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The week ahead: 06/06/22

We’ll gain new insights into the UK housing market this week, with house price updates from Halifax on Wednesday and RICS on Thursday, plus construction PMI data on Wednesday. Other highlights include Japanese and eurozone GDP and Chinese and US inflation figures. We’re also due earnings from JM Smucker, Cracker Barrel, Brown-Forman, Campbell’s, Aveva, Nio, Signet and Mitie.

Monday 6 June

Early on Monday morning the latest services PMI data for China was released. In April China’s service sector contracted at the second worst rate since the survey began, due to new Covid restrictions. While the earnings schedule is light, in the US this afternoon we’ll see the Conference Board’s employment trends index for May.

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Tuesday 7 June

Delayed by the UK bank holidays, the UK services PMI for May is released on Tuesday. We can also digest the UK BRC retail sales monitor, Japanese household spending, German factory orders and construction PMI, and the US April trade balance. In Australia the RBA makes its latest decision on interest rates while, among the earnings, look out for food producer JM Smucker, currently facing potential lawsuits over recalled peanut butter, and restaurant and gift store chain Cracker Barrel.

Wednesday 8 June

US spirits and wine manufacturer Brown-Forman is due to report to the market on Wednesday, along with iconic soup maker Campbell’s, UK IT firm Aveva, Hungarian budget airline Wizz Air and commercial property group Workspace. The Halifax house price index will give us an update on the health of the UK housing market, while we’ll also get Japanese current account and revised Q1 GDP figures, German industrial production, UK construction PMI and the final Q1 GDP for the eurozone.

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Thursday 9 June

Hot on the heels of the Halifax data, the RICS residential market survey for May is published on Thursday. Last month’s report showed that the cost of living crisis hadn’t yet affected UK house prices in April, with 80% of respondents across the UK reporting a rise in prices. Also keep an eye out for the Chinese trade balance, French Q1 nonfarm payrolls and the ECB’s decision on eurozone interest rates. Earnings come from Chinese electric vehicle maker Nio, jewellery retailer Signet and UK outsourcing group Mitie.

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Friday 10 June

We’ll get some more inflation data on Friday, with Chinese and US CPI figures due to be released. In April US price growth eased to 0.3%, with annual inflation at 8.3%, still close to a 40-year high. Other highlights in the US include the University of Michigan consumer sentiment survey and the Treasury’s federal budget balance for May.

Published: 6 June 2022

You should under no circumstances consider the information and comments provided as an offer or solicitation to invest. This is a macro summary of scheduled news announcements and is not investment advice, independent research or an investment recommendation. The information provided is believed to be accurate at the date the information is produced.

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