Tuesday preview: Central banks, St. Modwens Properties in the spotlight
St. Modwen Properties
559.00p
16:44 06/08/21
The focus on Tuesday will be on central banks, especially on the Reserve Bank of Australia, given the country's exposure to the slowdown in the region, whether it be in China or other large Emerging Markets.
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Nevertheless, given the relative dearth of economic data out since rate-setters Down Under last met, some analysts said they saw little scope for surprises on interest rates.
In the UK, the spotlight was expected to be on IHS Markit's construction sector Purchasing Managers' Index, especially following weakness earlier in the year and its value - for some observers - as a lead indicator for the economy.
BRC's monthly shop price index was also due out.
Sticking with the central bank theme, first thing on Tuesday morning German daily Handelsblatt was expected to publish an interview with Bank of England chief economist Andrew Haldane.
Later in the day, at 1530 BST, Peter Praet, his opposite number at the European Central Bank, was due to deliver a speech at a dinner hosted by the monetary authority in Romania.
Among the few companies scheduled to update shareholders on Tuesday was St. Modwen Properties.
Numis analyst Chris Millington expected the property developer and investor would show "strong" progress towards the strategic goals set out by its chief executive officer, Mark Allan.
"We continue to think that the changes being deployed by the management team will lead to lower levels of leverage and will also support a rise in total returns to double digit levels," Millington said.
On that basis, and changing hands at an 18% discount to their net asset value per share for the year ending in November 2019, the shares were "cheap", he said.
Tuesday July 03
INTERIMS
Harwood Wealth Management Group, RM, St. Modwen Properties
INTERIM DIVIDEND PAYMENT DATE
Marston's
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Auto Sales (US) (20:30)
Factory Orders (US) (15:00)
Producer Price Index (EU) (11:00)
Retail Sales (EU) (10:00)
FINALS
Cohort, Solid State
EGMS
Petro Matad Ltd.
AGMS
Axiom European Financial Debt Fund Limited, Big Sofa Technologies Group, Calculus VCT , Octopus AIM VCT, Prospex Oil and Gas, Severfield, Thalassa Holdings Ltd. (DI)
TRADING ANNOUNCEMENTS
Costain Group
UK ECONOMIC ANNOUNCEMENTS
PMI Construction (09:30)
FINAL DIVIDEND PAYMENT DATE