Week ahead: Central banks, China in focus

Central banks will be firmly in the spotlight over the coming week, alongside a barrage of economic data out of China and Japan.

First off among the former will be the US central bank, on Tuesday, with the current chair of the Federal Reserve, Janet Yellen, due to deliver the final press conference of her tenure.

A 25 basis point rate hike is now a foregone conclusion in the States next week, but it remains to be seen how she might shift her tone and outlook given the progress made in Congress on approving Republicans' tax reform proposals.

As for the Summary of Economic Projections, some economists believe they will not yet include the likely impact of the Republican tax cuts, with policymakers likely to wait until they have finally been signed into law by the president before including them in their forecasts.

Yet due to the combination of the above tax cuts and global growth, in a research note sent to clients on 8 December, analysts at Barclays Research said there was "upside risk to our call of two [Fed] hikes in 2018".

The Monetary Policy Committee's decision on Thursday is seen as unlikely to deliver any surprises, with a unanimous decision to keep Bank Rate unchanged expected, following rate-setters' decision to hike when they last met.

Before that, on Tuesday and Wednesday, ONS will update on consumer prices and unemployment in the UK for the months of November and October, respectively.

Also on Thursday, the European Central Bank's Governing Council is set to decide on its policy rates. Here again, no changes to either policy or guidance are anticipated, although the ECB is due to release its latest set of macroeconomic staff projections.

Further afield, in China, consumer price data for November are scheduled for release on Saturday, with readings on money supply and credit possibly following as soon as Sunday.

Later in the week, on Thursday as well, the country's National Bureau of Statistics will publish figures on fixed asset investment, industrial production and retail sales for that same month.

Lastly, in Japan, the central bank's Tankan survey of business conditions will be published on Friday.

Monday December 11

INTERIMS
Marlowe, Photo-Me International, Polar Capital Holdings

INTERIM DIVIDEND PAYMENT DATE
DCC

FINALS
Hollywood Bowl Group, Local Shopping REIT

EGMS
Global Ports Investments GDR (REG S)

AGMS
Westmount Energy Ltd.

FINAL DIVIDEND PAYMENT DATE
YouGov

Tuesday December 12

INTERIMS
Abzena, Ashtead Group, Begbies Traynor Group, Carpetright, Polar Capital Technology Trust

INTERIM DIVIDEND PAYMENT DATE
Spire Healthcare Group

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Producer Price Index (US) (13:30)

Q2
Ashtead Group

FINALS
Driver Group, MedicX Fund Ltd., Pressure Technologies, Zytronic

ANNUAL REPORT
Autins Group

AGMS
Artilium, CQS New City High Yield Fund Limited, Edinburgh Dragon Trust, GCM Resources, Haydale Graphene Industries, Northamber, Tristel

TRADING ANNOUNCEMENTS
Balfour Beatty, Drax Group, Joules Group

UK ECONOMIC ANNOUNCEMENTS
Consumer Price Index (09:30)
Producer Price Index (09:30)
Retail Price Index (09:30)

FINAL DIVIDEND PAYMENT DATE
Fidelity Asian Values

FINAL EX-DIVIDEND DATE
Telefonica SA

Wednesday December 13

INTERIMS
Cohort, Dixons Carphone , OPG Power Ventures, Purplebricks Group

QUARTERLY PAYMENT DATE
M Winkworth, Unilever

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Price Index (GER) (07:00)
Consumer Price Index (US) (13:30)
Crude Oil Inventories (US) (15:30)
Industrial Production (EU) (10:00)
MBA Mortgage Applications (US) (12:00)

FINALS
TUI AG Reg Shs (DI)

AGMS
Alternative Liquidity Fund Limited, Avanti Communications Group, Bellway, BowLeven, BowLeven, Henderson Far East Income Ltd., Infrastructure India, Physiomics, Residential Secure Income, Volution Group (WI), World Careers Network

