Tuesday preview: Factory and services PMIs due out on both sides of the Pond

The market spotlight on Tuesday will fall on the results of a raft of factory and services sector indices from S&P Global covering the month of May.

In the case of the UK, consensus is for the manufacturing PMI to slip from a reading of 55.8 for April to 55.1 in May, while that for services is expected to slip from 58.9 to 57.3.

Economists at Barclays Research reason that the fading recovery from Covid-19 and drag from cost of living will weigh on both PMIs.

Nevertheless, both were still pointing to resilience among businesses, which was at odds with all-time lows in consumer confidence, Barclays said.

Euro area PMIs are also both expected to slip, but much more so in the case of that for factory activity, although at least in the case of Germany, the IFO institute's confidence index published the day before showed unexpected strength.

Likewise, US PMIs are seen dipping with that for manufacturing expected to come in weakest by a wide margin.

US new home sales data for April will also be forthcoming and may reinforce the theme of declining activity in the sector.

Also due out in the UK, at 0700 GMT, are public sector net borrowing figures for April with economists anticipating a small rise in the UK's public sector net borrowing requirement from £17.3bn for March to £18.3bn in April.

Later in the morning, at 1100 GMT, the Confederation of British Industry will release its Distributive Trades Index for May.

European Central Bank boss, Christine Lagarde, is due to deliver a speech at the World Economic Forum in Davos.

Overnight, in Asia, rate-setters in Indonesia will meet to decide on interest rates with the consensus being for no change.

Tuesday 24 May

INTERIMS

Avon Protection, Greencore Group (CDI), Hyve Group, On The Beach Group , Residential Secure Income, Shaftesbury, Topps Tiles

QUARTERLY EX-DIVIDEND DATE

Vaalco Energy, Inc (DI)

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Gross Domestic Product (GER) (07:00)

New Homes Sales (US) (15:00)

FINALS

Bytes Technology Group , Cordiant Digital Infrastructure Limited NPV, Cordiant Digital Infrastructure Limited NPV, Cranswick, Helical, Homeserve, Lords Group Trading, Speedy Hire

ANNUAL REPORT

Cordiant Digital Infrastructure Limited NPV

AGMS

4Imprint Group, Afentra , Dunedin Income Growth Inv Trust, Endeavour Mining, Epwin Group, FDM Group (Holdings), Forterra, Harworth Group, Hill & Smith Holdings, Hilton Food Group, Horizonte Minerals, JPMorgan American Inv Trust, Judges Scientific, M Winkworth, Quarto Group Inc., Restaurant Group, Riverstone Energy Limited , Shell , The Artisanal Spirits Company, The Pebble Group, Thungela Resources Limited NPV (DI), US Solar Fund, Vector Capital, WPP, WPP

TRADING ANNOUNCEMENTS

Softline Holding GDR (REG S)

UK ECONOMIC ANNOUNCEMENTS

Public Sector Net Borrowing (07:00)

FINAL DIVIDEND PAYMENT DATE

Abrdn , Chesnara, Merchants Trust, Vistry Group