US non-farm payrolls and the ongoing political grandstanding over the US debt ceiling look set to dominate the macro week ahead.
“Next week’s data highlight, the jobs report, and whether we get a deal on the debt ceiling to avert a potentially calamitous default, will be critical in assessing whether we will indeed get a rate hike,” ING Economics said.
“A deal and strong jobs numbers would undoubtedly fuel expectations of another rate hike,” ING added.
“However, signs of labour market softening and market angst over the lack of a resolution on the debt ceiling could quickly see those rate hike expectations evaporate,” ING added.
President Joe Biden has declared there will be no default and reports suggest talks on the debt ceiling have made substantial progress.
Reuters said the two sides are ‘only’ $70bn apart and most commentators expect a deal to be done ahead of the looming deadline of June 1, when the US could run out of cash to pay all of its financial obligations.
Company news sees updates from Harry Potter publisher Bloomsbury, value retailer B&M, specialist shoe group Dr Martens and second-hand car giant auto trader.
Biggest headlines though will likely be generated by water utility Pennon with the spotlight firmly on the sewage being pumped out by the group and what it is doing to stop it.
Monday 29 May
UK and US bank holidays
Tuesday 30 May
Finals: Silver Bullet Data Services Group PLC (AIM:SBDS)
AGMs: Alba Mineral Resources PLC (AIM:ALBA), Aseana Properties Ltd, BioPharma Credit PLC (LSE:BPCR), Gresham House Energy Storage Fund PLC (LSE:GRID), Light Science Technologies Holdings PLC (AIM:LST), Maintel Holdings PLC (AIM:MAI), Malvern International PLC (AIM:MLVN), Manx Financial Group (AIM:MFX) PLC, Sportech PLC (LSE:SPO)
Economic announcements: Houser Price Index (US), Consumer Confidence (US), Nationwide House Price Index (UK)
US: Hewlett Packard, HP
Wednesday 31 May
Finals: B&M European Bloomsbury Publishing PLC (LSE:BMY), De La Rue PLC (LSE:DLAR), Tern PLC (AIM:TERN)
Interims: Impax Asset Management (AIM:IPX) Group PLC
AGMs: Advanced Medical Solutions Group (AIM:AMS) PLC, Aferian PLC (AIM:AFRN), Bakkavor Group PLC (LSE:BAKK), Balanced Commercial Property Trust Ltd, Bodycote PLC, CleanTech Lithium PLC (AIM:CTL, OTCQB:CTLHF), Dianomi PLC (AIM:DNM), Digitalbox PLC (AIM:DBOX), International Public Partnerships Limited, Predator Oil & Gas Holdings, Rotala PLC (AIM:ROL), RTC Group PLC (AIM:RTC), Thungela Resources Ltd, Xaar PLC (LSE:XAR)
Economic announcements: MBA Mortgage Applications (US), Chicago PMI (US), Crude Oil Inventories (US), BRC Shop Price Index (UK)
US: CrowdStrike, Salesforce
Thursday 1 June
Finals: Auto Trader Group PLC (LSE:AUTO), Dr Martens PLC (LSE:DOCS), NextEnergy Solar Fund Ltd (LSE:NESF), Pennon Group PLC (LSE:PNN, OTC:PEGRY)
AGMs: Middlefield Canadian Inc, Northcoders Group PLC (AIM:CODE), PageGroup PLC (LSE:PAGE)
Economic announcements: Continuing Claims (US), Initial Jobless Claims (US), PMI Manufacturing (US), Construction Spending (US), ISM Manufacturing (US), ISM Prices Paid (US), Auto Sales (US), Consumer Credit (UK), M4 Money Supply (UK), Mortgage Approvals (UK), PMI Manufacturing (UK)
US: Asana, Broadcom, ChargePoint, MongoDB, Zscaler
Friday 2 June
Economic announcements: Non-Farm Payrolls (US), Unemployment Rate (US)