Banks to announce interest rates days after key economic indicators
THE first day of the month brings with it September’s Purchasing Managers’ Index (PMI) manufacturing data for the UK and Eurozone. Last month’s UK figures painted a rosier-than-expected picture of the sector, although the Eurozone figures were disappointing.
The news will be followed up tomorrow by construction data from the PMI, although FirstGroup’s trading update will also be keenly watched after it controversially won the West Coast rail franchise, now on hold after a legal challenge from Virgin. Plumbing supplier Wolseley is also expected to announce a special dividend when it reports full year results, along with an estimated five per cent rise in profits.
A generally quiet week in corporate news will pick up on Wednesday, with annual results from Sportingbet potentially shedding light on takeover negotiations with William Hill, and half-year results from Tesco set to reveal if the supermarket giant is back on track after a shock profit warning in January. Its earnings will no doubt be compared with a trading update from Sainsbury on the same day. Easyjet also reports.
The week’s big economic news will take place on Thursday as the European Central Bank (ECB) and Bank of England make interest rate announcements, and we get more detail on the ECB’s bond buying programme. We also see results from Ted Baker and Matchtech Group.
The week ends with a trading update from energy firm John Wood Group.