Monday
Clarkson (Q2 results)
Clarkson is a leading provider of integrated shipping services, providing a significant role in the movement of commodities and finished goods around the world. It operates through four divisions; Broking, Finance, Support and Research. The challenging conditions highlighted by the CEO in recent updates led to a profit warning in July. The fall in freight rates and continuing pressure on the offshore industry have both impacted and as a result profits for 2016 will be materially lower than the full year 2015. Investors will be hoping that trading conditions have not deteriorated further.
BHP Billiton (Q4 results)
The full year operational update showed that average realised prices fell below double digits across their mining portfolio and this will no doubt have a major impact on revenues and therefore result in another year of falls. However, operational performance has been better with lower costs of production and it is likely that the big wave of asset write-downs for the company and the sector as a whole is coming closer to an end. However, this does not mean that the mining companies are out of the woods just yet as rivals such as Rio Tinto have indicated that oversupply will remain and issue for a little while longer. Investors will keep a close eye on the dividend and news flow surrounding the Samarco accident.
Tuesday
Antofagasta (Q2 results)
The company did not report the most encouraging set of numbers in its latest production report, in which both copper and gold production missed expectations. The group therefore revised down full year production expectations towards the lower end of previous guidance. This will naturally impact revenues along with the fact that average prices of copper should be lower than the same period last year but better cost performances should help mitigate these issues.
Wednesday
Lookers (interim results)
There will be lots of interest from investors in these results given the sharp fall since the EU referendum. The company has sold its parts division and plans to use the proceeds to buy dealerships, investors should therefore lookout for any news on this matter. Recent car sales data has been weaker than previously but it is too soon to make any firm conclusions about the impact of Brexit on the auto retail sector.
Admiral (interim results)
Upbeat figures from other companies in the sector recently have raised expectations and the group’s full year results posted in March were encouraging. The company promised to increase dividends at that point so any news on that will be of interest to the market.
Thursday
Kingfisher (Q2 trading update)
In May the company reported a good start to the year in the UK but that came before the EU referendum. Trading in the struggling French operations will be of interest, as will any news about progress with the large restructuring and unifying programme. Recent retail sales data has been better than expected but any comments on prospects for the year, both on sales and profits, will be of great interest.
Announcements for the week commencing 15 August:
16 August, UK consumer price inflation: July 2016 – Office for National Statistics
UK inflation rose to 0.5% year on year in June. But in July 2015, month on month inflation was minus 0.2%, as data for this month falls out of the annual equation that makes up the annual inflation rate, to be replaced with data for July 2016, the odds that the annual rate will raise are high. Falls in the pound may also push upwards on prices, although it can take time for the full inflationary effect of a fall in sterling to be felt. UK inflation may well go over 1% later this year.
18 August, Retail Sales in Great Britain, July – Office for National Statistics
Last month the Office for National Statistics recorded a 4.3% rise in the volume of retail sales in June 2016 from the same month in 2015. However, the ONS says that a comparison of sales between the latest three month period and the same period a year earlier gives a better indication of the underlying rate. Retail sales in the three months to June rose by 1.6% compared to the year earlier. But how has the Brexit vote changed things? Recent evidence from the British Retail Consortium suggested that July saw brisk retail activity but largely thanks to price discounting. Will the ONS data support this finding?
Further announcements include:
16 August
US house Price Index, June – Office for National Statistics
US Consumer Price Index, July 2016 – U.S. Bureau of Labor Statistics
17 August
UK labour market statistics: Aug 2016– Office for National Statistics
Federal Open Market Committee Minutes, Meeting of July 26-27, 2016 – FED
18 August
EU Inflation, July (HICP) – Eurostat
19 August
Public Sector Finances, July 2016 – Office for National Statistics
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