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Latest Share Chat

Friday preview: US retail sales, consumer confidence in focus

Thu, 13th Apr 2023 11:59

(Sharecast News) - Investors' focus at the end of the week will flip to US activity indicators with the latest retail sales and industrial production figures due out.

At 1330 GMT, the Department of Commerce is expected to announce a 0.4% month-on-month decline in retail sales.

Worth keeping in mind, consumption accounted for roughly 68% of America's nominal gross domestic product at the end of 2022.

Industrial output meanwhile was expected to have increased by 0.3% on the month.

Also scheduled for release were the preliminary results for the University of Michigan's consumer confidence index for April, including the closely followed gauges of inflation expectations derived from the same.

Over on this side of the Pond, the Bank of England's Silvana Tenreyro would deliver a speech at 1700 GMT, followed by the European Central Bank's Joachim Nagel at 1915 GMT.

Fourth quarter results from US banking heavyweights Citigroup, J.P. Morgan and Wells Fargo were likely to dominate the corporate headlines and given the recent crisis in the sector might have clear implications for investors' macro assumptions.

Some analysts based in the City were clearly of a cautious bent going into their latest numbers.

"Tomorrow's bank figures of course will focus on the prospect of any further crisis in the sector, and hints that credit conditions are worsening could also go into the 'bad news is good news' pile (as long as there isn't too much of it)," said IG chief market analyst Chris Beauchamp.

On home shores, AO World was due to publish its fourth quarter results.

As recently as March the electrical goods retailer had upgraded its guidance for the second time year-to-date.

Management said full-year earnings before interest, taxes, depreciation and amortisation were set to rise to between £37.5-45.0m thanks to improving margins.

Friday 14 April

INTERIM DIVIDEND PAYMENT DATE

Abrdn UK Smaller Companies Growth Trust, Craneware, Galliford Try

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Business Inventories (US) (15:00)

Capacity Utilisation (US) (14:15)

Import and Export Price Indices (US) (13:30)

Industrial Production (US) (14:15)

Retail Sales (US) (13:30)

Retail Sales Less Autos (US) (13:30)

U. of Michigan Confidence (Prelim) (US) (15:00)

Wholesale Price Index (GER) (07:00)

FINALS

888 Holdings (DI), AO World, Flowtech Fluidpower, Lifesafe Holdings

AGMS

Zenith Energy LTD.Com Shs NPV (DI)

TRADING ANNOUNCEMENTS

888 Holdings (DI), CMC Markets, Hays

FINAL DIVIDEND PAYMENT DATE

Chemring Group, IDOX

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