Week ahead: Autumn statement, French primaries in focus
Chancellor Philip Hammond was set to deliver his Autumn Statement on Wednesday, with investors eager to learn how much fiscal stimulus might be forthcoming and which sectors of the stockmarket were set to benefit.
Morgan Stanley believed there was a case to be made for additional government spending, given weaker growth and heightened uncertainty after the referendum vote.
In particular, it would take some of the weight off of the Bank of England and if it coincided with a fiscal boost overseas it could have a more powerful impact, the investment bank said.
Nonetheless, the funding gap left behind by Brexit was expected to force Westminister to limit any increase in spending to a "relatively modest" £4bn per year over the next parliament.
Acting as a backdrop, over the coming weekend France´s Republicans were set to hold the first round of their party's primaries to select their candidate for next year´s presidential elections.
Thus far, Alain Juppe was the lead candidate.
Juppe had promised to do away with the country´s wealth tax, end the 35-hour work week, increase the retirement age and to perhaps trim unemployment benefits as well.
"These policies sound sensible given our view that the rigidity of the labour market and associated high level of unemployment has been the key factor leading France to lag behind Germany in particular over recent years," analysts at Capital Economics said in a research note sent to clients.
Preliminary purchasing manager survey results for the Eurozone´s manufacturing and services sector for November also held the potential to move markets, as did the IFO institute´s German business confidence index which was due out on the next day.
Lastly, come Thursday evening, but especially on the next day, markets were likely to indulge in the seasonal ritual of tracking the performance of US retailers on Black Friday, as the day after Thanksgiving is known, which marks the start of the all-important Holiday (selling) season for retailers in the States.
Monday November 21
INTERIMS
Bonmarche Holdings, Mitie Group, Omega Diagnostics Group
Q3
BGEO Group, Georgia Healthcare Group
FINALS
Diploma, Future, Intelligent Energy Holdings
SPECIAL DIVIDEND PAYMENT DATE
Barratt Developments
AGMS
Imperial Innovations Group, Mineral & Financial Investments Limited (DI), TR European Growth Trust
FINAL DIVIDEND PAYMENT DATE
Barratt Developments
Tuesday November 22
INTERIMS
AO World, Assura , Big Yellow Group, CML Microsystems, De La Rue, Halma, Homeserve, Scapa Group, Solid State, Telecom Plus, ULS Technology , Victoria
INTERIM DIVIDEND PAYMENT DATE
Intu Properties
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Confidence (EU) (15:00)
Existing Home Sales (US) (15:00)
Q3
Frutarom Industries Ltd GDR (Reg S)
FINALS
Cambria Automobiles, Compass Group, CYBG , Focusrite, Mitchells & Butlers, Renew Holdings
AGMS
Berkeley Energia Limited (DI), Dunelm Group
TRADING ANNOUNCEMENTS
Homeserve, Intertek Group, Kingfisher, Rotork, Spectris, Spirax-Sarco Engineering, SVG Capital
UK ECONOMIC ANNOUNCEMENTS
Public Sector Net Borrowing (09:30)
FINAL DIVIDEND PAYMENT DATE
Close Brothers Group
Wednesday November 23
INTERIMS
CMC Markets , United Utilities Group, Vectura Group
INTERIM EX-DIVIDEND DATE
Datatec Ltd. (DI)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
Crude Oil Inventories (US) (15:30)
Durable Goods Orders (US) (13:30)
GFK Consumer Confidence (GER) (07:00)
House Price Index (US) (14:00)
Initial Jobless Claims (US) (13:30)
MBA Mortgage Applications (US) (12:00)
New Homes Sales (US) (15:00)
