Thursday preview: US services data, Ashmore Group in focus

4th Sep 2024 13:46

(Sharecast News) - Investors' focus on Thursday will be on the US services sector.

At 1400 BST, the Institute for Supply Management will release its closely followed Purchasing Managers' Index for that country's services sector.

Coming two days after soft readings on a similar survey, but for manufacturing, and construction output, this month's ISM survey might easily attract more than the usual level of scrutiny.

So too the ADP employment report for August or the latest weekly jobless claims data that were due out.

Nonetheless, any market reaction could be muted as what markets were most interested in was the monthly non-farm payrolls report due out on Friday.

At 0600 BST meanwhile, the Federal Office of Statistics would release factory orders data for July.

S&P Global's UK construction sector Purchasing Managers' Index for August would follow at 0830 BST.

Ashmore Group is among the corporate names scheduled to update financial markets.

UBS's Michael Werner anticipates that the emerging markets-focused fund manager will post second half management fees of £78m with adjusted operating profits on an EBITDA basis pegged at £38m.

Earnings per share were seen at 6.7p on a diluted basis while the dividend payout was expected to be 12.1p or steady on the year earlier period.

The analyst's estimate for diluted EPS was ahead of the consensus of 6.1p because he anticipated stronger gains on seed capital investments than consensus.

According to Werner, investors' would concentrate their attention on Ashmore's management fees and average fee margin for the half.

Werner also noted that when Ashmore's excess capital was excluded, then its shares were changing hands on just 8.6 times' its profit. That was below the peer average due to market expectations for outflows to continue to into the front half of 2025.

Friday 06 September

INTERIM DIVIDEND PAYMENT DATE

Avon Technologies , Chemring Group, Inchcape, Maven Income & Growth 3 VCT, Maven Income and Growth VCT 5, Nichols

QUARTERLY PAYMENT DATE

Chenavari Toro Income Fund Limited NPV, Unilever

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Balance of Trade (GER) (07:00)

Gross Domestic Product (EU) (10:00)

Industrial Production (GER) (07:00)

Non-Farm Payrolls (US) (13:30)

Unemployment Rate (US) (13:30)

SPECIAL DIVIDEND PAYMENT DATE

Nichols

AGMS

Berkeley Group Holdings (The), Halfords Group

UK ECONOMIC ANNOUNCEMENTS

Halifax House Price Index (07:00)

FINAL DIVIDEND PAYMENT DATE

Investec