The UK delivered disappointing growth in Q1 and will be hoping for growth closer to 0.5 per cent when second quarter figures are released this week. The US Fed is also making a decision on rates, while Lloyds delivers its Q2 results.
Monday 24 July
- Reckitt Benckiser (Q2 results)
Tuesday 25 July
- Quarterly Industrial Trends Survey – Confederation of British Industry
- US Consumer Confidence Index – Conference Board
Wednesday 26 July
- UK GDP, preliminary estimate: April to June 2017 – Office for National Statistics
The UK economy grew at just 0.2 per cent in Q1 – the worst performance in the EU. The second quarter is expected to deliver better performance, but how much better?
Spooner says recent PMIs have been consistent with growth of around 0.5 per cent in Q2, but they “tend to paint a more positive picture than subsequent hard data”.
The National Institute of Economics and Social Research recently forecast growth of 0.3%.
- FOMC meeting Two-day meeting – Federal Reserve System
Thursday 27 July
- Monthly Distributive Trades Survey – Confederation of British Industry
- Lloyds Banking (Q2 results)
Neil Woodford bought into Lloyds as part of his bet on the UK economy in the lead up to the general election.
- AstraZeneca (Q2 results)
Spooner says: “There will still be expectations that generic competition is hurting the business and will be reflected in its quarterly revenues, but management commentary will probably focus on the R&D pipeline and suggest that group sales from here on should begin to pickup.”
Friday 28 July
Barclays (Q2 results)
Spooner says: “Over the last few years Barclays has been in the news for the wrong reasons and we are unlikely to get too much comment from management on the recent charges relating to the Qatari fundraising going all the way back to the height of the financial crisis.
“Instead, focus will be on progress with asset disposals and the streamlining of the business. Investors will also lookout for any improvement in its net interest margin and capital ratios as a sign of progress.”