By David Papier

European data in the 2nd quarter has not been something to write home about, however, a busy start to the week sees the release of German retail sales, a number being closely monitored due to the big drop on the previous reading.

The latest policy announcement from the BOJ is due for release on Tuesday. Reports have surfaced lately that several policymakers were mulling some tweaks to the Central Bank’s monetary stimulus (FT), with the possibility that QE tapering could begin earlier than expected. Tuesday continues with GDP readings from Canada and US consumer confidence.

Wednesday sees the start of UK data releases, with Manufacturing PMI surely to be in focus due to the continuing political instability caused by the deadlocked ‘Brexit’ negotiations.  The US then takes centre stage from the afternoon with ADP Non-Farm Employment data and the Federal Open Market Committee meeting. With two rate hikes already this year, estimates are for no change with the next action forecasted to be taken in September.

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The Bank of England (BOE) will release their latest policy announcement on Thursday which will be another closely watched event with Markets pricing in a high probability of a rate hike next week. This was thrown into doubt with a lower CPI reading, however, analysts are confident the BOE will hike rates for the first time since November 2017.

It will be an exceptionally busy end to the week with the release of UK PMI services. This is an important figure as it gives an indication of GDP which is made up of over 80% of services. The first Friday of the month brings the release of US labour data. Employment has been very strong in the US this year and forecasts are consistent with what we have seen over previous months at 200k.

Major companies are continuing to report their latest trading results with the UK banks set to dominate the calendar. Lloyds Bank and Barclays will report on Wednesday followed by RBS on Friday. From the US, heavyweight tech titans Apple unveil their figures so be sure to keep an eye on the NASDAQ from Tuesday..

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Economic Calendar

(All times are in BST)



Monday, 30th July

08:00 CHF Leading Indicator – Economic Barometer
10:00 EU Consumer Confidence Index –Final
13:00 DE CPI YoY – Preliminary
13:00 DE CPI EU Harmonised YoY – Preliminary

Tuesday, 31st July

00:30 JPN Employment – Jobs Application Ratio
00:30 JPN Employment – Unemployment Ratio
00:50 Industrial Production – Output – Preliminary MoM
02:30 AUD Building Approvals- Residential Building Approvals MoM
09:00 DE Unemployment Claims Change
09:00 DE Unemployment Rate
10:00 EU CPI – Flash Estimate YoY
10:00 EU GDP Unrevised QoQ
10:00 EU GDP Unrevised YoY
10:00 EU Unemployment Rate
10:00 IT CPI – Flash Estimate YoY
10:00 IT CPI – Flash Estimate YoY
10:00 IT GDP – Preliminary QoQ
10:00 IT GDP – Preliminary YoY
13:30 US Personal Income – Consumption MoM
15:00 US Consumer Confidence Index
23:45 NZ Unemployment Rate QoQ
23:45 NZ Labour Cost Index – Labour Survey- YoY

Wednesday, 1st August

08:45 IT PMI – Markit – Manufacturing
08:50 FR PMI – Markit – Manufacturing
08:55 DE PMI – Markit – Manufacturing
09:00 EU PMI – Markit – Manufacturing
09:30 UK PMI – Markit – Manufacturing
13:15 US ADP National Employment Report
15:00 US PMI – Markit – Manufacturing
15:30 EIA Crude Oil Stocks Net Change
19:00 FOMC Policy Rate Decision

Thursday, 2nd August

02:30 AUD Trade Balance –Deficit – Goods and Services
13:30 US Employment Claims WoW
15:00 US Factory Orders – Total Orders - MoM

Friday, 3rd August

02:30 AUD Retail Sales
02:30 AUD Retail Sales – QoQ
09:00 EU PMI Markit - Composite
13:30 CAD Trade Balance
13:30 US Non Farm Payrolls
13:30 US Unemployment Rate
13:30 US Trade Balance
15:00 US Non Manufacturing Survey –Employment Index
15:00 US Non Manufacturing Survey –New Orders Index
15:00 US Non Manufacturing Survey –Prices Index
15:00 US PMI – Non Manufacturing Index



