Week ahead: Manufacturing surveys, US jobs report in focus

Economic data over the coming holiday-shortened week will provide investors with further clues on the staying power of the US economic expansion and clues regarding the efficacy, or not, of the most recent monetary easing undertaken in China and in the euro area.

To take note of, in a research note sent to clients on 26 May strategists at Bank of America-Merrill Lynch labelled the coming month "event risk June", what with both the Bank of Japan and US Federal Reserve set to decide on rates almost side-by-side mid-month - with the Brexit referendum looming ever larger on the horizon.

Against that backdrop, and following Monday´s holidays in the UK and the US, traders will be greeted the next day by April figures on money supply growth and credit dynamics in the Eurozone.

Data out that same day, on industrial production and unemployment in Japan, may also help to inform the debate regarding the need for further stimulus meaasures in the world´s third largest economy. Indeed, multiple media reports indicate that on or about the same date prime minister Shinzo Abe may announce that consumption tax hikes due to come into effect in April 2017 might be delayed.

Nonetheless, the main release of the week will be Friday´s monthly jobs report in the US, which almost all market commentators agree will play a large role in the US central bank´s policy deliberations at their 15 June meeting.

Somewhat ironically, a strike by workers at Verizon might make it even harder than usual to draw clear conclusions from the data.

According to various estimates, industrial action at the telecoms giant is expected to subtract between 30,000 to 40,000 people from the monthly tally for US jobs.

In a research report sent to clients on 27 May, Barclays´s Jesse Hurwitz conceded that, just as occured in August 2011, some of those lost jobs might be offset by the hiring of temporary help.

Nonetheless, in the same note Hurwitz added: "It is difficult to estimate the degree of an offset from Verizon’s temporary hiring given the lack of hard data, but we do not expect that the company has been able to offset as large a share of its striking workforce as in 2011. We maintain our forecast for May nonfarm payroll growth of 150k."

Consultancy ADP´s monthly payrolls report, which is typically released on the Wednesday of each week, will be pushed out to Thursday due to the Memorial Day holiday.

Manufacturing sector purchasing managers´ indices from all the major geographies, on Wednesday, and especially from China, will also be closely monitored by markets.

Finally, OPEC is set to meet on Thursday.

Monday 30 May

INTERIM DIVIDEND PAYMENT DATE
Inch Kenneth Kajang Rubber

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Climate Indicator (EU) (10:00)
Consumer Confidence Indicator (EU) (10:00)
Economic Sentiment Indicator (EU) (10:00)
Import Price Index (GER) (07:00)

FINALS
Renold

AGMS
Aeci 5 1/2% Prf, JSC Kazkommertsbank GDR (Reg S)

FINAL EX-DIVIDEND DATE
Air China Ltd., Kakuzi Ltd.

Tuesday 31 May

INTERIMS
Intelligent Energy Holdings

INTERIM DIVIDEND PAYMENT DATE
Inland Homes, McCarthy & Stone, Smart (J) & Co.

QUARTERLY PAYMENT DATE
City of London Inv Trust, Ediston Property Investment Company, TwentyFour Select Monthly Income Fund Limited

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Chicago PMI (US) (14:45)
Consumer Confidence (US) (15:00)
M3 Money Supply (EU) (09:00)
Personal Consumption Expenditures (US) (13:30)
Personal Income (US) (13:30)
Personal Spending (US) (13:30)
Retail Sales (GER) (07:00)
Unemployment Rate (EU) (10:00)
Unemployment Rate (GER) (08:55)

FINALS
Atlantis Resources Limited (DI), HaiKe Chemical Group Ltd. (DI), Kainos Group , Renold

ANNUAL REPORT
TechFinancials (DI)

SPECIAL EX-DIVIDEND PAYMENT DATE
Netplay TV

AGMS
Nord Gold NV GDR (Reg S), OJSC Phosagro GDR (Regs), Parity Group, Tethys Petroleum Ltd, XLMedia

FINAL DIVIDEND PAYMENT DATE
Action Hotels, Belvoir Lettings, Capita, Empresaria Group, F&C Private Equity Trust, Hastings Group Holdings , Henry Boot, Hostelworld Group , LLoyds Banking Group 9.25% Non-Cum Irredeemable Pref Shares, LLoyds Banking Group 9.75% Non-Cum Irredeemable Pref Shares, McColl's Retail Group , Mobeus Income & Growth Vct, NAHL Group, Senior

Q1
Alpha Bank GDR (Reg S) USD, Avengardco Investments Public Ltd GDR

Wednesday 01 June

INTERIMS
Fusionex International

QUARTERLY PAYMENT DATE
JPMorgan Claverhouse Inv Trust, Unilever

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Construction Spending (US) (15:00)
ISM Manufacturing (US) (15:00)
ISM Prices Paid (US) (15:00)
MBA Mortgage Applications (US) (12:00)

