Closing post
Time to wrap up…
Analysts have welcomed a small fall in company insolvencies across England and Wales.
The Insolvency Service has reported that there were 2,043 registered company insolvencies in England and Wales in June, 8% lower than in May 2025 (2,230) and 16% lower than in June 2024, when 2,430 companies failed.
Donald Trump has claimed that Federal Reserve chair Jerome Powell was “truly one of my worst appointments,” and also criticised the Fed Board for not forcing rate cuts.
Federal Reserve governor Christopher Waller has said he would accept the job as Fed chair if asked by President Donald Trump.
G20 finance leaders have agreed a final communique on Friday that stressed the importance of central bank independence, saying:
“Central banks are strongly committed to ensuring price stability, consistent with their respective mandates, and will continue to adjust their policies in a data-dependent manner. Central bank independence is crucial to achieving this goal.”
Elsewhere…
China has welcomed the US’s decision to allow Nvidia to ship its H20 AI chips
US consumer sentiment has risen to a five-month high.
Goodnight, and have a lovely weekend. GW
FTSE 100 closes near record high
Britain’s stock market has ended the week close to its record high.
The FTSE 100 index has finished today’s session at 8992.12 points, up 19.5 points or 0.22%. That’s only a handful of points shy of Monday’s record closing high of 8998 points.
Rentokil (+3%) and Antofagasta (+2.6%) led the risers.
Mexico’s president Claudia Sheinbaum may not have got the memo about central bank independence…..
MEXICAN PRESIDENT SHEINBAUM:
— PiQ (@PiQSuite) July 18, 2025
I AM IN AGREEMENT WITH LOWERING THE INTEREST RATE
MEXICAN PRESIDENT SHEINBAUM:
— PiQ (@PiQSuite) July 18, 2025
RECENT RISE IN INFLATION IS NOT RESULT OF INTEREST RATE CUT
The US dollar is closing out the week weaker as the fallout from the latest threat from President Trump to fire Fed Chair Powell lingers.
The dollar index is down 0.45% today, while the pound is up 0.2% at $1.3443.
Derek Halpenny and Lee Hardman of MUFG explain:
We see this as more than just about whether Trump fires Powell. The comments from Fed Governor Waller indicate potential political influence with his comments much more explicit in calling for a July rate cut than in the past (see here). Governor Bowman is also open to cutting in July. Is Trump’s influence already playing a role?
That’s key given Trump likely has two more picks for Governors next year (to replace Kugler and Powell – we assume he will leave although technically he doesn’t have to).
US consumer sentiment rises to five-month high
Consumer confidence across the US has inched up this month, according to the latest data.
The University of Michigan consumer sentiment index has risen to 61.8 points in July, up from 60.7 in june, lifted by an improvement in people’s economic conditions and consumer expectations.
That’s its highest reading in five months, since the early days of Donald Trump’s trade war.
Surveys of Consumers director Joanne Hsu points out, though, that sentiment remains a substantial 16% below December 2024 and is well below its historical average.
Hsu adds:
Consumers are unlikely to regain their confidence in the economy unless they feel assured that inflation is unlikely to worsen, for example if trade policy stabilizes for the foreseeable future. At this time, the interviews reveal little evidence that other policy developments, including the recent passage of the tax and spending bill, moved the needle much on consumer sentiment.
A broad-based beat in the University of Michigan sentiment:
— Mohamed A. El-Erian (@elerianm) July 18, 2025
•Both current and forward-looking confidence came in above consensus, and
•Inflation expectations were softer than expected.
While not definitive, the data incrementally supports a more favorable resolution in the…
Thomas Ryan, North America economist at Capital Economics, says:
The small rise in the University of Michigan consumer sentiment index in July and further drop-back in inflation expectations shows that, while overall confidence remains weak, households are less worried than they were about how Trump’s policies might hit the economy, their finances, and purchasing power.
British travellers could face EU €20 visa-waiver charge from 2026
British travellers to the EU will likely have to pay a €20 visa-waiver charge to enter the European Union from 2026, in a near-tripling of the original fee, my colleague Jennifer Rankin in Brussels reports.
The €20 fee represents a nearly three-fold increase on the original €7 fee. It is expected to raise €2bn in revenues, although part of this sum will pay for operating costs.
