Opening arguments begin in Trump trial and Musk meets Modi

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Hello and welcome to the working week.

Events can cement or derail elections, which is important to bear in mind this week with a couple of headline news diary happenings.

Firstly, the landmark criminal trial of Donald Trump, former US president and likely Republican candidate for this November’s election, will begin with opening arguments on Monday. This is the first time a former US president has stood trial on criminal charges and follows last week’s surprisingly swift appointment of a jury. As a reminder, here’s a cast list for these historic proceedings.

In another New York courtroom another judge will hold a hearing over the $175mn bond Trump posted as he appeals against a $454mn fraud judgment, after the state’s attorney-general Letitia James asked for more details about the bond. Click here for updates on these cases.

Before this, in India, we are expecting a long-trailed meeting between Tesla chief Elon Musk and Prime Minister Narendra Modi, at which they are might announce the location of a new $3bn electric vehicle factory. Timing is everything here. Although Modi is a near certainty to win this year’s general election, the fact that this meeting is happening as voting has got under way will no doubt further help his cause. You can keep up to date with the country’s election process, entering its next stage this week, by clicking here.

It’s a busy week for results with a smorgasbord of companies reporting quarterly results, including more of the Magnificent Seven, or Big Tech gang, whose ability to drive up US markets has been curtailed amid concerns about their ability to capitalise on AI.

Also likely to be of interest is troubled aircraft manufacturer Boeing, reporting first-quarter figures on Wednesday, a day ahead of its European rival Airbus.

From the UK selection, I’d pick out Bunzl, chiefly because of my colleague Oliver Ralph’s inclusion of the packaging and distribution business in his wry analysis of the “magnificently unglamorous” seven UK-listed stocks, all of which are growing faster than international brand name blue-chip companies listed on the London market.

The most eagerly awaited data point in a light week for economic announcements will be the US first-quarter growth figures on Thursday. There will also be a chance for large nation growth comparisons with the latest purchasing managers’ index reports for G7 countries and India, among others, on Tuesday.

The Bank of Japan’s monetary policy committee is not expected to change interest rates when it meets on Friday, but there will be a lot of interest in its Outlook Report.

One more thing . . . 

Thank you to David Hindley for holding the Week Ahead fort while I was away on annual leave these past two weeks, part of which was spent with my wife and our young dog in the picture perfect (although infuriatingly slow to reach by car or train) Suffolk seaside town of Southwold. Thank you also to all of you who recommended walks in the locality and pubs to visit.

What are your priorities for the week ahead? What would you like to know more, or less, about? Email me at jonathan.moules@ft.com or, if you are reading this from your inbox, hit reply.

Key economic and company reports

Here is a more complete list of what to expect in terms of company reports and economic data this week.

Monday

• European Central Bank president Christine Lagarde delivers a guest lecture at Yale University in New Haven

• EU: FCCI consumer confidence figures

• UK: Rightmove April House Price Index

• Results: Mobico FY, SAP Q1, Ten Lifestyle Group HY, Verizon Communications Q1

Tuesday

• Bank of England chief economist Huw Pill speaks at the London campus of the University of Chicago, Booth School of Business

• EU, France, Germany, India, Italy, Japan, UK, US: S&P Global flash manufacturing and services purchasing managers’ index (PMI) data

• Japan: Chain Stores Association March supermarket sales

• UK: ONS March public sector finances and Kantar grocery market share data

• US: new home sales

• Results: Akzo Nobel Q1, Alliance Pharma FY, Anglo American Q1 production report, ASA International Group FY, ASM International Q1, Associated British Foods HY, RWS Holdings HY, Brown & Brown Q1, Canadian National Railway Q1, Danaher Q1, General Motors Q1, Halliburton Q1, JetBlue Airways Q1, Jupiter Fund Management Q1 trading update, Kering Q1 sales, Kimberly-Clark Q1, Lockheed Martin Q1, Mattel Q1, Novartis Q1, Nucor Q1, PepsiCo Q1, Philip Morris International Q1, RWS Holdings HY, Seagate Q3, Shimano Q1, Spotify Q1, Taylor Wimpey AGM & trading update, Tesla Q1, Texas Instruments Q1, United Parcel Service Q1, Visa Q2, W R Berkley Q1

Wednesday

• Germany: Ifo Business Climate survey

• US: monthly durable goods orders data

• Results: Abrdn Q1 trading statement, AT&T Q1, Baker Hughes Q1, Boeing Q1, Breedon AGM trading update, Bunzl AGM and Q1 trading statement, CME Group Q1, Eni Q1, Ford Motor Company Q1, General Dynamics Q1, Hasbro Q1, Heathrow Q1, Heineken Q1 trading update, Hilton Worldwide Holdings Q1, IBM Q1, Interpublic Q1, Lloyds Banking Group Q1 interim management statement, Meta Q1, PZ Cussons Q3 trading update, Raymond James Financial Q2, Reckitt Benckiser Q1 trading update, Wabtec Q1

