Your Sunday U.K. Briefing: A Nation Bids Farewell
Ease into the new week.
(Bloomberg) -- Well, hello again.
After more than a week of largely trouble-free and respectful mourning, the nation is about to bid farewell to Queen Elizabeth II. It’s been quite a journey. The vigils, the pomp (and the queueing) remind the world that Brits really are good at this sort of stuff. But thereafter, it’s back to reality for the economy and new prime minister Liz Truss. So here’s a little something to help get you prepped for what’s coming up.
The big goodbye: About 1 million people are set to descend on London on Monday for the funeral, creating a security headache for the Met as heads of state by the dozen (Vladimir Putin excluded) fly in to pay their last respects. So for one last time, here’s a photo-montage of the Queen’s life.
The big restart: British politics returns full-on, with Truss under pressure to show how she’ll fix the deepening economic crisis. She starts the week by flying to the United Nations General Assembly in New York — she’ll meet U.S. President Joe Biden there—and ends it in the House of Commons where her Chancellor of the Exchequer Kwasi Kwarteng will lay out a mini-budget that will set the free-market tone for her premiership.
The big decision: The Bank of England is set to raise interest rates on Thursday, potentially by the most in 33 years, though whether that would be enough to prop up the falling pound remains to be seen. Central banks around the globe, from the US Federal Reserve to Sweden’s Riksbank, are set to increase borrowing costs next week in an attempt to rein in runaway inflation.
The big market thought: Let’s face it, inflation isn’t going to cool down for a while. And with a recession on the horizon, it’s hard to know where an investor can shelter from the storm. Bloomberg’s Markets team has come up with a handy trading guide — energy stocks are the only sector in the green this year, while banks are emerging as inflation winners.
The big opinion: We won’t get to see Roger Federer’s stylish backhand on the lawns of Wimbledon again, nor (probably) the power game of Serena Williams. Their retirements prompted the usual debate about whether we’d ever see their likes again et cetera. As Stephen Carter points out in , the only greatness that counts is the greatness we’ve seen. The fact that we can argue endlessly is part of what makes professional sport so appealing — and should also teach us humility in other arenas.
The big show: The IAA Transportation show opens in Hamburg. Some big rigs will be on the catwalk, and there’ll be more electric vehicles than ever. But with the network for truck charging non-existent, it’ll be a while before we get to see these heavy-duty vehicles cruising along the autobahn or motorway.
The big trip: If lorries in northern Germany don’t do it for you, maybe fast cars in Singapore will. The city-state plays host to a slew of events over the next month, including the Formula One circus, returning after a two-year pandemic-induced hiatus. But be prepared to shell out for the privilege, with many top-tier hotel rooms priced at $2,000 or more and already booked out. But at least you’ll know where to grab a cocktail.
ICYM our Big Take: Break-ins, secret payments and double-crossings — sounds like something from Le Carré. Jordan Robertson and Drake Bennett tell the story of how the arrest of a burned-out Chinese spy exposed Beijing’s economic-espionage methods.
The big empire: Staying with China, Alfred Cang and Jack Farchy report on the liquidity troubles facing the tycoon who runs a quarter of the country’s copper trade. It’s a crisis that could ripple across the globe.
And finally, George Cipolloni jokes that he’s found a “cheat code” — a term adapted from his teenage son’s video games — for the bond market. Find out how his Penn Mutual Asset Management’s balanced strategy beat its benchmark on the latest episode of the “What Goes Up” podcast.
Good luck this week. See you on the other side.
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