TRADING ANNOUNCEMENTS
Bellway, Dixons Carphone , Serco Group

UK ECONOMIC ANNOUNCEMENTS
Claimant Count Rate (09:30)

FINAL DIVIDEND PAYMENT DATE
Aberdeen Frontier Markets Investment Company

FINAL EX-DIVIDEND DATE
Royal Bank of Scotland Ser 1 Non-Cum Eur Prf (144a)

Thursday December 14

INTERIMS
F&C Global Smaller Companies, Omega Diagnostics Group, ReNeuron Group, Sports Direct International, Tungsten Corporation

INTERIM DIVIDEND PAYMENT DATE
Vedanta Resources

INTERIM EX-DIVIDEND DATE
3i Group, BCA Marketplace, Bonmarche Holdings, Brown (N.) Group, Charles Stanley Group, Circle Property , Clipper Logistics , Lazard World Trust Fund, Michelmersh Brick Holdings, Northgate, Severfield, Sirius Real Estate Ltd., Speedy Hire, Tatton Asset Management , Telford Homes, Vianet Group

QUARTERLY PAYMENT DATE
Brunner Inv Trust, UIL Limited (DI)

QUARTERLY EX-DIVIDEND DATE
Assura , Funding Circle SME Income Fund, Mercantile Investment Trust (The), Real Estate Credit Investments Ltd, XP Power Ltd. (DI)

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Inventories (US) (15:00)
Continuing Claims (US) (13:30)
ECB Interest Rate (EU) (12:45)
Import and Export Price Indices (US) (13:30)
Retail Sales (US) (13:30)

FINALS
Jersey Electricity 'A' Shares, Titon Holdings

SPECIAL EX-DIVIDEND DATE
Ferrexpo, VinaLand Ltd

EGMS
GVC Holdings

AGMS
Pipehawk, Sareum Holdings, Upland Resources Limited (DI), Vernalis plc, VinaCapital Vietnam Opportunity Fund Ltd.

TRADING ANNOUNCEMENTS
Bunzl, Centrica, Headlam Group, Ocado Group, Petrofac Ltd., Porvair, PZ Cussons

UK ECONOMIC ANNOUNCEMENTS
BoE Interest Rate Decision (12:00)
Retail Sales (09:30)
RICS Housing Market Survey (00:01)

FINAL DIVIDEND PAYMENT DATE
MJ Gleeson , Telefonica SA

FINAL EX-DIVIDEND DATE
Aeorema Communications, Associated British Foods, Carr's Group, JPMorgan Chinese Inv Trust, Marston's, Mitchells & Butlers, Numis Corporation, Oxford Metrics

Friday December 15

INTERIM DIVIDEND PAYMENT DATE
BlackRock Smaller Companies Trust, Braemar Shipping Services, C&C Group, Card Factory, CML Microsystems, Downing Three VCT F Shs, Downing Three VCT H Shs, Downing Two VCT F Shs , Downing Two VCT G Shs, Dunedin Enterprise Investment Trust, Octagonal, Octopus Apollo VCT, Sophos Group , Telecom Plus, Whitbread, Wynnstay Properties

QUARTERLY PAYMENT DATE
Alpha Real Trust Ltd., Canadian General Investments Ltd., Carnival

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (EU) (06:00)
Capacity Utilisation (US) (14:15)
Industrial Production (US) (14:15)
Wholesale Price Index (GER) (06:00)

SPECIAL DIVIDEND PAYMENT DATE
Card Factory, River and Mercantile Group , Softcat

AGMS
On-Line, Plant Impact, TLA Worldwide , Up Global Sourcing Holdings

TRADING ANNOUNCEMENTS
SThree, Trinity Mirror

FINAL DIVIDEND PAYMENT DATE
AB Dynamics, Aeci 5 1/2% Prf, Edinburgh Dragon Trust, London Finance & Investment Group, Origin Enterprises, River and Mercantile Group , Sherborne Investors (Guernsey) 'B' Limited, Softcat, Tiso Blackstar Group SE, Tristel, World Careers Network