King Charles to walk diplomatic high wire with Ottawa speech

Hello and welcome to the working week.

As the Brits (and our American friends) kick off the next seven days with a holiday, King Charles of Britain is embarking on a historic visit to Canada. He will address the state opening of parliament in Ottawa, outlining the legislative agenda of Canada’s newly elected Prime Minister Mark Carney. This marks the first time in 50 years that a reigning monarch has performed this duty in person, sparking local excitement and anticipation.

Concerns have been raised about the king’s health during the trip, as well as speculation about whether his speech will touch on the topic of Donald Trump. The royal couple will engage in various traditional activities, including planting a tree, witnessing a 28-horse escort with military honours, and even joining a game of street hockey.

Meanwhile, in Poland, the presidential election run-off vote on Sunday will determine the next leader of the country. The outcome of this closely contested race could have significant implications for the EU and the reform agenda of Prime Minister Donald Tusk.

While corporate earnings may be slow this week due to the US financial markets being closed on Monday for Memorial Day, executives like Boeing CEO Kelly Ortberg will be speaking at conferences, addressing key issues affecting their companies.

Central bankers will also be active on the speaking circuit, and economic data releases from various countries will provide insights into the global economic landscape.

One more thing…

Football fans can look forward to the Champions League final in Munich on Saturday, where Paris Saint-Germain will take on Inter Milan in a highly anticipated match. The business of football continues to attract attention as the European football season reaches its climax.

Thank you for your feedback on this newsletter. For any inquiries or comments, feel free to reach out to me at jonathan.moules@ft.com.

Key economic and company reports

Here is a comprehensive list of company reports and economic data to watch for this week:

Monday

• Spain: April producer price index (PPI) inflation rate data

• UK: late May bank holiday. Financial markets closed

• US: Memorial Day public holiday. Financial markets closed

Tuesday

• Japan: April services producer price index (PPI) inflation rate data

• UK: British Retail Consortium May Shop Price Index. Also, Adzuna Job Market Report

• US: Conference Board consumer confidence index

• Results: AutoZone Q3, Soitec FY

Wednesday

• Joint Opec and non-Opec ministerial monitoring committee meeting to review oil production output policy

• Australia: April consumer price index (CPI) inflation rate data

• France: Q1 GDP estimate and April PPI inflation rate data

• Germany: April labour market figures

• US: Federal Open Market Committee meeting minutes published

• Results: Agilent Technologies Q2, Aroundtown Q1, C&C Group FY, Grosvenor FY, HP Q2, Kingfisher Q1 trading update, Nvidia Q1, Pets at Home FY, Salesforce Q1

Thursday

• Boeing chief executive Kelly Ortberg to speak at the Bernstein Strategic Decisions Conference. Other executives taking part include Doug Ostermann, Stellantis chief financial officer, and John Waldron, president and chief operating officer at Goldman Sachs

• UK: Bank of England April capital issuance statistics

• US: second Q1 GDP estimate

• Results: Auto Trader FY, Bath & Body Works Q1, Best Buy Q1, Costco Wholesale Q3, Dell Technologies Q1, Gap Q1, Hollywood Bowl HY, Nationwide Building Society FY, Royal Bank of Canada Q2

Friday

• Australia: April retail sales figures

• Brazil: Q1 GDP estimate

• Canada: Q1 GDP estimate

• Germany: May CPI and harmonised index of consumer prices (HICP) inflation rate data

• India: Q4 GDP estimate

• Turkey: Q1 GDP estimate

• US: April personal income and outlays data

World events

Here are some other events and milestones to watch for this week:

Monday

• Australia: National Sorry Day, commemorating the forced removal of Aboriginal children from their parents

• Canada: King Charles and Queen Camilla begin a visit to the country where he remains head of state

• Malaysia: 46th Asean Summit is held in Kuala Lumpur

• Romania: Nicușor Dan, Romania’s president-elect, is expected to be sworn in at a ceremony in the nation’s parliament building in Bucharest

Tuesday

• Belgium: EU General Affairs Council meeting in Brussels. The agenda includes how to simplify and strengthen the carbon border adjustment mechanism, preparations for the June European Council meeting and Spain’s request to include Catalan, Basque and Galician in the EU’s language regime regulation

• Canada: King Charles addresses the state opening of parliament in Ottawa, the first time a ruling monarch has conducted this duty in person in 50 years

• Indonesia: France’s President Emmanuel Macron and his wife begin a two-day state visit to the south-east Asian nation, promoting trade agreements and pitching France as a reliable alternative to US-China rivalry

• US: 2025 Spelling Bee competition begins with preliminary rounds, televised from the Gaylord National Resort & Convention Center in National Harbor, Maryland. The winner will be crowned at the finals on Thursday

Wednesday

• 600th day since the start of the Hamas-Israel conflict, after Hamas launched its attack on Israel on October 7, 2023

• UK: New rules covering gross misconduct in the police in England and Wales come into force. Settlement payments by London’s Metropolitan Police for misconduct cases more than doubled in the 2023-24 financial year to £7.6mn, according to data obtained by the FT

Thursday

• Ascension Day, a Christian holiday celebrated in many countries

• UK: 75th anniversary of the first pilot episode of The Archers being broadcast on the BBC’s Midlands Home Service. Set in the fictional village of Ambridge, the show is now the world’s longest-running soap opera

• US: Former Goldman Sachs partner Tim Leissner is scheduled to be sentenced in federal court in Brooklyn, having pleaded guilty to corruption charges for his role in helping loot billions of dollars from Malaysia’s 1MDB development fund. Leissner testified at the April 2022 trial of Roger Ng, a former managing director at Goldman Sachs, who was found guilty on three counts

Friday

• Singapore: a key Asian defence summit, the IISS Shangri-La Dialogue, begins. The three-day gathering will include discussions on the region’s most pressing security challenges

Saturday

• The Anglo American demerger of Anglo American Platinum is expected to become effective, following approval by shareholders at April’s general meeting.

• Germany: Uefa Champions League final in Munich

Sunday

• First day of summer in the northern hemisphere, according to the meteorological season

• Opec+ meeting of the eight key countries to review market conditions, conformity and compensation, and decide on July production levels

• Poland: presidential election run-off vote

• UK: a ban on the sale of disposable vapes comes into effect