Week ahead: FOMC minutes, Fedspeak in focus

A raft of data next week will give investors a better grasp of the current state of play in the UK economy, although for all practical purposes the dominant short-them theme is likely to continue to be the rolling Brexit debate, which will continue to be reflected in the ebb and flow in cable.

Governor Mark Cark will kick of the week with an interview on the Andrew Marr show on 15 May.

Data on consumer prices, factory gate inflation and the cost of homes in Britain referencing the month of April will follow on a relatively busy five days for economic releases.

It will be supplemented by the latest CPI and industrial production data out Stateside, with the former key both for the Federal Reserve, the US central bank, and when determining US household's real spending power.

Earlier the same day, markets will learn how Japanese industry fared in March, followed by a preliminary estimate on first quarter Japanese gross domestic product later in the evening. A word of caution as regards the latter is warranted, given the typically large revisions to which the country's 'flash' GDP reports are prone to.

The presidents of the Federal Reserve banks of Atlanta and San Francisco are also scheduled to take to the podium later that same day.

On Wednesday, investors will be waiting on Chinese house price data for April - an important factor for steel prices - and the minutes of the US central bank's last policy meeting.

However, in the UK all eyes will be on the latest employment report, especially on the behaviour of the wage indicators contained in the same, with substantial rises deemed unlikely given subdued trends in labour productivity. In the absence of the latter, any increases come directly out of corporations' bottom line.

In the UK, retail sales figures for April will follow on Thursday, alongside a reading on the US Philly Fed's regional manufacturing sector index, one of the most widely-followed gauges for factory activity Stateside.

US New York Fed president William Dudley will deliver a speech on Thursday evening.

The MPC's Gertjan Vlieghe is also set to speak at the London Business School, at 18:00 BST.

Minneapolis Fed President Neel Kashkari and President Robert Kaplan are also scheduled to deliver speeches over the week, David Song, Currency Analyst at DailyFX points out.

Closing out the week will be the Confederation of British Industry's industrial trends survey on Friday, alongside US existing home sales data.

Data from Australia and Canada throughout the week, including CPI data out in the latter on Friday may impact on trading in those markets and in their currencies.

In the emerging markets space, the focus in EEMEA next week will be on the rates decision in South Africa and GDP releases for Russia, Israel and the Czech republic, Bank of America-Merrill Lynch points out.

Monday 16 May

INTERIM EX-DIVIDEND DATE
Inch Kenneth Kajang Rubber

QUARTERLY PAYMENT DATE
Abbott Laboratories

FINALS
Braemar Shipping Services, British Land Company, ICAP

ANNUAL REPORT
Immedia Group

SPECIAL DIVIDEND PAYMENT DATE
Savills

AGMS
Blue Capital Global Reinsurance Fund Ltd (DI), Challenger Acquisitions Limited , Chesnara, Falcon Acquisitions, John Laing Infrastructure Fund Ltd, MirLand Development Corporation, Satellite Solutions Worldwide Group, The Gym Group

TRADING ANNOUNCEMENTS
Crest Nicholson Holdings

FINAL DIVIDEND PAYMENT DATE
GKN, Gulf Marine Services, HGCapital Trust, Martinco , Melrose Industries, Rotork, Savills

Q1
Societatea Energetica Electrica SA GDR (Reg S)

Tuesday 17 May

INTERIMS
Enterprise Inns, Greencore Group, Lakehouse, Zytronic

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (EU) (09:30)
Building Permits (US) (13:30)
Capacity Utilisation (US) (14:15)
Consumer Price Index (US) (13:30)
Housing Starts (US) (13:30)
Industrial Production (US) (14:15)

FINALS
BTG, DCC, Land Securities Group, Premier Foods

SPECIAL DIVIDEND PAYMENT DATE
Lloyds Banking Group

AGMS
Aldermore Group, Burford Capital , Cenkos Securities, Charles Taylor, EG Solutions, Globaldata, Hill & Smith Holdings, Journey Group, Kakuzi Ltd., Metminco Ltd., Mi-Pay Group, Polymetal International, Regus, Rockhopper Exploration, S&U, Sportech, Standard Life

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

FINAL DIVIDEND PAYMENT DATE
Aviva, Lloyds Banking Group, Sagicor Financial Corp., Wood Group (John)

FINAL EX-DIVIDEND DATE
Telefonica SA

Wednesday 18 May

INTERIMS
Countryside Properties , Patisserie Holdings

INTERIM DIVIDEND PAYMENT DATE
Dunedin Enterprise Investment Trust

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Price Index (EU) (10:00)
Crude Oil Inventories (US) (15:30)
FOMC Interest Rate Minutes (US) (19:00)
MBA Mortgage Applications (US) (12:00)

FINALS
Burberry Group, Burberry Group, HICL Infrastructure Company Ltd, SABMiller, SSE

