Attention shifts back to the dollar and US interest rates this week as the minutes from the last FOMC meeting are released. Meanwhile, flash PMI readings, GDP estimates and a batch of corporate earnings will provide plenty of action.

FOMC minutes


The Federal Reserve left interest rates on hold at its May meeting but left the door wide open to hike in June. Market expectations are running high with the US central bank very much odds-on to increase the federal funds rate by 25 basis points.

With no press conference following that meeting, attention is very much on the minutes, which are to be released at the usual time of 19:00 (BST) on Wednesday. Markets will be eyeing what officials made of the relatively lacklustre Q1 GDP reading and where they stand on trimming the balance sheet.

Flash PMIs


Tuesday sees the monthly flash estimates for the manufacturing and services sectors in the Eurozone, which ought to give markets a pretty good read on where Q2 growth is going. Following a rise in growth and inflation there is mounting pressure on the European Central Bank to start thinking about tightening.

GDP second estimates


Staying on GDP and the second estimates for the first quarter GDP from the UK and the US. Both delivered uninspired numbers in the first reading so markets will be on watch for a potential upwards revision to the figures. UK growth slowed to a measly 0.3% in the first quarter, while in the US it was a fairly meagre 0.7%.



On the corporate front Wall Street is nearly done with Q1 earnings but there are a number of UK blue chips in action that could drive the FTSE 100. Kingfisher and Marks & Spencer are two of the highlights and these should also give fresh insight into the state of UK domestic demand and consumer spending, which the Bank of England warned earlier this month is waning.


Economic Calendar

(All times BST)

Monday, 22 May

00:50 – Japan exports, imports, trade balance

Tuesday, 23 May

05:30 – Japan all industries activity

07:00 – German final Q1 GDP reading

08:00 – French flash services & manufacturing PMIs

08:30 – German flash services & manufacturing PMIs

09:00 – Eurozone flash services & manufacturing PMIs, German Ifo business climate

09:30 – UK public sector net borrowing

10:00 – UK inflation report hearings

13:30 – Canada wholesale sales

14:45 – US flash services & manufacturing PMIs

15:00 – US new home sales

Wednesday, 24 May

01:30 – Japan flash manufacturing PMI

02:30 – Australia construction work done report

07:00 – GfK German consumer climate

15:00 – Bank of Canada rate statement

15:00 – US existing home sales

15:30 – US crude oil inventories

19:00 – FOMC meeting minutes

Thursday, 25 May

03:00 – New Zealand annual budget release

All Day – Bank holiday in Germany, France, Switzerland

09:30 – UK second estimate Q1 GDP, preliminary business investment, BBA mortgage approvals

12:30 – ECB monetary policy meeting accounts

13:30 – US weekly unemployment claims

Friday, 26 May

00:30 – Japan national core CPI, Tokyo core CPI

06:00 – Bank of Japan core CPI

07:45 – France consumer spending

13:30 – US second estimate Q1 GDP, core durable goods orders

15:00 – Revised University of Michigan consumer sentiment

Corporate Calendar


Tuesday, 23 May

Topps Tiles (TPT) – S1/2017 trading update

Wednesday, 24 May

HP Inc (HPQ) – Q2/2017, EPS estimate 0.389

Tiffany & Co (TIF) – Q1/2018, EPS estimate 0.702

Babcock International (BAB) – Y/2017, EPS estimate 0.787

Britvic (BVIC) – S1/2017

HSS Hire Group (HSS) – Q1/2017

Marks and Spencer (MKS) – Y/2017, EPS estimate 0.290

Kingfisher (KGF) – Q1/2017

Thursday, 25 May

Sears Holdings (SHLD) – Q1/2018, EPS estimate -3.050

Halfords Group (HFD) – Y/2017, EPS estimate 0.302

Wizz Air (WIZZ) – Y/2017


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