Central banks dominate the week, with US, UK and European interest rates expected, but there's still company news to keep investors busy before the festive break, including Currys, Chemring, Ocado and TUI.
MONDAY 12 DECEMBER
A quiet start to the week in the company diary but the tumult of macro data gets the week going.
Feeding the later meeting of the BoE, there's a bundle of UK economic figures on Monday, including monthly GDP, industrial production and trade on Monday.
Significant announcements on Monday
Interims: Oracle (US)
Economic announcements: Balance of Trade (UK), Gross Domestic Product (UK), Index of Services (UK), Industrial Production (UK),
AGMs: Marwyn Value Investors Ltd (LSE:MVI)
TUESDAY 13 DECEMBER
Tuesday is a day for retail sector investors, though the global headlines are likely to centre around US inflation, while national ones will be on a jobs market update from the Office for National Statistics.
Among London’s retail cohort, there are updates expected from Ocado Retail and Superdry.
Ocado Retail, which is the UK online grocery joint venture between Ocado Group PLC (LSE:OCDO) and Marks and Spencer Group PLC (LSE:MKS), has warned on profits at least three times so far this year, so investors won’t entirely rule out another.
The last update, in September, revealed that sales were expected to decline for the year amid a customer trend to trade down and put fewer items in their baskets, though for the fourth quarter growth is predicted to be in mid-single-digit percentages (as per the full preview).
Staying in the sector, first-half results are expected for Superdry PLC (LSE:SDRY) on Tuesday, according to some, which will have investors keeping an eye out for the outlook.
Analysts at Liberum recently labelled the fashion brand a “top pick for 2023”, saying the 60% plunge of the shares this year was “anomalous” when set against the circa £35mln profit swing the group just announced for the past year and the “tangible turnaround progress” since the return of founder Julian Dunkerton as boss three years ago.
Elsewhere, there's also defence sector name Chemring Group (LSE:CHG), where shares dropped off after the huge initial spike following Russia's invasion of Ukraine.
But Peel Hunt's analysts were among those still bullish ahead of the results.
Significant announcements on Tuesday
Trading updates: Ocado Group PLC (LSE:OCDO)
Interims: Sosandar (AIM:SOS) PLC, Superdry PLC (LSE:SDRY)
Finals: Chemring Group (LSE:CHG) PLC, Hyve Group PLC (LSE:HYVE)
Economic announcements: Claimant Count Rate (UK), Unemployment Rate (UK), CPI (US)
AGMs: Amedeo Air Four Plus Ltd (LSE:AA4), Avation PLC (LSE:AVAP), Blancco Technology Group (AIM:BLTG) PLC, Egdon Resources PLC (AIM:EDR), Macau Property Opportunities Fund, Softcat (LSE:SCT) PLC, Spectris PLC (LSE:SXS)
WEDNESDAY 14 DECEMBER
The US Fed is the big macroeconomic story in the diary, as any shocks to the market’s belief that policymakers are ready to stop hiking interest rates soon will have big implications for stock markets, bonds and forex.
As such there will be a laser focus in this coming meeting on the ‘dot plot’ showing the pace of future rate hikes and the expected peak interest rate, as well as the latest economic projections.
“If the Fed hints at a 5% or higher terminal rate, then this could trigger a risk-off response in financial markets,” one market analyst said among the previews of the big event.
Before that, across the pond there will be final results from TUI AG (LSE:TUI), the tour operator has signalled growth in both its airline and holiday experience markets as it nears pre-pandemic levels, but a strike-ridden Christmas period may dampen the mood.
A strong fourth quarter saw summer bookings increase by 1.4mln to 12.9mln will have bolstered the FTSE 100 group's full-year results, though shares hitting an all-time low recently shows not that many investors are optimistic (see the full preview for more).
Significant announcements on Wednesday
Interims: CyanConnode Holdings PLC (AIM:CYAN)
Finals: Integrafin Holdings PLC, TUI AG (LSE:TUI)
Economic announcements: Consumer Price Index (UK), Producer Price Index (UK), Retail Price Index (UK), MBA Mortgage Applications (US), Import and Export Price Indices (US), Crude Oil Inventories (US)
AGMs: Abrdn Latin American Income Fund Ltd, Fidelity Special Values PLC (LSE:FSV), Tremor International Ltd (AIM:TRMR), Volution Group PLC (LSE:FAN)
THURSDAY 15 DECEMBER
It’s the turn of the Bank of England and ECB to unveil their interest rate decisions on Thursday.
Last time, the BoE followed a succession of 50bps rate raises with its first-ever 75bps hike, while the ECB has made two consecutive 75bps hikes.
Economists expect the BoE to cap off a tumultuous year by going back to its more familiar 50bps rate increases, which will lift the base rate to 3.5%, while there will be no monetary policy report or press conference this time, but may include a re-evaluation of the fiscal policy stance following Chancellor Hunt's autumn statement.
In London’s corporate calendar, retailer Currys PLC (LSE:CURY) is due to report half-year results, where its strong market presence is seen eventually counteracting the tough economic backdrop.
It should “roughly break even” in the first half, analysts at Liberum said.
Significant announcements on Thursday 15
Trading updates: Serco Group PLC (LSE:SRP)
Interims: Currys PLC (LSE:CURY), Adobe
Finals: C4X Discovery Holdings PLC (AIM:C4XD)
Economic announcements: BoE Interest Rate Decision, BoE Interest Rate Minutes, Continuing Claims (US), Initial Jobless Claims (US), Philadelphia Fed Index (US), Retail Sales (US), Capacity Utilisation (US), Industrial Production (US), Business Inventories (US)
Ex-divs to reduce FTSE 100: 0.98 points (AB Foods, Burberry, DS Smith)
AGMs: Aeorema Communications (AIM:AEO) PLC, Argos Resources Ltd (LSE:ARG), Baillie Gifford Japan Trust PLC, CQS Natural Resources Growth and Income PLC, DX PLC
FRIDAY 16 DECEMBER
Hollywood Bowl Group PLC (LSE:BOWL) reports results on Friday, buoyed by an upbeat update in October and with not just 10-bowling in its locker.
The Hemel Hempstead-based company acquired Canadian bowling company Teaquinn Holdings Inc for £10.6mln in May, but amid worries about the consumer squeeze and a big rise in energy costs, the shares were knocked to an 18-month low in August (see more in the preview).
Significant announcements on Friday
Interims: Gore Street Energy Storage Fund PLC (LSE:GSF)
Finals: Integrafin Holdings PLC
Economic announcements: GFK Consumer Confidence (UK), Retail Sales (UK), PMI Composite (UK, US and others), PMI Manufacturing (UK, US and others), PMI Services (UK, US and others)
AGMs: Bellway PLC (LSE:BWY), GS Chain PLC (LSE:GSC), Sareum Holdings PLC (AIM:SAR), Thor Explorations Ltd (TSX-V:THX, AIM:THX, OTC:THXPF), UP Global Sourcing Holdings PLC (LSE:UPGS)
US earnings: Accenture