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Wednesday preview: Services PMIs, Legal and General in the spotlight

By Alexander Bueso

Date: Wednesday 05 Aug 2020

Wednesday preview: Services PMIs, Legal and General in the spotlight

(Sharecast News) - Financial markets' focus on Wednesday will shift to services sector activity around the world with survey readings for July due out in the UK, euro area and US.

Especially in the Eurozone, investors will be hoping for a sharp upwards revision to the preliminary reading published roughly a fortnight before, as lockdowns were eased throughout much of the month.

Nevertheless, concerns around current Covid-19 outbreaks may limit any positive reaction.

Jobs data will also be in the spotlight Stateside, as consultancy ADP publishes its private-sector payrolls report at 1315 BST.

Consensus is calling for a 1.2m gain in jobs after 2.4m were added in June.

For Legal&General's interims, Morgan Stanley's John Hocking and Louise Miles estimate that it will report operating profit of £914m on an operating basis and of £37m on after tax basis.

The investment manager and life insurance group specialist's solvency II ratio meanwhile was pegged to reach 169%.

For the two analysts, with the firm having issued £1.1bn of debt since November 2019, "questions" from investors were likely, as well as on progress in selling its savings business to ReAssure.

Wednesday 05 August


Coca Cola HBC, Bank Pekao SA GDS (Reg S), Hastings Group, Hill & Smith Holdings, IP Group, Ferrexpo, Legal & General Group, Metro Bank, Morgan Sindall Group, Pagegroup, RHI Magnesita N.V. (DI), Segro, William Hill


Balance of Trade (US) (13:30)

ISM Non-Manufacturing (US) (15:00)

MBA Mortgage Applications (US) (12:00)

PMI Composite (EU) (09:00)

PMI Composite (GER) (08:55)

PMI Composite (US) (14:45)

PMI Services (EU) (09:00)

PMI Services (GER) (08:55)

PMI Services (US) (14:45)

Retail Sales (EU) (10:00)


Adamas Finance Asia Limited (DI)


Baillie Gifford UK Growth Fund, Big Yellow Group, Bushveld Minerals Limited, Highbridge Tactical Credit Fund Limited NVP GBP , Invinity Energy Systems , Permanent TSB Group Holdings, Regional REIT Limited, Shefa Gems Ltd (DI), Tomco Energy


UDG Healthcare Public Limited Company


PMI Services (09:30)


Intermediate Capital Group


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