Corporate Calendar


Monday, 30th July

Cranswick PLC – Trading Statement
Keller Group PLC – Interim Results
Senior PLC– Interim Results
Acadia Healthcare Company Inc – Earnings Announcement
Caterpillar Inc – Earnings Announcement
Illumina Inc – Earnings Announcement
Logitech International Inc – Earnings Announcement

Tuesday, 31st July

BP PLC– Interim Results
Centrica PLC– Interim Results
Coats Group PLC– Interim Results
Elementis PLC– Interim Results
Greggs PLC– Interim Results
IMI PLC– Interim Results
Just Eat PLC– Interim Results
Provident Financial PLC– Interim Results
Rentokil Initial PLC– Interim Results
Shire PLC– Interim Results
Samsung Electronics PLC– Interim Results
Standard Chartered PLC– Interim Results
Travis Perkins PLC– Interim Results
Taylor Wimpey PLC– Interim Results
Weir Group PLC– Interim Results
Thomas Cook – Trading Statement
Apple Inc – Earnings Announcement
Credit Suisse Group Inc – Earnings Announcement
Pfizer Inc – Earnings Announcement
Ralph Lauren Inc – Earnings Announcement

Wednesday, 1st August

Aggreko PLC– Interim Results
BAE Systems PLC– Interim Results
BBA Aviation PLC– Interim Results
Capita Group PLC– Interim Results
Direct Line Insurance Group PLC– Interim Results
Man Group PLC– Interim Results
Lloyds Banking Group PLC– Interim Results
Rio Tinto PLC– Interim Results
St James Place PLC– Interim Results
Next PLC– Trading Statement
Fitbit Inc – Earnings Announcement
Trip Advisor Inc – Earnings Announcement

Thursday, 2nd August

Aviva PLC– Interim Results
Barclays PLC– Interim Results
Cobham PLC– Interim Results
Inmarsat PLC– Interim Results
London Stock Exchange PLC– Interim Results
Mitchells and Butlers PLC
Merlin Entertainments PLC– Interim Results
Rolls Royce Group PLC– Interim Results
RSA Insurance Group PLC– Interim Results
Serco Group PLC– Interim Results
Mitchells and Butlers PLC– Trading Statement
Sage Group PLC– Trading Statement
Go Pro Inc – Earnings Announcement

Companies paying dividends 

Albion Enterprise VCT Plc [AAEV] (3 p)
Alpha Financial Markets Consulting Plc [AFM] (3.69 p)
Sanctuary Housing [BB21] (3.83 p)
CMC Markets Plc [CMCX] (5.95 p)
Downing Distribution VCT 1 PLC [DDV1] (3 p)
Dunedin Income Growth Investment Trust Plc [DIG] (3 p)
Greene King PLC [GNK] (24.4 p)
Gordon Dadds Group Plc [GOR] (4 p)
Henderson Far East Income [HFEL] (5.5 p)
International Biotechnology Trust Plc [IBT] (13.5 p)
Latham (James) PLC [LTHM] (12.1 p)
Micro Focus International PLC [MCRO] (43.86 p)
Monks Investment Trust Plc (the) [MNKS] (1.4 p)
Motorpoint Group Plc [MOTR] (4.6 p)
Octopus Titan VCT PLC [OTV2] (2 p)
Premier Asset Management Group Plc [PAM] (1.65 p)
Panther Securities PLC [PNS] (7 p)
QinetiQ Group PLC [QQ.] (4.2 p)Yu Group Plc [YU.] (2 p)

Friday, 3rd August

Cobham PLC– Interim Results
International Consolidated Airlines PLC– Interim Results
Royal Bank of Scotland Group PLC– Interim Results
William Hill PLC– Interim Results
Pets at Home Group PLC– Interim Results


Sources: Bloomberg/Companies

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