Straight to your inbox – the perfect way to start the week! The Monday Morning Briefing keeps you in touch with scheduled releases in the financial markets for the coming week.
The briefing includes a comprehensive listing of all the expected UK results, plus highlights from the US reporting week and the global economic calendar. We also provide brief commentaries on the past week and the week ahead. Register (on the right) to receive the email briefing every Monday. You can also read the latest issue below.
For the week commencing 15/03/10
MAR15
UK Results FY: TT electronics
Selected US No major announcements scheduled
Economic Indicators US: March Empire State manufacturing survey (1230 GMT), February capacity utilization (1315 GMT), February industrial production (1315 GMT); EU: Q4 eurozone employment (1000 GMT); Japan: February consumer confidence (0500 GMT)
MAR16
UK Results FY: Amphion Innovations, Axis-Shield, Dealogic Holdings, G4S, Gem Diamonds, James Fisher & Sons, KBC Advanced Technologies, NeutraHealth, Wellstream Holdings; 6M: Air Partner, Close Brothers Group
Selected US Q1: Discover Financial Services
Economic Indicators US: February import price index (1230 GMT), February building permits (1230 GMT), February housing starts (1230 GMT); EU: January industrial production, January retail sales (0830 GMT), February eurozone CPI (1000 GMT), March ZEW economic sentiment (1000 GMT); France: February CPI (0745 GMT); Germany: March ZEW economic sentiment (1000 GMT); Italy: February CPI (0900 GMT); Japan: February machine tool orders (0600 GMT), January tertiary industry index (2350 GMT)
MAR17
UK Results FY: Cello Group, Cyprotex, Derwent London, French Connection Group, Hikma Pharmaceuticals, Manganese Bronze Holdings, Mecom Group, TEG Group, Xaar
Selected US Q3: Nike
Economic Indicators UK: February labour market data (0930 GMT); US: February PPI (1230 GMT), W/e 13/03 crude oil inventories (1530 GMT); EU: February PPI (0700 GMT), January construction output (1000 GMT), Q4 eurozone labour costs (1000 GMT); Italy: January current account (1005 GMT); Japan: Q1 BSI large manufacturing/industry (2350 GMT)
MAR18
UK Results FY: Aegis Group, Biocompatibles International, Capital & Regional, Collins Stewart, Greggs, London Mining, Premier Farnell, Prostrakan Group, Salamander Energy, SIG; 6M: Investec
Selected US Q3: Cintas Corp, FedEx; Q4: Gamestop Corp
Economic Indicators UK: February public finances (0930 GMT), February M4/M4 lending (0930 GMT), March CBI industrial trends survey (1100 GMT); US: Q4 current account balance (1230 GMT), February CPI (1230 GMT), W/e 13/03 initial jobless claims (1230 GMT), February leading indicators (1400 GMT), March Philadelphia Fed manufacturing survey (1400 GMT); EU: March consumer confidence (0830 GMT), January current account (0900 GMT), January trade balance (1000 GMT); Italy: January trade balance (0900 GMT)
MAR19
UK Results FY: Headlam Group, T Clarke
Selected US No major announcements scheduled
Economic Indicators EU: January industrial orders (0900 GMT); Italy: January industrial orders (0900 GMT); Japan: January all industry activity index (0430 GMT)
Highlights of the past week
Fresh economic and political concerns saw financial markets stall last week, with the FTSE struggling to generate any worthwhile momentum to ease away from the 5600 level. The week began with the BCC downgrading its 2011 GDP forecast from 2.3% to 2.1%, arguing that the obstacles to a prolonged recovery now ‘appear greater’. On Wednesday the NIESR said the UK economy was still growing slowly, at just +0.3% for December to February against the previous quarter. Economic recovery hopes featured in early election debating, with the Prime Minister admitting there will be ‘bumps’ ahead – the PM also set the Budget for 24 March.
The precarious nature of the UK’s emergence from recession was confirmed by Tuesday’s weaker-than-expected January industrial and manufacturing surveys. Compared with December, the former fell by 0.4% and the latter by 0.9% – however when compared year-on-year, industrial production output increased by 1%, while manufacturing output grew over three months for the first time in two years. The UK’s retail sales figures for February rebounded sharply following January’s disappointing data, with like-for-like sales up 2.2% compared to a year ago – however the BRC’s comment that the results ‘are not that strong’ tempered any optimism. On Tuesday the UK’s trade deficit grew unexpectedly after exports dropped off, reaching £3.8 billion – the largest it’s been since August 2008.
A generally positive set of earnings results through the week from the housing, financial and retail sectors failed to give UK financial markets a lift. On Monday Bovis Homes announced an annual £4.8 million profit for 2009, beating 2008’s £78.7 million loss, although sales remained low. On Wednesday the nationalised bank Northern Rock said it had made ‘good progress’, confirming a much-reduced loss for 2009 of £257.4 million – in 2008 the bank reported a £1.36 billion loss. In retailing, both supermarket chain Morrisons and department store John Lewis reported annual pre-tax profit rises year-on-year, at 30% and 9.7% respectively.
The Week Ahead
On Tuesday the MPC releases minutes from its latest interest-rate meeting earlier this month, and analysts will be closely reviewing how the decision was made following fears of a double-dip recession. The focus then shifts to the UK’s unemployment numbers on Wednesday to gauge the latest condition of the economic recovery. Across the pond, keep an eye out for Tuesday’s housing data, followed by Thursday’s inflation figures.
It’s a relatively quiet week for company reporting, but look out for blue-chip security services provider G4S with full-year results on Tuesday, followed by high-street fashion chain French Connection on Wednesday and baker Greggs on Thursday. In the US, sports giant Nike and logistics specialist FedEx reveal Q3 results on Wednesday and Thursday respectively.
Please note that this information is for guidance only and no liability is accepted for its accuracy or otherwise.