ANNUAL REPORT
NBNK Investments

EGMS
Norish Units

AGMS
Action Hotels, Aminex, Antofagasta, Bankers Petroleum Ltd.(CDI), Camper & Nicholsons Marina Investments Ltd., Circassia Pharmaceuticals, Circle Holdings , CPP Group, European Real Estate Investment Trust Limited Part Pref Shs, Foxtons Group , Frenkel Topping Group, Johnston Press, Jupiter Fund Management , Kcell Joint Stock Co GDR (Reg S), Kings Arms Yard VCT, Marshalls, MTI Wireless Edge Ltd., Norish Units, Norish Units, Paddy Power Betfair, Panmure Gordon & Co, Rathbone Brothers, SafeCharge International Group Limited (DI), Skyepharma, Specialist Investment Properties, Stilo International, STM Group, UBM, Vitec Group

TRADING ANNOUNCEMENTS
UBM

UK ECONOMIC ANNOUNCEMENTS
Claimant Count Rate (09:30)

FINAL DIVIDEND PAYMENT DATE
Miton Group, OneSavings Bank, Rentokil Initial

FINAL EX-DIVIDEND DATE
Seplat Petroleum Development Company (DI)

Q1
New World Resources A Shares, Plaza Centers NV

Thursday 19 May

INTERIMS
Brewin Dolphin Holdings, Britvic, Euromoney Institutional Investor, Grainger, Thomas Cook Group, UDG Healthcare Public Limited Company

INTERIM EX-DIVIDEND DATE
Baronsmead Second Venture Trust, Baronsmead VCT 5, Bellway, Cambria Automobiles, Circle Property , Keystone Inv Trust, Tiso Blackstar Group SE (DI), Utilitywise plc

QUARTERLY EX-DIVIDEND DATE
Blackrock North American Income Trust , M Winkworth, MedicX Fund Ltd., Raven Russia Ltd. Cum Red Pref Shares, Royal Dutch Shell 'A', Royal Dutch Shell 'B', TwentyFour Select Monthly Income Fund Limited

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
Current Account (10:00)
Initial Jobless Claims (US) (13:30)

FINALS
Booker Group, Mothercare, National Grid

SPECIAL DIVIDEND PAYMENT DATE
Direct Line Insurance Group

SPECIAL EX-DIVIDEND PAYMENT DATE
Wireless Group

AGMS
Cineworld Group, Computacenter, Crossrider , Fair Oaks Income Fund Limited , Ferrexpo, Gamma Communications, Glencore , GLI Finance Limited, Harvest Minerals Limited (DI), Hiscox Limited (DI), IndigoVision Group, Informa, Learning Technologies Group , LMS Capital, Maintel Holdings, Marsh & Mclennan Cos Inc., Merlin Entertainments , North Midland Construction, Portmeirion Group, PPHE Hotel Group Ltd, ProPhotonix (DI), Prudential, Revolymer, Riverstone Energy Limited , Safestyle UK , Sherborne Investors (Guernsey) 'B' Limited, South African Property Opportunities plc, Spire Healthcare Group, StatPro Group

TRADING ANNOUNCEMENTS
Hargreaves Lansdown, Merlin Entertainments

UK ECONOMIC ANNOUNCEMENTS
Retail Sales (09:30)

FINAL DIVIDEND PAYMENT DATE
Direct Line Insurance Group, Hikma Pharmaceuticals, Mondi, Quixant, Telefonica SA, Tullett Prebon

FINAL EX-DIVIDEND DATE
3i Infrastructure, Advanced Medical Solutions Group, BlackRock Smaller Companies Trust, Bunzl, C&C Group, Cape, Central Asia Metals, Clarkson, Dignity, Elderstreet VCT, Fairpoint Group, Howden Joinery Group, Intertek Group, JZ Capital Partners Ltd, Keller Group, Michael Page International, Netplay TV, NMC Health, Peel Hotels, Phoenix Spree Deutschland Limited SHS NPV , Provident Financial, Quarto Group Inc., Robert Walters, SafeCharge International Group Limited (DI), Science Group , Ted Baker, TT Electronics, Wireless Group, Witan Pacific Inv Trust, Woodford Patient Capital Trust

Q1
MHP SA GDR (Reg S)

Friday 20 May

INTERIMS
Future

INTERIM DIVIDEND PAYMENT DATE
AB Dynamics, Barratt Developments, JRP Group, Kier Group

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Existing Home Sales (US) (15:00)
Producer Price Index (GER) (07:00)

FINALS
Majestic Wine

SPECIAL DIVIDEND PAYMENT DATE
Novae Group, Prudential

AGMS
Applegreen, Asian Growth Properties Ltd. (DI), Etalon Group Ltd GDR (Reg S), Hochschild Mining, Hydrogen Group, Menzies(John), Moss Bros Group, PJSC Pharmstandard GDR (Reg S), Richland Resources Ltd, Spectris, Wisdomtree Issuer WT Europe Equity Ucits ETF USD Hedged

TRADING ANNOUNCEMENTS
Close Brothers Group, Fusionex International, Industrial Mlulti Propety Trust , Spectris

FINAL DIVIDEND PAYMENT DATE
BBA Aviation, Bovis Homes Group, Communisis, Costain Group, esure Group, Fidelity European Values, Greggs, IMI, Interserve, John Laing Group , National Express Group, Novae Group, Octopus AIM VCT 2, PPHE Hotel Group Ltd, Prudential, Relx plc, RPS Group, STV Group, Taylor Wimpey, Tyman, Unite Group, Vesuvius, Vitec Group