Wednesday preview: European business confidence, Crest Nicholson in the spotlight

updated: 23 June 2020 at 2:04pm Author: Alexander Bueso

(Sharecast News) - Financial markets' focus on Wednesday will be on the release of multiple business confidence surveys across the Continent.
Foremost among the above will be the IFO institute's gauge for Germany in June, flanked by comparable surveys due out in Belgium, France and Sweden.

All of them are expected to reveal a marked improvement versus the prior month.

No major economic releases are slated for release on home shores.

Stateside, the FHFA's house price index for April is set to be published later in the day.

Further afield, rate-setters in New Zealand and Taiwan are due to meet to decide on policy.



On the companies side of things, Crest Nicholson will present its first half report card.

But according UBS's Anastasia Solonitsyna what will truly be foremost on investors' minds will be what the homebuilder has to say regarding its outlook.

In particular, Solonitsyna was seeking more information around recent trends in orders and cancellations, legal completions taken since building resumed on its sites, on 18 May, and on its cash generation.

For the latest six-month stretch meanwhile, the analyst had penciled-in a 14.5% year-on-year drop in total sales to reach £398.0m on the back of a 10.0% drop in the number of completions.

At £349,000 on the other hand, the company's average selling prices were seen just 5% lower, with gross margins expected to have shrunk from 19.8% to 14.9%.

Crest's profits before tax were pegged at approximately £29.0m, for 9.2p per share in earnings.

For the full-year, she expected the outfit to record a 31% decline in revenues to £747.0m, alongside a decline in operating margins from 12.2% to 7.3% for profits before tax of £40.0m.



On the companies side of things, Crest Nicholson will present its first half report card.

But according UBS's Anastasia Solonitsyna what will truly be foremost on investors' minds will be what the homebuilder has to say regarding its outlook.

In particular, Solonitsyna was seeking more information around recent trends in orders and cancellations, legal completions taken since building resumed on its sites, on 18 May, and on its cash generation.

For the latest six-month stretch meanwhile, the analyst had penciled-in a 14.5% year-on-year drop in total sales to reach £398.0m on the back of a 10.0% drop in the number of completions.

At £349,000 on the other hand, the company's average selling prices were seen just 5% lower, with gross margins expected to have shrunk from 19.8% to 14.9%.

Crest's profits before tax were pegged at approximately £29.0m, for 9.2p per share in earnings.

For the full-year, she expected the outfit to record a 31% decline in revenues to £747.0m, alongside a decline in operating margins from 12.2% to 7.3% for profits before tax of £40.0m.

Wednesday 24 June

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INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Crude Oil Inventories (US) (15:30)

House Price Index (US) (14:00)

IFO Business Climate (GER) (09:00)

IFO Current Assessment (GER) (09:00)

IFO Expectations (GER) (09:00)

MBA Mortgage Applications (US) (12:00)

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