Wednesday preview: Vote in Parliament, GlaxoSmithKline in focus
The market spotlight on Wednesday will continue to be very much on Brexit, with investors keen to find out what Parliament voted the night before regarding the timing of the upcoming general elections.
FTSE 100
7,847.99
17:04 17/04/24
FTSE 350
4,316.81
16:54 17/04/24
FTSE All-Share
4,273.02
16:54 17/04/24
GSK
1,590.00p
16:45 17/04/24
Pharmaceuticals & Biotechnology
21,084.01
16:54 17/04/24
But even if the opposition manages to clinch an earlier date than what the government was pushing for, any reaction from traders might be limited ahead of the US central bank's interest rate decision scheduled for after the close of markets.
Fed funds futures have fully priced-in a 25 basis point reduction in the target range for official short-term interest rates from 1.75-2.0% to 1.5-1.75%.
But some economists still se the Federal Reserve holding fire, meaning that there was room for some investors to be left disappointed.
In the background, US consultancy ADP is set to publish its private sector payrolls report for October at 1215 GMT, followed by a preliminary third quarter gross domestic product a quarter of an hour afterwards.
Across the Channel meanwhile, readings are due out on German unemployment in October and surveys of euro area consumer and industrial confidence for the same month.
On the corporate side of things, and for GlaxoSmithKline, analysts at Deutsche Bank were anticipating an approximately 3.0% rise in group sales for the third quarter at constant exchange rates.
Vaccine sales were seen growing by roughly 11.0% CER, helped by sales of Shingrix and early deliveries of its flu vaccines.
Sales at its consumer arm were seen up by 3.0% CER but down by 1.0% on the pharma side of the business.
Margins meanwhile were seen 270 basis points lower year-on-year following its purchase of Tesaro and due to the impact of its CHC joint venture, which combined would result in a 6.0% drop in earnings per share on a CER basis.
Wednesday 30 October
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INTERNATIONAL ECONOMIC ANNOUNCEMENTS
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Q3
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