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Good morning from the Financial Times. Today is Monday, July 25th.

And this is your FT News Briefing.

European banks start to report earnings this week.

US multi-nationals are feeling the pain of the strong dollar.

And the FT's Ben Hall spoke to Ukraine's finance minister

and gives us the highlights of that interview.

I'm Jess Smith, in from ArcFilippino, and here's the news you need to start your day.

This week, the US Federal Reserve is set to raise its benchmark policy rate by three quarters of

a percentage point, just like it did last month. The Fed is struggling to cool inflation

without pushing the US economy into a painful recession.

These rate hikes have also helped push up the US dollar to its highest level in 20 years.

And as the FT's Kate Dugud reports, that's wiped billions off US corporate earnings.

We're talking about companies that have big businesses overseas.

So that often includes tech companies, but it can include pharmaceuticals, right?

It includes IBM, Johnson & Johnson, Netflix, Philip Morris, the cigarette maker.

And what's happening is that one, there's sort of two different translation effects.

One is that the strong dollar means that your international sales, which are done in the foreign

currency, are worthless when you translate them back into the dollar.

And then the second thing is also just that because the dollar is stronger,

it means that US products are more expensive than rivals than foreign rivals.

...