Tuesday preview: Prime Minister's statement, Fed's Powell in focus
All eyes on Tuesday will be on Parliament again, with the Prime Minister expected to try and forestall a possible attempt by MPs to take the risk of a 'no deal' Brexit off the table.
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Travis Perkins
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16:35 28/03/24
Theresa May is reportedly planning to offer lawmakers a vote, in a fortnight's time, on delaying the date of Brexit for two more months.
MPs will be able to table amendments to the government's plans the next day, with one legally-binding option reportedly under discussion giving Parliament the ability to force the PM to seek an extension.
Another option, labelled the advisory option, would not be legally binding and would recommend that government schedule a debate on extending the withdrawal process if May cannot secure a deal by 13 March.
Ahead of that, at 1500 GMT, Federal Reserve boss, Jerome Powell, is set to deliver his semi-annual monetary policy report to the US Senate's Committee on Banking, Housing, and Urban Affairs.
No major economic releases are scheduled in the UK or the euro, although a raft of indicators on the state of the housing market in the States, referencing the month of December, are due out.
Included among those will be figures on housing starts, the FHFA's home price index and the rival S&P/Case-Shiller gauge.
Further afield, Hungary's central bank is set to meet to decide on monetary policy.
Britain's homebuilders will be under the microscope on Tuesday as Travis Perkins publishes its finals.
Analysts at Numis estimate the homebuilders' merchant will post profits before tax of £331m for earnings per share of 105.9p.
Analyst Howard Seymour is hoping management will update shareholders on the various initiatives outlined at its Capital Markets Day, in December, including: a proposed sale of P&H, a restructuring of Wickes and other changes across the group.
Although his expectation is for little news on any of those fronts, although he believes management will point to ongoing challenges in most end-user markets.
"Shares have bounced as TPK seems to be seen as a Brexit-proxy, but we remain concerned that quality of business and management actions are unlikely to offset concerns that Travis is saturated in key markets.
"We believe the shares could progressively demerit to reflect relatively weak growth prospects compared to peers reporting later in the week, notably Grafton and Howden. Shares not expensive but offer no relative upside to peers in our view."
Tuesday February 26
INTERIMS
Bluefield Solar Income Fund Limited, Green Reit, Hotel Chocolat Group
INTERIM DIVIDEND PAYMENT DATE
Yew Grove Reit
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Building Permits (US) (13:30)
Consumer Confidence (US) (15:00)
Housing Starts (US) (13:30)
M3 Money Supply (EU) (09:00)
U. of Michigan Confidence (US) (15:00)
FINALS
Augean, Croda International, Dalata Hotel Group, Derwent London, Devro, Drax Group, Fisher (James) & Sons, Fresnillo, Lighthouse Group, Meggitt, Morgan Advanced Materials , Persimmon, PJSC MNC Norilsk Nickel ADR, Standard Chartered, Synectics, Travis Perkins, Verona Pharma
EGMS
Cairn Homes
AGMS
Ediston Property Investment Company, Elegant Hotels Group
TRADING ANNOUNCEMENTS
Babcock International Group
FINAL DIVIDEND PAYMENT DATE
Titon Holdings, TUI AG Reg Shs (DI)