Monday 25 January
-Trading statement from TI Fluid Systems
– Closing date for comments on the FCA CP20/19: General insurance pricing practices market study
-German Ifo business climate index
-Belgian Courbe Synthetique business confidence survey
-Quarterly results from Dutch conglomerate Philips
–Kleenex and Andrex owner Kimberly Clark reports in the US
Tuesday 26 January
–Crest Nicholson full-year results
-PZ Cussons H1 results and trading updates from Irn-Bru maker AG Barr and Saga
-UK unemployment and wage growth figures
– US Case-Shiller house price index
-Flurry of US companies report including Microsoft, Johnson & Johnson, Verizon, Texas Instruments, Starbucks, General Electric and Lockheed Martin
Wednesday 27 January
-Federal Reserve policy decision
The Fed is not expected to change tack in its first of eight policy meetings this year, says AJ Bell investment director Russ Mould.
Interest rates have remain unchanged at 0.25% since March and the central bank is likely to continue purchasing $120bn of debt per month for the foreseeable future.
Mould says: “Economists will look for commentary on inflation, employment and the US economy but the Fed seems in no rush at all to tighten policy, especially as it is moving to inflation averaging as a target – so that it will tolerate an overshoot in inflation relative to its 2% target after any prolonged period of undershooting it. At the moment, that means a fair portion of the last decade.”
-Trading update from Fresnillo
-Imperial Brands holds a capital markets event with top analysts
The tobacco giant cut its dividend by a third last year and saw its operating profit plunge 4.8% to £3.5bn after its “next generation” e-cig and vaping products sustained losses.
-DWP consultation ‘The Occupational and Personal Pension Scheme (General Levy) Regulations Review 2020’ closes
-Tesla, which saw its shares spike over 800% last year, reports, alongside Facebook, AT&T, Boeing, LAM Research and denim jeans company Levi Strauss
-Apple Q1 results
Mould says analysts are banking on the Silicon Valley giant generating $100bn of sales in a single quarter for the first time in its history thanks to the launch of the iPhone 12 in October and strong growth from its services and wearables and accessories.
In the last 12 months Apple has enjoyed a $745bn boost to its market cap to $2.1trn. Despite this its four-quarter rolling net profit is expected to come in unchanged at $59bn. “Make of that what you will, but buyers of the stock here are clearly factoring in plenty of future, post-pandemic growth,” Mould says.
–Australian NAB business confidence survey
–US durable goods orders
–US oil inventories data
-Quarterly results from Taiwanese semiconductor UMC
Thursday 28 January
-Casino operator Rank and spirits maker Diageo reports first half results
Despite the power of its brands, which include Johnnie Walker and Smirnoff, Diageo’s shares are still down 5% compared to a year ago, which Mould notes is likely the result of pub, restaurant and hotel closures. Investors will be eyeing up Diageo’s organic growth rate, pre-tax profits (expected to come in at £3.4bn) and whether it can maintain its long-running streak of dividend hikes. Brexit will be another issue weighing on investors’ minds, Mould adds. The risk of tariffs between the UK and EU would be an additional burden “at a time when the US has already slapped import duties of 25% on scotch whiskey”.
-Trading updates from Anglo American, 3i, St James’s Place, Intermediate Capital Group and Wizz Air
SJP admitted earlier this month it would be axing 200 jobs in a bid to simplify its operations. The UK’s largest wealth manager denied the redundancies were the result of calls made by a shareholder activist to overhaul its “high-cost culture”
–US weekly jobless claims figures
–US new homes sales data
–US Q4 GDP growth estimate
-Advantest reports in Japan and quarterly figures from South Korean chip manufacturer Samsung Electronics
–In Europe, quarterly figures from Kone and STMicroelectronics
-Payment providers Visa and Mastercard release quarterly earnings, as well as Comcast, McDonald’s, Mondelez, Altria and American Airlines
Friday 29 January
-Trading updates from Polymetal and Evraz
-Japanese unemployment figures
-US PCE consumer expenditure index
-US pending home sales data
-Honda Motor and SKHynix report in Asia
-Quarterly results from Chevron, Honeywell, Caterpillar and Conoco-Phillips in the US
