Tuesday preview: US factory sector, Ashtead in the spotlight

2nd Sep 2024 15:22

(Sharecast News) - Investors' focus on Tuesday will be on the US manufacturing sector.

At 1400 BST, the Institute for Supply Management will release its closely followed purchasing managers' index for factory activity covering the month of August.

Later in the session, at 1530 BST, the US Treasury will publish the results of its latest three-month, six-month and 52-week bill auctions.

Earlier, at 1245 BST, the Bank of England's deputy governor for financial stability, Sarah Breeden, will deliver a speech.

On the corporate side of things, Ashtead will post first quarter results.

Consensus is for the equipment rental giant to report a 2.4% rise in total group revenue versus the previous year to reach $2.76bn.

Group operating profits on an EBITDA basis meanwhile were pegged to come in 2.8% higher at $1.26bn.

In parallel, DS Smith will release its first quarter trading update.

UBS analysts Andrew Jones thinks the packaging specialist will point out to investors that margin pressures will continue over the near term, as the containerboard price hikes implemented in April will take between three to six months to be passed on.

However, the company will probably also guide towards "some" margin recovery over the back half of its fiscal year.

In any case, with International Paper's bid on the table and likely to proceed, the trading update will probably have scant impact on the share price, the analyst added.

Tuesday 03 September

INTERIMS

Getbusy, Michelmersh Brick Holdings, Midwich Group, Oxford Nanopore Technologies , STV Group

INTERIM DIVIDEND PAYMENT DATE

Blackrock Income And Growth Investment Trust

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Auto Sales (US)/Total Vehicle sales (20:30)

ISM Manufacturing (US) (15:00)

ISM Prices Paid (US) (15:00)

PMI Manufacturing (US) (14:45)

FINALS

Alumasc Group, Alumasc Group, Alumasc Group, Craneware, Manolete Partners

AGMS

JPMorgan Global Core Real Assets Limited, JPMorgan Global Core Real Assets Limited, Smith (DS), Yellow Cake

TRADING ANNOUNCEMENTS

Smith (DS)

UK ECONOMIC ANNOUNCEMENTS

Retail Sales (00:01)

Q1

Ashtead Group