Monday 19 July
-Full-year results from miner BHP Group
-US NAHB national house builders’ confidence survey
-In the US, quarterly results from IBM and Zoetis
Tuesday 20 July
-Netflix Q2 update
Though the streaming network shone in the early stages of the pandemic, recently its share price growth has been sluggish, says AJ Bell investment director Russ Mould. Shares are up just 10% in the last 12 months as looser lockdown restrictions has meant consumers are spending more time out of the house and it faces increased competition from the likes of Amazon and Disney.
Still Mould says Netflix has a track record of delivering positive surprises. While Netflix only added four million new customers in Q1, undershooting analysts’ expectations of six million, operating profit and margin were at record highs of $2bn and 27.4% respectively.
It has also been doing a better job of assuaging shareholder concerns over its balance sheet, Mould adds, paying back $500m in debt in Q1. However management intends to keep gross borrowing range between $10-$15bn.
-Full-results from veterinary services expert CVS
-First-half results from Anglo American and Vimto-maker Nichols
-Trading update from easyJet
-In Europe, quarterly results from UBS, Volvo, Kone and SKF
-In the US, quarterly results from Philip Morris, CSX, Halliburton, United Airlines
Wednesday 21 July
-First-half results from Antofagasta, Hochschild Mining and chilled foods firm Bakkavor
-Trading update from Royal Mail and QinetiQ
-Japanese inflation figures
-UK Government borrowing figures
-US oil inventory data
-In Europe, quarterly results from ASML, Novartis, SAP and Daimler
-In the US, quarterly results from Johnson & Johnson, Coca-Cola, Verizon, United Rentals and Baker Hughes
Thursday 22 July
-Unilever Q2 results
Unilever’s underlying sales growth was 5.7% in Q1, comfortably beating management’s long-term 3-5% target and the best number since Q3 2015, says Mould.
In Q2 analysts are pencilling in a 4.2% rise, while volumes are expected to advance 3.2% and prices by 0.8%. Underlying operating profit is expected to hit €4.8bn, down from €5.1bn a year ago.
Shareholders will be especially interested in the dividend payout, which was held at €0.4104 or 37.1p between Q4 and Q1.
Mould says: “Currency movements complicate dividend forecasts but for the moment, the consensus forecast is looking for around 148p a share for 2021 as a whole. That is enough to make Unilever the fifth-biggest dividend payer in the FTSE 100 in cash terms, at around £3.9bn, and equates to a 3.4% dividend yield.”
-First-half results from bid target St Modwen Properties, Centrica, Mulberry Moneysupermarket.com and Howden Joinery
-Trading statements from SSE, Britvic and 3i
-ECB policy decision
“No sooner had President Christine Lagarde announced no change in policy in June than Austria’s central bank governor Robert Holzmann and the German Bundesbank’s Jens Weidmann both cautioned about the danger that inflation could take a grip and not be temporary – or transitory – after all,” Mould says.
“Holzmann asserted that 3% inflation across the EU should trigger a rate rise, Weidmann warned price increases could hit 4% in Germany and the Netherlands’ Klaas Knot warned of upside risks.
“The latest preliminary inflation reading – of 1.9% down from the prior month’s 2% – make take off a little of the heat but this could be an interesting meeting all the same.”
-US existing homes sales data
-US weekly unemployment claims data
-In Asia, quarterly results from TSMC
-In Europe, quarterly results from ABB, Vantage Towers and Roche
-In the US, quarterly results from Microsoft, Twitter and Southwest Airlines
Friday 23 July
-First-half results from Bodycote
-Trading statements from Vodafone and Premier Foods
-Flash manufacturing and service industries purchasing managers’ indices in Asia, Europe, the UK and US
-In Europe, quarterly results from Schindler
-In the US, quarterly results from Chevron, Schlumberger and Kimberly-Clark
