Wednesday preview: US jobs data, Darktrace in the spotlight

All eyes in the middle of the week would be on two closely followed reports of US labour market strength for the month of February.

Ironically however, although consultancy ADP's estimate of private sector hiring, at 1315 GMT, and the Department of Commerce's JOLTS report on job openings, at 1330 GMT, tended to grab headlines, some analysts were dismissive regarding their usefulness.

That was the case of Pantheon Macroeconomics's Ian Shepherdson whose recommendation to clients was to ignore the ADP numbers "whatever it says".

Regarding the JOLTS data, Shepherdson said that were it not for Fed boss, Jerome Powell's, focus on it, he would ignore that report as well, as it did not provide any useful information that wasn´t available from other more timely reports.

His forecast was for a decline was for a decline in the number of job openings from 11.01m in December to 10.5m for January.

In the euro area meanwhile, European Central Bank President, Christine Lagarde, was due to deliver a speech at 1000 GMT.

It would be preceded by retail sales and industrial production figures out of Germany at 0700 GMT, followed by a reading for Italian retail sales at 0900 GMT.

Back in the UK, overnight the Recruitment and Employment Confederation would release its permanent staff placements and salaries indices for February.

In the corporate space, cyber-defence specialist Darktrace was scheduled to post its first half figures.

At the start of 2023, management lowered its guidance for the rate of increase in full-year recurring revenue growth to between 29.5-31% from 31-34%. It also guided towards first half revenues of $258m.

Commenting on the company's outlook, Michael Hewson, chief market analyst at CMC Markets UK, said that although the rate of growth of customers was slowing, it remained in the mid-20%.

Hewson however also noted the skepticism expressed by short-seller Quintessential Capital Management in February regarding the validity of the company's financial statements.

Wednesday 8 March

FINALS

Hill and Smith, Hiscox Limited (DI), Somero Enterprises Inc. (DI), Legal & General Group, Ibstock, Quilter, Bakkavor Group, Spirent Communications, Breedon Group, Headlam Group, Tullow Oil, TT Electronics, CLS Holdings, Tclarke

INTERIMS

Darktrace, Galliford Try, Netcall

AGMs

Jersey Electricity 'A' Shares, Henderson Opportunities Trust

EGMs

Globalworth Real Estate Investments Limited

GMs

Amigo Holdings

FINAL DIVIDEND PAYMENT DATE

Aberforth Smaller Companies Trust

INTERIM DIVIDEND PAYMENT DATE

Aberforth Split Level Income Trust

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Retail Sales (GER) (07:00)

Industrial Production (GER) (07:00)

Gross Domestic Product (EU) (10:00)

MBA Mortgage Applications (US) (12:00)

Balance of Trade (US) (13:30)

Crude Oil Inventories (US) (15:30)