LONDON (SHARECAST) - Next week will get off to a slow start, due to the Spring Bank holiday in the UK and the Memorial Day holiday Stateside, although the macroeconomic data flow will accelerate towards the end of the same, particularly in the US. Nevertheless, local elections in Italy this next Sunday – May 27th – may bear watching.
Markets will be particularly attentive to any possible remarks regarding the outlook for monetary policy from those Fed speakers who are scheduled to take to the podium throughout the week. At the time of writing these are the President of the Federal Reserve bank of Boston, Eric Rosengren, on Wednesday, and his peer at the Cleveland Fed, on Friday.
Last Wednesday Federal Reserve Chairman Ben S.Bernanke roiled markets when he stated that the monetary authority could – if the labour market were judged to be strong enough – commence tapering its quantitative easing programme (QE) in “the next few meetings (some media outlets cited him as saying in the next two meetings).” If that were in three meetings’ time then the Fed would not start reducing its QE until September, at the earliest, versus some forecasts pointing to such a decision taking place more towards the end of the year or the beginning of 2014.
Thus, economists at Barclays Research on Friday told clients: "In our view, monetary policy is likely to remain very expansionary for a long period of time in advanced countries, especially as economic growth will probably remain subdued and inflation below target."
Meantime, and over at Bank of America-Merrill Lynch, Michael Hanson, US economist, is of the following opinion: "Our base case remains that a slowdown in growth and uncomfortably low inflation will defer tapering until next year."
Eurozone money supply (M3) figures out on Wednesday will also be of interest.
Friday will see the University of Michigan publish its US consumer confidence gauge for the month of May, to be followed on the same day by the Chicago NAPM’s manufacturing sector purchasing managers’ survey.
As regards China, no major data releases are expected until Saturday 1st (official manufacturing PMI). However, “this might change though and in any case watch out for any comments from the Chinese authorities on current economic conditions,” comments Investec.
In the UK, Bank of England lending data on Friday (for the month of April) will reveal whether mortgage approvals maintained their modest recovery in March, the above broker adds.
Lastly, on Friday the International Monetary Fund will discuss Greece’s third review and a barrage of economic indicators will be forthcoming in Japan.
Monday May 27
AGMS
Camkids Group, Lamprell
Tuesday May 28
INTERIMS
Victrex
INTERIM DIVIDEND PAYMENT DATE
Miton Income Opportunities Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Confidence (US) (15:00)
FINALS
Anglo Asian Mining, JSC Halyk Bank GDR (Reg S), Westminster Group
SPECIAL DIVIDEND PAYMENT DATE
Microgen
AGMS
Alba Mineral Resources, Barr (A.G.), Blackstar Group SE (DI), Concurrent Technologies, Foresight VCT, Global Energy Development, JSC Kazkommertsbank GDR (Reg S), Netplay TV, Revolymer, Smart Metering Systems, Tamar European Industrial Fund Ltd.
FINAL DIVIDEND PAYMENT DATE
Advanced Medical Solutions Group, APR Energy, Capita, Churchill China, Impax Environmental Markets, Microgen, UBM
Wednesday May 29
INTERIMS
Brewin Dolphin Holdings
INTERIM EX-DIVIDEND DATE
A&J Mucklow Group, Baronsmead VCT, Baronsmead VCT 2, Britvic, GCP Infrastructure Investments Ltd, Keystone Inv Trust, Marston's, Matchtech Group, Town Centre Securities
QUARTERLY EX-DIVIDEND DATE
Anglogold Ashanti Ltd., Canaccord Financial Inc., Canadian General Investments Ltd., Duet Real Estate Finance Ltd, Energy XXI (Bermuda) (Di), Premier Energy & Water Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Price Index (GER) (07:00)