Q3
Plaza Centers NV
FINALS
Paragon Group Of Companies, Thomas Cook Group
EGMS
Sacoven
AGMS
Base Resources Ltd , Draganfly Investments Ltd., Feedback, Finsbury Food Group, Oilex Ltd., Pantheon International , Prairie Mining Limited, SCS Group
FINAL DIVIDEND PAYMENT DATE
Galliford Try, Henderson EuroTrust, JPMorgan Emerging Markets Inv Trust
Thursday November 24
INTERIMS
Babcock International Group, Caledonia Investments, Charles Stanley Group, Helical, Latham (James), Mothercare, PayPoint, Pets at Home Group , Severn Trent, TR Property Inv Trust, Worldwide Healthcare Trust
INTERIM DIVIDEND PAYMENT DATE
Centrica
INTERIM EX-DIVIDEND DATE
3i Infrastructure, Amec Foster Wheeler, Atkins (WS), B&M European Value Retail S.A. (DI), Castings, DCC, Ecofin Global Utilities and Infrastructure Trust , Great Portland Estates, Hill & Smith Holdings, Johnson Matthey, Liontrust Asset Management, Majestic Wine, Mckay Securities, Mediclinic International , National Grid, Shanks Group, TalkTalk Telecom Group , Tate & Lyle, UK Mail Group , Vodafone Group, Wynnstay Properties, Young & Co's Brewery 'A' Shares, Yu Group
QUARTERLY EX-DIVIDEND DATE
Blackrock North American Income Trust , Carnival, HICL Infrastructure Company Ltd, Regional REIT Limited
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Gross Domestic Product (GER) (07:00)
IFO Business Climate (GER) (09:00)
IFO Current Assessment (GER) (09:00)
IFO Expectations (GER) (09:00)
FINALS
Euromoney Institutional Investor, Marston's, UDG Healthcare Public Limited Company
EGMS
Falcon Acquisitions, Public Power GDR SA (Reg S)
AGMS
Andalas Energy And Power, CVS Group, Gemfields, JPMorgan Global Markets Emerging Income Trust, K3 Business Technology Group, Netcall, Seeing Machines Ltd., South32 Limited (DI) , SQN Asset Finance Income Fund Limited
TRADING ANNOUNCEMENTS
Euromoney Institutional Investor
UK ECONOMIC ANNOUNCEMENTS
BBA Mortgage Lending Figures (09:30)
FINAL DIVIDEND PAYMENT DATE
AIREA, Mulberry Group, Thorpe (F.W.), Wetherspoon (J.D.)
FINAL EX-DIVIDEND DATE
AB Dynamics, CVS Group, JPMorgan Japanese Inv Trust, Northern Venture Trust, River and Mercantile Group , Smart (J) & Co., St Ives, Utilitywise plc, World Careers Network
Friday November 25
INTERIMS
Immunodiagnostic Systems Holdings, Pennon Group
INTERIM DIVIDEND PAYMENT DATE
Action Hotels, Amati Vct 2, Booker Group, Card Factory, CareTech Holding, JZ Capital Partners Ltd, Lookers, Maven Income & Growth VCT, Morgan Advanced Materials , Moss Bros Group, Next Fifteen Communications, Prime People, Provident Financial, Sequoia Economic Infrastructure Income Fund Limited C shares, Smart Metering Systems, Trinity Mirror, U And I Group
QUARTERLY PAYMENT DATE
Primary Health Properties, Tetragon Financial Group Limited
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Import Price Index (GER) (07:00)
Wholesales Inventories (US) (13:30)
FINALS
Zambeef Products
SPECIAL DIVIDEND PAYMENT DATE
Calculus VCT, Card Factory
EGMS
Globalworth Real Estate Investments Limited, PJSC Megafon GDR (Reg S), Tengri Resources (DI)
AGMS
Coal of Africa Ltd., Origin Enterprises, Pan African Resources, Range Resources Ltd. (DI)
UK ECONOMIC ANNOUNCEMENTS
CBI Distributive Trades Surveys (11:00)
Gross Domestic Product (09:30)
Index of Services (09:30)
Nationwide House Price Index (07:00)
FINAL DIVIDEND PAYMENT DATE
Aeorema Communications, Animalcare Group, Clinigen Group, CVC Credit Partners European Opportunities Ltd EURO, CVC Credit Partners European Opportunities Ltd GBP, Dunelm Group, Go-Ahead Group, JPMorgan Global Growth & Income, JPMorgan Income & Growth Inv Trust Income Shares