Week ahead: Fed and BoJ policy meetings coming into sharp focus

Central banks will dominate in the coming week, with the US Federal Reserve set to decide on policy on Wednesday.

As of 1438 BST on 16 September, Fed funds futures were pricing in just a 52.2% probability that the US central bank would tighten policy by the time of its December meeting and the latest set of CPI figures released on that same day might have made some Fed watchers a tad uneasy.

"Core CPI inflation is now 2.3% y/y, a pace first reached in February, but we're sticking to our long-held view that it will hit 2.5% by December and will rise further next year. Markets and the Fed are too complacent," Pantheon Macroeconomics´s Ian Shepherdson said in a research report sent to clients following the release of the latest inflation figures.

Set against such concerns was the argument put forth by US Federal Reserve governor Lael Brainard on 12 Sepetmber, when she said: "in today's new normal, the costs to the economy of greater-than-expected strength in demand are likely to be lower than the costs of significant unexpected weakness."

Shortly before rate-setters met in Washington DC, on the same day their counterparts at the Bank of Japan would also meet to decide on policy, with traders potentially proving very sensitive to any announcements, given that monetary authority´s well-documented ability to roil global capital markets.

Policy-makers would also be busy Down Under, with the Reserve Bank of Australia set to decide on its policy stance come Tuesday, followed by the Reserve Bank of New Zealand the day afterwards.

Norwegian central bankers were also set to hold their own policy meeting on Wednesday.

In terms of macroeconomic data, Friday would see the release of Markit´s preliminary Eurozone purchasing managers´ indices for the manufacturing and services sectors.

Monday 19 September

INTERIMS
Dillistone Group, DP Poland, Gama Aviation , Instem, Instem, Maintel Holdings, SimiGon Ltd. (DI), Spectra Systems Corporation

INTERIM DIVIDEND PAYMENT DATE
GKN, Merlin Entertainments

QUARTERLY PAYMENT DATE
Barclays, Brunner Inv Trust, Royal Dutch Shell 'A', Royal Dutch Shell 'B'

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Current Account (EU) (09:00)

FINALS
Petra Diamonds Ltd.(DI)

ANNUAL REPORT
Dechra Pharmaceuticals

EGMS
Argo Group Ltd.

TRADING ANNOUNCEMENTS
Dairy Crest Group

FINAL DIVIDEND PAYMENT DATE
Pets at Home Group

Tuesday 20 September

INTERIMS
Augean, Bango, Crossrider , e-Therapeutics, GVC Holdings, Horizon Discovery Group, Judges Scientific, Kingfisher, Lighthouse Group, Minds + Machines Group Limited (DI), Personal Group Holdings, Regional REIT Limited, Shield Therapeutics, Smart Metering Systems, Yu Group

INTERIM DIVIDEND PAYMENT DATE
London Stock Exchange Group, Mobeus Income & Growth Vct

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Building Permits (US) (13:30)
Housing Starts (US) (13:30)
Producer Price Index (GER) (07:00)

Q2
Shield Therapeutics, Smart Metering Systems

FINALS
Blancco Technology Group, Purecircle Limited (DI), Swallowfield

AGMS
Great Eastern Energy Corp Ltd. GDR, Highlands Natural Resources, HML Holdings, Safeland, San Leon Energy

TRADING ANNOUNCEMENTS
Pennon Group

FINAL DIVIDEND PAYMENT DATE
BHP Billiton

Wednesday 21 September

INTERIMS
32Red, Matomy Media Group Limited (DI) , Mi-Pay Group, NAHL Group, Saga , ServicePower Technologies, Sinclair Pharma, Venture Life Group

INTERIM EX-DIVIDEND DATE
New Europe Property Investments

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (15:30)
MBA Mortgage Applications (US) (12:00)

