Thursday preview: US ADP jobs report, Melrose in the spotlight

updated: 4 September 2019 at 3:37pm Author: Alexander Bueso

(Sharecast News) - The market spotlight on Thursday will shift back towards the US labour market.
At 1315 BST, US consultancy ADP will release its private sector payrolls report for August, which may foreshadow what investors can expect out of the official non-farm payrolls report due out on the following day.

The next monthly jobs report meanwhile may influence US central bankers' decision heavily when they next meet, later in September.

No major economic releases are scheduled in the UK.

Across the Channel meanwhile, factory orders data covering the month of July are due out.

Investors will also be keeping tabs on the results of the Swedish central bank's policy meeting.

For Melrose's fist half numbers, UBS analyst Celine Fornaro was expecting the turnaround specialist to report a "good performance" at its Aerospace arm, albeit alongside a "challenged" end market for automobiles and with margins under pressure at its security unit.

To take note of, at the time of its 9 May update, Melrose had guided towards overall group margins of over 11.0% over 2019-21, with those in Aerospace at 12.0%, Driveline at 11.0% and PowderMet at 14.0%.

"Melrose shares tend to pay off significantly when industrial end-markets growth is moderate/slowing as management has a proven track record on tackling the cost base while investing and then selling the asset when momentum is picking up," Fornaro said.

Thursday August 29

INTERIMS

Chesnara, Churchill China, Eddie Stobart Logistics , Fisher (James) & Sons, Hunting, Public Joint Stock Company Rosseti GDR (Each REPR 200 ORD) Reg S, The Gym Group

INTERIM EX-DIVIDEND DATE

Ascential, Baronsmead Second Venture Trust, Baronsmead Venture Trust, Camellia, Capital & Counties Properties , Centamin (DI), Charter Court Financial Services Group , Chemring Group, CRH, Globaldata, Hammerson, Hochschild Mining, Hostelworld Group , InterContinental Hotels Group, JPMorgan American Inv Trust, Mincon Group , National Express Group, Northern Electricity Prf, OneSavings Bank, Plus500 Ltd (DI), Polypipe Group , Quilter, Rights & Issues Inv Trust Income Shares, Rotork, Secure Trust Bank, St James's Place, Transgloble Energy Corporation NPV (DI), Tullow Oil, Ultra Electronics Holdings, Wood Group (John)

QUARTERLY PAYMENT DATE

Greencoat Renewables

QUARTERLY EX-DIVIDEND DATE

BlackRock World Mining Trust, Canadian General Investments Ltd.

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Business Climate Indicator (EU) (10:00)

Consumer Confidence (EU) (10:00)

Continuing Claims (US) (13:30)

Economic Sentiment Indicator (EU) (10:00)

GDP (Preliminary) (US) (13:30)

Import Price Index (GER) (07:00)

Industrial Confidence (EU) (10:00)

Initial Jobless Claims (US) (13:30)

Pending Homes Sales (US) (15:00)

Personal Consumption Expenditures (US) (13:30)

Services Confidence (EU) (10:00)

Unemployment Rate (GER) (08:55)

FINALS

Hays

SPECIAL EX-DIVIDEND DATE

Martin Currie Asia Unconstrained Trust

AGMS

Braveheart Investment Group, Dods Group, Downing One VCT

FINAL EX-DIVIDEND DATE

600 Group, Alpha Financial Markets Consulting, Auto Trader Group , DWF Group , Gordon Dadds Group , Knights Group Holdings , Robinson, Solid State, TheWorks.Co.Uk, XPS Pensions Group

Q1

Amigo Holdings