Thursday preview: UK Parliament, US-China trade, Fedspeak in focus

updated: 27 March 2019 at 1:43pm Author: Alexander Bueso

(Sharecast News) - All eyes will continue to be on the UK Parliament on Thursday.
Investors will be pouring over the results of the previous night's indicative votes, trying to anticipate their possible implications, even as they keep an eye on the headlines coming out of Westminster to try and ascertain whether the Prime Minister has managed to gather the support she needs to get her Brexit deal approved.

In the background, barring surprises, it will be all about the ongoing US-China trade talks, as the American Trade Representative, Robert Lighthizer, and Secretary of the Treasury, Steve Mnuchin, arrive in Beijing for the next round of negotiations.

Interspersed throughout the session will be speeches from five top officials from the Federal Reserve, all of whom wield a vote on policy on this year's Federal Open Market Committee.

They are Randal Quarles (1115 GMT), Richard Clarida (1330 GMT), Michelle Bowman (1400 GMT), John Williams (1715 GMT) and James Bullard (2120 GMT).

MITIE is among the few companies scheduled to update financial markets on Thursday.

Numis analyst James Beard estimates the outsourcer will post fiscal year 2019 profits before tax of £67.8m, despite a non-cash boost to its bottom line after accounting for IFRS 15, as a result of the tough trading conditions in the UK.

That would put it 8% below the analyst consensus.

Key to his estimates, Beard said competitive pressures likely largely offset the cost savings from the company's Project Helix transformation.

On 8.5 times his estimates for the company's fiscal 2019 earnings, the shares were not "expensive", he added, but given the likely continuation of competitive pressures and MITIE's leveraged balance sheet, he retained a "cautious" stance towards them.

Friday March 29

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