Russia: Hungarian Foreign Minister Peter Szijjarto will travel to Russia, where he will meet his counterpart Sergei Lavrov and Russian Deputy Prime Minister Alexander Novak. Hungary has demanded a significant increase in gas deliveries to Moscow. Meanwhile, legal action will be taken against WhatsApp and Snapchat over the tech companies’ alleged refusal to locate Russian citizens’ data.

Economic news: Germany releases preliminary consumer price index data. France will publish figures on consumer confidence.

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

Barclays: The British bank publishes its results for the first half. In April, Barclays said profits fell 18% in the first quarter and the bank had to delay a promised £1bn share buyback following an increase in litigation.

Business benefits: 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 their results.

Markets: Euro Stoxx 50 and FTSE 100 futures rose 0.6% and 0.2% respectively. Asian stocks followed the United States higher after the Federal Reserve raised interest rates by 0.75 percentage points, but signaled that it may soon slow the pace of its increases.