The coming week is strongly expected to see one interest rate cut from the US Federal Reserve, while the Bank of England and counterparts in Canada and Japan are expected to follow suit.
Company news is centred around the UK corporate diary, with FTSE 350 names reporting led by blue-chips Next and Barratt Developments, along with Harworth, IP Group, Investec, JTC, Kier, Moonpig, Renishaw and Trustpilot.
Monday 15 September
Announcements expected:
Interims: Bango, HgCapital Trust, S4 Capital
Finals: Knights Group
Economic announcements: Rightmove House Price Index (UK), Retail Sales (CHN), Industrial Production (CHN)
Tuesday 16 September
UK unemployment data will be in focus ahead of the BoE meeting two days later, but the headlines even in financial pages may be more dominated by US President Donald Trump beginning his state visit to the UK on Tuesday evening.
Accompanying him will be a delegation of US tech and finance industry bosses, including Nvidia CEO Jensen Huang, OpenAI's Sam Altman and Blackstone's Stephen Schwarzman.
Announcements expected:
Interims: City of London Investment Trust, Corero Network Security, Harworth, Headlam, JTC, Kier Group, Personal Group, Trustpilot
Finals: Kier, MJ Gleeson, Springfield Properties
Overseas announcements: Ferguson
Economic announcements: Unemployment (UK), Worldpanel Grocery Survey (UK), ZEW Economic Survey (GER), Industrial Production (EU), Retail Sales (US), NAHB Housebuilding (US), Industrial Production (US)
Wednesday 17 September
The US Federal Reserve is expected to cut interest rates by a quarter point for the first time this year on Wednesday, while also leaving the door wide open on the potential for further rate cuts ahead.
Recent above-target inflation data is likely to keep the Federal Open Market Committee from being too dovish at this stage, though a weakening labour market and ever louder calls from the White House and some policymakers could change that.
“The central bank is facing a complex conundrum with signs of a weakening labour market on the one hand versus concerns about tariff fuelled inflation on the other,” said Victoria Scholar, head of investment at Interactive Investor.
Fed Chair Jerome Powell recently said “near term risks to inflation are tilted to the upside, and risks to employment to the downside”.
Earlier in the day, Barratt Redrow PLC (LSE:BTRW) will publish full-year results with its shares in the FTSE 100 housebuilder having struggled since the completion of the merger almost a year ago, recently trading at not far off decade lows.
A post-close update in July came with a £100 million share buyback as strong cash generation remained despite weaker housing market dynamics.
Analysts said investors may focus on any change to the outlook or on recent trading from chief executive David Thomas, with attention on pricing, input cost inflation, any more synergy progress from the Redrow deal.
Announcements expected:
Trading update: Moonpig
Interims: Barratt Redrow, IP Group, Facilities by ADF
Finals: McBride, Supermarket Income REIT
Overseas announcements: General Mills
Economic announcements: CPI Inflation (UK, EU), Federal Reserve Decision (US), Bank of Canada Decision (CAN), Oil Inventories (US)
Thursday 18 September
The Bank of England’s monetary policy committee has had a chance to see the latest economic readings in the preceding days, of what are likely to remain conflicting and conjoined concerns, including stickily elevated inflation and a softening labour market amidst slow economic growth.
The MPC is expected to hold rates at 4.0% at its meeting on Thursday, following the historic double-vote that led to a cut from 4.25% last month.
Furthermore, the government could do with borrowing costs being more manageable, with gilt yields around long-term highs, so an update on quantitative tightening could also be useful.
Ahead of that announcement, Next PLC (LSE:NXT) will release first-half results and, in the normal order of things, chief executive Lord Wolfson is likely to raise guidance.
Even though the clothing retailer is well known to rarely provide guidance that it cannot beat, this will be the fourth upgrade to the outlook this year.
However, some analysts noted that Next's first half was helped by warmer weather and disruption at rival Marks & Spencer, so stronger comparatives in the second half may limit momentum.
In a more industrial setting, last month Renishaw PLC (LSE:RSW) said in a brief update that annual earnings would come in at the upper end of its guidance, which analysts supposed was due to an improvement in the semiconductor outlook.
Announcements expected:
Interims: Next, Capricorn Energy, Foresight Solar Fund, Judges Scientific, Maintel, M&C Saatchi
Finals: Renishaw
Overseas announcements: FedEx, Darden Restaurants
Economic announcements: Bank of England Decision (UK), Initial Jobless Claims (US)
Friday 19 September
Announcements expected:
Interims: Investec, Skillcast
Economic announcements: Gfk Consumer Confidence (UK), Retail Sales (UK), Public Sector Borrowing (UK), Bank of Japan Decision