The European commission published plans for a €2 trillion budget for 2028-34 earlier this week, with proposed taxes on big companies, e-waste and tobacco. Buried in the small print, the commission also suggests “additional other revenue” could be generated by adjusting fees for the European Travel Information and Authorisation scheme, the EU equivalent to the US Esta.
The ETIAS €7 fee was agreed in 2018, but the commission said that inflation and additional operational costs meant “the fee will be adjusted to €20 per application”. The higher fee becomes law, unless EU member states and the European parliament raise objections in the next two months.
The €20 fee will apply to nationals from dozens of countries, including Ukraine, Canada, the United States, Brazil and Japan. The visa-waiver status will last for three years, or the expiry of a passport. Travellers will have to pay the fee from the final quarter of 2026 when Etias comes into force.
British citizens who live in the EU with status guaranteed under the Brexit withdrawal agreement will be exempt, as will children and people aged over 70 when they made the application.
Updated
IMF's Gopinath: We face high levels of policy uncertainty
A top official at the International Monetary Fund has warned that “high levels of policy uncertainty” remained a key theme at the meeting of G20 finance ministers in Durban this week.
Gita Gopinath, the IMF’s First Deputy Managing Director, says economic indicators have reflected a complex backdrop shaped by trade tensions since April (when the Fund released its latest forecasts, and Donald Trump announced his ‘Liberation Day’ tariffs).
Gopinath says:
We have seen strong evidence of front-loading ahead of tariff increases and some trade diversion. We have also seen an improvement in global financial conditions as select trade deals lowered average tariffs. On inflation, cooling demand and falling energy prices point to a continued decline, albeit with variation across countries.
And on Financial Sector issues, Gopinath warned of risks and urged close monitoring of non-bank financial institutions (NBFIs) (such as investment funds, insurance companies, pension funds and other financial intermediaries).
Even though financial conditions have eased since April, with trade and geopolitical uncertainty still elevated, financial stability risks remain in focus. Asset valuations are once again stretched, the use of leverage remains high in parts of the financial system, and periodic pressure observed on government bond yields and market functioning carries the risk of broad repercussions, particularly against a backdrop of large fiscal deficits and increased illiquidity.
Vigilant surveillance and robust supervision remain paramount and recent progress in financial sector oversight must continue, particularly for NBFIs which now account for more than 50 percent of the financial sector
Shares in Netflix have dropped in early trading, after its results last night.
Netflix raised its full-year revenue outlook yesterday, and reported $11bn revenue for the quarter to the end of June, a 16% year-on-year increase.
But traders may have hoped for more – Netflix’s shares are down 4.7% in early trading.
The company also revealed overnight that it had used artificial intelligence in one of its TV shows for the first time, by including generative AI footage in its Argentinian science fiction series El Eternauta (The Eternaut).
Wall Street has opened higher, as investors weigh up the chances of early cuts to US interest rates.
The Dow Jones Industrial Average rose 54.46 points, or 0.13%, at the start of trading to 44,542.97.
The broader S&P 500 index gained 0.23% while the Nasdaq Composite is up 0.34%.
G20 finance chiefs back central bank independence
News is emerging from Durban that G20 finance leaders have agreed a final communique on Friday that stressed the importance of central bank independence.
That’s a timely reminder to Donald Trump of the dangers of undermining the Federal Reserve, as he continues to throw insults their way.
The communique says:
“Central banks are strongly committed to ensuring price stability, consistent with their respective mandates, and will continue to adjust their policies in a data-dependent manner. Central bank independence is crucial to achieving this goal.”
The G20 also “recognise the importance of the world trade organisation to advance trade issues”, and say they are “committed to international policy cooperation to further promote global prosperity”.
But they also warn that the global economy is facing “heightened uncertainty and complex challenges”.
Fed's Waller says would accept job as chair if Trump asks
Hello hello….Federal Reserve governor Christopher Waller has said he would accept the job as Fed chair if asked by President Donald Trump.
Waller made the comments today, just hours after throwing his weight behind calls for a rate cut this month (see earlier post).
According to Reuters, Waller said:
“In 2019 the president contacted me and said, ‘Would you serve?’ And I said yes.
“If the president contacted me and said, ‘I want you to serve,’ I would do it. But he has not contacted me.”
Ofwat to be abolished as ministers explore creating new water regulator
Big news in the water industry: England and Wales’ embattled water regulator will be abolished under recommendations from a government-commissioned review due on Monday, the Guardian understands.
