Wednesday preview: Global factory PMIs, Aveva in focus

Financial markets' focus in the middle of the week will be a on a raft of manufacturing sector Purchasing Managers' Indices due out from across most of the world's main economies, including those of China, the euro area, UK and US.

Worth noting, survey results in China are expected to reveal a significant improvement versus April with the headline PMI printing at 49.5 while little change is expected for the US ISM institute's own measure which indicated a solid and steady rate of growth in activity.

Investors are also likely to be keeping close tabs on European Central Bank President Christine Lagarde who will be speaking on a panel from 1100 GMT onwards.

So too, speeches from the heads of the Federal Reserve banks of New York and St.Louis scheduled for after the close of trading in London may also sway global markets.

For Aveva's full-year numbers, analyst Michael Briest at UBS says that investors will be focusing on the reasons why the industrial software group guided towards slower sales for the next fiscal year.

They will also be assessing the credibility of its unchanged targets for fiscal year 2026.

Furthermore, the mix of sales in FY 2022 may provide an indication as to how transition of its business model towards a subscription base and cloud is progressing.

On 27 April, the company guided towards 7% FY 2022 topline growth.

Consensus is for a 5% year-on-year rise in FY 2023 sales in organic terms to £1.33bn, but Briest is expecting just a 2% increase to roughly £1.35bn.

Briest on the other hand anticipates that Aveva's free cash flow in FY 2023 will come in at £296m (consensus: £332m).

The analyst's estimates out to 2026 are also all below the consensus.

Wednesday 01 June

INTERIMS

Impax Asset Management Group

INTERIM EX-DIVIDEND DATE

Blackrock Frontiers Investment Trust, General Accident 'A', Henderson European Focus Trust, Income & Growth VCT , Jersey Electricity 'A' Shares, Majedie Investments, Origin Enterprises (CDI), Puma VCT 12 , RM Infrastructure Income

QUARTERLY PAYMENT DATE

JpMorgan China Growth & Income , JPMorgan Claverhouse Inv Trust

QUARTERLY EX-DIVIDEND DATE

Honeycomb Investment Trust, Law Debenture Corp., Premier Miton Global Renewables Trust, Regional REIT Limited, Round Hill Music Royalty Fund Limited NPV

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Construction Spending (US) (15:00)

Crude Oil Inventories (US) (15:30)

ISM Manufacturing (US) (15:00)

ISM Prices Paid (US) (15:00)

MBA Mortgage Applications (US) (12:00)

PMI Manufacturing (GER) (08:55)

PMI Manufacturing (EU) (09:00)

PMI Manufacturing (US) (14:45)

Retail Sales (GER) (07:00)

Unemployment Rate (EU) (10:00)

FINALS

Dr. Martens

ANNUAL REPORT

Picton Property Income Ltd

SPECIAL DIVIDEND PAYMENT DATE

Sabre Insurance Group

AGMS

Caerus Mineral Resources , Dianomi , East Imperial, Flowtech Fluidpower, One Media IP Group, Parsley Box Group, Public Policy Holding Company, Inc. (DI) (REG S, CAT3), RTC Group, United Oil & Gas

TRADING ANNOUNCEMENTS

Public Policy Holding Company, Inc. (DI) (REG S, CAT3)

UK ECONOMIC ANNOUNCEMENTS

BRC Shop Price Index (00:01)

PMI Manufacturing (09:30)

FINAL DIVIDEND PAYMENT DATE

BAE Systems, Bodycote, Curtis Banks Group, Derwent London, Essentra, Fuller Smith and Turner 6% 1st Cumulative Preference 1, Henry Boot, Hercules Site Services , Investec Investment Trust 3 1/2% Cumulative Preference Stock, Kenmare Resources (CDI), Legal & General Group, Macfarlane Group, Porvair, Sabre Insurance Group, Vector Capital, Zotefoams

FINAL EX-DIVIDEND DATE

Billington Holdings, Churchill China, Elecosoft Public Limited Company, Gamma Communications, Hill & Smith Holdings, Hilton Food Group, Keller Group, Likewise Group, Lords Group Trading, Manx Financial Group, Menhaden Resource Efficiency, Michelmersh Brick Holdings, National Grid, Renold 6% Cum. Prfd., Restore, Scottish Mortgage Inv Trust, Severn Trent, Spectra Systems Corporation, Synthomer, Vodafone Group