Week ahead: Euro area and UK data, US FOMC meeting in focus
Investors were expected to continue monitoring the flow of macroeconomic data on both sides of the Atlantic over the coming week, especially those reports referencing the period following the 23 June referendum vote in the UK.
The most recent euro area purchasing managers´ indices from Markit had pointed to a resilient economy in the wake of the Brexit vote, the survey compiler said on 22 July.
However, Markit chief economist Chris williamson did add a caveat: “Policymakers will be reassured by the resilience of
the PMI in the immediate aftermath of the Brexit vote, but the fragility of the recovery leaves plenty of room for speculation about further stimulus late in the year.”
Although the most up-to-date US economic indicators had pointed to a bounce back in economic growth during the second quarter, such risks might lead rate-setters at the Federal Reserve to remain in a firm 'holding pattern'.
Thus, the first possibility of a shift towards renewed hawkishness after the better-than-expected reading on the US jobs market in June might have to wait considerably longer or at least until the reaction or intentions for the next policy moves from the world´s other main central banks became clearer.
In any case, anyone looking for policy signals at the next Fed meeting on 27 July was likely to be disappointed.
"We believe it unlikely that the July FOMC statement will contain a notable signal about the likelihood for a rate hike in September (our base case). We see Chair Yellen’s scheduled appearance at Jackson Hole on August 26 as a more likely setting for any shift in messaging," was the view from economists at Barclays Research.
Indeed, in the week prior to the next Federal Open Market Committee meeting Fed funds futures had slipped a tad, pricing in only a 44.6% chance of another 25 basis point rate hike by December 2016.
Monday July 25
INTERIMS
Globaldata, Michelmersh Brick Holdings, XP Power Ltd. (DI)
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Compass Group
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SQN Asset Finance Income Fund Limited C SHS NPV
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
IFO Business Climate (GER) (09:00)
IFO Current Assessment (GER) (09:00)
IFO Expectations (GER) (09:00)
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Bond International Software
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Great Eastern Energy Corp Ltd. GDR, Tungsten Corporation
ANNUAL REPORT
Gresham House Strategic
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Clear Leisure, Helical Bar, Independent Resources, Jiasen International Holdings Ltd, Kenmare Resources, MobilityOne Ltd., MX Oil, National Grid, Origo Partners , Proxama
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Petra Diamonds Ltd.(DI)
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CBI Industrial Trends Surveys (11:00)
Nationwide House Price Index (07:00)
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Fuller Smith & Turner, Gabelli Value Plus Trust , Mediclinic International
Tuesday July 26
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Capital & Counties Properties , Drax Group, GKN, Huntsworth, Jardine Lloyd Thompson Group, Man Group, Provident Financial, SEGRO, Tyman
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Confidence (US) (15:00)
Import Price Index (GER) (07:00)
New Homes Sales (US) (15:00)
Q2
BP
FINALS
Games Workshop Group, PZ Cussons
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Acal, Calculus VCT 'C' Shares, GB Group, Globalworth Real Estate Investments Limited, Green Dragon Gas Ltd. (DI), Greka Drilling Ltd (DI), Halfords Group, Puma Vct 11, Red Leopard Holdings, Redcentric, SerVision, TR Property Inv Trust, VP
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Acal
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BBA Mortgage Lending Figures (09:30)
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Coca-Cola HBC AG (CDI), Electrocomponents, Fidelity China Special Situations , Vertu Motors
Wednesday July 27
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Burford Capital , Dignity, ITV, Jupiter Fund Management , Lancashire Holdings Limited, Nord Gold SE GDR (Reg S), PJSC Megafon GDR (Reg S), Quartix Holdings , Rightmove, Shawbrook Group, Staffline Group, Tarsus Group, Tullow Oil
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Netcall
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Assura
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Crude Oil Inventories (US) (15:30)
Durable Goods Orders (US) (13:30)
GFK Consumer Confidence (GER) (07:00)
M3 Money Supply (EU) (09:00)
MBA Mortgage Applications (US) (12:00)
Pending Homes Sales (US) (15:00)
Q2
Antofagasta, ARM Holdings, GlaxoSmithKline, Lancashire Holdings Limited, Nord Gold SE GDR (Reg S), PJSC Megafon GDR (Reg S)
FINALS
Renishaw
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Arbuthnot Banking Group, Secure Trust Bank, Stock Spirits Group
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Ryanair Holdings
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British Smaller Companies VCT, Circle Oil, Flybe Group, Invesco Income Growth Trust, Market Tech Holdings Limited , Norcros, Providence Resources, Snoozebox Holdings, Trifast, Weiss Korea Opportunity Fund Ltd, Xcite Energy Ltd. (CDI)
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Mitchells & Butlers
UK ECONOMIC ANNOUNCEMENTS
CBI Distributive Trades Surveys (11:00)
GDP (Preliminary) (09:30)
Index of Services (09:30)
Thursday July 28
INTERIMS
Anglo American, AstraZeneca, BAE Systems, British American Tobacco, Centrica, COLT Group SA, Dairy Farm International Holdings Ltd. (Singapore), Genel Energy, Greencoat UK Wind, Henderson Group, Hongkong Land Holding Ltd. (Sing.Reg), Informa, Intu Properties, Just Eat , Lloyds Banking Group, Mandarin Oriental International (Singapore), Merlin Entertainments , Relx plc, Rentokil Initial, Rolls-Royce Holdings, Royal Dutch Shell 'A', Royal Dutch Shell 'B', Smith & Nephew, Telefonica SA, Torchmark Corp.
