Wednesday preview: UK Budget, Shell in focus

All eyes on Wednesday will be on the UK budget announcement.

The Chancellor is expected to detail a series of tax hikes to raise approximately £35bn of new revenues.

But as MUFG points out in a research note sent to clients, Labour has already disclosed many of the expected tax increases, such that the broker expects Gilts and Sterling to be little moved by the announcements.

In the US meanwhile, at 1230 BST Commerce will release a preliminary reading for third quarter gross domestic product growth.

Fifteen minutes before, consultancy ADP will publish the results of its closely followed survey of private payrolls for November.

Across the Channel, the market spotlight will be on preliminary figures for German and Spanish consumer prices covering the month of November, as well as a first look at euro area third quarter GDP growth.

In the company space, Shell is to publish its third quarter results.

UBS analyst Joshua Stone is anticipating an 11% decline in the oil major's adjusted net income to reach $5.36bn.

Net cash flow from operations, excluding working capital requirements however, is seen 17% higher to $11.97bn and the company's dividend per share up by 3% to 0.34 US cents.

Total production is also seen rising by 3% to approximately 2.72m barrels of oil equivalent per day, together with a 9% jump in LNG liquefaction volumes to 7.4m metric tonnes.

Wednesday 30 October

INTERIM EX-DIVIDEND DATE

Banco Santander S.A.

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Business Climate Indicator (EU) (10:00)

Consumer Confidence (EU) (10:00)

Crude Oil Inventories (US) (14:30)

Economic Sentiment Indicator (EU) (10:00)

GDP (Preliminary) (EU) (09:00)

GDP (Preliminary) (GER) (07:00)

GDP (Preliminary) (US) (12:30)

Industrial Confidence (EU) (10:00)

MBA Mortgage Applications (US) (11:00)

Pending Homes Sales (US) (14:00)

Services Sentiment (EU) (10:00)

Q3

Smurfit Westrock (DI), Standard Chartered

GMS

Air China Ltd.

FINALS

Grit Real Estate Income Group Limited NPV

SPECIAL DIVIDEND PAYMENT DATE

FIH Group

AGMS

BHP Group Limited NPV (DI), Frontier Developments, Hargreaves Services, Moh Nippon, Springfield Properties

TRADING ANNOUNCEMENTS

Next, Smurfit Westrock (DI)

UK ECONOMIC ANNOUNCEMENTS

BRC Shop Price Index (00:01)

FINAL DIVIDEND PAYMENT DATE

FIH Group