The Week Ahead
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Week commencing 1 June
Axel Rudolph insight
This week US PMIs and employment reports, eurozone inflation data and crude oil inventories will be watched closely as they may give an indication of whether the 'rates higher for longer' scenario remains on the cards. The tail end of earnings season sees Hewlett Packard, Broadcom, Lululemon reporting in the US and Mitie, Paragon Banking, B&M European Value Retail in the UK.
Economic reports
- Monday
- Tuesday
- Wednesday
- Thursday
- Friday
- Weekly view
2.45am (London time) – China Caixin PMI (May): expected to fall to 51.9 from 52.2. Markets to watch: CNH crosses
3pm (London time) – US ISM manufacturing PMI (May): expected at 53.0 versus previous reading of 52.7. Markets to watch: USD crosses
10am (London time) – Eurozone inflation (May, flash): prices expected to rise by 3.4% versus 3% YoY and 0.2% versus 1% MoM in April, core inflation forecast at 2.3% versus 2.2% YoY a month earlier. Markets to watch: EUR crosses
3pm (London time) – JOLTs Job Openings (Apr): forecast at 6.8m versus 6.866m in the previous month. Markets to watch: USD crosses
9.30pm (London time) – US API crude oil inventories (w/e 29 May): stockpiles fell by 2.8 million barrels in the preceding week. Markets to watch: Brent, WTI
2.30am (London time) – Australia GDP (Q1): growth forecast to slow to 0.5% from 0.8% QoQ, and 2.5% from 2.6% YoY. Markets to watch: AUD crosses
1.15pm (London time) – US ADP employment report (May): 75K jobs forecast to have been created, down from 109K. Markets to watch: US indices, USD crosses
3pm (London time) – US ISM Services PMI (May) and Factory Orders (Apr): expected to fall to 53.0 from 53.6 in the previous month and factory orders to rise by 2.7% from 1.5% MoM. Markets to watch: US indices, USD crosses
3.30pm (London time) – US EIA crude oil inventories (w/e 29 May): stocks declined by 3.327m in the previous week. Markets to watch: Brent, WTI
9.30am (London time) – UK construction PMI (May): expected to rise to 40.3 from 39.7. Markets to watch: GBP crosses
1.30pm (London time) – US initial jobless claims (w/e 30 May): forecast at 216K versus 215K in the week before. Markets to watch: USD crosses
1.30pm (London time) – US non-farm payrolls, unemployment rate and average hourly earnings (May): payrolls expected to fall to 102K from 115K, unemployment rate forecast to rise to 4.4% from 4.3%. Average hourly earnings to hold at 0.2% MoM and to fall to 3.5% from 3.6% YoY. Markets to watch: US indices, USD crosses
1.30pm (London time) – Canada employment report (May): unemployment rate expected to hold at 6.9%. Markets to watch: CAD crosses
3pm (London time) – Canada Ivey PMI (May): forecast to fall to 51 from 57.7. Markets to watch: CAD crosses
Monday
2.45am (London time) – China Caixin PMI (May): expected to fall to 51.9 from 52.2. Markets to watch: CNH crosses
3pm (London time) – US ISM manufacturing PMI (May): expected at 53.0 versus previous reading of 52.7. Markets to watch: USD crosses
Tuesday
10am (London time) – Eurozone inflation (May, flash): prices expected to rise by 3.4% versus 3% YoY and 0.2% versus 1% MoM in April, core inflation forecast at 2.3% versus 2.2% YoY a month earlier. Markets to watch: EUR crosses
3pm (London time) – JOLTs Job Openings (Apr): forecast at 6.8m versus 6.866m in the previous month. Markets to watch: USD crosses
