in to fight inflation, Christine Lagarde has sat on her hands for the past couple of months.

If Lagarde had shown the same commitment as her peers in the US, we would not be witnessing this disaster. The poor exchange rate with the dollar is a big contributor to imported inflation.

As flagged earlier, the ECB is expected to raise rates this month for the first time in a decade.

Updated

Euro still above parity (just)

Having come within the narrowest hair’s breadth of hitting parity to the dollar this morning, the euro is now hovering around $1.0042 in afternoon trading.

That still leaves the single currency at its lowest levels in 20 years, having sunk to just $1.0001 earlier.

The euro vs the US dollar today
The euro vs the US dollar today Photograph: Refinitiv

Investors continue to fret that Europe is sliding towards recession, especially if Russia were to suppress gas supplies through Germany after this month’s annual maintenance on the Nord Stream 1 pipeline ends.

Sarah Hewin, senior economist at Standard Chartered, said (via Sky)

“There doesn’t seem to be a lot of support for euro at this point.

“It does not just relate to gas prices but to what seems to be a split within the ECB [European Central Bank] over how far they raise rates.”

The ECB sets rates later this month, and must choose between a 25 basis point rise and a larger 50bp move to tackle inflation.

Neil Wilson, chief markets analyst at markets.com, says the ECB needs to act - rather than simply letting the currency weaken, causing even worse inflation:

“Time for an emergency inter-meeting hike to show they are serious - the market just doesn’t believe in the ECB any more. Inflation above 8% and interest rates remain negative… it’s madness.”

Updated

Gold Bullion from the American Precious Metals Exchange

Gold hit its lowest level in nine months today, dropping to $1,722.36 per ounce for the first time since last September.

The strong US dollar and bets for steep interest rate hikes weighed on bullion prices (gold doesn’t provide a yield, or interest, unlike bonds or shares).

Han Tan, chief market analyst at Exinity, explained:

“Gold is set to stay significantly suppressed over the near-term, as the weight of more incoming super-sized Fed rate hikes hang like a millstone around gold’s neck,”

Copies of the Evening Standard newspaper being handed out outside Wesminster Underground station, London, in February.
Copies of the Evening Standard newspaper being handed out outside Wesminster Underground station, London, in February. Photograph: Stefan Rousseau/PA

The Evening Standard has reported a loss of £14m for last year as the Covid pandemic continued to dent advertising income and commuters remained at home, taking the London freesheet’s losses to almost £70m in the past five years.

The newspaper, which is majority owned by the Russian-British businessman Evgeny Lebedev, embarked on a big cost-cutting drive during the pandemic, reducing staff numbers by more than a quarter from 320 to 236 in the 53 weeks to 3 October last year.

The publisher endured another tough year, which also featured the departure of its editor, Emily Sheffield, the sister of the former prime minister David Cameron’s wife, Samantha, after just 15 months. Sheffield had taken over from the former chancellor George Osborne last October.

The Evening Standard reported a 36% year-on-year fall in turnover from £44m in 2020 to £28m last year. The title has been hit particularly hard as it relies on advertising for 90% of its revenues.

The EDF gas-fired power plant in Bouchain.
The EDF gas-fired power plant in Bouchain. Photograph: Pascal Rossignol/Reuters

Shares in EDF have surged on reports that the French government is prepared to pay more than €8bn (£6.8bn) to nationalise the energy company.

France’s prime minister, Élisabeth Borne, announced plans last week to take full control of the power group in an attempt to keep a handle on spiralling household electricity bills.

The cost of buying the 16% of EDF shares that the government does not already own, plus any outstanding convertible bonds, could be as high as €10bn, Reuters reported.

Updated

Euro rallies back from brink of parity

Back in the currency markets, the euro is pushing away from parity with the US dollar.

The single currency is now up (!) a little on the day, as the dollar loses ground against other currencies.

The euro has recovered from $1.0001 to around $1.0053
The euro has recovered from $1.0001 to around $1.0053 Photograph: Refinitiv

Some traders may be taking profits on their bets against the euro, after pushing it to within a whisker of the $1.0000 mark.

Brad Bechtel of investment bank Jefferies says:

Unfortunately for EUR bulls, we are far from out of the woods on the EUR selling and although we should continue to see a good amount of profit-taking around these levels which may support the pair for a bit, the selling pressure is unlikely to abate for now.

If the Nord Stream maintenance period does not result in the tap being shut off for good that will provide some necessary relief for the EUR but that will likely be temporary in nature.

The EUR/USD is massively over sold on every technical indicator.

