Housebuilders and recruitment firms will be in the spotlight next week, with the likes of Persimmon, Bovis, Hays and Michael Page releasing trading updates.Panmure Gordon said it will be “interested to hear whether Persimmon will echo Taylor Wimpey’s comments that sales have strengthened in recent weeks. This will give us a clearer picture on current market conditions.”
When it last updated the market, on 22 April, Persimmon said sales had remained consistent since the beginning of March and were running around 20% higher than a year earlier, in value terms. Volumes were up by around 11%.
Panmure Gordon thinks sales may have softened around the time of the general election. The broker is a fan of the stock and thinks the company could potentially announce write-backs that would add 60p to the net asset value per share once its gets “a clearer picture of market conditions and what direction it is moving in.”
Global recruitment firm Hays has been seeing progress in most of its markets, although the dynamics vary by region. Australia, which escaped recession, has seen improved trends and the picture is also getting brighter in other Asia-Pacific countries.
In Continental Europe & the Rest of the World, the group has seen strong growth in Brazil and the early signs of recovery in Germany, but Spain and the United Arab Emirates remained on a downward trend in the first four months of 2010.
This month’s meeting of the Monetary Policy Committee (MPC) to determine the Bank of England’s interest rate policy should be a bit more heated than recent meetings, with MPC members going public over the last week with their differences of opinion.
Hawkish MPC member Andrew Sentence voted last month for a rate hike and said publicly that the time had arrived for the gradual withdrawal of stimulus measures.
Fellow policymaker Adam Posen, however, said he doesn’t think a “small slow upwards creep in inflation expectations” is “worth panicking over”, and is definitely not a reason to tighten policy.
Another MPC member, Paul Fisher, also warned against hasty rate rises. "We need to be sensitive to the risk of tightening policy prematurely, stifling the nascent recovery," he said, suggesting high inflation may have been caused by a “series of shocks”, including the return of VAT to 17.5%, higher petrol prices and higher import prices.Monday July 05
INTERIM DIVIDEND PAYMENT DATE
Renew Holdings
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
PMI Composite (EU) (09:00)
PMI Composite (GER) (08:55)
PMI Services (EU) (09:00)
PMI Services (GER) (08:55)
PMI Services (FRA) (08:50)
Retail Sales (EU) (10:00)
GMS
Marwyn Capital I Ltd. (DI), Trafficmaster
FINALS
Braveheart Investment Group, NCC Group, OPG Power Ventures
ANNUAL REPORT
Synergy Healthcare, Zoo Digital
EGMS
Central Rand Gold
AGMS
Big Yellow Group
TRADING ANNOUNCEMENTS
XP Power
UK ECONOMIC ANNOUNCEMENTS
Official Reserves (09:30)
PMI Composite (09:30)
PMI Services (09:30)
Bank of England Housing Equity Withdrawal (09:30)
FINAL DIVIDEND PAYMENT DATE
Amiad Filtration Systems, Balfour Beatty, China Biodiesel International, Cobham, First Derivatives, Quarto Group, Tarsus Group
Tuesday July 06
INTERIM DIVIDEND PAYMENT DATE
Victrex
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
ABC Consumer Confidence (US) (22:00)
ISM Non-Manufacturing (US) (15:00)
ISM Services (US) (15:00)
Unemployment Rate (EU) (10:00)
FINALS
AdEPT Telecom, Anite Group, Spice
IMSS
Brown (N.) Group
EGMS
China Biodiesel International
AGMS
3i Infrastructure, Blavod Wines and Spirits , Brown (N.) Group, China Biodiesel International, JPMorgan Income & Capital Inv Trust, Ortus VCT, Westside Acquisitions
