Wednesday preview: Spring Budget, Fed's Powell in focus

5th Mar 2024 15:26

(Sharecast News) - The market spotlight in the middle of the week will be on the Chancellor as he delivers the Spring Budget.

Neil Wilson, chief market analyst at Finalto, said: "I would think this is going to be more about pre-election giveaways to woo middle and working class England - personal tax cuts are welcome but probably won't do much for the FTSE."

Nonetheless, fresh forecasts for borrowing and tax cuts could affect gilts and sterling, Wilson added.

The Budget will be followed at 1500 GMT by Federal Reserve president Jerome Powell's, who will deliver his semi-annual testimony before Congress.

Market commentary ahead of his speech suggests that he is expected to reinforce the message that the central bank is in no rush to relax policy.

In parallel, the Department of Labor will publish the results of its closely-followed survey of job openings and quits in the U.S..

To the north, in Canada, rate-setters in Ottawa will announce their policy decision at 1445 GMT.

Across the Channel, at 0700 GMT Germany's Federal Office of Statistics will release foreign trade numbers for January.

A reading on euro area retail sales will follow at 1000 GMT.

Wednesday 6 March

FINALS

Greencoat Renewables (CDI), Quilter, Ibstock, Rathbones Group, Lancashire Holdings Limited, Spirent Communications, Legal & General Group, Nichols, Convatec Group, Tullow Oil, CLS Holdings, Oxford Nanopore Technologies, Breedon Group

INTERIMS

Galliford Try, Netcall, Ricardo

TRADING ANNOUNCEMENTS

Smith (DS)

AGMs

Mila Resources, Paragon Banking Group

FINAL DIVIDEND PAYMENT DATE

AB Dynamics

QUARTERLY EX-DIVIDEND DATE

Tetragon Financial Group Limited

UK ECONOMIC ANNOUNCEMENTS

PMI Construction (09:30)

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Balance of Trade (GER) (07:00)

Import Price Index (GER) (07:00)

Retail Sales (EU) (10:00)

MBA Mortgage Applications (US) (12:00)

Wholesales Inventories (US) (15:00)

Crude Oil Inventories (US) (15:30)