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Thursday preview: BoE, Mondi in focus

By Alexander Bueso

Financial markets’ focus on Thursday will shift back to the UK where rate-setters at the Bank of England are due to meet to decide on monetary policy.
At noon the Old Lady on Threadneedle Street is expected to announce a 50 basis point hike in Bank Rate to 1.75%.

Seven Monetary Policy Committee members are expected to vote in favour of the decision and the two others for a smaller 25bp hike.

Investors will also be paying attention to the TV debate at 2000 BST between Conservative party’s candidates to become its next leader.

Stateside, the spotlight will be on the latest weekly initial jobless claims numbers and a reading on foreign trade in June.

Cleveland Fed boss Loretta Mester will speak at an event from 1700 BST.

Across the Channel, focus will be on German industrial production figures covering the month of June which are due for release at 0700 BST.

For Mondi’s first half, UBS analyst Andrew Jones expects the packaging specialist to blow past analysts’ forecasts.

However, the analyst consensus may not be comparable as some analysts had already excluded the company’s operations on Russia from their estimates.

His own estimate is for sales of €4.9bn for 16.4% growth year-on-year, putting him 16.1% ahead of the consensus.

Earnings before interest and taxes meanwhile are pegged to come in at €885m, up 41% on year and 26.3% above the consensus.

Nevertheless, sector peer Smurfit Kappa beat the consensus by a wide margin with its own numbers, not least due to stronger-than-expected box pricing, which bode well for Mondi’s numbers, Jones pointed out.

For Jones, investors would be watching for progress on divesting the Russian unit, with exposure to that country having been a drag on the share price year-to-date, and managements comments on the outlook given weakening industrial and retail demand in the European Union.

Thursday 4 August

FINALS

Revolution Beauty Group

INTERIMS

Convatec Group, Mondi, Coca-Cola Europacific Partners (DI), The Gym Group, Morgan Sindall Group, Hikma Pharmaceuticals, Evraz, Bank Pekao SA GDS (Reg S), Spirent Communications, Glencore, Mears Group

Q2

Bank Pekao SA GDS (Reg S)

TRADING ANNOUNCEMENTS

Next, Sanderson Design Group

AGMs

Investec, STM Group, Clontarf Energy, Larsen and Toubro Ltd. GDS (Reg S), Starcrest Education Limited (DI)

FINAL EX-DIVIDEND DATE

CML Microsystems, Ingenta, Mediclinic International, Circle Property, BT Group, Abrdn New Dawn Investment Trust

Latham (James), Currys

FINAL DIVIDEND PAYMENT DATE

The Global Smaller Companies Trust, Caledonia Investments

INTERIM EX-DIVIDEND DATE

Nichols, Polar Capital Global Healthcare Trust, Aew UK Reit, Residential Secure Income, Rentokil Initial, Avon Protection, Schroders (Non-Voting), Schroder Real Estate Investment Trust Ltd, GCP Infrastructure Investments Ltd, GCP Asset Backed Income Fund Limited, Schroders, Tyman, Schroder Oriental Income Fund Ltd, Starwood European Real Estate Finance Ltd, Axiom European Financial Debt Fund Limited, Gore Street Energy Storage Fund, M & G Credit Income Investment Trust, Vesuvius, Impax Environmental Markets, Lancashire Holdings Limited, CVC Income & Growth Limited NPV GBP, EJF Investments Ltd NPV, Dunedin Income Growth Inv Trust, Games Workshop Group, Invesco Perpetual UK Smaller Companies Inv Trust, Marwyn Value Investors Limited, CVC Income & Growth Limited NPV Euro, PRS Reit (The), JPMorgan Global Core Real Assets Limited, Lloyds Banking Group, Inchcape, International Biotech Trust, Albion Enterprise VCT, Polar Capital Global Financials Trust, Aberforth Split Level Income Trust, Taylor Maritime Investments Limited NPV, Reckitt Benckiser Group, Tritax Big Box Reit, Atrato Onsite Energy, RELX plc, Aberforth Smaller Companies Trust, Aptitude Software Group

SPECIAL EX-DIVIDEND DATE

Aberforth Split Level Income Trust

SPECIAL DIVIDEND PAYMENT DATE

Caledonia Investments

QUARTERLY EX-DIVIDEND DATE

Greencoat Renewables (CDI), Brunner Inv Trust, Unilever, Picton Property Income Ltd, City of London Inv Trust

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Factory Orders (GER) (07:00)

Retail Sales (EU) (10:00)

Initial Jobless Claims (US) (13:30)

Continuing Claims (US) (13:30)

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