Crude Oil Inventories (US) (15:30)
International Reserves (EU) (11:00)
M3 Money Supply (EU) (09:00)
Unemployment Rate (GER) (08:55)
FINALS
Digital Barriers, Iomart Group, Mckay Securities, Scapa Group, Telford Homes, Torotrak, Volex
SPECIAL EX-DIVIDEND PAYMENT DATE
Abbey Protection, Ashley (Laura) Holding, Spirax-Sarco Engineering
AGMS
Bango, Desire Petroleum, Frenkel Topping Group, Good Energy Group, Irish Continental Group Units, Judges Scientific, Kenmare Resources, Lonrho, Open Joint Stock Company Nomos Bank GDR (REG S), SQS Software Quality Systems AG
UK ECONOMIC ANNOUNCEMENTS
CBI Distributive Trades Surveys (11:00)
FINAL DIVIDEND PAYMENT DATE
Central Asia Metals, Legal & General Group
FINAL EX-DIVIDEND DATE
Amec, BlackRock Smaller Companies Trust, BrainJuicer Group, British American Inv Trust, Cable & Wireless Communications, Cayenne Trust, Cello Group, Dillistone Group, Downing Planned Exit VCT 6, Downing Planned Exit VCT 7, Downing Planned Exit VCT 8, Downing Planned Exit VCT 9, Games Workshop Group, Graphite Enterprise Trust, Great Portland Estates, Hill & Smith Holdings, Hilton Food Group, Huntsworth, Investec Structured Products Calculus VCT, Investec Structured Products Calculus VCT 'C' Shares, JZ Capital Partners Ltd, Kakuzi Ltd., Marks & Spencer Group, Martin Currie Global Portfolio Trust, Mecom Group, Networkers International, NMC Health, Pacific Assets Trust, Premier Farnell, Rotala, Scottish Mortgage Inv Trust, Slingsby H.C, Spectris, Staffline Group, Tarsus Group, TLA Worldwide
Q1
Espirito Santo Financial Group SA
Thursday May 30
INTERIMS
Standard Life European Private Equity Trust
INTERIM DIVIDEND PAYMENT DATE
Wetherspoon (J.D.)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Climate Indicator (EU) (10:00)
Economic Sentiment Indicator (EU) (10:00)
GDP (Preliminary) (US) (13:30)
Initial Jobless Claims (US) (13:30)
Pending Homes Sales (US) (15:00)
PMI Retail (EU) (09:00)
PMI Retail (GER) (08:55)
GMS
Telefonica SA
FINALS
Tate & Lyle
AGMS
Archipelago Resources, F&C Private Equity Trust, Hochschild Mining, Inch Kenneth Kajang Rubber, Mallett, MCB Finance Group, Metminco Ltd., Northbridge Industrial Services, Northbridge Industrial Services, Parity Group, Restore, Tangiers Petroleum Ltd (DI)
TRADING ANNOUNCEMENTS
Kingfisher
FINAL DIVIDEND PAYMENT DATE
Maven Income & Growth 3 VCT, Pendragon, Randgold Resources Ltd., Reckitt Benckiser Group, Travis Perkins, TT Electronics
Q1
Public Power GDR SA (Reg S)
Friday May 31
INTERIM DIVIDEND PAYMENT DATE
Mcbride, Next Fifteen Communications
QUARTERLY PAYMENT DATE
City of London Inv Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (GER) (07:00)
Chicago PMI (US) (13:45)
Consumer Price Index (EU) (10:00)
Retail Sales (GER) (07:00)
U. of Michigan Confidence (US) (15:00)
Unemployment Rate (EU) (10:00)
FINALS
Fastjet, LondonMetric Property
SPECIAL DIVIDEND PAYMENT DATE
ITV
AGMS
Caledonia Mining Corporation, Leyshon Resources Ltd., New Britain Palm Oil Ltd. (DI), PXP Vietnam Fund Ltd., Telefonica SA
UK ECONOMIC ANNOUNCEMENTS
Consumer Credit (09:30)
M4 Money Supply (09:30)
M4 Sterling Lending (09:30)
Mortgage Approvals (09:30)
Trends in Lending (09:30)
FINAL DIVIDEND PAYMENT DATE
Alkane Energy, BG Group, Bilfinger Berger Global Infrastructure Sicav S.A.(DI), Cobham, Croda International, CSR, Dunedin Income Growth Inv Trust, Elementis, EP Global Opportunities Trust, F&C Private Equity Trust, Ferrexpo, Glanbia, Henderson Group, Henderson Private Equity Inv Trust, Henry Boot, Highcroft Investment, InterContinental Hotels Group, IS Solutions, ITV, Keller Group, Morgan Advance Materials , Ocean Wilsons Holdings Ltd., Old Mutual, Regus, Senior, SIG, Smart Metering Systems, SQS Software Quality Systems AG, Weir Group
Q1
Frontline Ld
|
