Wednesday preview: Services PMIs, Direct Line Group in focus

3rd Sep 2024 13:12

(Sharecast News) - The market spotlight in the middle of the week will be on the health of the services sector on either side of the Channel.

Economists' forecasts for S&P Global's closely followed sector Purchasing Managers' Index point to steady growth both in the euro area and UK during the month of August.

A comparable services sector PMI is also due out overnight in China.

Investors, avid for any fresh data points linked to the US jobs market, will also be closely scrutinising the Department of Labor's JOLTS job openings report for July.

That report is scheduled to be published at 1400 BST.

A tad earlier, at 1345 BST, the Bank of Canada is expected to announce a 25 basis point reduction in its official short-term interest rates.

The Federal Reserve's Beige Book meanwhile is due out at 1800 BST and may also yield some useful insights heading into the next Fed rate meeting on 17-18 September.

Direct Line Group will release its first half results on Wednesday.

UBS analyst Will Hardcastle has pencilled in profit before tax of £73m, alongside a group net interest margin of 3.3%.

Net interest margin in Motor insurance was seen increasing in year-on-year terms and management was expected to refrain from an early push to boost competitiveness by means of lower prices - despite an expected 8% own brands policy count reduction during the half.

Hardcastle was also still anticipating that the equivalent to over 40% of the insurer's market value would be returned to shareholders over the coming three years.

Wednesday 04 September

INTERIMS

CAB Payments Holdings, Cairn Homes (CDI), Chapel Down Group, Dalata Hotel Group (CDI), Direct Line Insurance Group, Hilton Food Group, Polarean Imaging, Shield Therapeutics

INTERIM DIVIDEND PAYMENT DATE

Jupiter Fund Management

QUARTERLY PAYMENT DATE

Wheaton Precious Metals Corp.NPV (CDI)

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

MBA Mortgage Applications (US) (12:00)

PMI Composite (EU) (09:00)

PMI Composite (GER) (08:55)

PMI Services (EU) (09:00)

PMI Services (GER) (08:55)

Producer Price Index (EU) (10:00)

GMS

Logistics Development Group

FINALS

Barratt Developments

AGMS

Cropper (James), Lindsell Train Inv Trust, SDCL Energy Efficiency Income Trust, Taylor Maritime Investments Limited NPV

UK ECONOMIC ANNOUNCEMENTS

PMI Composite (09:30)

PMI Services (09:30)