Tuesday preview: CPI data set for release on both sides of the Channel

Markets were expected to be in a tense wait-and-see mode ahead of the US central bank´s policy announcement the next day.

In the run-up to that significant risk event, investors were expected to focus on the latest consumer and factory gate figures in the UK.

Monthly CPI data were also scheduled for release in Germany and Spain, alongside the December reading on Eurozone economic confidence index from Germany´s ZEW institute.

A trading statement from Bellway was set to be the main focus on the corporate news front, although Numis analyst Chris Millington said he expected little in the way of fresh estimates from the homebuilder at such an early stage of the year.

"However, we would note that if trading conditions remain unchanged, we think there is upside risk to estimates later in the year particularly in relation to volume. We will be mainly focused on the group assessment of current market conditions and also the strength of the order book," Millington said.

The analyst´s forecasts for the full-year 2017 were for volume growth of 4.0%, followed by an increase of 7.5% in 2018, together with broadly stable margins.

"We continue to believe that Bellway is the most attractive stock in the sector, with a strong balance sheet, good visibility through a strong forward order book and the potential to show continued volume growth over the medium term. Despite these attractions the shares are trading on a Dec 2017 P/NTAV of 1.3x vs the sector on 1.5x," he pointed out.

Tuesday December 13

INTERIMS
Begbies Traynor Group, Byotrol, Carpetright

INTERIM DIVIDEND PAYMENT DATE
Spire Healthcare Group

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Price Index (GER) (07:00)
Import and Export Price Indices (US) (13:30)
Wholesale Price Index (GER) (07:00)
ZEW Survey (EU) (10:00)
ZEW Survey (GER) (10:00)

FINALS
Ediston Property Investment Company, Hollywood Bowl Group, Pressure Technologies, Zytronic

EGMS
JSC KazMunaiGaz Exploration Production GDR (Reg S)

AGMS
Bellway, Fidelity Special Values, International Biotech Trust, Tristel

UK ECONOMIC ANNOUNCEMENTS
Consumer Price Index (09:30)
Producer Price Index (09:30)
Retail Price Index (09:30)

FINAL DIVIDEND PAYMENT DATE
DX (Group)