GMS
Milestone Group

FINALS
Pan African Resources, Transense Technologies

AGMS
Accsys Technologies, Alcentra Euorpean Floating Rate Income Fund Ltd Red Ord Shs, Cambium Global Timberland Ltd., Circle Property , Diageo, Gateley (Holdings) , IG Group Holdings, Kromek Group, MediaZest, Northgate, Worldwide Healthcare Trust

UK ECONOMIC ANNOUNCEMENTS
CBI Industrial Trends Surveys (11:00)
Public Sector Net Borrowing (09:30)

FINAL DIVIDEND PAYMENT DATE
Bloomsbury Publishing, Cohort, IG Design Group, Redcentric

Thursday 22 September

INTERIMS
Cambridge Cognition Holdings, Gulf Keystone Petroleum Ltd.(DI), Hurricane Energy, Mission Marketing Group, Rose Petroleum, Science In Sport, Sphere Medical Holding, Synairgen

INTERIM DIVIDEND PAYMENT DATE
Amino Technologies, Hochschild Mining, Legal & General Group, Low & Bonar, Rio Tinto, Schroders, Wood Group (John)

INTERIM EX-DIVIDEND DATE
BlackRock Latin American Inv Trust, Bovis Homes Group, Christie Group, Crest Nicholson Holdings, Dignity, Drax Group, EMIS Group, Epwin Group, Gamma Communications, Good Energy Group, Henry Boot, Hunters Property , International Public Partnerships Ltd., Irish Continental Group Units, John Laing Infrastructure Fund Ltd, Ladbrokes, Macfarlane Group, Martinco , Midwich Group, Non-Standard Finance, Old Mutual, Pendragon, Petrofac Ltd., Playtech, Quarto Group Inc., Stadium Group, Stilo International, Vitec Group, Weir Group, Zegona Communications

QUARTERLY PAYMENT DATE
Fair Oaks Income Fund Limited

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
Crude Oil Inventories (US) (15:30)
Existing Home Sales (US) (15:00)
GFK Consumer Confidence (GER) (07:00)
House Price Index (US) (14:00)
Initial Jobless Claims (US) (13:30)
Leading Indicators (US) (15:00)

Q2
Gulf Keystone Petroleum Ltd.(DI)

FINALS
Hansard Global, Haynes Publishing Group

AGMS
Auto Trader Group , Begbies Traynor Group, Byotrol, First Property Group, Kainos Group , Micro Focus International, NCC Group, Twentyfour Income Fund Limited Ord Red

TRADING ANNOUNCEMENTS
Mitchells & Butlers

FINAL DIVIDEND PAYMENT DATE
Ensor Holdings

FINAL EX-DIVIDEND DATE
AdEPT Telecom, BCA Marketplace, Best of the Best, Clipper Logistics , Consort Medical, Hargreaves Services, JRP Group, Mattioli Woods, Newmark Security PLC, Oxford Instruments, Redrow, Standard Life UK Smaller Companies Trust, Stewart & Wight

Friday 23 September

INTERIM DIVIDEND PAYMENT DATE
Avanti Capital, Clarkson, FDM Group (Holdings), Foresight VCT Infrastructure Shares, Henderson Opportunities Trust, Ibstock , Kingspan Group, Marshall Motor Holdings, National Express Group, North Midland Construction, Polymetal International, Polypipe Group , Rotork, Stock Spirits Group , Telit Communications, Ultra Electronics Holdings, Vesuvius, Virgin Money Holdings (UK)

QUARTERLY PAYMENT DATE
Alpha Real Trust Ltd., Bank of America Corp.

FINALS
CVS Group

SPECIAL DIVIDEND PAYMENT DATE
Supergroup, Trinity Capital

AGMS
Gail (India) Ltd GDR (Reg S), Henderson Smaller Companies Inv Trust, Sirius Real Estate Ltd.

UK ECONOMIC ANNOUNCEMENTS
CBI Distributive Trades Surveys (11:00)

FINAL DIVIDEND PAYMENT DATE
Dixons Carphone , Northgate, Poundland Group , Solid State, SSE, Supergroup