Ministers will next week announce a consultation into creating a new regulator, to coincide with the results of a review into the water industry directed by former Bank of England deputy governor Sir Jon Cunliffe.
This consultation is likely to conclude in the abolishment of Ofwat, the embattled watchdog that polices how much water companies can charge for their services in England and Wales, sources said.
Ofwat has faced intense criticism over its failure to prevent sewage spills, hefty payment of dividends and ballooning debts across England and Wales’s water companies. The review will recommend the creation of new regulatory system.
Festivalgoers help drive Burberry to best sales performance in 18 months
Back in the City, fashion group Burberry is one of the best performers on the London stock market today, after slowing its decline in sales.
Surprisingly, demand for Burberry wellies, scarves and light jackets to wear at music festivals have helped the fashion brand to its best sales performance in 18 months, my colleague Sarah Butler reports.
Sales of the luxury British brand fell by 2% to £433m in the three months to the end of June, with a 1% decline at established stores, an improvement from the 6% fall in the previous quarter and the best performance since Christmas 2023.
Shares in Burberry are up almost 5%, making it one of the top risers on the FTSE 250 share index.
One member of the Federal Reserve board, Christopher Waller, should be in president Trump’s good books, though.
Last night, Waller argued that the Fed should cut rates by the end of this month, and cited growing risks to the economy and (he argued) limited inflationary risks from trade tariffs.
Waller told a gathering of Money Marketeers of New York University:
I believe it makes sense to cut the FOMC’s policy rate by 25 basis points two weeks from now.
And looking to later this year, if, as I expect, underlying inflation remains in check—with headline inflation data reporting modest, temporary increases from tariffs that are not unanchoring inflation expectations—and the economy continues to grow slowly, I would support further 25 basis point cuts to move monetary policy toward neutral.
The Fed’s next two-day meeting starts on 29 July, with a decision scheduled for the 30th.
Brad Bechtel of investment bank Jefferies says Waller’s speech is getting some attention, explaining:
Waller not typically a politically motivated character on the Fed, so his strong view on this matter is important in that context.
His main arguments are that 1) tariffs are a one-off price increase and not a consistent impact to inflation, 2) GDP is below trend and a little too soft, arguing for rates closer to neutral, 3) employment looks fine on the surface, but downside risks have increased and private sector payroll growth is near ‘stall speed’. He therefore thinks we should cut rates by a quarter this month.
Pretty strong view from Waller as the Fed gets close to entering their blackout period before the next meeting.
Updated
Trump: Powell was "truly one of my worst appointments", and blasts Fed board
Donald Trump has just declared that choosing Jerome Powell in 2017 to run the US Federal Reserve was one of his “worst” decisions, calling America’s top central banker a “numbskull” for not lowering borrowing costs.
Trump blames president Biden, who he dubs “Sleepy Joe”, for renominating Powell in 2021, and also blasts the Fed’s board for not lowering rates.
Posting on his Truth Social site, Trump again refers to Powell as “Too Late”, and again claims that US interest rates (currently a 4.25%-4.5% range) should be considerable lower, at just 1% (!).
Trump writes:
“Too Late,” and the Fed, are choking out the housing market with their high rate, making it difficult for people, especially the young, to buy a house. He is truly one of my worst appointments. Sleepy Joe saw how bad he was and reappointed him anyway - And the Fed Board has done nothing to stop this “numbskull” from hurting so many people. In many ways the Board is equally to blame! The USA is Rockin’, there is VERY LOW INFLATION, and we deserve to be at 1%, saving One Trillion Dollars a year on Interest Costs. I can’t tell you how dumb Too Late is - So bad for our Country!
Stock markets wobbled earlier this week following reports that Trump was preparing to fire Powell, but recovered when the president denied it.
The Fed’s board makes up a majority on the FOMC committee which vote to set US interest rates.
The FOMC have voted to leave interest rates on hold so far this year, partly due to concerns that Trump’s trade war will be inflationary.
Updated
The Insolvency Service has also reported that 10,279 individuals entered insolvency in England and Wales last month. This was similar to the numbers in both May 2025 and June 2024.
