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Tuesday preview: UK public sector borrowing, CRH in the spotlight

By Alexander Bueso

Investors’ focus on Tuesday was expected to be on UK public sector borrowing data covering the month of October.

The Office for National Statistics would release the figures at 0700 GMT.

Stateside, a spate of top US central bank speakers who are scheduled to deliver speeches.

They included the head of the Federal Reserve Bank of Cleveland at 1600 GMT, the chief of the Kansas City Fed at 1915 GMT and his peer at the St.Louis Fed at 1945 GMT.

Across the Channel meanwhile, at 1500 GMT, Eurostat was to publish its preliminary reading for consumer confidence in the single currency bloc covering the month of November.

Further afield, rate-setters in Wellington, New Zealand were expected to announce a 75 basis point hike in the official cash rate to 4.25%.

On the corporate side of things, CRH was due to deliver a trading update for the third quarter.

For UBS analyst Gregor Kuglitsch, investors would be focusing on the outlook heading into 2023 with tailwinds from infrastructure expected to be offset by headwinds from housing in the US.

The result was expected to be a modest decline in like-for-like earnings before interest, taxes, depreciation and amortisation.

Regarding the third quarter, Kuglitsch had penciled in a 10% jump in organic sales while organic EBITDA growth was seen coming in at 6%.

Once foreign exchange movements and mergers and acquisitions were taken into account however, EBITDA was seen broadly flat on the $1.9bn achieved in the comparable year ago period.

Tuesday 22 November

INTERIMS

Accsys Technologies, AO World, CML Microsystems, Helical, Homeserve, Severfield, Tatton Asset Management , Telecom Plus, Trifast

INTERIM DIVIDEND PAYMENT DATE

Octopus Apollo VCT

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Consumer Confidence (EU) (15:00)

Current Account (EU) (09:00)

Q3

AB Ignitis Grupe GDR (Reg S)

GMS

Alpha Fx Group

EGMS

Invinity Energy Systems

AGMS

Fonix Mobile , Kingswood Holdings Limited, Origin Enterprises (CDI), Physiomics, Rainbow Rare Earths Limited NPV, TCS Group Holding GDR (Each Repr 1 A Shr) (Reg S), TCS Group Holding GDR (Each Repr 1 A Shr) (Reg S)

TRADING ANNOUNCEMENTS

Restore

FINAL DIVIDEND PAYMENT DATE

Close Brothers Group

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