The week ahead: 01/05/23
Three key events this week are earnings from tech giant Apple, the US Fed’s decision on interest rates and the US nonfarm payrolls release on Friday. We’ll also get updates from Pfizer, HSBC, Lloyds, BP, Shell, ConocoPhillips, AB InBev, Ford, Volkswagen, BMW and Adidas, plus German and eurozone retail sales and Australian and eurozone rate decisions.
Monday 1 May
While Monday is a holiday in the UK and Europe, we have manufacturing PMI data for Australia (late Sunday), Japan and the US, plus the ISM’s own US manufacturing PMI. The earnings schedule includes medical tech firms Stryker and Hologic, networking company Arista, semiconductor makers NXP and Rambus, pharma firm Vertex, payment processor Global Payments, entertainment company MGM Resorts, wireless infrastructure firm SBA, car rental group Avis Budget, US conglomerate Loews, agricultural chemicals company FMC and security software firm Check Point.
Track the key events on our economic calendar.
Tuesday 2 May
After the RBA announces its decision on Australian interest rates on Tuesday morning, more manufacturing PMI data comes in for France, Germany, the eurozone and the UK. Also look out for UK Nationwide house prices, German retail sales, eurozone CPI, US factory orders and the JOLTs US labour market report. Pharma firm Pfizer reports to the market after last week being overtaken by rival AstraZeneca in terms of market cap. Figures are also due from microprocessor maker AMD, UK bank HSBC, coffeehouse chain Starbucks, oil supermajor BP, manufacturer ITW, conglomerate Eaton, rideshare platform Uber, petrol refiner Marathon Petroleum, hotel chain Marriott, US carmaker Ford, water hygiene firm Ecolab, fast food holding company RBI, retail property group Simon, food service supplier Sysco, drug wholesaler AmerisourceBergen, brewer Molson Coors and financial services firm Western Union.
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Wednesday 3 May
On Wednesday we’ll get updates from wireless tech firm Qualcomm, aircraft maker Airbus, delivery group Deutsche Post, healthcare firm CVS Health, cosmetics company Estée Lauder, insurance provider MetLife, petrol refiner Phillips 66, hydrocarbon exploration firm Marathon Oil, banking group Lloyds, gold-mining company Barrick, energy infrastructure firm Williams, steel distributor Klöckner, travel review site Tripadvisor, speciality chemicals firm Albemarle and UK housebuilder Barratt Developments. Keep an eye out for the eurozone unemployment rate and, in the US, the latest services PMI, ISM non-manufacturing PMI and the US Fed’s monetary policy decision: markets have priced in a high probability that the FOMC will raise the target rate by 25 basis points to 5.25%.
Thursday 4 May
Apple leads the earnings on Thursday, as the tech group’s new savings account extends its operations in financial services. Figures also come from oil supermajors Shell and ConocoPhillips, drinks giant AB InBev, travel site Booking, e-commerce platform Shopify, Norwegian energy company Equinor, pharma firm Regeneron, German carmakers Volkswagen and BMW, US energy utilities Sempra and American Electric Power, medical tech firm BD, insurance group AIG, steel producer ArcelorMittal, US food brand Kellogg’s, UK retailer Next, fashion house Hugo Boss, airport operator Fraport and engine manufacturer Deutz. Other data includes Australian, German and US trade balance, China’s manufacturing PMI and French, German, eurozone and UK services PMI, while the ECB also decides on eurozone interest rates.
Go long or short on UK, US and European equities.
Friday 5 May
We end the week with April’s US nonfarm payrolls, after the US economy added 236,000 jobs in March, in line with expectations. Watch out too for the latest Chinese services PMI, French, German, eurozone and UK construction PMI, German factory orders and eurozone retail sales. Earnings come from US healthcare group Cigna, energy utilities Dominion and AES, fire safety conglomerate Johnson Controls, sportswear group Adidas, car parts manufacturer Magna, software engineering firm EPAM, hotel group InterContinental, fuel refiner PBF Energy, media company AMC and food industry firm GEA.
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Published: 1 May 2023
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