Week ahead: Trump and US Federal Reserve in focus
Barring any unexpected events, Trump and the US Federal Reserve would be the main focus for global financial markets over the coming week.
Indeed, on 23 February strategists at Bank of America-Merill Lynch said expectations for fiscal stimulus and a "credible" Fed rate hike would be needed for the S&P 500 to continue advancing towards its 2,500 point target.
US president Donald Trump was to adress Congress on 28 February amid simmering worries of a possible postponement of legislation to cut taxes.
During the previous session, US Treasury Secretary Steve Mnuchin said such fiscal stimulus measures might have to wait until Congress's August recess.
Given recent remarks from Trump that an announcement would come over the next few weeks, Mnuchin´s remarks may have left some traders unsure of just what to expect.
In parallel, no less than 10 Fed speakers were scheduled to take to the podium in the coming week.
"The Upsides of March: SPX 2450 & GT10 2.75% needs…Trump tax reform/Obamacare certainty (note just 23% investors expect tax reform passage by August) + credible Fed hike (following strong data, e.g. PCE >0.3/0.4%, payroll >275k)," BofA-Merrill strategist Michael Hartnett wrote in a research note sent to clients.
Monday 27 February
INTERIMS
MJ Gleeson
INTERIM DIVIDEND PAYMENT DATE
Puma VCT 10
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Climate Indicator (EU) (10:00)
Durable Goods Orders (US) (13:30)
Economic Sentiment Indicator (EU) (10:00)
Industrial Confidence (EU) (10:00)
M3 Money Supply (EU) (09:00)
Pending Homes Sales (US) (15:00)
Services Confidence (EU) (10:00)
FINALS
Ascential, Dialight, FBD Holdings, Keller Group, Persimmon, RTC Group, Verona Pharma, W H Ireland Group
ANNUAL REPORT
Ascential
AGMS
MySquar Limited (DI)
TRADING ANNOUNCEMENTS
Associated British Foods
Tuesday 28 February
INTERIMS
Redde, Revolution Bars Group, Swallowfield, Waterman Group
INTERIM DIVIDEND PAYMENT DATE
NB Private Equity Partners Ltd.
QUARTERLY PAYMENT DATE
City of London Inv Trust, Picton Property Income Ltd
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (GER) (07:00)
Chicago PMI (US) (14:45)
Consumer Confidence (US) (15:00)
Retail Sales (GER) (06:00)
FINALS
Bodycote, Croda International, Dalata Hotel Group, Exova Group , Fresnillo, GKN, Interserve, IWG , Johnson Service Group, Laird, Moneysupermarket.com Group, Provident Financial, Sphere Medical Holding, St James's Place, Taylor Wimpey, Tullow Oil
ANNUAL REPORT
GKN, IWG
EGMS
Fondul Proprietatea S.A. GDR (Reg S)
AGMS
Elegant Hotels Group , Sage Group
TRADING ANNOUNCEMENTS
Babcock International Group, OPG Power Ventures
UK ECONOMIC ANNOUNCEMENTS
GFK Consumer Confidence (00:01)
FINAL DIVIDEND PAYMENT DATE
Chrysalis VCT, Polar Capital Global Financials Trust, Renew Holdings, TUI AG Reg Shs (DI), Watkin Jones
Wednesday 01 March
INTERIM DIVIDEND PAYMENT DATE
Cohort, Coral Products
QUARTERLY PAYMENT DATE
Toro Limited
QUARTERLY EX-DIVIDEND DATE
Bank of America Corp.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Construction Spending (US) (15:00)
Crude Oil Inventories (US) (15:30)
ISM Prices Paid (US) (15:00)
MBA Mortgage Applications (US) (12:00)
Personal Consumption Expenditures (US) (13:30)
Personal Income (US) (13:30)
Personal Spending (US) (13:30)
Unemployment Rate (GER) (09:00)
Q4
Livanova
FINALS
Admiral Group, Bank of Cyprus Holdings Public Limited Company, Costain Group, CRH, Livanova , Novae Group, Riverstone Energy Limited
AGMS
Aberforth Smaller Companies Trust, Ediston Property Investment Company
UK ECONOMIC ANNOUNCEMENTS
BRC Shop Price Index (00:01)
Consumer Credit (09:30)
M4 Money Supply (09:30)
Mortgage Approvals (09:30)
Nationwide House Price Index (07:00)
Thursday 02 March
INTERIM EX-DIVIDEND DATE
Berkeley Group Holdings (The), City of London Investment Group, Colefax Group, Genus, Hansard Global, Hays, Park Group, Stewart & Wight
QUARTERLY EX-DIVIDEND DATE
Aberdeen Diversified Income and Growth Trust , Barclays, Blackrock North American Income Trust , HICL Infrastructure Company Ltd, Regional REIT Limited, SQN Asset Finance Income Fund Limited, The SME Loan Fund
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
Import Price Index (GER) (07:00)
Producer Price Index (EU) (10:00)
Unemployment Rate (EU) (10:00)
Q4
Hellenic Telecom Industries SA ADS
FINALS
Arrow Global Group, Capita, Cobham, Convatec Group , Dairy Farm International Holdings Ltd. (Singapore), Gocompare.com Group, Hellenic Telecom Industries SA ADS, Hongkong Land Holding Ltd. (Sing.Reg), Jardine Matheson Holdings Ltd (Singapore Reg), Jardine Strategic Holdings Ltd. (Singapore), Jimmy Choo , Mandarin Oriental International (Singapore), Melrose Industries, Merlin Entertainments , Nichols, Schroders, Spirent Communications, Sportech, Vesuvius
SPECIAL EX-DIVIDEND DATE
Beazley, Plus500 Ltd (DI)
AGMS
Jersey Electricity 'A' Shares, Shoe Zone
UK ECONOMIC ANNOUNCEMENTS
PMI Construction (09:30)
FINAL EX-DIVIDEND DATE
32Red, Centamin (DI), Downing Three VCT D Share , Downing Two VCT D Share , LPA Group, Mobeus Income & Growth Vct, MTI Wireless Edge Ltd., Northern Electricity Prf, Plus500 Ltd (DI), RSA Ins 7 3/8%pf, RSA Insurance Group, Sanderson Group, SSP Group
Friday 03 March
INTERIM DIVIDEND PAYMENT DATE
CPL Resources, IG Group Holdings, Premier Asset Management Group, Puma Vct 8, Puma VCT 9
QUARTERLY PAYMENT DATE
JPMorgan Claverhouse Inv Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
ISM Non-Manufacturing (US) (15:00)
Retail Sales (EU) (10:00)
FINALS
London Stock Exchange Group, Non-Standard Finance, STV Group, WPP
SPECIAL DIVIDEND PAYMENT DATE
Aberforth Smaller Companies Trust
AGMS
Actual Experience
FINAL DIVIDEND PAYMENT DATE
Aberforth Smaller Companies Trust, Fyffes, Gooch & Housego, Sage Group, Zytronic