Live news updates: German inflation hits 8.5% as food prices jump – Financial Times

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Russia: The Hungarian foreign minister Peter Szijjarto will visit Russia, where he will meet his counterpart Sergei Lavrov and the Russian deputy prime minister Alexander Novak. Hungary has requested significantly increased gas deliveries from Moscow. Meanwhile, legal proceedings will take place against WhatsApp and Snapchat for the tech companies’ alleged refusal to localise the data of Russian citizens.

Economic news: Germany releases preliminary consumer price index data. France is to publish consumer confidence figures.

UK: The 22nd Commonwealth Games begins in Birmingham. Meanwhile, the latest extension by the UK central government to Transport for London’s short-term post-lockdown funding expires. The Society of Motor Manufacturers and Traders release monthly vehicle and engine manufacturing figures and the British Film Institute publishes a breakdown of the number and spend of UK-produced films in the second quarter.

Barclays: The British bank publishes results for the first half. In April, Barclays said profits fell 18 per cent in the first quarter and the bank had to delay a promised £1bn stock buyback following a jump in litigation.

Corporate earnings: ArcelorMittal, BAE Systems, Banco Santander, BT Group, Centrica, CMC Markets, Co-operative Bank, CVS Group, Diageo, Enel, Hammerson, JCDecaux, L’Oréal, Leonardo, Nestlé, OMV, Orange, Relx, Rentokil Initial, Repsol, Royal Dutch Shell, Sanofi-Aventis, Schroders, Segro, Smith & Nephew, St James’s Place Wealth Management, Stellantis, STMicroelectronics, Total, Vivendi, Volkswagen and Weir Group publish earnings.

Markets: Futures for the Euro Stoxx 50 and the FTSE 100 were up 0.6 per cent and 0.2 per cent, respectively. Asian stocks followed the US higher after the Federal Reserve bumped up interest rates by 0.75 percentage points but signalled it could soon slow the pace of its increases.