FINALS
Acal, LondonMetric Property, Telford Homes

ANNUAL REPORT
Halfords Group

IMSS
Wolseley

AGMS
Barr (A.G.), EnQuest, Flowtech Fluidpower, Frontier Resources International, Infinity Energy S.A , Mears Group, Peel Hotels, Seplat Petroleum Development Company (DI)

UK ECONOMIC ANNOUNCEMENTS
BRC Shop Price Index (00:01)
Consumer Credit (09:30)
M4 Money Supply (09:30)
Mortgage Approvals (09:30)
Nationwide House Price Index (07:00)

FINAL DIVIDEND PAYMENT DATE
BAE Systems, London Stock Exchange Group, Mortgage Advice Bureau (Holdings) , Peel Hotels, Polypipe Group , Robinson

Thursday 02 June

INTERIM EX-DIVIDEND DATE
A&J Mucklow Group, Associated British Foods, Blackrock Frontiers Investment Trust, Cardiff Property, Cerillion , Debenhams, easyHotel, Grainger, Greencore Group, Jersey Electricity 'A' Shares, Northern Venture Trust, Renew Holdings, SSP Group , Stride Gaming, Titon Holdings, Zoopla Property Group (WI)

QUARTERLY EX-DIVIDEND DATE
GLI Alternative Finance , Premier Energy & Water Trust, SQN Asset Finance Income Fund Limited C SHS NPV, UIL Limited (DI)

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
Crude Oil Inventories (US) (16:00)
ECB Interest Rate (EU) (12:45)
Initial Jobless Claims (US) (13:30)
Producer Price Index (EU) (10:00)

FINALS
Iomart Group, Johnson Matthey

SPECIAL EX-DIVIDEND PAYMENT DATE
Marks & Spencer Group, Marshalls, Northern Venture Trust, Taylor Wimpey

AGMS
Advanced Medical Solutions Group, Augean, Camellia, EKF Diagnostics Holdings , F&C Commercial Property Trust Ltd., Gama Aviation , Hygea VCT, International Public Partnerships Ltd., Invesco Perpetual UK Small Companies Inv Trust, Ruspetro, Shanta Gold Ltd., VPC Specialty Lending Investments

UK ECONOMIC ANNOUNCEMENTS
PMI Construction (09:30)

FINAL DIVIDEND PAYMENT DATE
Croda International, Mitsubhi Electric Corp., Smart Metering Systems, Toyota Motor Corp., TT Electronics

FINAL EX-DIVIDEND DATE
Aberdeen New Thai Inv Trust, Augean, Billington Holdings, Flowtech Fluidpower, Gamma Communications, Great Portland Estates, Headlam Group, Hilton Food Group, HSS Hire Group , Inspired Energy, JPMorgan Euro Small Co. Trust, Keywords Studios, Laird, Marks & Spencer Group, Marshalls, Mckay Securities, Moss Bros Group, Nasstar, National Grid, Pacific Assets Trust, Powerflute Oyj (DI), RTC Group, Spire Healthcare Group, Staffline Group, Synthomer

Friday 03 June

INTERIM DIVIDEND PAYMENT DATE
Baronsmead Second Venture Trust, Baronsmead VCT 5, DX (Group), Focusrite, Games Workshop Group, James Halstead, Sage Group

INTERIM EX-DIVIDEND DATE
DFS Furniture

QUARTERLY PAYMENT DATE
Boeing Co, Toro Limited

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (US) (13:30)
Factory Orders (US) (15:00)
ISM Non-Manufacturing (US) (15:00)
Non-Farm Payrolls (US) (13:30)
Retail Sales (EU) (10:00)
Unemployment Rate (US) (13:30)

SPECIAL DIVIDEND PAYMENT DATE
Admiral Group, Bodycote, FDM Group (Holdings)

AGMS
Africa Opportunity Fund Limited, CityFibre Infrastructure Holdings , Edenville Energy , ICG-Longbow Senior Secured UK Property Debt Investments Ltd, MoneySwap, NMC Health, North American Income Trust (The), Novolipetsk Steel GDS (Reg S), TCS Group Holding GDR (Each Repr 1 A Shr) (Reg S)

FINAL DIVIDEND PAYMENT DATE
Acencia Debt Strategies Ltd., Admiral Group, Bodycote, Clarkson, FDM Group (Holdings), Globaldata, H&T Group, Highcroft Investment, Ibstock , Intertek Group, Invesco Perpetual UK Small Companies Inv Trust, Konami Holdings Corporation, Lookers, Microgen, Ocean Wilsons Holdings Ltd., Playtech, Porvair, Rightmove, SDL, SThree, William Hill