Wednesday preview: Budget 2020, Prudential in the spotlight

updated: 10 March 2020 at 5:42pm Author: Alexander Bueso

(Sharecast News) - All eyes on Wednesday will be on the Chancellor's budget for 2020 and what measures he may announce to help offset the near-term hit to the economy from the coronavirus.


Only a few days ago, some analysts had expect that it would be heavy on infrastructure spending, but back loaded, alongside revenue raising measures that were likely to fall most heavily on London and the South.

Against that backdrop, readings for industrial production, foreign trade and gross domestic product, in January, were due out at 0930 GMT, courtesy of the Office for National Statistics.

In the States meanwhile, the focus would be on consumer price data covering the month of February.



Prudential's second half results will be in focus on Wednesday, with investors looking for an update on the impact of the coronavirus foremost.

UBS's Colm Kelly is also expecting details regarding the group's new insolvency framework in Asia, the US and for the group, alongside further information on plans for its unit in the US, Jackson.

It will also be the first period for which the insurance and mutual fund provider will report in US dollars, he pointed out.

The analyst sees second half IFRS operating profits rising 19% to reach $2.5bn, for a 1% beat versus consensus, alongside a 13% drop in the value of new business to $2.2bn, although that would be 3% above consensus.

The final dividend payout meanwhile is seen at 25.8 cents, for a total dividend of 46 cents.

Wednesday March 11

QUARTERLY PAYMENT DATE

Merchants Trust

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Consumer Price Index (US) (12:30)

MBA Mortgage Applications (US) (11:00)

FINALS

Advanced Medical Solutions Group, Aptitude Software Group , Balfour Beatty, Breedon Group , Dignity, FDM Group (Holdings), Gem Diamonds Ltd. (DI), Lookers, Prudential

ANNUAL REPORT

William Hill

EGMS

Societatea Nationala De Gaze Naturale Romgaz S.A. GDR (Reg S)

UK ECONOMIC ANNOUNCEMENTS

Balance of Trade (09:30)

Gross Domestic Product (09:30)

Index of Services (09:30)

Industrial Production (09:30)

Manufacturing Production (09:30)