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Sheridan Admans, investment research manager at The Share Centre, gives his thoughts on what to expect from companies announcing results w/c 1 July 2013.

Wednesday

Carillion (interim management statement)

Contract wins in the UK and Middle East have brought some much needed good news recently. Investors will be hoping that trading remains in line with expectations and will be looking for comments on the prospects for more new business. Difficult market conditions in 2013 have now been factored in, so any outlook for next year, along with views on its international operations, will be worth noting. There has also been pressure on margins and this will be another area for investors to focus on.

We currently list Carillion as a HOLD

Tullow Oil (trading statement)

The oil and gas exploration and production group has had a very tough time this year following some disappointing testing results. However, these results should not influence the outcome of further drill tests which investors will be looking for updates on. Investors will also want to hear about production estimates, especially from its Jubilee field. In the last trading update Tullow gave a guidance of 86-92,000 boepd for the full year.

We currently list Tullow Oil as a BUY

Economic Diary

3 July, Composite Purchasing Managers’ Index for UK

manufacturing, construction and services for June
Last month the composite PMI rose to 54.3 from 52.1 in April and was consistent with UK growth of 0.5 per cent in Q2. More encouragingly, forward looking sub-indices tracking all three sectors (manufacturing, construction and services) all showed a marked improvement on last month. Did June see further signs of a pick-up?

4 July, Monetary Policy Committee Meeting and Announcement – Bank of England

It seems unlikely that the Bank of England’s MPC will vote for additional QE during Mark Carney’s first month as governor, and many argue that with the Fed suggesting it is to tighten monetary policy, we may have seen the last of QE in the UK. But the UK and the US’s economic cycles are not in sync, and the Bank of England and the Fed do not always move in unison. While additional QE in the UK is not likely to be announced on this occasion, it may be during the next few months, perhaps as soon as August’s MPC meeting.

3 and 5 July, Composite Purchasing Managers’ Index for US manufacturing and non-manufacturing, and US employment report for May

It is an important week for data on the US economy. Last month composite PMIs suggested that the second quarter will see the US economy slow down compared to the previous quarter, but data on US jobs continued to provide encouragement, with an increase of 175,000 in non-farm payrolls.

Other economic announcements include:

1 July

  • Financial Services Survey published, CBI/PwC
  • Flash Estimate Euro area inflation, June – Eurostat
  • EU Unemployment, May –Eurostat
  • Purchasing Managers’ Indices for manufacturing in the Eurozone – Markit, China – official and Markit/HSBC, US – ISM and Markit. And for the UK Markit/CIPS

2 July

  • Purchasing Managers Index, UK construction – Markit/CIPS

3 July

  • Profitability of UK Companies – Q1 2013 – ONS
  • Economic Review, July 2013 – ONS
  • EU Retail trade, May – Eurostat
  • Purchasing Managers’ Indices for services in the Eurozone – Markit, China – official and Markit/HSBC, US (non-manufacturing) – ISM and Markit. And for the UK Markit/CIPS

4 July

  • Governing Council meeting of the ECB in Frankfurt – Eurostat
  • EU National accounts (GDP) (3rd estimate), Q3 – Eurostat

5 July

  • US Household Debt Service and Financial Obligations Ratios, Fed
  • US Employment Situation, June – BLS
All information given including prices, yields and our opinion is correct at the time of publication.  Our opinions on investments can change at any time and for our latest view please go to www.share.com.  To understand how our Advice team arrive at their views please read our Investment Research Policy.

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