Updated

The oil price is now sliding, a sign that recession fears are on the rise.

Brent crude has dropped over 4% to $102.34 per barrel, back towards the three-month lows seen last week.

US crude has dropped back below $100/barrel for the first time since Thursday, at $99.06.

Fears of gas shortages in Europe, and the latest Covid-19 lockdowns in China, have increased the risk of a downturn.

Ricardo Evangelista, senior analyst at ActivTrades, says the markets appear increasingly convinced that a global economic slowdown is coming.

With inflation remaining high and forcing central banks and fiscal authorities to withdraw stimulus, an energy crisis in Europe that appears to be about to get worse and trigger a recession, and disappointing demand in China due to continuing Covid concerns, the prospects for future oil demand are being revised to the downside.

Such expectations, that a decline in demand in the months ahead will become the dominant market driver, are keeping pressure on the price of the barrel and could lead to further drops.

Another economic warning sign -- US small business confidence has dropped to the lowest level in over nine years, as firms are hit by inflation.

The National Federation of Independent Business (NFIB) said its Small Business Optimism Index fell 3.6 points last month to 89.5, the lowest level since January 2013.

Thirty-four percent of owners said that inflation was their biggest single problem in running their business, an increase of six points from May and the highest level since the fourth quarter of 1980.

But, demand for workers remained solid.

Here’s our news story on Heathrow asking airlines to stop selling tickets to fly over the next two months, as it struggles to cope with demand.

Heathrow’s two-month cap on daily passenger traffic is “a dramatic response” by the country’s busiest airport to the flight chaos that has gripped Europe for weeks, says Bloomberg:

Last month, Gatwick airport, London’s second-biggest hub said it would limit airlines to 825 flights a day in July and 850 a day in August, from a pre-pandemic peak of around 950 services to cope with the aviation industry’s staffing crisis. Amsterdam’s Schiphol hub also took similar measures, forcing Dutch flag carrier KLM to limit ticket sales.

In the UK, last-minute flight cancellations from the country almost tripled in June compared with the same month in 2019, even with fewer flights be operated by airlines, according to data from aviation analytics firm Cirium.

British Airways, whose main hub is Heathrow, has scrapped about 13% of its planned capacity this summer. That’s up from the 10% reduction it announced in May.

The news that Heathrow has told airlines to stop selling summer tickets and put a 100,000 per day cap on departing passenger numbers will be “incredibly frustrating for travellers and their families”.

So says Michael Foote, editor-in-chief of Quotegoat.com, a money saving website, who has advice for those affected:

If your flight is cancelled you should be asked whether you want a full refund or to re-book on an alternative flight. The airline should cover the cost of transport if you need to travel from a different airport to catch your replacement flight.

“You’re also entitled to financial compensation if you’re delayed two or more hours by the replacement flight offered and you were given less than two weeks’ notice. If your flight is cancelled less than seven days before departure you may be able to claim between £110 - £520 compensation depending on the distance of your flight.”

Here’s the full statement from Heathrow on its capacity cap.

Updated

Heathrow introduces capacity cap of 100,000 departing passengers per day

Travellers queue at security at Heathrow Airport in London last month
Travellers queue at security at Heathrow Airport in London last month Photograph: Frank Augstein/AP

Newsflash: Heathrow Airport is imposing a capacity cap of 100,000 departing passengers each day until 11 September, in an attempt to limit disruption over the summer holiday season.

Heathrow says the move will provide “better, more reliable summer journeys”, following the travel chaos that has hit UK airports, and others across Europe, since travel restrictions were lifted.

But, it also admits that some trips will either be moved to another day, another airport or be cancelled.

Heathrow asking airlines to stop selling summer tickets now. But at least 1,500 passengers who have booked flights will be affected each day, on average.

Heathrow CEO John Holland-Kaye says it is a ‘difficult decision’, but necessary as the airport has been struggling since passenger numbers increased.

In an open letter, he says:

“We started recruiting back in November last year in anticipation of capacity recovering this summer, and by the end of July, we will have as many people working in security as we had pre-pandemic. We have also reopened and moved 25 airlines into Terminal 4 to provide more space for passengers and grown our passenger service team.

“New colleagues are learning fast but are not yet up to full speed. However, there are some critical functions in the airport which are still significantly under resourced, in particular ground handlers, who are contracted by airlines to provide check-in staff, load and unload bags and turnaround aircraft. They are doing the very best they can with the resources available and we are giving them as much support possible, but this is a significant constraint to the airport’s overall capacity.