Thursday

• Global energy group BP holds its annual general meeting, an event often targeted by environmental campaigners

• EU: European Central Bank economic bulletin and monthly unemployment figures

• Australia, New Zealand: Anzac Day. Financial markets closed

• Germany: GfK consumer climate survey

• Italy: Liberation Day holiday. Financial markets closed

• South Korea: preliminary Q1 GDP figures

• US: preliminary Q1 GDP figures

• Results: Airbus Q1, Aker Solutions Q1, Alphabet Q1, American Airlines Q1, AstraZeneca Q1, Barclays Q1, BNP Paribas Q1, Bristol Myers Squibb Q1, Capital One Q1, Caterpillar Q1, Comcast Q1, Dassault Systemes Q1, Delivery Hero Q1 trading update, Deutsche Bank Q1, Dow Q1, Drax Group AGM and trading update, Inchcape Q1, Intel Q1, London Stock Exchange Group AGM and Q1 trading statement (revenues only), Merck & Co Q1, Microsoft Q3, Nestlé Q1 sales figures, Northrop Grumman Q1, Persimmon AGM and trading update, Porsche Q1, Royal Caribbean Cruises Q1, Sainsbury’s FY, Schroders AGM and Q1 update, Snap Q1, Southwest Airlines Q1, STMicroelectronics Q1, Travis Perkins Q1 trading update, Unilever Q1 trading statement, Universal Health Services Q1, WHSmith HY, Willis Towers Watson Q1, WPP Q1 trading update

Friday

• France: INSEE consumer confidence survey

• Germany: preliminary Q1 GDP figures

• Japan: latest monetary policy decision plus outlook report

• UK: monthly insolvency statistics for England and Wales, plus GfK consumer confidence survey

• US: revised University of Michigan consumer confidence survey and inflation expectations data

• Results: Aon Q1, Chevron Q1, Colgate-Palmolive Q1, ExxonMobil Q1, HCA Healthcare Q1, NatWest Q1, Pearson Q1 trading update, T Rowe Price Q1, TotalEnergies Q1

World events

Finally, here is a rundown of the week’s events and milestones:

Monday

• International Earth Day

• Jewish festival of Passover begins this evening

• India: Tesla chief Elon Musk is expected to meet India’s Prime Minister Narendra Modi, and make an announcement on investment and a factory in the country

• US: opening arguments begin in the criminal trial of former US president Donald Trump. In a separate hearing, concerning the Trump Organization civil fraud case, the New York attorney-general’s office is expected to argue that the $175mn bond the company secured to avoid paying millions to the state in damages should not be accepted by the court

Tuesday

• St George’s Day marked in Bosnia and Herzegovina, Bulgaria, Canada, Catalonia, Croatia, Cyprus, England, Georgia, Greece, North Macedonia, Portugal, Romania and Serbia

• 200th day of the Hamas-Israel conflict after Hamas launched an attack on Israel on October 7 last year

• UK: 100th anniversary of both the first radio broadcast by a British monarch, George V at the Empire Exhibition in London, and the first commemorative stamps being issued in Great Britain. Also, William Shakespeare’s birthday celebrated

Wednesday

• North Macedonia: presidential election first round

• UK: former Democratic Unionist party leader Sir Jeffrey Donaldson appears in court in Newry, Northern Ireland, charged with rape

Thursday

• Australia, New Zealand, UK: Anzac Day

• Italy: Venice becomes the first city in the world to charge a daily access fee to day-trippers. The €5 access fee only applies to tourists on day trips to the Italian city, not those staying overnight, and will apply on 29 dates between today and July 14, when there is peak tourist activity

• UK: CBI National Business Dinner, attended by senior figures from business, politics, and media. Traditionally addressed by a senior member of the government. Speakers include Rain Newton-Smith, chief executive of the troubled business lobbying group

Friday

• India: second phase of parliamentary elections begins

• US: sentencing in Florida of former British Virgin Islands premier Andrew Fahie, convicted of conspiracy to import a controlled substance, conspiracy to commit money laundering, interstate and foreign travel in aid of racketeering, and other charges

Saturday

• South Africa: 30th anniversary of the country’s first fully multiracial elections, marking the final end of apartheid

• US: White House Correspondents’ Association annual dinner, where the president traditionally pokes fun at himself in a light-hearted sketch

Sunday

• DR Congo: provincial governors and vice-governors elections

• Italy: G7 environment, climate and energy ministers meeting begins in Turin

• Japan: by-elections for three seats in the lower chamber of the Diet, the country’s parliament