Friday preview: China PMI, Wizz Air

The market spotlight at the end of the week will continue to be firmly on China, as investors digest the results of the latest 'official' manufacturing sector Purchasing Managers' Index.

Against that backdrop, UK credit and mortgage lending data covering the month of April are set for release by the Bank of England at 0930 and it is a fair bet that policymakers on the Monetary Policy Committee will be watching the release quite closely.

Stateside meanwhile, data covering personal income and spending in April is due out, alongside the Chicago factory PMI for May and a final reading on the University of Michigan's consumer confidence gauge for May.

For Wizz Air's financial year 2019 numbers, Numis's Kathryn Leonard is anticipating profits after tax of €287m, putting her towards the top end of company guidance, even if a shade below the €292m penciled in by analysts at Reuters.

Management also indicated that markets in Central Europe had "remained robust" thus far in the 2020 financial year.

In any case, Leonard was anticipating the discount carrier to guide towards 2020 profits of €389m, which if correct would be well ahead of the consensus on €359m, although marking to market for FX (1.12) and fuel ($678m/t) would lead to a 7% downgrade.

Changing hands on approximately 12.3 times' her estimate for 2020 profits per share, the stock was trading at a roughly 5.0% discount to the sector's long-term average.

"WIZZ continues to be our top pick amongst the airlines, given its exposure to the structural demand growth by CEE consumers for air travel, facilitated by increasing propensity to travel," she said.

"In our view, WIZZ should continue to take share from the national and legacy carriers as one of the lowest cost producers and material cost tailwinds yet to come."

Friday May 31

INTERIM DIVIDEND PAYMENT DATE

BlackRock Greater Europe Inv Trust, Royal Bank of Scotland 11% Cum. Prf, Royal Bank of Scotland 5.5% Cum. Prf., Symphony International Holdings Ltd.

QUARTERLY PAYMENT DATE

APQ Global Limited, City of London Inv Trust, Custodian Reit , Ediston Property Investment Company, JPMorgan Claverhouse Inv Trust, Picton Property Income Ltd, TwentyFour Select Monthly Income Fund Limited

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Official factory sector PMI (China)

Chicago PMI (US) (14:45)

Personal Consumption Expenditures (US) (13:30)

Personal Income (US) (13:30)

Personal Spending (US) (13:30)

Retail Sales (GER) (07:00)

U. of Michigan Confidence (US) (15:00)

GMS

Escape Hunt

FINALS

Charles Stanley Group, Charles Stanley Group, DCD Media, Wizz Air Holdings

SPECIAL DIVIDEND PAYMENT DATE

Admiral Group, Ferrexpo, Symphony International Holdings Ltd.

AGMS

Alba Mineral Resources, Barr (A.G.), Faron Pharmaceuticals Oy (DI), Hostelworld Group , Mail.ru Group Ltd GDR (Reg S), Nostrum Oil & Gas , Raven Property Group Limited, Tiziana Life Sciences, Zhejiang Expressway Co 'H' Shares

UK ECONOMIC ANNOUNCEMENTS

M4 Money Supply (09:30)

Nationwide House Price Index (07:00)

FINAL DIVIDEND PAYMENT DATE

Admiral Group, Cenkos Securities, Clarkson, Elecosoft, Elementis, Empresaria Group, Fevertree Drinks, H&T Group, Harworth Group, Hastings Group Holdings , Highcroft Investment, Hydrogen Group, Informa, LLoyds Banking Group 9.25% Non-Cum Irredeemable Pref Shares, LLoyds Banking Group 9.75% Non-Cum Irredeemable Pref Shares, Luceco , NAHL Group, Playtech, Rightmove, Senior, Soco International, STV Group, TI Fluid Systems, Weiss Korea Opportunity Fund Ltd