Thursday preview: US data, Johnson Matthey in focus
The focus in financial markets on Thursday will be on the US, where a slew of economic indicators are scheduled for release.
In particular, investors will be waiting on the latest weekly unemployment claims data and a preliminary reading for durable goods orders covering the month of April.
They will also likely be scrutinising a second reading for US gross domestic product in the first quarter.
On home shores, the only economic report of any relevance due out is that for car and engine manufacturing in April.
Across the Channel meanwhile, a raft of consumer confidence surveys are due out including for Germany in June and for Sweden and Italy in May.
Euro area consumer and industrial confidence figures for May are also due out.
Further afield, rate-setters in Seoul are expected to keep their seven-day repurchase rate unchanged at 0.50%.
For Johnson Matthey's second half numbers, UBS analyst Andrew Stott is forecasting sales of £2.47bn for earnings before interest and taxes of £358m (consensus: £343m).
To take note of, guidance from the firm issued on 8 April already implied EBIT of £351m, the analyst said.
At the time, the company also guided towards net debt "below £850m".
In particular, Stott said that the "more influential" comments of the day would be around any guidance for the firm's Clean Air division and any update on its battery materials project.
For the 2022 financial year, the analyst had penciled in EBIT of £582m versus the consensus on £600m.
Consensus had pegged the budget for capital expenditures for the year ahead at £486m and for FY2023 at £474m.
In the same research note sent to clients, Stott reminded them that the Swiss broker had a 'sell' recommendation on the stock due to the long-term risks to its return on capital employed as it shifted away from the ICE-related technologies - with sales from hydrogen likely to be loaded towards the latter half of the 2020s.
Thursday 27 May
Daily Mail and General Trust A (Non.V), Impax Asset Management Group, Residential Secure Income, Tharisa (DI)
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INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
Durable Goods Orders (US) (13:30)
GDP (Preliminary) (US) (13:30)
Initial Jobless Claims (US) (13:30)
Pending Homes Sales (US) (15:00)
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