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Blackrock Throgmorton Trust, Entu (UK) , Nichols, Porvair, Sanderson Group
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Land Securities Group
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City of London Inv Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Climate Indicator (EU) (10:00)
Consumer Confidence (EU) (10:00)
Continuing Claims (US) (13:30)
Economic Sentiment Indicator (EU) (10:00)
Industrial Confidence (EU) (10:00)
Initial Jobless Claims (US) (13:30)
Unemployment Rate (GER) (08:55)
Q2
AstraZeneca, Royal Dutch Shell 'A', Royal Dutch Shell 'B', Smith & Nephew, Torchmark Corp.
Q3
Thomas Cook Group
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Nostra Terra Oil & Gas Co
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Diageo, Sky
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Tristel
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Boussard & Gavaudan Holding Ltd. EUR Shares, Boussard & Gavaudan Holding Ltd. GBP Shares, DJI Holdings, Dods (Group) , Elektron Technology, EPE Special Opportunities, GoldStone Resources Ltd, Immunodiagnostic Systems Holdings, Montanaro European Smaller Companies Trust, PayPoint, Record, SKIL Ports & Logistics Ltd., Triple Point Income VCT
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Compass Group
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Big Yellow Group, Caffyns, Impellam Group, Mckay Securities, Norcros, Vianet Group
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Aquatic Foods Group , Bilby, City of London Investment Trust 4.2% Non-Cum 2nd Prf Stk, Investec, SSE, UK Mail Group , Walker Crips Group
Friday July 29
INTERIMS
Berendsen, Essentra, FBD Holdings, Foxtons Group , International Consolidated Airlines Group SA (CDI), International Consolidated Airlines Group SA (CDI), Jardine Matheson Holdings Ltd (Singapore Reg), Jardine Strategic Holdings Ltd. (Singapore), UBM
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BP 9% 2nd Prf, CC Japan Income & Growth Trust, Character Group, Chrysalis VCT, Dunedin Smaller Companies Inv Trust, Sherborne Investors (Guernsey) 'B' Limited
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Ediston Property Investment Company, Funding Circle SME Income Fund, GLI Alternative Finance , Middlefield Canadian Income PCC, Real Estate Investors, Schroder Income Growth Fund, TwentyFour Select Monthly Income Fund Limited
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Price Index (EU) (10:00)
Retail Sales (GER) (07:00)
Unemployment Rate (EU) (10:00)
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Chrysalis VCT
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OJSC Phosagro GDR (Regs)
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B&M European Value Retail S.A. (DI), Charles Stanley Group, China New Energy Limited, Gear4music (Holdings), Hansa Trust, Plastics Capital, Polar Capital Holdings, Stratmin Global Resources, Vodafone Group
UK ECONOMIC ANNOUNCEMENTS
Consumer Credit (09:30)
GFK Consumer Confidence (00:05)
M4 Money Supply (09:30)
Mortgage Approvals (09:30)
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Acal, Anpario, B.P. Marsh & Partners, Bisichi Mining, Braemar Shipping Services, Brown (N.) Group, CML Microsystems, Edinburgh Inv Trust, Helical Bar, Hogg Robinson Group, Indivior, NetDimensions (Holdings) Limited (DI), Palace Capital , PayPoint, Royal Mail, Shanks Group, Tate & Lyle, Telecom Plus