9.30pm (London time) – US API crude oil inventories (w/e 29 May): stockpiles fell by 2.8 million barrels in the preceding week. Markets to watch: Brent, WTI
Wednesday
2.30am (London time) – Australia GDP (Q1): growth forecast to slow to 0.5% from 0.8% QoQ, and 2.5% from 2.6% YoY. Markets to watch: AUD crosses
1.15pm (London time) – US ADP employment report (May): 75K jobs forecast to have been created, down from 109K. Markets to watch: US indices, USD crosses
3pm (London time) – US ISM Services PMI (May) and Factory Orders (Apr): expected to fall to 53.0 from 53.6 in the previous month and factory orders to rise by 2.7% from 1.5% MoM. Markets to watch: US indices, USD crosses
3.30pm (London time) – US EIA crude oil inventories (w/e 29 May): stocks declined by 3.327m in the previous week. Markets to watch: Brent, WTI
Thursday
9.30am (London time) – UK construction PMI (May): expected to rise to 40.3 from 39.7. Markets to watch: GBP crosses
1.30pm (London time) – US initial jobless claims (w/e 30 May): forecast at 216K versus 215K in the week before. Markets to watch: USD crosses
Friday
1.30pm (London time) – US non-farm payrolls, unemployment rate and average hourly earnings (May): payrolls expected to fall to 102K from 115K, unemployment rate forecast to rise to 4.4% from 4.3%. Average hourly earnings to hold at 0.2% MoM and to fall to 3.5% from 3.6% YoY. Markets to watch: US indices, USD crosses
1.30pm (London time) – Canada employment report (May): unemployment rate expected to hold at 6.9%. Markets to watch: CAD crosses
3pm (London time) – Canada Ivey PMI (May): forecast to fall to 51 from 57.7. Markets to watch: CAD crosses
Company announcements
| Monday 1 Jun |
Tuesday 2 Jun |
Wednesday 3 Jun |
Thursday 4 Jun |
Friday 5 Jun |
|
| Full-year earnings | B&M European Value Retail SA | Mitie Group PLC | |||
| Half/ Quarterly earnings | Hewlett Packard Enterprise Company | Chemring Group PLC Paragon Banking Group PLC |
Broadcom Inc | Lululemon Athletica Inc (Extended Hours) | |
| Trading update |
Dividends
FTSE 100: Sainsbury (J) PLC, Vodafone Group PLC, Marks & Spencer Group PLC, Londonmetric Property PLC, Sage Group PLC
FTSE 250: WPP PLC, Computacenter PLC, Marshalls PLC, Law Debenture Corp PLC, Energean Oil & Gas PLC, AJ Bell Limited, Great Portland Estates PLC, Pets at Home Group Plc, Foresight Environmental Infrastructure, Johnson Matthey PLC
Dividends are applied after the close of the previous day’s session for each market. So, for example, the FTSE 100 goes ex-dividend on a Thursday, but the adjustment is applied at the close of the previous day, e.g. Wednesday. The table below shows the days in which the adjustment is applied, not the ex-dividend days.
Index adjustments
| Monday 1-Jun |
Tuesday 2-Jun |
Wednesday 3-Jun |
Thursday 4-Jun |
Friday 5-Jun |
Monday 8-Jun |
|
| FTSE 100 | 3.11 | |||||
| Australia 200 | 0.1 | |||||
| Wall Street | 11.5 | 15.9 | ||||
| US 500 | 0.24 | 0.13 | 1.30 | 1.07 | 0.30 | 0.26 |
| Nasdaq | 0.72 | 0.08 | 5.97 | 3.84 | 1.20 | 0.19 |
| Netherlands 25 | ||||||
| EU Stocks 50 | 1.6 | |||||
| China H-Shares | 26.2 | 7.2 | 8.6 | 26.3 | 4.6 | 7.1 |
| Singapore Blue Chip | ||||||
| Hong Kong HS50 | 6.1 | 1.2 | ||||
| South Africa 40 | ||||||
| Japan 225 |
* Please note these can change without notice
1 Dividend adjustments due to be posted on a bank holiday will usually be posted on the previous working day
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