They explain:
The individual insolvencies consisted of 596 bankruptcies, 4,135 debt relief orders (DROs) and 5,548 individual voluntary arrangements (IVAs). The number of DROs in June 2025 was close to the record monthly high seen in June 2024.
IVA numbers in the first six months of 2025 were similar to the monthly average in 2024. Bankruptcy numbers remained at about half of pre-2020 levels and were also 10% lower than in June 2024.
Shares in Sweden’s fighter jet maker Saab have jumped 12% this morning, after the company announced strong sales growth amid the rush to spend more on defence.
Saab reported organic sales growth of 32% in the last quarter, driven by strong growth in small and medium-sized orders.
Micael Johansson, president and CEO of Saab, says:
“We are strengthening our market position and see a continued large interest in our products and solutions. Saab’s sales growth is high and we continue to invest to build capacity and meet long-term strong demand from the defence sector. At the same time, we continue to deliver strong profitability.”
Kroll: companies showing resilience in a 'tough' 2025
Risk advisory firm Kroll point out that 2025 has been challenging for many businesses, including in leisure and retail.
Benjamin Wiles, head of UK restructuring at Kroll:
“There’s no doubt that 2025 has been a tough year for businesses so far, particularly those in the retail and leisure industry. Yet, the overall decline in company administrations compared to this period last year shows a level of resilience that shouldn’t be overlooked. We saw a lot of restructuring activity at the end of last year with many companies looking to get ahead of cost pressures and there is still a lot of capital available to borrow.
“The question we are asking is whether businesses are fundamentally stronger or are they simply treading water. The second half of the year will be critical in determining whether this resilience can be sustained or if further pressures will tip more companies into distress.”
Kroll also produced this table, based on their internal data, which tracks administrations throughout the year.
Yesterday’s UK unemployment data showed that more than half the fall in payroll numbers over the last year was due to job losses in accommodation and food services.
The recent hot weather may have helped some hospitality firms and retailers avoid collapse, suggests Jennifer Lockhart, partner and insolvency specialist at purpose-led independent law firm Brabners.
Lockhart says:
A fall in insolvencies is welcome and reflects the positive impact that the warmer summer months can have on business performance – especially in the retail, construction and hospitality sectors that have borne the brunt of failures to date. However, amid these soaring temperatures it’s important to recognise that this likely represents a period of reprieve for businesses, rather than a turning point.
“Consumer confidence remains fragile, and the one-two punch of contracting GDP in May and growing inflation in June will do little to assuage concerns over what the next six months will hold for struggling businesses. Indeed, with many industries dialing back hiring plans – in part due to the influence of employment taxes and the impact of AI – the much-needed uptick in consumer demand is unlikely to materialize, putting more firms at risk.”
Fall in insolvencies 'offers a glimmer of relief'
Businesses are still in “tough” times, despite the drop in insolvencies in June, cautions David Hudson, restructuring advisory partner at FRP.
Hudson says:
“The slight fall in insolvencies this month offers a glimmer of relief – especially for hospitality and retail businesses, which are now reaping the benefits of record hot weather. However, we’re still in tough territory. Consumer confidence remains stubbornly low, growth is stuttering – with GDP dipping again in May. June’s unexpected jump in inflation will only serve to continue eroding profit margins and consumer demand.
“This environment is forcing businesses to fight on multiple fronts. Many will likely only be experiencing breathing space after dramatically paring back costs. Until demand shows a more sustained recovery and input costs ease further, there’s a risk that this reprieve is just a pause rather than a turning point.”
Company insolvencies in England and Wales fall
Just in: the number of companies in England and Wales falling into insolvency dropped last month.
The Insolvency Service has reported that there were 2,043 registered company insolvencies in England and Wales in June, 8% lower than in May 2025 (2,230) and 16% lower than in June 2024, when 2,430 companies failed.
That could ease some concerns over the health of the UK economy, as companies tackle rising inflation and higher taxes.
Despite the drop, monthly company insolvency numbers in the first six months of 2025 were slightly higher than the second half of 2024, but remain lower than the 30-year annual high seen in 2023.
The Insolvency Service says:
Company insolvencies in June 2025 consisted of 332 compulsory liquidations, 1,585 creditors’ voluntary liquidations (CVLs), 111 administrations and 15 company voluntary arrangements (CVAs). There were no receivership appointments.
Goldman: Bank of England rate cuts will take a little longer
Goldman Sachs has predicted the Bank of England will take a slightly slower approach to cutting interest rates, following this week’s data.
