Monday 17 October
- – First-half results from Naked Wines
- – Rightmove UK house price index
- – In Asia, quarterly results from Kweichow Moutai
- – In Europe, quarterly results from Sandvik
- – In the US, quarterly results from Bank of America and Bank of New York Mellon
Tuesday 18 October
- – Full-year results from Bellway
- – Trading statements from Netflix, BHP and Rio Tinto
“Shares in Netflix are up by nearly 40% from their spring lows—even though that still leaves them down by 40% for the year and two-thirds below their 2021 all-time high,” said AJ Bell investment director Russ Mould and financial analyst Danni Hewson.
“This rally seems all the more remarkable as analysts have continued to cut their earnings forecasts for Q3 and Q4 in 2022. One reason for the advance may be company specific – founder and co-CEO Reed Hastings’ forecast of a return to net subscriber growth in Q3 after the drops of Q1 and Q2 – and another may be more generic, as markets have forged a ‘risk on’ rally, in the hope that the US Federal Reserve will soon pause and then pivot on monetary policy.”
The pair added: “After shedding 203,000 net subscribers in Q1 and 969,000 in Q2, much less than management’s forecast of an initial loss of two million, Netflix now expects to add one million subs in Q3 to take the total to 221.7 million.
“Management will be hoping the prime content will trump any desire among consumers’ to cut household costs in the face of the higher cost of living. It will also be interesting to see if Europe and the USA return to growth or whether Asia and, to a lesser degree, Latin America continue to lead the way.”
- – China Q3 GDP
- – Chinese retail sales, fixed asset investment and industrial production growth figures
- – German ZEW economic survey
- – US industrial production and capacity utilisation rate
- – US NAHB house builders survey
- – In Europe, quarterly results from Roche
- – In the US, quarterly results from Johnson & Johnson, Goldman Sachs, United Airlines and Hasbro
Wednesday 19 October
- – Full-year results from ASOS
- – UK inflation figures
Last time out, the consumer price index (CPI) dropped slightly to 9.9% in August, down from 10.1% in July. These two figures are the largest recorded since CPI was introduced as a measure of inflation in 1997.
The Bank of England will be keeping an eye on the latest figures as it ponders further interest rate rises ahead of the next monetary policy committee meeting on 3 November.
AJ Bell’s Mould and Hewson said: “Monetary policy is still very, very loose, as measured by the real, post-inflation base rate of minus 10%. In fact, it has not been this loose since 1976 when inflation was rampant, so the BoE is in a right pickle.
“On one hand is trying to head off inflation by raising interest rates, on the other it doesn’t want to overdo it and tip an indebted economy into recession. And to make matters even more tricky, it will also be keeping an eye on the pound, which remains mired near multi-decade lows against the dollar.
“Note that it took an incredibly long period of positive real interest rates to head off inflation, so either the BoE has got work to do, or it will be getting out the prayer mat – or both.”
- – Trading statements from Antofagasta and Just Eat Takeaway.com
- – EU inflation figures
- – US new housing permits
- – US new housing starts
- – US oil inventories
- – Beige Book from the US Federal Reserve
- – In Asia, quarterly results from HK Exchanges
- – In Europe, quarterly results from Nestlé, ASML and Atlas Copco
- – In the US, quarterly results from Tesla, Procter & Gamble, Abbott Labs, IBM, LAM Research, Baker Hughes and Alcoa
Thursday 20 October
- – Trading statements from RELX, SEGRO, Travis Perkins, Dunelm and National Express
- – US weekly unemployment claims
- – In Europe, quarterly results from L’Oréal, Hermes, Kering, ABB, Volvo, Nokia, LM Ericsson, Schindler, AkzoNobel and Yara
- – In the US, quarterly results from Philip Morris, AT&T, CSX, Freeport-McMoRan, Snap and American Airlines
Friday 21 October
- – Trading statements from London Stock Exchange, InterContinental Hotels and Deliveroo
Q3 results for the London Stock Exchange Group (LSEG) are due to be released on Friday. Hargreaves Lansdown Select fund manager Steve Clayton expects the group to be one of the “more reliable reporters” during the current results period, with trading statements also expected from Deliveroo and InterContinental Hotels that day.
Clayton said: “Traditional equity trading income is unlikely to be too far away from the year-ago level for LSEG, but the slow-down in corporate deal-making could be impacting its capital markets revenues. The exposure to the US market through the Russell Indices business will be a drag, given Wall Street weakness, but the drop in sterling could well save the day for the division.
“With the group able to access significant degrees of self-help as it unlocks the benefits from its earlier acquisition of Refinitiv, the LSEG should be one of the more reliable reporters in the current results season.”
- – GfK UK consumer confidence
- – UK retail sales
- – UK monthly Government borrowing data
- – In the US, quarterly results from Verizon, American Express, Schlumberger and Seagate
