Tuesday 26 May
– Germany GfK consumer confidence survey (June)
Canaccord Genuity Wealth Management investment manager and international equity analyst Dan Smith noted German consumer confidence declined to an all-time low in May, with the closure of factories and shops having a notable impact on consumers’ income expectations and willingness to spend.
“Responses for June’s survey were collected in the first two weeks of May – a period when the German government was easing restriction measures,” he added. “The loosening is expected to provide a boost to consumer optimism. As Germany is a couple of weeks ahead of some of its European neighbours with regards to relaxing lockdown measures, the rest of Europe will be keeping a close eye on the survey results.”
– US house price index
– Aviva AGM
– Octopus Titan VCT AGM
Wednesday 27 May
– British Land Q4 2020 earnings release
The Share Centre said Covid-19 lockdown has led to successful home working and online retailing flourishing as many high street stores remain closed. This could lead to permanent changes in behaviour which might endure once restrictions are eased and could lead to a big shake-up in the commercial property sector.
“British Land has major holdings of both office and retail space and would be at the heart of that,” it added. “In these final results investors will probably be more focused on more short term issues such as how rental income is performing, what the company expects to happen to the value of its retail assets and when dividends might return. The market has already had some indication following recent results from peers such as Land Securities.”
– Brunner Investment Trust AGM
The meeting comes hot on the heels of the surprise departure of the trust’s portfolio manager Lucy Macdonald (pictured) from Allianz Global Investors. Matthew Tillett has taken on management of the portfolio supported by global equity managers Jeremy Kent and Marcus Morris-Eyton.
– Fundsmith Emerging Equities Trust AGM
– M&G AGM
– Biffa plc final results
– Provident Financial trading announcement
– Britvic interim results
Thursday 28 May
– US GDP (preliminary)
– Lloyds Business Optimism Survey (May)
Smith said the Lloyds business optimism survey, which averages the views of 1,200 companies on their business prospects and optimism about the UK economy, showed overall business confidence in April fell to its lowest level since December 2008.
“The April reading was completed between 31 March – 16 April 2020, which was the start of the lockdown when the impact of Covid-19 was expected to be short term in nature. Since that date, lockdown measures have been extended and the return to normality looks a long way out of sight. Initial business contingency plans for a short-term shutdown are now outdated and have likely been replaced by strategies for a more extended lockdown – this means more business closures, redundancies and investment delays, which is likely to be reflected in May’s business confidence reading.”
– US pending home sales (April)
Smith said the March to July period has historically been the peak season for home sales in the US, with consumers preferring to move during this time and be in their new home before the start of the new school year. However, this year is likely to be significantly different, with the housing market grinding to a halt due to the coronavirus lockdown.
“The extent of the housing slowdown will be shown through April’s pending home sales – pending sales are a leading indicator of housing activity as they are based on contracts signed which typically occurs one or two months before a sale completion.”
– US crude oil inventories
– Daily Mail and General Trust interim results
Friday 29 May
– Nationwide House Price Index
– GFK Consumer Confidence
– Eve Sleep trading announcement and AGM
