US-focused plant hire group Ashtead Group PLC (LSE:AHT) is usually a decent bellwether for the health of the American economy and what it says about first-quarter trading will be keenly watched on Tuesday.
Ashtead gets 80% of its sales and 90% of profits from the US, with the rest coming from the UK and Canada.
Worries over recession both here and in North America have taken a toll on its share price, which is down 25% this year even with record annual numbers last time.
But as ever, the stock market is looking six months ahead and with the US PMIs turning down the fear is that Ashtead might be heading for some bumpy months.
Brendan Horgan, chief executive, predicted revenues would grow this year by 12%-14% led by the US and Canada with the UK shrinking slightly and achieving that would be impressive against the current backdrop of mounting headwinds.