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Week Ahead

Week ahead: BoE, Fed and ECB rate meetings in focus

By Alexander Bueso

Date: Sunday 10 Dec 2023

LONDON (ShareCast) - (Sharecast News) - All eyes over the coming week will be on interest rate decisions from the Bank of England, Federal Reserve and European Central Bank.
Although no interest rate hikes are expected, investors are keen to see just how hawkish - or not - their policy statements remain.

In the case of the BoE, whose top officials were due to meet on Thursday, headline consumer prices had fallen back from a peak of 11.1% in 2022 to 4.6%.

Yet core CPI remained at a "lofty" 5.7% and wage growth was running at 7.9% year-on-year, Michael Hewson at CMC Markets UK pointed out.

Hence why three of its policymakers had continued to push for hikes when it last met.

"It will be interesting to see if they drop their dissent and opt for the status quo this week, with the markets also already pricing in some rate cuts for next year, although these are likely to come well after the ECB starts cutting with inflation here in the UK still over 2% higher than it is in the EU on an annualised basis," Hewson mused.

Similarly, said Hewson, no rate hikes were expected from the Fed, on Wednesday, but in his opinion the recent loosening in financial conditions might keep the U.S. central bank from showing any dovishness.

Prices in the euro area on the other hand had come down much more quickly than in the U.K., and even than in the U.S., so financial markets were expecting that the ECB would be first in cutting rates.

The ECB's governing council was also due to make its policy announcement on Thursday.

Against that backdrop, Tuesday would see the release of the latest UK employment data, followed by the latest U.S. retail sales and industrial production numbers on Thursday and Friday, respectively.

Friday would also bring with it the prelminary results for a barrage of purchasing managers' indices covering factory and services sector activity in the U.K., euro area and U.S. during the month of December.

Data for Chinese fixed asset investment, industrial production and retail sales in December would also be forthcoming on Friday.

Monday 11 December

INTERIMS

Begbies Traynor Group

QUARTERLY PAYMENT DATE

Asian Energy Impact Trust, Asian Energy Impact Trust

GMS

Nova Ljubljanska Banka D.D., Ljubljana GDR (Reg S), Sigmaroc

EGMS

Zhejiang Yongtai Technology Co. GDR (EACH Repr 5 A SHS) (REG S)

AGMS

Octopus Future Generations Vct, Vela Technologies

FINAL DIVIDEND PAYMENT DATE

YouGov

Tuesday 12 December

INTERIMS

Vianet Group

INTERIM DIVIDEND PAYMENT DATE

Investec Non-Red Non-Cum Non-Part Prf Shs

QUARTERLY PAYMENT DATE

Brunner Inv Trust

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Consumer Price Index (US) (13:30)

ZEW Survey (EU) - Economic Sentiment (10:00)

ZEW Survey (GER) - Current Situation (10:00)

ZEW Survey (GER) - Economic Sentiment (10:00)

GMS

Neometals Ltd Npv (Di)

FINALS

Chemring Group, RWS Holdings

EGMS

Atalaya Mining, Atalaya Mining

AGMS

Baillie Gifford Japan Trust, BlackRock Greater Europe Inv Trust, Henderson International Income Trust, International Biotech Trust, PCI-PAL, Time Out Group

TRADING ANNOUNCEMENTS

Gelion

UK ECONOMIC ANNOUNCEMENTS

Claimant Count Rate (07:00)

Unemployment Rate (07:00)

FINAL DIVIDEND PAYMENT DATE

Pan African Resources

Wednesday 13 December

INTERIMS

Cohort

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Industrial Production (EU) (10:00)

MBA Mortgage Applications (US) (12:00)

Producer Price Index (US) (13:30)

AGMS

Dechra Pharmaceuticals, Limitless Earth, Softcat, Volution Group

TRADING ANNOUNCEMENTS

Volution Group

UK ECONOMIC ANNOUNCEMENTS

Balance of Trade (07:00)

Crude Oil Inventories (US) (15:30)

