The Week Ahead: Asset manager results, and house price moves post-Brexit

calendarThis week will see another group of big asset managers releasing results, including L&G, Standard Life, M&G and Old Mutual Global Investors, while we will get an indication of house price movements post-Brexit.

Fund Strategy looks at some key events shaping the week and what to expect.

Monday 8 August

  • US labor market conditions index

Tuesday 9 August

  • Standard Life results, half year
  • Legal and General results, half year
  • China – consumer price index

Wednesday 10 August

  • Prudential Q2 results

Although Prudential’s Asian life and asset management operation have been reporting good numbers, the Share Centre investment research analyst Graham Spooner warns the M&G business is an area to watch.

He says: “A key area of disappointment could come from their M&G asset management business where market volatility could have impacted on net fund inflows.

“The big question will be what big financials make of Brexit, the implications on passporting and its impact. However, Prudential will likely say it’s too early to assess and its more global nature will see it in a better position than its peers.”

  • Monthly Oil Markets – Opec report
  • Bank of England – agents’ summary of business conditions

Thursday 11 August

  • Old Mutual Global Investors Q2 results
  • Residential Market Survey – Royal Institution of Chartered Surveyors

The RICS Residential Market Survey covers a full month post Brexit vote, giving a good indication of the initial impact on house prices.

Spooner says: “Last month, the headline index fell to plus 16. It was only a small drop from the month before, but the index has fallen sharply this year, from 50 in February. This index provides a good barometer reading of both the UK housing market and UK economy.”

Friday 12 August

  • Flash Estimate EU and euro area GDP, Q2 – Eurostat

Spooner says: “In Q1 Spain was the fastest growing of the four larger economies in the region, followed by Germany then France and then Italy, but all saw positive growth. However, data last week for France pointed to zero growth in the country in Q2.

“What will today’s release say about the rest of the region? One country worth watching will be Hungary. In Q1, the economy contracted very sharply, but recent PMIs point to a very strong recovery.”

  • Construction output in the UK, June 2016 and April to June 2016 – ONS
  • US retail sales data, July