The market spotlight at the end of the week will be on the release of the monthly US jobs report, with investors keen to assess what impact the spread of the Delta variant of Covid-19 is having on the labour market.
Consensus is calling for a slowdown in the pace of hiring from July’s pace of 943,000 to 787,000, but some economists are expecting a near halving in job growth.
Also due out is the result of the Institute for Supply Management’s services sector Purchasing Managers’ Index for August, which is seen dipping to 62.0 in August from the prior month’s reading of 64.0.
Across the Channel meanwhile, at 0900 BST, consultancy IHS Markit will publish the results of its own surveys for activity in euro area manufacturing and services in August with little if any change anticipated from the ‘flash’ readings.
Those surveys will be followed at 0930 BST by two more covering activity in the UK.
For Ashmore’s full-year results, UBS analyst Michael Werner is anticipating an 11% fall in sales to £289m, although on a diluted basis earnings per share are seen up by 17% to 29.9p.
Because the fund manager had already published its fourth quarter AuM and flows figures, Werner said investors’ focus would be on what Ashmore had to say regarding flow momentum, especially among institutional clients.
Worth noting, the analyst judged the shares were currently pricing in a “significant” delay in a rebound of its flows.
He also pointed out how whilst the stock was changing hands at 16.0 times forward earnings per share, if one excluded the excess capital position, which was equal to 20% of the firm’s market value, then the stock was trading at just 13 times its consensus forward EPS.
Friday 03 September
INTERIMS
Eurocell
INTERIM DIVIDEND PAYMENT DATE
Avon Protection, BB Healthcare Trust (Red), Churchill China, Direct Line Insurance Group, FDM Group (Holdings), Inchcape, Lancashire Holdings Limited, Man Group, Moneysupermarket.com Group, Phoenix Group Holdings
QUARTERLY PAYMENT DATE
Honeywell International Inc., ICG Enterprise Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
ISM Prices Paid (US) (15:00)
ISM Services (US) (15:00)
Non-Farm Payrolls (US) (13:30)
PMI Composite (EU) (09:00)
PMI Composite (GER) (08:55)
PMI Composite (US) (14:45)
PMI Services (EU) (09:00)
PMI Services (GER) (08:55)
PMI Services (US) (14:45)
Retail Sales (EU) (10:00)
Unemployment Rate (US) (13:30)
FINALS
Allergy Therapeutics, European Opportunities Trust
SPECIAL DIVIDEND PAYMENT DATE
Next
AGMS
Berkeley Group Holdings (The), Stagecoach Group
UK ECONOMIC ANNOUNCEMENTS
PMI Services (09:30)
FINAL DIVIDEND PAYMENT DATE
Cranswick, Iomart Group, NewRiver REIT, Severfield
