Wednesday preview: Global factory PMIs, Aveva in focus
Financial markets' focus in the middle of the week will be a on a raft of manufacturing sector Purchasing Managers' Indices due out from across most of the world's main economies, including those of China, the euro area, UK and US.
Worth noting, survey results in China are expected to reveal a significant improvement versus April with the headline PMI printing at 49.5 while little change is expected for the US ISM institute's own measure which indicated a solid and steady rate of growth in activity.
Investors are also likely to be keeping close tabs on European Central Bank President Christine Lagarde who will be speaking on a panel from 1100 GMT onwards.
So too, speeches from the heads of the Federal Reserve banks of New York and St.Louis scheduled for after the close of trading in London may also sway global markets.
For Aveva's full-year numbers, analyst Michael Briest at UBS says that investors will be focusing on the reasons why the industrial software group guided towards slower sales for the next fiscal year.
They will also be assessing the credibility of its unchanged targets for fiscal year 2026.
Furthermore, the mix of sales in FY 2022 may provide an indication as to how transition of its business model towards a subscription base and cloud is progressing.
On 27 April, the company guided towards 7% FY 2022 topline growth.
Consensus is for a 5% year-on-year rise in FY 2023 sales in organic terms to £1.33bn, but Briest is expecting just a 2% increase to roughly £1.35bn.
Briest on the other hand anticipates that Aveva's free cash flow in FY 2023 will come in at £296m (consensus: £332m).
The analyst's estimates out to 2026 are also all below the consensus.
Wednesday 01 June
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