“However, over the past few weeks, as departing passenger numbers have regularly exceeded 100,000 a day, we have started to see periods when service drops to a level that is not acceptable: long queue times, delays for passengers requiring assistance, bags not travelling with passengers or arriving late, low punctuality and last-minute cancellations. This is due to a combination of reduced arrivals punctuality (as a result of delays at other airports and in European airspace) and increased passenger numbers starting to exceed the combined capacity of airlines, airline ground handlers and the airport.

Our colleagues are going above and beyond to get as many passengers away as possible, but we cannot put them at risk for their own safety and wellbeing.

The UK government gave airlines until last Friday to remove flights from their schedules under a ‘slot amnesty’.

Holland-Kaye says some airlines have not gone far enough, so a 100,000/day passenger cap is needed to keep Heathrow running, and limit disruption and lost luggage.

Holland-Kaye explains:

“Our assessment is that the maximum number of daily departing passengers that airlines, airline ground handlers and the airport can collectively serve over the summer is no more than 100,000. The latest forecasts indicate that even despite the amnesty, daily departing seats over the summer will average 104,000 - giving a daily excess of 4,000 seats. On average only about 1,500 of these 4,000 daily seats have currently been sold to passengers, and so we are asking our airline partners to stop selling summer tickets to limit the impact on passengers.

And he apologises to those whose trips will be affected:

“By making this intervention now, our objective is to protect flights for the vast majority of passengers at Heathrow this summer and to give confidence that everyone who does travel through the airport will have a safe and reliable journey and arrive at their destination with their bags.

We recognise that this will mean some summer journeys will either be moved to another day, another airport or be cancelled and we apologise to those whose travel plans are affected.

Updated

Sustained pressure has pushed the euro down to just $1.0001 now.

Euro falls even closer to parity at $1.0002

That slump in German investor confidence has driven the euro even close to parity with the US dollar.

In choppy trading, the single currency has now dropped back to just $1.0002 -- a fresh 20-year low.

The weak ZEW survey is adding to fears of a recession, with traders already anxious that Russia might not turn on the Nord Stream 1 pipeline again once it has completed its summer maintenance work.

Updated

German economic sentiment takes a tumble

Ouch. Economic confidence in Germany has tumbled this month, as fears of energy disruption rise.

The ZEW Institute’s index of German investor morale has fallen to -53.8 this month, sharply down on June’s -28.

That shows that analysts are increasingly pessimism about the economic outlook, and bracing for a recession.

ZEW President Achim Wambach says analysts are more concerned about energy supplies, looming interest rate rises, and new Covid-19 lockdowns in China.

“Expectations for energy-intensive and export-oriented sectors of the economy have fallen particularly sharply.”

ZEW’s gauge of current economic conditions also weakened, to -45.8 from-27.6.

Both readings are weaker than expected.

Updated

Russian gold miner Petropavlovsk to file for administration as sanctions bite

In other Russia-related news, debt-laden gold miner Petropavlovsk plans to file for administration after sanctions on Gazprombank, its main lender and the sole buyer of its gold, left it struggling to repay loans.

Petropavlovsk’s London-listed shares have been suspended at its request and it said it will seek a hearing on the administration application at a London court in the coming days.

On the Moscow Exchange, Petropavlovsk shares hit a record low, falling by 39%, Reuters reports.

Back in March, Petropavlovsk has said it is unable to offload its gold or repay a loan because of the inclusion of Gazprombank on the UK’s sanctions list after the invasion of Ukraine.

In April, Gazprombank demanded immediate repayment of a $200m loan.

And today, Petropavlovsk warns that it is unable to repay the Term Loan at the present time and considers it “very unlikely that it will be able to refinance the Term Loan in the short term and has to date been unable to do”.

Updated

The weaker the euro gets, the more expensive imports such as energy will be....

The euro isn’t giving up without a fight. It’s now pushing away from dollar parity, back up to $1.0015.

It’s still down 0.25% today, though, and trading at its lowest in 20 years due to Europe’s energy crisis and acute recession fears.

The euro vs the US dollar
The euro vs the US dollar Photograph: Refinitiv

Although the euro is under pressure, it is (currently) still holding on above the $1.00 mark.

“The psychological nature of this level could lead to some efforts from buyers,” reports Walid Koudmani, chief market analyst at financial brokerage XTB.

Analysts at Mizuho said the move towards euro-dollar parity was happening as “recession in the euro zone is priced in”.

The backdrop suggested little to improve risk sentiment, they warned, adding (via Reuters):

“Either way, there looks to be little preventing euro/dollar breaking parity in the relatively near term.”

