By David Papier
We see the week starting fairly quiet on the high impact data front, however, there will be economic updates from the UK and Germany on Tuesday. The Euro and Sterling have attempted to stay above 2018 lows vs the Dollar recently and any excuse to continue to do so could come even from low impact data.
Midweek for currencies will be all about the Canadian Dollar. The Bank of Canada monetary policy report followed by a press conference on Wednesday afternoon will be picked apart for clues about forwarding guidance to existing monetary policy, and any hints to amendments.
Thursday is another big one for the Euro as the European Central Bank also deliver Monetary Policy Meeting Accounts which contain an overview of financial market, economic and monetary developments.
UK equities continue to report earnings next week. Investors will be hoping interim results from UK house-builder Barratt Developments will be able to help them off 2018 lows and echo the well-received results of last week. Sector peer Persimmon reported a 5% rise in H1 revenue and provided a small lift for the sector. Updates from Marks & Spencer, Ocado, ASOS and Premier Oil are also coming throughout the week.
Most of the focus next week will be on the US corporate results kicking off with the always highly anticipate US Banks. Interest rates have continued to rise Stateside, as expected, and typically the direct beneficiaries of such increases ‘should’ be the banking sector. Forward guidance will be key to see if analyst’s expectations have over or under-priced in not only the recent rate hikes but also those yet to come. Will this be reflected in the Q2 earnings? Well, we’ll be finding out over the next week as JP Morgan Chase & Co, Citigroup Inc and Wells Fargo all report on Friday the 13th (unlucky for some).
With all these US Banks trading near the lower levels of the year and results imminent, could the current US financial conditions mean share buybacks or even increases in dividends? Or, are we set to receive a disappointing round of results? Could this also impact on the wider markets?
Don’t forget, you can trade long and short so be sure to keep an eye on the results.
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Economic Calendar
(All times are in BST)
Monday, 9th July
07:00 DE Imports (MoM (May)
07:00 DE Exports (MoM (May)
07:00 DE Trade Balance s.a. (May)
09:30 EUR Sintex Investor Confidence (Jul)
20:00 USD Consumer Credit Change (May)
Tuesday, 10th July
02:30 CN Producer Price Index (YoY) (Jun)
02:30 CN Consumer Price Index (MoM) (Jun)
02:30 CN Consumer Price Index (YoY) (Jun)
09:30 UK Industrial Production (YoY) (May)
09:30 UK Manufacturing Production (YoY) (May)
09:30 UK Industrial Production (MoM) (May)
09:30 UK Manufacturing Production (MoM) (May)
09:40 DE ZEW Survey – Economic Sentiment (Jul)
09:40 EUR ZEW Survey – Economic Sentiment (Jul)
09:40 DE ZEW Survey – Current Situation (Jul)
13:15 CAD Housing Starts s.a (Jun)
21:30 US API Weekly Crude Oil Stock
Wednesday, 11th July
00:50 JPN Domestic Corporate Goods Price Index MoM (Jun)
00:50 JPN Domestic Corporate Goods Price Index YoY (Jun)
02:30 AUD Westpac Consumer Confidence (Jul)
02:30 AUD Home Loans (May)
08:00 EUR Non-monetary policy’s ECB Meeting
13:30 US Producer Price Index ex Food & Energy (MoM) (Jun)
13:30 US Producer Price Index ex Food & Energy (YoY) (Jun)
13:30 US Producer Price Index (YoY) (Jun)
13:30 US Producer Price Index (MoM) (Jun)
15:00 CAD Bank of Canada Monetary Policy Report
15:15 CAD BoC Press Conference
Thursday, 12th July
07:00 DE Consumer Price Index (MoM) (Jun)
07:00 DE Harmonized Index of Consumer Prices (YoY) (Jun)
07:00 DE Harmonized Index of Consumer Prices (MoM) (Jun)
09:30 UK Bank of England Credit Conditions Survey
10:00 EUR Industrial Production w.d.a (YoY) (May)
10:00 EUR Industrial Production s.a (MoM) (May)
12:30 EUR ECB Monetary Policy Meeting Accounts
13:30 US Continuing Jobless Claims (Jun 25)
13:30 US Initial Jobless Claims (Jul 2)
13:30 US Consumer Price Index (YoY) (Jun)
13:30 US Consumer Price Index (MoM) (Jun)
13:30 US Monthly Budget Statement
13:30 CAD New House Price Index (MoM) (May)
13:30 CAD New House Price Index (YoY) (May)
19:00 US Monthly Budget Statement (Jun)
Friday, 13th July
05:30 JPN Industrial Production (MoM) (Jun)
05:30 JPN Industrial Production (YoY) (Jun)
08:15 SW Producer and Import Prices (YoY) (Jun)
08:15 SW Producer and Import Prices (MoM) (Jun)
12:00 UK MPC Member Cunliffe Speech
13:30 US Import Price Index (YoY) (Jun)
13:30 US Export Price Index (YoY) (Jun)
13:30 US Import Price Index (MoM) (Jun)
13:30 US Export Price Index (MoM) (Jun)
15:00 US Michigan Consumer Sentiment Index (Jul)
18:00 US Baker Hughes US Oil Rig Count
Corporate Calendar
Monday, 9th July
No High Impact Results
Tuesday, 10th July
Ocado – Interim Results
Marks & Spencer – Trading Statement
Keir Group – Trading Statement
Wednesday, 11th July
Micro Focus International – Final Results
Burberry Group – Interim Results
Barrett Developments – Interim Results
Thursday, 12th July
ASOS – Trading Statement
Dunelm Group – Trading Statement
Premier Oil – Trading Statement
Companies paying dividends
Anpario PLC [ANP](4.5 p)
Autins Group Plc [AUTG](0.4 p)
B.P. Marsh & Partners PLC [BPM](4.76 p)
Castings PLC [CGS](11.12 p)
Diversified Gas Oil Plc [DGOC](0.0173 USD)
F&C Global Smaller Companies Plc [FCS](10 p)
Halma PLC [HLMA](8.97 p)
Invesco Asia Trust Plc [IAT](5.5 p)
Prime People PLC [PRP](3.25 p)
Safestore Holdings PLC [SAFE](2.55 p)
Schroder UK Mid & Small Cap Fund Plc [SCP](3.3 p)
WH Smith PLC [SMWH](16 p)
Sirius Real Estate Ltd [SRE](0.02 EUR)
Telecom plus PLC [TEP](26 p)
Mission Marketing Group (The) PLC [TMMG](1.15 p)
Triple Point Income VCT Plc [TPV1](60.74 p)
Triple Point Income Vct Plc C Ord 1p [TPVC](5 p)
Triple Point Income Vct Plc D Ord 1p [TPVD](5 p)
Ventus Vct Plc [VEN](4 p)
Ventus Vct 2 [VEN2](2.5 p)
Ventus 2 VCT plc [VNC](4.5 p)
Friday 13th July
Ashmore Group – Trading Statement
Hays PLC – Trading Statement
Citigroup Inc – Q2 Earnings
J P Morgan Chase & Co – Q2 Earnings
Wells Fargo & Company – Q2 Earnings
Sources: Bloomberg/Companies
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