BHP’S full-year results to reveal the impact of global slowdown
Heavyweight miner expected to report mixed fortunes as trade-war fears bite
LAST week was rocky for global markets. Rising tension in Hong Kong, a continued war of words between the US and China, weak German GDP data and the temporary appearance of a key recession indicator – a flipped yield curve on 2yr/10yr bonds – combined to send equities tumbling. This month has defied August’s reputation for quietness so far, but major corporate news is still fairly thin on the ground.
Today
Economics: Rightmove house prices (UK), CPI (eurozone)
Tomorrow
There’s a mixed picture for mining heavyweight BHP as it prepares to reveal its full-year results. Its share price has done well over the past year and a falling pound has increased the value of its global operations. The price of iron ore is being hurt by trade war fears, however, putting pressure on its shares. It is also trying to see off US activist Elliott Investments.
Full-year results: BHP
Interim results:
Empiric Student Property, Global Ports, John Wood Group, Persimmon, Tribal Group, Seadrill
Economics:
CBI manufacturing (UK), construction (eurozone)
Wednesday
Interim results: Charter Court, Costain, Hansteen Holdings, Hostelworld, Onesavings
Economics:
Public sector net borrowing (UK), mortgage applications and house sales (US), Federal Reserve minutes
Thursday
Full-year results for Laura Ashley are likely to be gloomy. The retailer has already warned that it expects to miss expectations amid falling furniture and decoration revenues.
Full-year results: Laura Ashley
Interim results:
Anglo Pacific Group, Antofagasta, John Laing Group, NMC Health, Playtech, Premier Oil, Rank Group, Sportech
Economics:
CBI retailing (UK), consumer confidence (eurozone), manufacturing and services PMIS (US and eurozone) jobless claims (US)
Friday
An appearance by Federal Reserve chairman Jerome Powell at the Kansas City Fed’s annual Jackson Hole economic symposium will be a key opportunity for further insight. “Historically, this has been used to signal shifts in the Fed’s thinking,” said Investec’s Victoria Clarke. “But this year may well take on additional importance given that it is likely to be Jerome Powell’s first public comments since the latest round of tariffs were announced.”
Interim results: Computacenter, Henry Boot
Economics:
New home sales (US)