Gross Domestic Product (07:00)

Index of Services (07:00)

Industrial Production (07:00)

Manufacturing Production (07:00)

Retail Price Index (07:00)

Thursday 14 December

INTERIMS

Currys , Gore Street Energy Storage Fund

INTERIM EX-DIVIDEND DATE

Baltic Classifieds Group, Burberry Group, Caffyns, Cranswick, Discoverie Group, DSW Capital, Fuller Smith & Turner, Halfords Group, Impellam Group, Mitie Group, Northern 2 VCT, Northern 3 VCT, Northern Venture Trust, Redde Northgate, Sirius Real Estate Ltd., Smith (DS), Templeton Emerging Markets Inv Trust, TR Property Inv Trust, Vertu Motors

QUARTERLY EX-DIVIDEND DATE

Balanced Commercial Property Trust Limited , Tritax Eurobox (EUR), Tritax Eurobox (GBP)

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Business Inventories (US) (15:00)

Continuing Claims (US) (13:30)

Import and Export Price Indices (US) (13:30)

Initial Jobless Claims (US) (13:30)

Retail Sales (US) (13:30)

GMS

Cobra Resources, Molten Ventures, Oakley Capital Investments Ltd. (DI)

FINALS

C4X Discovery Holdings , Driver Group, IntegraFin Holding

SPECIAL EX-DIVIDEND DATE

Associated British Foods, SLF Realisation Fund Limited C Shs NPV, SLF Realisation Fund Limited NPV

AGMS

Aeorema Communications, Arc Minerals Limited NPV (DI), eEnergy Group, Fidelity Special Values, Fintech Asia Limited Npv, Grit Real Estate Income Group Limited NPV, Helium One Group Ltd (DI), Marwyn Value Investors Limited, Sareum Holdings

TRADING ANNOUNCEMENTS

Balfour Beatty

UK ECONOMIC ANNOUNCEMENTS

BoE Interest Rate Decision (12:00)

FINAL DIVIDEND PAYMENT DATE

Aeci 5 1/2% Prf, NOTTS.B.S. 7 7/8% PERM INT BEARING SHS

FINAL EX-DIVIDEND DATE

Associated British Foods, Northamber, Oxford Metrics, Town Centre Securities, Witan Investment Trust Plc

Friday 15 December

INTERIM DIVIDEND PAYMENT DATE

Airtel Africa , B&M European Value Retail S.A. (DI), Cake Box Holdings, Calnex Solutions , DCC (CDI), Kainos Group , Portmeirion Group, ProVen Growth & Income VCT, ProVen VCT, Sainsbury (J), Scottish Mortgage Inv Trust, Tavistock Investments, Telecom Plus, Wincanton, Wynnstay Properties

QUARTERLY PAYMENT DATE

Pershing Square Holdings Ltd NPV, Pershing Square Holdings Ltd NPV (USD), Petrotal Corporation NPV (DI)

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Balance of Trade (EU) (10:00)

Capacity Utilisation (US) (14:15)

Industrial Production (US) (14:15)

Wholesale Price Index (GER) (07:00)

SPECIAL DIVIDEND PAYMENT DATE

Canadian General Investments Ltd., Gattaca, Lancashire Holdings Limited

EGMS

Schroder Real Estate Investment Trust Ltd

AGMS

Abingdon Health , Aptamer Group, Bellway, Dci Advisors LTD, Etalon Group GDR (Reg S), Frontier IP Group, Renalytix (Reg S), Schroder BSC Social Impact Trust, Thor Explorations Ltd (DI), Ultimate Products , Wentworth Resources NPV

UK ECONOMIC ANNOUNCEMENTS

GFK Consumer Confidence (00:01)

FINAL DIVIDEND PAYMENT DATE

Asia Dragon Trust , Craneware, Croma Security Solutions Group, Fidelity Emerging Markets Limited Ptg NPV, Gattaca, Hargreaves Lansdown, James Halstead, SCS Group

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