TRADING ANNOUNCEMENTS
Balfour Beatty, PartyGaming, Persimmon, Tullow Oil
UK ECONOMIC ANNOUNCEMENTS
New Car Registrations (09:30)
FINAL DIVIDEND PAYMENT DATE
Aberdeen New Thai Inv Trust, Development Securities, French Connection
Wednesday July 07
INTERIMS
IDOX
INTERIM EX-DIVIDEND DATE
ATH Resources, CareTech Holding, Chrysalis VCT, Dunedin Smaller Companies Inv Trust, ITE Group, Japan Leisure Hotels, Octopus Phoenix VCT, Octopus Titan VCT 1, Octopus Titan VCT 2, Pressure Technologies, Safestore, Sinclair (William) Holdings, THB Group
QUARTERLY EX-DIVIDEND DATE
British Land Co, Schroder Income Growth Fund
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (15:30)
Factory Orders (GER) (11:00)
GDP (2nd release) (EU) (10:00)
MBA Mortgage Applications (US) (12:00)
Trade Balance (FRA) (07:45)
Household Consumption (EC) (10:00)
Government Expenditure (EC) (10:00)
FINALS
Great Eastern Energy Corp. GDR, Northern Bear, Photo-Me International
ANNUAL REPORT
Cropper (James)
IMSS
Big Yellow Group, Booker Group
AGMS
3i Group, Aveva Group, Booker Group, Capital Gearing Trust, Eastern European Trust, IBIS Media VCT, Leni Gas & Oil, May Gurney Integrated Services, PayPoint
TRADING ANNOUNCEMENTS
Cape, Carillion, CRH
UK ECONOMIC ANNOUNCEMENTS
BRC Shop Price Index (00:01)
FINAL DIVIDEND PAYMENT DATE
Cineworld Group, Restaurant Group, Staffline Group
FINAL EX-DIVIDEND DATE
Bond International Software, Burberry Group, Chloride Group, De La Rue, Hyder Consulting, Investment Company (The), Monks Inv Trust, New Century AIM VCT 2, Octopus Protected VCT 1, Rensburg AIM VCT, Shanks Group, Vedanta Resources, Walker Greenbank, Wincanton
Thursday July 08
INTERIMS
Sandvine Corporation
QUARTERLY PAYMENT DATE
GlaxoSmithKline
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (GER) (07:00)
Bank of France Business Sentiment (FRA) (07:30)
Consumer Credit (US) (20:00)
Continuing Claims (US) (13:30)
Current Account (GER) (07:00)
ECB Interest Rate (EU) (12:45)
Industrial Production (GER) (11:00)
Initial Jobless Claims (US) (13:30)
Leading Indicator Index (JPN) (05:00)
Q2
Sandvine Corporation
FINALS
Begbies Traynor Group
IMSS
Associated British Foods
EGMS
Maple Energy
AGMS
Albany Inv Trust, Condor Resources, FirstGroup, Framlington AIM VCT 2, Great Portland Estates, JPMorgan European Fledgling Inv Trust, London & Stamford Property, Man Group, Maven Income and Growth VCT , ORA Capital, Robert Wiseman
TRADING ANNOUNCEMENTS
Hays
UK ECONOMIC ANNOUNCEMENTS
BoE Interest Rate Decision (12:00)
Industrial Production (09:30)
Manufacturing Production (09:30)
NIESR Gross Domestic Product estimate
Friday July 09
INTERIMS
Charlemagne Capital, Heavitree
INTERIM DIVIDEND PAYMENT DATE
Albion Income & Growth VCT, Daily Mail and General Trust, Redefine International, Redhall Group
QUARTERLY PAYMENT DATE
British Assets Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Price Index(GER) (07:00)
Wholesales Inventories (US) (15:00)
Manufacturing Output (FRA) (07:45)
Industrial Production (FRA) (07:45)
GMS
Galantas Gold Corporation
EGMS
DP Property Europe Limited
AGMS
Brainspark, Independent Resources, Norkom Group, Shires Income, TyraTech, Value and Income Trust
TRADING ANNOUNCEMENTS
Bovis Homes Group, Interserve, Michael Page International, SIG, X5 Retail Group GDR (Reg S)
UK ECONOMIC ANNOUNCEMENTS
Balance of Trade (09:30)
Producer Price Index (09:30)
FINAL DIVIDEND PAYMENT DATE
3i Infrastructure, Albion Prime VCT, Booker Group, Hill and Smith, Morgan Crucible, Northern 3 VCT, Octopus Apollo VCT 1, Octopus Apollo VCT 2, Octopus Eclipse VCT 2, Pinewood-Shepperton, Prezzo, Prime People, Shed Media, Tesco
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