Friday preview: US core PCE, Serco in the spotlight at quarter-end

As ever, on Friday the most potentially market-moving data were expected to be released on the other side of the Pond.

In particular, at month and quarter-end, investors would be focused on the May reading on the 'core' price deflator for personal consumption expenditures.

That would be included inside the personal income and spending report which was scheduled for release at 1330 BST.

Economists' forecasts were for the US central bank's preferred price gauge to rise from a 1.8% year-on-year clip in April to 1.9% for last month.

The headline CPI price gauge meanwhile was seen climbing from 2.0% to 2.2%.

A barrage of data an survey readings were also due out in the UK, of which the May consumer credit and mortgage approval figures, at 0930 BST, would be the most closely-watched.

Across the channel, in the euro area, the spotlight would be on the conclusion of the EU leaders's summit in Brussels, where Italy as threatening to block any agreements unless all other countries first acquiesced to sharing the burden from illegal immigration across the Mediterranean.

Data-wise, the most closely piece of information out in the Eurozone would be the core CPI print for June, at 1000 BST.

Serco ws the only FTSE 350 component set to update investors at the end of the week, with management due to provide a trading statement ahead of the close of the first half of the year, on 2 August.

Numis analyst Julian Cater expected the company would reiterate its fiscal year 2018 guidance for roughly £80.0m in underlying trading profits on the back of broadly flat sales of about £2.9bn.

After losing out to Capita in its bid to be named the preferred partner for the UK DFRMO contract, although Serco had secured the US health insurance eligibility support contract in the States, the bidding pipeline was expected to have shrunk, Cater said.

Meanwhile, onerous contract provisions and exceptional spending items, together with the recently completed acquistion in the US, were expected to have boosted net debt and leverage.

Friday 29 June

INTERIM DIVIDEND PAYMENT DATE

Aberdeen Frontier Markets Investment Company, Artemis VCT, Blackrock Frontiers Investment Trust, British Empire Trust, Daily Mail and General Trust A (Non.V), easyHotel, Henderson European Focus Trust, Inland Homes, Jersey Electricity 'A' Shares, Northern Venture Trust, On The Beach Group , Orchard Funding Group , SSP Group , Victrex plc, Watkin Jones

QUARTERLY PAYMENT DATE

Albion Technology & General VCT, Blackrock North American Income Trust , BlackRock World Mining Trust, Ediston Property Investment Company, HICL Infrastructure Company Ltd, Honeycomb Investment Trust, MedicX Fund Ltd., NextEnergy Solar Fund Limited Red, Premier Global Infrastructure Trust, RM Secured Direct Lending, The Renewables Infrastructure Group Limited, TwentyFour Select Monthly Income Fund Limited

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Chicago PMI (US) (14:45)

Consumer Price Index (EU) (10:00)

Personal Consumption Expenditures (US) (13:30)

Personal Income (US) (13:30)

Personal Spending (US) (13:30)

Retail Sales (GER) (07:00)

U. of Michigan Confidence (US) (15:00)

Unemployment Rate (GER) (09:00)

GMS

Path Investments

FINALS

7Digital Group , European Wealth Group Limited

SPECIAL DIVIDEND PAYMENT DATE

Ferguson, Marshalls, Perpetual Income & Growth Inv Trust

EGMS

Global Ports Investments GDR (REG S)

AGMS

Altitude Group, Amedeo Resources, AppScatter Group, Auctus Growth, Avocet Mining, Beowulf Mining, BioPharma Credit , Crimson Tide, Fastjet, Glenveagh Properties, Gusbourne, Havelock Europa, Herencia Resources, Pennpetro Energy , Petropavlovsk, PJSC Gazprom Level 1 ADS, PJSC Megafon GDR (Reg S), President Energy, Public Joint Stock Company Rosseti GDR (Each REPR 200 ORD) Reg S, Strat Aero, Tower Resources, Velocys plc, W Resources, Widecells Group , World Trade Systems, ZCCM Investments Holdings 'B' Shares, Zhejiang Expressway Co 'H' Shares

TRADING ANNOUNCEMENTS

Serco, Reach

UK ECONOMIC ANNOUNCEMENTS

Consumer Credit (09:30)

Current Account (09:30)

GFK Consumer Confidence (00:01)

Gross Domestic Product (09:30)

Index of Services (09:30)

M4 Money Supply (09:30)

Mortgage Approvals (09:30)

FINAL DIVIDEND PAYMENT DATE

Computacenter, Dignity, Frenkel Topping Group, Hilton Food Group, Ingenta, Manx Telecom , Marshalls, Phoenix Spree Deutschland Limited Shs NPV , Rotala, Saga , Spectra Systems Corporation, Spectris, Xaar