The whisker is getting thinner... the euro is now at just $1.0003 as pressure builds on the single currency.

This weakness in the euro against the US dollar has a number of implications, Sky News’s Ian King wrote last week:

The first is that it ought to make the eurozone’s exports to the US cheaper.

The second is that it risks further pushing up costs for eurozone manufacturers buying dollar-denominated commodities - the most important of which, of course, is oil.

The third is that the eurozone will become an ever more attractive place to visit for big-spending American tourists this summer.

Expect to see more of them than usual if you are visiting popular destinations like the Louvre in Paris or the Spanish Steps in Rome.

The euro has fallen 12% against the US dollar so far this year, as the surge in energy prices following the Ukraine war has hurt Europe’s economies.

Bloomberg’s Francine Lacqua says the euro’s downward spiral has been “swift and brutal”:

The grind towards parity continues... the euro is now down to $1.0004.

UK retailers hit by sharp drop in spending as inflation soars

Britain’s retailers are suffering the sharpest drop in spending since the depths of the coronavirus pandemic as hard-pressed consumers tighten their belts as a result of soaring inflation.

The monthly health check from the British Retail Consortium (BRC) reported a third successive drop in activity as the cost of living crisis continued to bite.

With the annual inflation rate hitting 9.1% in May, the BRC said even the boost to demand caused by the Queen’s platinum jubilee celebrations failed to prevent retail sales in June being 1% lower than a year earlier.

The lobby group said retailers were struggling to avoid passing on higher costs to their customers and urged the government to provide help through lower business rates. Here’s the full story:

There’s a risk-off mood in the markets this morning, explains Victoria Scholar, Head of Investment at interactive investor.

“European markets have opened lower as risk-off sentiment from Asia carries forward to the European session. Key data on US inflation and China’s GDP take centre stage this week as the markets remain jittery amid Europe’s energy crisis and China covid lockdowns.

Utilities and the oil & gas sectors are bucking the negativity while the FTSE 100 is staging more modest losses than the FTSE MIB and the DAX which are leading the leg lower.”

European stock markets have dropped in early trading.

The UK’s FTSE 100 is down 35 points, or 0.5%, at 7161, with mining companies falling as recession worries hit commodity prices. Commercial property firms are also dropping.

Germany’s DAX has dropped 0.75%, as jitters over gas supplies weigh on the Frankfurt stock exchange.

Just a whisker from euro-dollar parity now....

The euro is teetering ever closer to parity with the dollar.

It’s now trading at just $1.0005, on concerns that the shutdown of the Nord Stream 1 gas pipeline for maintenance could become permanent.

The euro vs the US dollar this month
The euro vs the US dollar this month Photograph: Refinitiv

Mark Haefele, chief investment officer, UBS Global Wealth Management, says:

“While we believe that a cessation of Russian gas supply to Europe is a real possibility, one that would cause a Eurozone-wide recession with three consecutive quarters of economic contraction, there are also good reasons to assume that gas supplies will resume after the maintenance.”

Pound hits two-year low amid leadership race

The pound has dropped to a fresh two-year low against the dollar this morning, weighed down by political uncertainty and economic gloom.

Sterling weakened to $1.185 this morning, the lowest since March 2020, as the race to replace Boris Johnson steps up, with many candidates promising tax cuts.

The Conservative Party’s 1922 Committee set out the timeline for selecting a new Conservative leader and PM last night, and aim to announce the winner on 5 September.

Adam Cole of RBC Capital Markets says;

As expected the Committee set a relatively high threshold of 20 for the numbers of MPs needed to “sponsor” each candidate and as a result, several of the 11 that have so far declared themselves as candidates are likely to drop out quickly. Successive voting rounds amongst Conservative MPs are expected to cut the list down to the final two candidates before parliament goes into summer recess (next Thursday).

The final vote (amongst all Conservative Party members) is expected on September 5. The bookmakers currently have Sunak as favourite (31% probability), followed by Mordaunt (29%) and Truss (20%).

Markets are likely to see Sunak as the fiscally conservative candidate, with the immediate tax cuts promised by most of the other candidates putting some upward pressure on rates if their prospect of winning continues to rise.

Updated

Deutsche Bank: Russian gas uncertainty may linger until August

Deutsche Bank fears uncertainty over Russia’s gas supplies to Europe will linger into next month.

DB’s strategist Jim Reid told clients this morning that there are ‘significant jitters’, as the Nord Stream pipeline below the Baltic Sea begins its scheduled 10-day maintenance.

