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Week ahead: FOMC minutes, Global PMIs in the spotlight

By Alexander Bueso

Date: Friday 20 May 2022

Week ahead: FOMC minutes, Global PMIs in the spotlight

(Sharecast News) - The market spotlight over the coming week will be on the release of the minutes of the US central bank's policy meeting of 3-4 May.
With the Federal Reserve having apparently discarded - at least for now - the possibility of shifting to 75bp rate hikes in any single move, investors' attention on Wednesday will be on what the minutes say about the likely pace at which it will run off its balance sheet.

"The slow [$47.5bn] start to this program suggests that there might be some anxiety over how this might play out in the coming months," argued Michael Hewson, chief market analyst at CMC Markets UK.

"Recent comments from ex-Richmond Fed President Jeffrey Lacker suggest the scope for further financial markets volatility, with the Fed potentially being forced to choose between slowing the pace of runoffs in response to market volatility and widening credit spreads or keeping policy tight to fight inflation."

The day before meanwhile, S&P Global will publish the results of its potentially market-moving manufacturing and services sector surveys for the month of May in the UK, euro area and US.

Also due out in the UK are the results of Rightmove's house price survey, also for May, on Monday, and public sector net borrowing data for April on Tuesday.

Euro area money supply figures for April on Friday may also make for an interesting read, as will personal consumption and income data out of the US for the same month.

The University of Michigan will also release the final results for its consumer confidence survey on Friday.

Both of those US reports contain important inflation indicators.

Further afield, on Tuesday rate-setters in New Zealand will meet to decide on policy.

On the geopolitical side of things, events in Ukraine will continue to dominate.

The latest reports indicate that Russia has been making slow advances in the Donbass region, while Kyiv has called for more arms deliveries.

Critically, German Chancellor, Olaf Scholz, was cited on Thursday as saying that Russian President, Vladimir Putin, will only be open to talks once he is convinced that Ukrainian defences cannot be broken.

On the flip-side, that same day the Kremlin reported blamed Kyiv for the halt in negotiations between the two countries.

Worth noting, investors in both the UK and US will be heading into holiday-shortened weeks, although the selling that sometimes precedes them may have been brought forward a bit in the case of the US.

Monday 23 May

QUARTERLY PAYMENT DATE

SME Credit Realisation Fund Limited NPV

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

IFO Business Climate (GER) (09:00)

IFO Current Assessment (GER) (09:00)

IFO Expectations (GER) (09:00)

FINALS

Big Yellow Group, Big Yellow Group, Big Yellow Group, Creo Medical Group, Kainos Group

AGMS

Arecor Therapeutics , Digital 9 Infrastructure NPV, Empiric Student Property , Hummingbird Resources, TMT Investments

FINAL DIVIDEND PAYMENT DATE

Old Mutual Limited NPV (DI), Thungela Resources Limited NPV (DI)

Q1

Centralnic Group , MTI Wireless Edge Ltd.

Tuesday 24 May

INTERIMS

Avon Protection, Greencore Group (CDI), Hyve Group, On The Beach Group , Residential Secure Income, Shaftesbury, Topps Tiles

QUARTERLY EX-DIVIDEND DATE

Vaalco Energy, Inc (DI)

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Gross Domestic Product (GER) (07:00)

New Homes Sales (US) (15:00)

FINALS

Bytes Technology Group , Cordiant Digital Infrastructure Limited NPV, Cordiant Digital Infrastructure Limited NPV, Cranswick, Helical, Homeserve, Lords Group Trading, Speedy Hire

ANNUAL REPORT

Cordiant Digital Infrastructure Limited NPV

AGMS

4Imprint Group, Afentra , Dunedin Income Growth Inv Trust, Endeavour Mining, Epwin Group, FDM Group (Holdings), Forterra, Harworth Group, Hill & Smith Holdings, Hilton Food Group, Horizonte Minerals, JPMorgan American Inv Trust, Judges Scientific, M Winkworth, Quarto Group Inc., Restaurant Group, Riverstone Energy Limited , Shell , The Artisanal Spirits Company, The Pebble Group, Thungela Resources Limited NPV (DI), US Solar Fund, Vector Capital, WPP, WPP

TRADING ANNOUNCEMENTS

Softline Holding GDR (REG S)

UK ECONOMIC ANNOUNCEMENTS

Public Sector Net Borrowing (07:00)

FINAL DIVIDEND PAYMENT DATE

Abrdn , Chesnara, Merchants Trust, Vistry Group

Wednesday 25 May

INTERIMS

Hollywood Bowl Group

INTERIM DIVIDEND PAYMENT DATE

DFS Furniture

QUARTERLY PAYMENT DATE

Seplat Energy (DI)

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Crude Oil Inventories (US) (15:30)

Durable Goods Orders (US) (13:30)

GFK Consumer Confidence (GER) (07:00)

MBA Mortgage Applications (US) (12:00)

FINALS

De La Rue, Esken Limited, HICL Infrastructure , Likewise Group, Marks & Spencer Group, Mediclinic International , Pennant International Group, Pets at Home Group , Severn Trent, SSE

