Tuesday preview: Fedspeak, Bellway in the spotlight

Fedspeak is expected to be in the spotlight again on Tuesday in what, save surprises, will be an otherwise light day on the economic front.

At 1545 GMT, the President of the Federal Reserve Bank of Philadelphia, Patrick Harker, will discuss the economic outlook at an event in New York.

Investors would also be keeping an eye out for the results of the US JOLTS labour market survey covering the month of February.

The Conference Board’s consumer confidence index for March might also make for interesting reading, given that it was likely to confirm recent weakness in the University of Michigan’s survey.

Consumer confidence will also be in focus across the Channel, with consultancy GfK’s gauge for Germany in April due out before the market open in London ,at 0700 GMT.

INSEE French consumer confidence index for March was also scheduled for release, at 0745 GMT.

In the UK, at 0930 GMT, the Bank of England will release consumer credit data for February.

For Bellway‘s first half results presentation, UBS analyst Gregor Kuglitsch expected the homebuilder’s outlook for the year to be key, given that it had already issued a trading update for the half.

So too, investors were likely to react to any details regarding current trading, including on the costs front, he said.

His estimates were calling for full-year volume growth of 9.5%, although average selling prices were seen dipping by 0.5%, while its operating margins and profit before tax and exceptionals were pegged at 18.5% and £621m, respectively.

An update on potential fire safety remediation costs would also be important.

Kuglitsch had factored-in £40m of such costs for the first six months of the year and an additional £225m into the valuation.

Monday 28 March


BHP Group Limited NPV (DI), Mountview Estates


Diversified Energy Company


Conygar Investment Company


Dialight, Globaltrans Investment GDR (Reg S), Octopus Renewables Infrastructure Trust , RTC Group, Tandem Group


Mountview Estates


Global Ports Investments GDR (REG S)