First Move with Julia Chatterley

Today marks an important milestone in alleviating the global food crisis, as a ship carrying Ukrainian grain departed the port city of Odessa under a UN-brokered export deal. Plus: House Speaker Nancy Pelosi embarks on her closely watched Asian trip, which will include a visit to Taiwan despite warnings from China. And: With US markets just having wrapped up their most profitable month since late 2020, will the Federal Reserve soon begin to slow the pace of interest rate hikes?

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Amid this week's plethora of economic data on US and global growth, inflation, and stock markets -- along with the Fed's massive .75% interest rate hike -- Ukrainian President Zelensky and ambassadors from G7 nations are meeting in the port city of Odessa, all hoping the first grain shipments could leave as early as today. Ukraine says it's awaiting UN confirmation on safe shipping routes. Nick Robertson begins our coverage in Odessa.

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So, is the United States in a recession? Fresh economic data out today shows gross domestic product contracting 0.9% in the second quarter. That's on top of the more than 1.5% decline in the previous quarter. Two consecutive quarters of the economy shrinking has traditionally been defined as a recession. But many say that's overly simplistic and point to other data suggesting otherwise. We explore both sides of this crucial debate.

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Federal Reserve chair Jerome Powell is expected to announce another hefty interest rate hike today and investors will be laser focused on what he has to say about future moves. We explore all the possible scenarios and their potential impact on inflation and the economy. 

Also on today's show: Nancy Pelosi's planned trip to Taiwan has China seeing red.

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In today's show we explore two big drivers of global economic growth: energy and the consumer. Europe's energy ministers meeting in Brussels were forced to agree on an emergency gas conservation deal just hours after Russia announced that the gas flow through the Nord Stream pipeline will be cut once more. Meanwhile, US consumers are running out of a different kind of gas. The nation's biggest retailer, Walmart, cut its full-year guidance citing households' weakened state, while consumer products giant Unilever says it's been forced to hike prices by 11% due to an "unprecedented cost landscape."

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US growth data scheduled to be released this week may determine whether we're headed toward a recession. After last week's NASDAQ gains, investors will be paying very close attention to earnings reports from tech giants Apple, Meta, and Microsoft, just to name a few. The most crucial data points will be out Thursday when the US releases its preliminary look at Q2 GDP. We have it all covered in today's show, including the very latest on the war in Ukraine.

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A deal to allow the safe transport of Ukrainian grain from the country's blocked ports will be signed today after talks between Russia, Ukraine, Turkey and the UN -- a major diplomatic breakthrough that should help ease a global food crisis. But ... it's complicated. CNN's international correspondent Jomana Karadsheh begins our coverage with a live report from Istanbul.

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The European Central Bank raises interest rates by 0.5%, their first hike in more than a decade. And the ECB's job has just been made harder due to political turmoil in one of its largest nations, Italy, as Prime Minister Mario Draghi resigns. Meanwhile, Russian gas is flowing once again to Europe through the Nord Stream pipeline, but at just a fraction of full capacity. The International Energy Agency is warning of an energy crisis for the continent. Agency head Fatih Birol joins the show to discuss.

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One day after the UK registered its hottest day on record, wildfires destroyed dozens of homes and buildings around London. It was the busiest day for the emergency responders there since the World War II. Meanwhile, extreme heat continues not only in Europe, but in the US and Asia as well. We bring you live reports from both the UK and Beijing.

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The UK declares a national emergency as it suffers through its hottest day on record, with extreme weather warnings throughout much of Europe as well as in the US. Heat advisories are also in effect across global financial markets as investors navigate a perilous summer landscape.

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