Thursday preview: US import prices, DS Smith in focus

Consensus is calling for a 1.2% year-on-year drop in US import prices on the back of the recent softness in energy prices and stronger US dollar, versus a dip of just 0.2% in April.

It will be the final report on prices before the next US central bank policy meeting, scheduled for the following week, where analysts' will be closely watching to see if financial markets might have gotten a bit carried away by factoring in three rate cuts from the Federal Reserve before the year was out.

Across the Channel meanwhile, euro area finance ministers are set to discuss their work programme for the first half of 2019, including close surveillance of excessive deficit procedure recommendations for member countries (read Italy).

Against that backdrop, rate-setters in Switerzland are due to meet to decide on interest rates.

Back on home turf, overnight the Royal Institution of Chartered Surveyors is set to publish its house price balance for the month of May.

Packaging company DS Smith is among the handful of corporates which are set to update shareholders on Thursday.

Numis's Kevin Fogarty expects the packaging manufacturer to post a 17.4% jump in full year earnings before interest, taxes and amortisation.

Given recent weakness in volumes in export-led markets, Fogarty believed that an update on current demand conditions would be key for investor sentiment, particularly the near-term direction for box prices.

For the financial year 2019, Numis had estimated an 8.3% year-on-year rise to £6,243m on the group's topline, alongside a 17.4% jump in EBITA to £622m, while profits before tax were seen coming in at £556m.

Year-end net debt meanwhile was pegged at £2,193m, boosted by the recent acquistion of Europac, which would drive its net debt-to-EBITDA ratio to 2.7 "though the planned disposal of the Plastics division is expected to alleviate this debt burden during the second half of this calendar year."

Thursday June 13

INTERIM EX-DIVIDEND DATE

Establishment Inv Trust, Hollywood Bowl Group, Impax Asset Management Group, Income & Growth VCT , Nexus Infrastructure , Orchard Funding Group , Shaftesbury

QUARTERLY PAYMENT DATE

Total SA

QUARTERLY EX-DIVIDEND DATE

Aberdeen Diversified Income and Growth Trust , Assura , XP Power Ltd. (DI)

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Consumer Price Index (GER) (07:00)

Continuing Claims (US) (13:30)

Industrial Production (EU) (10:00)

Initial Jobless Claims (US) (13:30)

FINALS

Consort Medical, John Laing Environmental Assets Group Limited , OnTheMarket, Smith (DS), Volex

ANNUAL REPORT

John Laing Environmental Assets Group Limited

SPECIAL EX-DIVIDEND DATE

Capital Gearing Trust, Persimmon

AGMS

Acacia Mining, Concepta, Dignity, Energean Oil & Gas , Good Energy Group, JPJ Group, Just Group, Life Settlement Assets, Middlefield Canadian Income PCC, Mirriad Advertising , Morrison (Wm) Supermarkets, Petropavlovsk, Predator Oil & Gas Holdings NPV, Shield Therapeutics, Sirius Minerals, Sopheon , Standard Life Investments Property Income Trust Ltd., Taptica International (DI), Tesco, Union Jack Oil

TRADING ANNOUNCEMENTS

PZ Cussons

FINAL EX-DIVIDEND DATE

3i Group, 3i Infrastructure, Aberdeen Japan Investment Trust , Alliance Pharma, Arena Events Group , Camellia, Capital Gearing Trust, Charles Stanley Group, Cineworld Group, Discoverie Group, Electrocomponents, Establishment Inv Trust, Ferrexpo, Forterra, Fuller Smith & Turner, Gore Street Energy Storage Fund , Helical, Inspired Energy, Intermediate Capital Group, JPMorgan Euro Small Co. Trust, Keystone Law Group , Mears Group, Mediclinic International , New Century AIM VCT 2, Next Fifteen Communications, NMC Health, Pets at Home Group , RHI Magnesita N.V. (DI), Severn Trent, Sopheon , Tatton Asset Management , Templeton Emerging Markets Inv Trust, Triple Point VCT 2011 'B', Triple Point Vct 2011 A, Vianet Group, Warpaint London , WPP, Xpediator