Thursday preview: Philly Fed survey, Easyjet in the spotlight
Another batch of US economic data on Thursday may help to further shape the ongoing debate around recession risks in the US towards the end of 2022.
Although that is not yet the majority view on the Street, multiple observers have come out in recent days and said the risk is now "high".
Against that backdrop, at 1330 GMT, the Federal Reserve Bank of Philadelphia will release the results of its survey into manufacturing sector conditions during the month of May in the US mid-Atlantic region.
Also due out are readings for weekly unemployment claims, April existing home sales and consumer confidence.
On home shores, at 1100 GMT the Confederation of British Industry will publish the results of its Industrial Trends survey for May.
In the euro area meanwhile, investors will be waiting for readings on the euro area current account surplus and construction sector output, both for the month of March, at 1000 GMT.
On the corporate side of things, Easyjet's first half results will provide insights into the recovery of Europe's airlines.
The number of Easyjet flights increased to 80% of their 2019 levels in March with the carrier's load factor having recovered to 81%.
However, management has guided towards a pre-tax loss of between £535m and £565m for the half, with revenues reaching £1.5bn but costs running at just over £2.0bn.
It was also expecting capacity to reach 90% of its 2019 levels during the third quarter with capacity on sale remaining near the same level for the comparable 2019 quarter, said Michael Hewson, chief market analyst at CMC Markets UK.
Easyjet has also taken steps to free up cash and most importantly to be able to fly with fewer cabin crew in order to reduce the risk of cancellations while it ramps up hiring of new staff.
Thursday 19 May
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