Monday 1 June
– Outdoor markets and car retailers in the UK reopen for business
AJ Bell investment director Russ Mould said: “Investors will be looking to see how retailers are preparing and trying to judge early customer response. There may be a tricky balancing act here between how quickly revenues recover and how quickly costs rise as firms began to bring staff off furlough schemes and back to work, pay rent and pay rates, assuming they used some or all of the options available.”
– First half results from FTSE Small Cap entertainment company Hollywood Bowl
Tuesday 2 June
– Interest rate decision from the Reserve Bank of Australia
– European manufacturing PMI
– UK construction industry PMI
– UK mortgage applications and High Street lending data
– In the US, quarterly results from Zoom Video Communications
Wednesday 3 June
– Full-year results from FTSE 250 airline Wizz Air
– First-half results from Chemring and SSP
– Services industries PMI data in UK, Asia and US
Canaccord Genuity Wealth Management head of MPS and passive Jordan Sriharan said preliminary UK data for May showed that businesses remained worried by the current situation and while the figure of 27.8 was an improvement from the low of 13.4 in April, it remains deep in recessionary territory (ie below 50).
“The final number presented this week may be materially worse,” he added. “UK economic data released since the preliminary May PMI has been worryingly poor. Retail sales are understandably weak as the high street remains closed and underlying all this is a consumer that has already dramatically curbed discretionary spending.”
– Interest rate decision from the Bank of Canada
– ADP monthly job gain or job loss numbers in the US
– US factory orders data
– US oil inventories data
– Publication of latest US Federal Reserve Beige Book
Thursday 4 June
– European Central Bank policy decision
Mould noted ECB president Christine Lagarde has so far held the bank’s headline interest rate at zero although she did press the print button in March when she extended the ongoing quantitative easing programme with the Pandemic Emergency Purchase Programme (PEPP).
He said: “Economists and investors will be looking to see if there is any movement on rates or QE although investors should be happy as €800bn in additional bond-buying and monetary stimulus looks to have given European equities a lift, even if the 2% inflation target remains as elusive as ever and the EU seems unable to agree on a fiscal plan.”
Pictet Wealth Management strategist Frederik Ducrozet and Europe economist Nadia Gharbi said: “Several ECB officials have signalled their intention to add to the current monetary policy stimulus in June given further deterioration in the economic outlook. In addition to expanding the PEPP, there is room for the ECB to innovate and to surprise.”
– Pennon Group full-year results
With so many companies cancelling or cutting dividends at the moment the utility sector has become even more of a haven for income-seekers than usual, said the Share Centre. The market will therefore be interested in any update on Pennon’s dividend policy, which is expected alongside these full-year results.
“The current policy, which should be reflected in these figures, is for pay outs to increase by 4% above RPI inflation,” the Share Centre said. “It follows a tough Ofwat review in February covering 2020-25 but the company’s finances were considerably bolstered in March with the sale of its recycling unit Viridor for £4.2bn.”
– Intermediate Capital Group Q4 2020 earnings release
The Share Centre said the alternative asset management company only entered the FTSE 100 in March and as at January had roughly €42.6bn in assets under administration. This was after interim results in November highlighted solid inflows of €4.6bn which allowed the group to boost its dividend to 15p.
“Despite the relatively strong performance before the crisis, the group has been hit hard seeing their share price fall roughly 50% in the heat of the crisis,” it added. “Therefore, investors will be keeping a close eye on any updates surrounding operations, how the group plans to cope with the virus impact and the outlook for demand relating to their services.”
– Services industries PMI in Europe
– US weekly unemployment insurance claims data
– In Europe, quarterly results from Remy Cointreau
– In the US, quarterly results from Nike, Slack and Broadcom
Friday 5 June
– Schroders UK Public Private Trust (former Woodford Patient Capital trust) AGM
In May, Link Fund Solutions rid the former Woodford Equity Income fund of its remaining stake in Schroders UK Public Private trust which used to be the Woodford Patient Capital Trust. This came before boutique manager City of London Investment Management Company initiated a 7.9% stake in the trust.
– Full-year results from Biffa
– US non-farm payrolls, unemployment and wage growth data
– In the USA, quarterly results from Tiffany