Goldman still expect a rate cut in August (from 4.25% to 4%), even though inflation rose in June and private sector pay growth in March-May was higher than expected.
But they have now dropped their forecast for a September cut.
Sven Jari Stehn, Goldman’s chief European economist, told clients:
While the hurdle for speeding up cuts in September looks higher after this week’s data, we now expect sequential cuts from November until reaching a 3% terminal rate in March 2026 (versus February before). That is, we now expect a total of five cuts this year (previously six) and two next year (previously one).
That would mean rate cuts in August, November and December this year, and February and March 2026.
The Bank has already cut rates twice this year, at its meetings in February and May.
Updated
Shares in pharmaceuticals firm GSK have dropped over 6% in early trading, after its blood cancer drug Blenrep hit a regulatory hurdle in the US.
Yesterday, the US FDA’s panel of independent advisers recommended against Blenrep, citing earlier concerns over eye-related side effects.
GSK told the City that it remains confident in the benefit/risk profile of Blenrep and said it will continue to work closely with the FDA as they complete their review of the drug. The final decision on whether to approve a drug rests with the FDA, which will consider the view of its Oncologic Drugs Advisory Committee (ODAC), which voted 5-3 against Blenrep.
The company added that Blenrep combinations are approved for refractory multiple myeloma (cancer that does not respond to treatment) in several markets including the UK and Japan, and that applications in other markets including the EU and China are being reviewed.
Updated
EU approves new Russian sanctions package
The European Union has announced the approval of a fresh sanctions package on Russia over its war against Ukraine, which includes a revised oil price cap and new banking restrictions.
EU member states gave the package the green light this morning after Slovakia lifted its veto.
Kaja Kallas, the EU’s High Representative for Foreign Affairs and Security Policy, says the sanctions package – the EU’s 18th – is one of the strongest put together against Russia so far.
It includes a ban on more Russian banks accessing the SWIFT international payments system, sanctions on the Nord Stream gas pipelines, and a lower cap on Russian oil sales.
We are standing firm.
— Kaja Kallas (@kajakallas) July 18, 2025
The EU just approved one of its strongest sanctions package against Russia to date.
We’re cutting the Kremlin’s war budget further, going after 105 more shadow fleet ships, their enablers, and limiting Russian banks’ access to funding. (1/3)
Nord Stream pipelines will be banned.
— Kaja Kallas (@kajakallas) July 18, 2025
A lower oil price cap.
We are putting more pressure on Russia’s military industry, Chinese banks that enables sanctions evasion, and blocking tech exports used in drones. (2/3)
For the first time, we're designating a flag registry and the biggest Rosneft refinery in India.
— Kaja Kallas (@kajakallas) July 18, 2025
Our sanctions also hit those indoctrinating Ukrainian children.
We will keep raising the costs, so stopping the aggression becomes the only path forward for Moscow. (3/3)
Diplomat have told Reuters that the package will lower the G7’s price cap for crude oil to $47.6 per barrel.
Bloomberg reports that the new price cap, which is currently set at $60 per barrel, will now be set “dynamically” at $15 below market rates.
This follows criticism that Europe has been spending tens of billion on Russian energy since the Ukraine war began, exceeding the cost of it support for Kviv.
BP agrees to sell to sell US onshore wind business
Energy news: BP has continued its push to pivot back to oil and gas, by agreeing a deal to sell its US onshore wind business to LS Power.
The wind business operates nine onshore wind energy assets across seven US states, and are grid-connected and are providing power to customers.
William Lin, bp’s executive vice president for gas & low carbon energy, says:
“We have been clear that while low carbon energy has a role to play in a simpler, more focused bp, we will continue to rationalize and optimize our portfolio to generate value.
The onshore US wind business has great assets and fantastic people, but we have concluded we are no longer the best owners to take it forward.
The price of the deal hasn’t been revealed; BP says it is part of its $20bn divestment program to simplify and focus its business.
In the City of London, consumer goods maker Reckitt Benckiser has agreed to sell a majority stake in its Cillit Bang and Calgon arm to private equity firm Advent International.
The deal is worth up to £3.6bn, and will see Reckitt retain a 30% stake in the essential home business - also including brands such as Air Wick, Woolite, Resolve, Sole and Easy-Off
Kris Licht, Reckitt’s chief executive, says:
“We are executing our strategic plan at pace.
