Monday 19 April
-In the US, quarterly results from Coca-Cola, IBM and United Airlines
Tuesday 20 April
-Associated British Foods full-year results
For the first half of its fiscal year, AB Foods has forecast sales of £7.6bn, adjusted operating profit of £682m and adjusted earnings per share of 61.8p, all lower than the same figures generated over the same period a year ago.
For the full year to September, analysts are predicting a small increase in sales, broadly flat operating profit at just above £1bn and an improvement in adjusted earnings per share from last year’s 81.1p.
Management cancelled both the interim and the full-year dividend payments last year, ending a long run of increases in its annual payment. However, AJ Bell financial analyst Danni Hewson said a full-year payment of 36p per share is expected, equating to a total distribution of £285m.
-UK unemployment figures
The last published rate was 5% with 1.7 million people out of work, meaning that some 339,000 people had lost their job since the start of the pandemic.
AJ Bell investment director Russ Mould said the furlough scheme has helped to keep the rate down, although some 4.7 million people were still on that at the end of January, according to the March budget.
The current rate is still below the UK’s average jobless rate since 1971 of 6.8%. The Office for Budget Responsibility now thinks the jobless rate could peak at around 6.5% later this year, lower than its prior estimate of 7.5%.
But Mould notes the claimant count, which includes not just people who are out of work but those who are having to claim other unemployment benefits like universal credit, still stands at 2.7 million people.
“Times are therefore still tough for a lot of people and hence this concept of the K-shaped recovery, where some are doing very nicely thank you, very much, and they will be able to go out and spend this month, whereas that is not the case for a significant number of consumers.”
-Full-year results from Card Factory
-Trading updates from Rio Tinto, BHP and Avast
-In Europe, quarterly results from Gucci-owner Kering, Danone, ASM International and Sandvik
-In the US, quarterly results from Netflix, Johnson & Johnson, Procter & Gamble, Philip Morris, Harley Davidson and Lockheed Martin
Streaming service Netflix faces a tough task matching its highs from Q1 2020 when it added a whopping 15.8 million subscribers to its platform as the pandemic forced people to stay indoors.
In the first quarter of 2021 it expects to add 6 million new subscribers, down from the previous quarter’s 8.5 million.
Like other growth stocks Netflix shares have had a bumpy ride so far this year, falling back from their peak of $586 in mid-January all the way down to $493 toward the end of March. The company is currently trading at $540 per share.
Wednesday 21 April
-Trading statements from Bunzl, Antofagasta and Hochschild Mining
-UK inflation figures
-Monetary policy decision from the Bank of Canada
-US oil inventory data
-In Europe, quarterly results from Roche, ASML, Heineken and LM Ericsson
-In the US, quarterly results from Verizon, LAM Research, Chipotle, United Rentals, Halliburton and Baker Hughes
Thursday 22 April
-European Central Bank policy decision:
Economists will look to see whether ECB President Christine Lagarde makes any adjustments to interest rates or quantitative easing.
No change is expected from its current policy. The main refinancing rate is zero and the Pandemic Emergency Purchase Programme has a limit of €1.85trn. The latest version of the QE programme has been expanded in scope twice already from its initial level of €750bn.
The ECB’s balance sheet carries assets with a value of €7.5trn, up 44% year-on-year.
-Full-year results from Informa
-Trading updates from Relx, Rentokil Initial, Segro, Spectris, Domino’s Pizza and Centamin
-US weekly unemployment claims
-US existing home sales
-In Europe, quarterly results from Credit Suisse, Nestlé, SAP, Hermes, Pernod Ricard, Volvo, SKF and Moncler
-In the US, quarterly results from Intel, Snap, Freeport-McMoRan, Southwest Airlines, American Airlines and Mattel
Friday 23 April
-Flash purchasing managers’ indices (PMIs) from Asia, Europe, the UK and US
-UK retail sales figures
-UK monthly government borrowing figures
-US new homes sales
-In Europe, quarterly results from Daimler
-In the US, quarterly results from American Express, Kimberly-Clark and Royal Caribbean Cruises
