Monday 14 December
– Japanese Tankan (the Bank of Japan’s Short-Term Economic Survey of Enterprises in Japan)
Tuesday 15 December
– Shaftesbury full-year results
Shares in the FTSE 250 commercial property landlord are down 40% over the past year, much worse than the 8% drop in the FTSE All-Share over the same period, noted AJ Bell investment director Russ Mould. This is thanks to the pandemic and concerns that even once the virus has been fended off, office workers, consumers and tourists may not come back in quite the same numbers.
“When it comes to the full-year figures, the first number that analysts will look toward is NAV,” said Mould. “It was 982p a share a year ago and has slipped to that 878p mark by March. The analysts’ consensus is looking for a figure near 750p a share at the September year end.”
– SSP full-year results
This year’s pandemic and lockdowns have not been kind to the owner and operator of catering brands such as Upper Crust, Ritazza and Camden Food Co. which appears in 35 countries across 180 airports and 300 railway stations, said Mould.
“September’s trading update revealed that sales fell 95% year-on-year in April and May, 90% in June and 86% across the second half to September. For the year as a whole, that implies sales of around £1.4bn, when the company notes its break-even rate is now around £1.5bn.”
Of more interest will be the company’s outlook, added Mould. “For the year to September 2021, analysts are currently pencilling in broadly flat sales at £1.4bn and a modest improvement in the pre-tax loss before a return to profit in fiscal 2022.”
– Full-year results from Chemring
– First-half results from Purplebricks
– Chinese tangible fixed asset investment, industrial production and retail sales growth figures
– UK unemployment and wage growth data
– US industrial production and capacity utilisation rate
– New York Fed (Empire State) manufacturing survey
Wednesday 16 December
– US Federal Reserve policy decision
– First-half results from Dixons Carphone
The Share Centre said the owner of the Currys PC World and Carphone Warehouse chains has seen a big increase in online sales during the pandemic, driven by rising demand for home entertainment as people spend more time at home.
“However, amid reports of technical problems on Black Friday that disrupted many customers’ orders unknowingly, these interim figures will be the company’s first opportunity to provide an update on how sales performed in that crucial period,” it said. “The results should also reveal the impact of the recent lockdown on the high street stores. Investors will be looking for some guidance on sales for the rest of the Christmas trading period.”
– Trading update from Petrofac
– ‘Flash’ manufacturing purchasing managers’ indices in Asia, Europe and the UK
– UK inflation figures
– US retail sales data
– US National Association of House Builders (NAHB) survey
– US oil inventories data
– In the US, quarterly results from house builder Lennar
Thursday 17 December
– Bank of England policy decision
“The Old Lady of Threadneedle Street seems to be backing away from the prospect of negative interest rates – in effect, charging savers to keep their money in the bank – although the MPC seems split on the possible economic benefits of the proposed vaccines for Covid-19,” said Mould.
“Governor Andrew Bailey, for example, seems more optimistic than fellow committee member Michael Saunders. In addition, there is still Brexit to contemplate, as the transition period ends on 1 January, to confirm the UK’s departure from the European Union, while inflation continues to run below the stipulated 2% target.”
– Swiss National Bank policy decision
– Trading statements from Watches of Switzerland and Serco
– Philadelphia Fed manufacturing survey
– In the US, quarterly results from FedEx, General Mills, Jabil Circuit and BlackBerry
Friday 18 December
– Bank of Japan policy decision
– GfK UK consumer confidence flash reading
– German Ifo business climate survey
– Belgian Courbe Synthetique business confidence survey
– In the US, quarterly results from Nike, Carnival and Darden Restaurants
