Financial headlines over the next two days will be dominated by interest rates with the US Federal Reserve and Bank of England both holding meetings.
A week ago, the calls were straightforward. The Fed would raise by 0.5% and the BoE by 0.25%, its fifth consecutive monthly hike.
Seven days, though, is a long time in financial markets as well as politics and now the landscape is very different.
Dismal inflation figures in the US on Friday have prompted many economists to up their expectations to a 0.75% hike by the Fed tomorrow, sending Wall St tumbling and the dollar soaring.
In the UK, by contrast, the mood is softening as talk of a deep recession is leaving many to question whether raising rates when the economy is going to hell in a hand basket is really a smart move.
On the company front, travel and tourism will be the background theme as Whitbread PLC (LSE:WTB) and WH Smith PLC issue trading updates.
Premier Inn owner Whitbread’s hotels had 81% occupancy in the first quarter of this year, with April's final results showing profits and dividends returned and the outlook starting to look brighter.
However, inflation and supply chain disruption remain industry-wide challenges, with consumer price inflation at 9% in the year to April and the company cautioning that cost inflation in the hospitality sector is set to be higher than previously expected at 8%-9%.
Boss Alison Brittain said the group should be able to offset the higher inflation through price rises, cost savings and estate growth, though it will make it harder for her to deliver a £140mln cost savings target by 2025.
Over at WH Smith, the retailer with a strong reliance on travel, rebounded back into the black in the first six months of this year, posting £36mln of group profit.
Like Whitbread, it had struggled to overcome challenges associated with Omicron, but more recently has reported an uptick in trading at its many outlets in airports and train stations.
Major announcements due: Wednesday 15 June:
Trading announcement: WH Smith PLC, Origin Enterprises PLC, Whitbread PLC
Interims: IDOX PLC
Finals: AO World PLC, Allied Minds PLC, Castings PLC, Severfield PLC, Tatton Asset Management PLC, JPMorgan European Smaller Companies Trust
AGMs: Foxtons Group PLC, Sourcebio International PLC, Foresight Solar Fund Ltd, 888 Holdings, Angling Dirert, Ferrexpo PLC, Panther Securities PLC, Shanta Gold
Econ announcements: Retail sales (US), Fed’s MP statement, Fed interest rate decision