European natural gas futures (-6.10%) did come down yesterday after rising for four consecutive weeks, thanks to the news at the very end of last week that Canada would return a turbine for the Nord Stream pipeline after their government issued a “time-limited and revocable” permit that removed it from sanctions.

That said there are still significant jitters as to whether the pipeline will be turned back on again after the maintenance concludes, which meant that the Euro itself fell even closer to parity against the US Dollar.

[That turbine would help Nord Stream 1 to run at full capacity]

The euro weakened to near parity as markets face up to the prospect of what a full cut-off of Russian gas would mean for the European economy, Reid adds:

Speaking to DB’s Peter Sidorov yesterday, he tells me that the ambiguity over gas may linger as even if Russia did need this turbine part to restore stronger gas flows, the technical logistics may mean it would take an extra week or two to integrate into the pipeline.

So the uncertainty may linger until early August.

The euro’s weakness could spur the European Central Bank to raise interest rates later this month, for the first time since 2011.

That would help it catch up with other central banks, including America’s Federal Reserve, and the Bank of England, who have already begun to lift borrowing costs to fight inflation.

But... the ECB will struggle to raise rates as fast as the Fed, even though eurozone inflation is a record high of 8.6%. That’s due to recession fears and the risk of ‘fragmentation’ (widening the cost of borrowing between stronger and weaker members, as happened in the eurozone debt crisis).

Mohit Kumar of investment bank Jefferies explains:

We expect the euro to go towards parity and beyond given the diverging stance between the Fed and the ECB.

European stock markets are set to open lower, as worries about growth and potential disruption to gas supplies weigh on markets.

The next few weeks could be challenging for Europe, with possibly maximum uncertainty stretching into August, warns Stephen Innes, managing partner at SPI Asset Management.

Investors increasingly believe that gas may not start to flow through Nord Stream 1 again following the scheduled maintenance on July 11-21, with further ‘temporary’ interruptions seen as likely.

If so, Germany will probably be forced to go to stage 3 of the gas emergency plan sometime in August, meaning rationing and forced closure of chemical and other production parts, which could shave a few percentage points off German GDP.

Introduction: euro on brink of parity with the dollar

Good morning, and welcome to our rolling coverage of business, the world economy and the financial markets.

All eyes are on the euro this morning, as the single currency falls to the brink of parity with the US dollar for the first time in two decades.

Anxiety over poor European growth, and rising fears that Russia might turn off gas supplies are weakening the euro.

The euro dropped as low as $1.0006 against the dollar in early trading today, a new 20-year low, compared with above $1.13 at the start of this year.

The euro/dollar exchange rate over the last 20 years
The euro/dollar exchange rate over the last 20 years Photograph: Refinitiv

Russia turned off the single biggest pipeline carrying gas to Germany on Monday for annual maintenance. That work is expected to last for 10 days, but governments, markets and companies are worried the Nord Stream 1 shutdown might be extended because of the war in Ukraine.

If Vladimir Putin decides to turn off gas supplies to Europe this winter, countries such as Germany could face gas rationing -- potentially forcing industries to suspend work and leaving families struggling to heat their homes.

Fiona Cincotta, senior financial markets analyst, at City Index, says:

Fears are rising that Russia may not switch the gas supply back on in 10 days when the works are over. This could cause a recession in Europe.

Robert Habeck, Germany’s economy minister, warned on Saturday of the ‘nightmare scenario’ of a permanent halt to the flow of Russian gas.

“Everything is possible, everything can happen,” Habeck told the broadcaster Deutschlandfunk:

“It could be that the gas flows again, maybe more than before. It can also be the case that nothing comes.

“We need to honestly prepare for the worst-case scenario and do our best to try to deal with the situation.”

Surging energy prices and supply chain disruption due to the Ukraine war had already threatened to push Europe into a recession.

Investors are also concerned that a growing number of Chinese cities, including the commercial hub Shanghai, are bringing in new restrictions to combat outbreaks of the highly-transmissible Omicron subvariant, BA.5.

The dollar is benefitting from that uncertainty, plus concerns that US inflation could hit a new 40-year high on Wednesday.

That could prompt more aggressive interest rate rises, strengthening the US currency, especially after a better-than-expected American jobs report last Friday that calmed recession worries..

The agenda

  • 9am BST: Bank of England deputy governor Jon Cunliffe: Speech on crypto market developments at the British High Commission, Singapore
  • 10am BST: ZEW survey of eurozone economic confidence
  • 11am BST: NFIB US Business Optimism index for June
  • 6pm BST: Bank of England governor Andrew Bailey: Speech at OMFIF ‘The economic landscape’

Updated

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