Monday 14 June
-European industrial production data
Tuesday 15 June
-Full-year results from multi-utility Telecom Plus and cyber-security specialist GB Group
-Ashtead full-year results
Ashtead’s share price has more than doubled over the last year and is trading near its all-time high of £52 a share. An economic upturn in the US, Biden’s infrastructure plans and a booming American housing market underpin that relentless share price rise, according to AJ Bell investment director Russ Mould.
Analysts are looking for sales in the full year to April of around £4.9bn, compared to £5.1bn last year. Revenues fell in the first quarter by 7%, came in flat in Q2 and fell by 1% in the third quarter.
Pre-tax profits are expected to decline by 14% to just under £850m, the second drop in annual earnings, ahead of a sharp recovery in fiscal 2022 to almost pre-pandemic levels.
Ashtead increased its full-year dividend payment last year and analysts have pencilled in a small increase on last year’s payment of 40.65p per share in the year to April 2021 before a bigger rise in 2022.
-Trading statement from Bellway and Boohoo
-UK unemployment and wage growth data
-US retail sales figures
-US producer price inflation
-US industrial production and capacity utilisation rate
-US NAHB housebuilding industry index
-In the US, quarterly results from Oracle
Wednesday 16 June
-US Federal Reserve policy decision
The Fed is moving to sell the $14bn or so corporate bond ETFs that it bought last spring and one or two officials are floating the idea that the US central bank may need to think about tapering its quantitative easing programme, says AJ Bell financial analyst Danni Hewson.
The Fed continues to assert that the 5% inflation rate is transitory and the result of both a base effect and bottlenecks caused by the reopening of the global economy as lockdowns begin to ease. There seems to be little chance of the Fed talking about interest rate rises or easing back on its $120bn-a-month QE scheme.
-Tullow Oil Q1 trading statement
-Full-year results from AO World
-Chinese fixed asset investment, retail sales and industrial production growth figure
-UK inflation figures
-US housing permits and housing starts data
-US oil inventories data
-In the US, quarterly results from house builder Lennar
Thursday 17 June
-First-half results from Dr Martens and Halfords
-Trading statement from Whitbread
-Monetary policy decision from the Swiss National Bank
-US weekly unemployment claims figure
-In Asia, quarterly results from L’Occitane
-In the US, quarterly results from Kroger and Jabil
-Half-year results from Safestore
-Full-year results from Syncona
Friday 18 June
-Tesco Q1 trading statement
Tesco’s group sales rose 7.9% year-on-year in Q1 a year ago, giving the first quarter this year a tough base for comparison. For the year as a whole, like-for-like sales rose 6.3% across the whole group and by 7.7% in the UK alone.
Chief executive Ken Murphy noted that Tesco expects “a strong improvement in profitability” even if trading conditions are likely to remain “volatile”. Profits should be helped by a decrease in direct costs to the business from Covid which came to £892m in the year to February 2021 and Murphy suggested retail operating profit could return to 2019-2020 pre-pandemic levels.
-Japanese inflation figures
-Monetary policy decision from the Bank of Japan
-UK retail sales figures
