Monday 20 January
– JPMorgan Elect AGM
– Troy Income & Growth Trust AGM
– Germany producer price index
Tuesday 21 January
– Bank of Japan interest rate decision
The BoJ is not expected to make a cut. Japan’s quantitative easing programme is running at ¥80trn a year, the equivalent of around £560bn more than the Bank of England has done in the past decade, and as AJ Bell investment director Russ Mould noted, the BoJ’s bond purchases now equate to over 100% of GDP.
– UK unemployment rate figures
– Netflix Q4 earnings
Mould noted Netflix has been the worst performer of the five Faangs over the past 12 months with its shares down 5% over that period despite a 33% rally since September. In fact, the shares are no higher now than they were in spring 2018.
“This lack of progress reflects concerns over increased competition, and the effect this could have on subscriber growth, churn, pricing and the cost of content,” he said. “Netflix has also yet to turn its blossoming profits into positive cashflow, which makes some analysts nervous given the company’s $8bn net debt pile and $19.1bn of future content purchase obligations.”
– Europe and Germany Zew economic sentiment indicators figures
Wednesday 22 January
– Close Brothers Group trading announcement
– Sage Group trading announcement
– AJ Bell AGM
– Edinburgh Worldwide Investment Trust AGM
– CBI Industrial Trends Survey
Thursday 23 January
– European Central Bank interest rate decision
The ECB is buying bonds at the rate of €20bn a month, having restarted QE last September just as Mario Draghi stepped down and Christine Lagarde (pictured) took the helm.
Mould said as with the BoJ no change is expected in the bank’s policy. Inflation is below the 2% target and growth is patchy despite the fact its bond purchases now equate to around 40% of GDP.
– Daily Mail and General Trust trading statement
– Fever Tree trading statement
– US initial jobless claims and crude oil inventories
Friday 24 January
– BBA Mortgage Lending Figures
