Wednesday preview: US foreign trade, GlaxoSmithKline in the spotlight

The economic and corporate news-flow is light on Wednesday, although investors will continue to keep an eye on the election polls ahead of the 3 November presidential and Congressional elections in the US.

Reports around the state of Brexit talks will also be closely monitored.

In terms of fresh data, the main data release scheduled for the session is a preliminary reading on US trade in goods referencing the month of September.

Across the Channel meanwhile, readings are due out on French and Swedish consumer confidence in October, as are figures for Spanish retail sales in September.

On home shores, and on the corporate side of things, for GlaxoSmithKline's third quarter results, UBS's Laura Sutcliffe was expecting £8.86bn in sales, putting her just slightly ahead of the company-compiled consensus for £8.77bn.

Yet at the product level, Sutcliffe was ahead of consensus in her forecasts for the company's Triumeq and Shingrix, forecasting sales of £593m and £495m, against market consensus for £573m and £459m, respectively.

The key question was whether the company's own guidance for growth in third quarter earnings per share of between -1% to -4% was "achievable", she said.

In her opinion, the recovery in US vaccination rates would not suffice for the firm to hit the upper end of that guidance.

On the corporate side of things, and for GlaxoSmithKline's third quarter results, UBS's Laura Sutcliffe was expecting £8.86bn in sales, putting her just slightly ahead of the company-compiled consensus for £8.77bn.

Yet at the product level, Sutcliffe was ahead of consensus in her forecasts for the company's Triumeq and Shingrix, forecasting sales of £593m and £495m, against market consensus for £573m and £459m, respectively.

The key question was whether the company's own guidance for growth in third quarter earnings per share of between -1% to -4% was "achievable", she said.

In her opinion, the recovery in US vaccination rates would not suffice for the firm to hit the upper end of that guidance.

Overseas, the focus will be on testimony before a US congressional committee by top executives from Facebook, Google and Twitter regarding how they moderate content posted on their platforms, amid heightened public scrutiny over what some observers say is their excessive influence in the information sphere.

The results of the hearings set for over the next month may have implications for their business models and importantly, for some also for the very quality of the public debate in the US.

Wednesday 28 October

INTERIMS

Itaconix

INTERIM DIVIDEND PAYMENT DATE

Smith & Nephew

Q3

GlaxoSmithKline

QUARTERLY PAYMENT DATE

Law Debenture Corp.

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Crude Oil Inventories (US) (14:30)

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