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Tuesday preview: BoE and Fed speakers, DS Smith in the spotlight

On a light day in terms of economic data, investors’ attention is likely to be on any policy-relevant remarks contained in speeches from top Bank of England and Federal Reserve policymakers scheduled for Tuesday.
BoE chief economist Huw Pill and fellow Monetary Policy Committee member, Silvia Tenreyro, are due to publish their remarks at 0715 BST and 1215 BST, respectively.

On the other side of the Pond meanwhile, Cleveland Federal Reserve boss, Loretta Mester, will deliver a speech at 1700 BST, followed by her peer at the Richmond Fed, Thomas Barkin, at 2030 BST.

Also on home shores, at 1100 BST, the Confederation of British Industry will publish the results of its Industrial Trends survey for June at 1100 BST.

In the euro area, Eurostat will announce current account data for the euro area in April at 1000 BST.

Further afield, South Korean export figures for the first 20 days of June are set for release overnight.

For DS Smith’s second-half numbers, UBS analyst Mikael Doepel has penciled-in a 13.1% jump in sales to reach £3.53bn for a 29.4% surge in earnings before interest and tax to £339m.

Consensus for the half meanwhile was at £3.49bn at the top-line level and at £352m for the company’s EBIT.

Doepel also highlighted the rise seen in the packaging company’s costs but said he did not expect DS Smith’s margins be impacted “due to good price traction”.

On the shares’ roughly 10% underperformance versus the general market year-to-date and of roughly 15% against its sector peers, the analyst believed it reflected growth and margin concerns “as well as relatively better short-term momentum elsewhere in the space.”

Indeed, box makes such as DS Smith looked “relatively attractive” to him going into calendar years 2022-23.

Tuesday 21 June

INTERIMS

Safestore Holdings

INTERIM DIVIDEND PAYMENT DATE

Jersey Electricity ‘A’ Shares, Numis Corporation, Virgin Money UK

QUARTERLY PAYMENT DATE

Chenavari Toro Income Fund Limited NPV

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Current Account (EU) (09:00)

Existing Home Sales (US) (15:00)

FINALS

Cropper (James), Record, Telecom Plus, Trifast

AGMS

1Spatial, Altus Strategies , Coca-Cola HBC AG (CDI), ContourGlobal , Cora Gold Limited (DI), Fireangel Safety Technology Group, HSS Hire Group , North Atlantic Smaller Companies Inv Trust, Novacyt S.A. (CDI), Pendragon, PJSC Lukoil ADR, PJSC Lukoil ADR, RTW Venture Fund Limited NPV, Slingsby H.C, Strip Tinning Holdings, The Mission Group, The Mission Group, Velocys plc

FINAL DIVIDEND PAYMENT DATE

Gem Diamonds Ltd. (DI), Inchcape

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