Tuesday preview: UK employment numbers, Derwent London in focus
Tuesday will see market watchers focus their attention on the UK in the morning, as the much-anticipated employment change three-month moving average is due.
Forecasts are for a worsening in the British jobs market as the economic effects of the Covid-19 pandemic began to take hold in the last quarter, with 266,000 jobs expected to be lost, rising from 126,000.
Economic sentiment in Germany and the wider eurozone are also arriving mid-morning, with the EU’s largest economy expected to be in a less positive mood than last month.
In results, Derwent London is due to report its interims, with AJ Bell investment director Russ Mould saying that the landlord will be “a good litmus test” of how London’s commercial property names are faring.
“In early July, Derwent revealed it had received 81% of the rent due in the first quarter and 70% due in the second quarter, where 9% more was due to come, 9% were on payment plans, 4% had been waived and 8% was outstanding.
“Three-quarters of all office payments had been received against just one-quarter for retail and hospitality.”
Thus, Mould said analysts will be looking at three headline numbers - rental income, net asset value per share, and the dividend.
“Derwent has a stunning track record of trend dividend growth and it even paid a special dividend in 2016.”
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