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Focus on services sector as Tuesday's company diary very quiet

UK and US services sector purchasing managers’ index surveys are likely to come in around all-time lows

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Data on the UK and US economies will be very depressed

Tuesday looks very quiet on the UK corporate diary front, but there is some key macroeconomic data due and there are likely to still be some unscheduled corporate announcements. 

In the US, there will be quarterly results from Walt Disney Co (NYSE:DIS), Activision Blizzard (NASDAQ:ATVI) and Electronic Arts Inc (NASDAQ:EA), while in Europe there are numbers from Fiat Chrysler, Vestas Wind Systems, Siemens Healthineers and Infineon.

From a domestic perspective, there will be purchasing managers’ index survey reports on the services and construction sectors published in the morning

UK and US services sector purchasing managers’ index surveys both are likely to come in around all-time lows, with the important services PMI haven already given a ‘flash’ reading of 12.3.

This will raise further questions about the economic cost of the lockdowns amid reports Boris Johnson’s government is close to releasing plan for the staged lifting of the measures for coming weeks and months, while the debate Stateside is being fiercely argued for and against continuing the lockdown. 

Amid the rock-bottom oil price, Capital Economics flagged that discussions about cuts to oil output will be on the cards as the Texas Railroad Commission meets on Tuesday, which will be important as Texas accounts for two-fifths of US oil production. 

"However, even if cuts are agreed, we suspect that the impact on oil prices will be minimal. After all, US oil production is already set to fall regardless of any mandated cuts."

Announcements expected on Tuesday May 5:

Trading updates: Getbusy PLC (LON:GETB)

AGMsAnglo American PLC (LON:AAL)

Economic data: UK services PMI, US services PMI, US trade balance

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