SPECIAL DIVIDEND PAYMENT DATE

DFS Furniture

AGMS

Access Intelligence, Air China Ltd., Aston Martin Lagonda Global Holdings, Bakkavor Group , Bango, Bodycote, Bodycote, China Yangtze Power Co., Ltd GDR (Reg S) , Elecosoft Public Limited Company, Fundsmith Emerging Equities Trust , Hercules Site Services , International Public Partnerships Ltd., Intertek Group, M&G, Mortgage Advice Bureau (Holdings) , Regional REIT Limited, RHI Magnesita N.V. (DI), Sabre Insurance Group, TotalEnergies SE, Trustpilot Group , Trustpilot Group , Tullow Oil, Zenova Group, Zotefoams

TRADING ANNOUNCEMENTS

Intertek Group, Regional REIT Limited

FINAL DIVIDEND PAYMENT DATE

Coats Group, EP Global Opportunities Trust, Genuit Group, London Stock Exchange Group

Thursday 26 May

INTERIMS

AJ Bell, IntegraFin Holding, Tharisa (DI)

INTERIM DIVIDEND PAYMENT DATE

Coca-Cola Europacific Partners (DI)

INTERIM EX-DIVIDEND DATE

Britvic, Cardiff Property, Cerillion , Croda International 5.9% Cumulative Preference 1, Diploma, Ecclesiastical Insurance 8.625% Non-Cum Irr Pref Shares, Euromoney Institutional Investor, Grainger, REA Holdings 9% Cum. Prf. #1, Sage Group, Titon Holdings, Victrex plc

QUARTERLY PAYMENT DATE

JPMorgan Asia Growth & Income, Tetragon Financial Group Limited

QUARTERLY EX-DIVIDEND DATE

BlackRock World Mining Trust, ContourGlobal , Diversified Energy Company , Downing Renewables & Infrastructure Trust, HICL Infrastructure , Tritax Eurobox (EUR), Tritax Eurobox (GBP)

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Continuing Claims (US) (13:30)

GDP (Preliminary) (US) (13:30)

Initial Jobless Claims (US) (13:30)

Pending Homes Sales (US) (15:00)

FINALS

Auto Trader Group , Caledonia Investments, Facilities by ADF, Intermediate Capital Group, Johnson Matthey, LondonMetric Property, United Utilities Group

SPECIAL EX-DIVIDEND DATE

ICG-Longbow Senior Secured UK Property Debt Investments Ltd

EGMS

Hochschild Mining

AGMS

Albion Technology & General VCT, Albion Technology & General VCT, Aminex (CDI), Bank of Ireland (Governor & Company Of The) Non-Cum Prf 'A' Liquidation (CDI), Bank of Ireland Group (CDI), Belvoir Group, BMO Private Equity Trust, Central Asia Metals, Curtis Banks Group, Diaceutics , East Star Resources, Energean , Henry Boot, Hochschild Mining, Jersey Oil and Gas , Kenmare Resources (CDI), LBG Media , Legal & General Group, Mobeus Income & Growth Vct, National World , Non-Standard Finance, Petrofac Ltd., Prudential, Robinson, S&U, S&U, Sherborne Investors (Guernsey) C Limited NPV, Staffline Group, Strix Group , Wickes Group, Yu Group , Zinc Media Group

TRADING ANNOUNCEMENTS

Kingfisher, United Utilities Group, United Utilities Group

FINAL DIVIDEND PAYMENT DATE

AVI Japan Opportunity Trust , ITV, Portmeirion Group

FINAL EX-DIVIDEND DATE

Advanced Medical Solutions Group, Alfa Financial Software Holdings , Andrews Sykes Group, Balfour Beatty, Burford Capital NPV (DI), Cenkos Securities, DCC (CDI), Fuller Smith and Turner 6% 1st Cumulative Preference 1, Fuller Smith and Turner 8% 2nd Cumulative Preference 1, Great Portland Estates, Intertek Group, IP Group, James Halstead 5.5% Cumulative Preference 1, Keywords Studios, LMS Capital, Mincon Group (CDI), Northbridge Industrial Services, RHI Magnesita N.V. (DI), TI Fluid Systems, Whitbread

Q1

Petrotal Corporation NPV (DI)

Friday 27 May

INTERIM DIVIDEND PAYMENT DATE

Atrato Onsite Energy

QUARTERLY PAYMENT DATE

Octopus Renewables Infrastructure Trust , Supermarket Income Reit

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

M3 Money Supply (EU) (09:00)

Personal Consumption Expenditures (US) (13:30)

Personal Income (US) (13:30)

Personal Spending (US) (13:30)

U. of Michigan Confidence (US) (15:00)

FINALS

Volvere, Volvere

AGMS

Barr (A.G.), Big Technologies, BMO Commercial Property Trust Limited, Coca-Cola Europacific Partners (DI), Deepmatter Group, Destiny Pharma , Hostmore , LSL Property Services, Old Mutual Limited NPV (DI), Oxford Biomedica, Spectris, The Renewables Infrastructure Group Limited, Triple Point Social Housing Reit, Triple Point Social Housing Reit

FINAL DIVIDEND PAYMENT DATE

Centaur Media, Clarkson, Dunedin Income Growth Inv Trust, Fevertree Drinks, Franchise Brands, Fresnillo, Gresham House, Harworth Group, Headlam Group, JPMorgan American Inv Trust, Mobius Investment Trust , Octopus AIM VCT 2, Property Franchise Group, Rightmove, Schroder Asian Total Return Investment Company , St James's Place, Stelrad Group , STV Group, Toyota Motor Corp., Tyman, Vesuvius

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