The divestment of Essential Home represents a significant step forward in unlocking the substantial value in our business.
This moves Reckitt towards becoming a simpler, more effective world-class consumer health and hygiene company and it will enable us to focus on a core portfolio of high-growth, high-margin powerbrands.”
Shares in Reckitt have risen 1.5% at the start of trading, putting it among the FTSE 100 top risers.
Katsunobu Kato’s criticism of US tariffs come after Japan’s exports to the United States fell for the third straight month.
Data released on Thursday showed that the value of shipments fell 11.4 percent in yen terms in June, compared with the same month last year.
The car sector was hit hard, with exports were down 26.7%. The number of vehicles was up, but their average price was down nearly 30%. That could be a sign that automakers are cutting prices or shipping cheaper models to offset the tariffs.
"Japan's exports slide in June, raising risk of technical recession @Economist_Lam https://t.co/nEH4smN5qh #PantheonMacro pic.twitter.com/oMlK9MEJMx
— Pantheon Macro (@PantheonMacro) July 18, 2025
Japan’s Kato says tariffs not right tool to fix trade imbalances
Donald Trump’s trade war has loomed over the meeting of G20 finance ministers in South Africa this week.
Japan told the gathering of advanced economies in Durban that tariffs aren’t the right way to fix trade imbalances.
Finance minister Katsunobu Kato told reporters at the G20:
“Japan said that tariffs aren’t really the right tool to fix excessive current accounts imbalances.”
Kato argued that countries facing such situations need to address them through domestic efforts, rather than slapping new levies on imports.
The US’s trade balance (rarely the healthiest) has actually worsened this year, as American companies raced to import goods before tariffs were imposed.
However, US Treasury secretary Scott Bessent won’t have heard Kato’s message as he’s not attending the G20.
A finance ministry official accompanying Kato explained that many G20 members argued that market stresses appear to have eased somewhat, Bloomberg reports, as the world economy hasn’t suffered as much as expected from the trade war [although, of course, some of Trump’s new tariffs now don’t start until 1 August].
Introduction: China says 'win-win cooperation is the right path' as Nvidia H20 sales cleared
Good morning and welcome to our rolling coverage of business, the financial markets and the world economy.
Relations between the US and China appear to have warmed, slightly, after chipmaker Nvidia was given a green light by Washington to resume sales of its H20 AI chip to Chinese companies.
Nvidia’s CEO, Jensen Huang, revealed earlier this week that the US government has assured his company that licences for H20 chip sales to China would be granted, and that deliveries could start soon.
That reverses a restriction announced in April, when the White House announced tighter controls on exports of computer chips used for artificial intelligence.
And today, Beijing has welcomed this change of heart, confirming that the US has ‘taken initiatives” to approve H20 sales to China again.
China’s Commerce Ministry said in a statement that “win-win cooperation” was the right path to go down, and that it hopes the two countries can “meet each other half way” and work together.
The ministry also urged the US to abandon its “zero-sum mentality” and cancel ‘unreasonable’ trade restrictions on China, warning that “suppression” will not lead to solutions.
The H20 graphics processing unit, or GPU, is an advanced chip for use in AI systems. But it’s less powerful than Nvidia’s top semiconductors today, as it was designed to comply with US restrictions for exports of AI chips to China.
Earlier this week, commerce secretary Howard Lutnick revealed that the renewed sale of H20 chips to China was linked to a rare earths magnet deal. He also claimed Nvidia would only be selling China its “fourth best” chip.
Even so, the prospect of more sales to China pushed Nvidia’s shares to record highs this week.
Nvidia stock closed at a new record high on Tuesday after the AI chipmaker said it was applying to resume sales of its H20 GPUs in China following a US ban that cost the company billions in lost sales.$NVDA $170.7, +4.04%https://t.co/3NVegHGRHE pic.twitter.com/FdxBGQ8KGF
— Yahoo Finance (@YahooFinance) July 15, 2025
Orders from Chinese companies for H20 chips need to be sent by Nvidia to the U.S. government for approval.
The agenda
9.30am BST: UK insolvency data
10am BST: Eurozone construction output data for May
1.30pm BST: US housing starts data for June
3pm BST: University of Michigan consumer confidence report
