ShareCast News

Week ahead: Fiscal cliff, Chicago PMI, US New home sales

Sat, 22nd Dec 2012 15:13

Next week will see holiday shortened trading on both sides of the Atlantic. Although the market´s moves are expected to be limited, given that most traders will be away on vacation, markets will still be keeping an eye on the US fiscal debate which - for some economists - hasn´t even yet begun to rage on Capitol Hill.

This past week´s events seem to point to a very high risk that the country will begin to slide down the fiscal cliff come January 1st 2013. Nevertheless, it must be kept in mind that the automatic spending cuts due to go into effect next year -unless an agreement is reached - will only do so gradually. That means that any agreement reached in the first quarter would still see the United States avoid the worst of the 'fiscal-cliff.' Even so, the reaction of the markets remains to be seen, although they have held up well so far.

Against that backdrop, the most important economic figures will be released Stateside, on Thursday and Friday. They will bring the latest numbers on new home sales on Thursday and the Chicago PMI on Friday.

According to Credit Suisse, the latter should show that manufacturing activity is more likely t to experience continued weak growth rather than to fall into outright contraction.

No significant data releases are expected in the United Kingdom.

Over on the Continent, the last two days of the week will also see a barrage of economic statistics out on France.

Investors will also attempt to gauge the potential implications of Italian Prime Minister Mario Monti´s announcement that he will not be seeking to run in the next elections.

Monday December 24

FINAL EX-DIVIDEND DATE

Albemarle & Bond Holdings, Alternative Networks, Cambria Automobiles, Jelf Group, Topps Tiles

INTERIM EX-DIVDIEND DATE

Acal, BT Group, Dart Group, Ensor Holdings, F&C Global Smaller Companies, RPC Group

QUARTERLY EX-DIVDIEND DATE

British Assets Trust

Thursday December 28

AGMs

Leaf Clean Energy Co (DI), Peninsular Gold Ltd.

GMs

Concha

QUARTERLY EX-DIVIDEND DATE

Yamana Gold Inc.

UK ECONOMIC ANNOUNCEMENTS

BBA Mortgage Lending Figures (09:30)

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

M3 Money Supply (EU) (09:00), Consumer confidence (France) (06:45), Business confidence (Italy) (08:00), Weekly initial unemployment claims (US) (13:30), New Home sales (US) (15:00), Conference Board consumer confidence (US) (15:00)

Friday DECEMBER 29

AGMs

Cleardebt Group, Gem BioFuels , Mobile Streams

EGMs

Diamond Circle Capital

GMs

Finsbury Growth & Income Trust

ANNUAL REPORT

Alternative Networks

FINAL DIVIDEND PAYMENT DATE

GCP Infrastructure Investments Ltd

INTERIM DIVIDEND PAYMENT DATE

City of London Investment Group, Energy Technique, Helical Bar, Investec, Plastics Capital, Rensburg AIM VCT

SPECIAL DIVIDEND PAYMENT DATE

Canadian General Investments Ltd. , Carnival

QUARTERLY PAYMENT DATE

Bank of America Corp., F&C Commercial Property Trust Ltd.

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

International Reserves (EU) (11:00), Final GDP (France) (06:45), Household consumption (France) (06:45), Retail sales (Spain) (07:00), Pending Homes Sales (US) (15:00), Chicago PMI (US) (15:00)

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