Wednesday preview: Fed minutes, Marks&Spencer in focus

All eyes in the middle of the week will revert to the US central bank as it releases the minutes of its 3-4 May policy deliberations.

According to analysts at Barclays Research, the minutes are likely to confirm the Fed's intention was to raise the Fed funds target range by 50bp each in June and July and that the pace of hikes will be adjusted once monthly inflation prints are clearly moving lower.

They will likely also reveal that the Fed is prepared to go quite far to re-achieve price stability, such that inflation expectations remain anchored.

The analysts were also seeking guidance on what to look for as precursors of where policy would be headed in the medium-term, once a more neutral level of rates has been reached.

Across the Channel meanwhile, reports on consumer confidence in Germany for June and in France and Norway for May were scheduled.

No major economic data are due out in the UK.

In Asia Pacific, rate-setters in New Zealand will meet to decide on policy with economists forecasting a 50bp hike in the official cash rate.

For Marks&Spencer's full-year numbers, UBS analyst Strreedhar Mahamkali has penciled in a 20% jump in sales to £10.73bn for a 254% leap in earnings before interest and taxes to £210m.

Earnings per share meanwhile are seen printing at 1.7p.

In particular, the analyst said that investors would be focusing on the retailer's outlook, the impact that inflation was having on consumer spend and the company's to 'pass through' input cost inflation as well as its ability to manage its costs.

Wednesday 25 May

INTERIMS

Hollywood Bowl Group

INTERIM DIVIDEND PAYMENT DATE

DFS Furniture

QUARTERLY PAYMENT DATE

Seplat Energy (DI)

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Crude Oil Inventories (US) (15:30)

Durable Goods Orders (US) (13:30)

GFK Consumer Confidence (GER) (07:00)

MBA Mortgage Applications (US) (12:00)

FINALS

De La Rue, Esken Limited, HICL Infrastructure , Likewise Group, Marks & Spencer Group, Mediclinic International , Pennant International Group, Pets at Home Group , Severn Trent, SSE

SPECIAL DIVIDEND PAYMENT DATE

DFS Furniture

AGMS

Access Intelligence, Air China Ltd., Aston Martin Lagonda Global Holdings, Bakkavor Group , Bango, Bodycote, Bodycote, China Yangtze Power Co., Ltd GDR (Reg S) , Elecosoft Public Limited Company, Fundsmith Emerging Equities Trust , Hercules Site Services , International Public Partnerships Ltd., Intertek Group, M&G, Mortgage Advice Bureau (Holdings) , Regional REIT Limited, RHI Magnesita N.V. (DI), Sabre Insurance Group, TotalEnergies SE, Trustpilot Group , Trustpilot Group , Tullow Oil, Zenova Group, Zotefoams

TRADING ANNOUNCEMENTS

Intertek Group, Regional REIT Limited

FINAL DIVIDEND PAYMENT DATE

Coats Group, EP Global Opportunities Trust, Genuit Group, London Stock Exchange Group