Tuesday preview: ZEW economic expectations index, Glencore in the spotlight

updated: 15 February 2021 at 3:03pm Author: Alexander Bueso

(Sharecast News) - Financial markets' focus on Tuesday will be on the ZEW institute's economic expectations index for Germany.

Expectations have forecast a dip from January's reading of 61.8 to 60.0 in February.

Investors will also be keeping tabs on the weekly meeting of European Union finance ministers for any policy relevant decisions.

Stateside, the main release of the session will be the Federal Reserve Bank of New York's regional manufacturing sector gauge, also for February.

Further afield, the Reserve Bank of Australia will publish the minutes from its policy meeting.

In Japan, the Ministry of Trade, Economy and Industry will release its tertiary activity index covering the month of December.

Commodities trader Glencore is among the corporate names due to update investors on Tuesday.

UBS's Myles Allsop expects the firm will post full-year earnings before interest, taxes, depreciation and amortisation of approximately $11bn.

Net debt meanwhile is expected to have been pared from $19.6bn as at June 2020 to around $16bn.

Glencore was also seen declaring a dividend of $0.1.

Most importantly perhaps, the company was expected to introduce its incoming chief executive officer, Gary Nagle, who was scheduled to take over at the helm towards mid-year.

Allsop did not see anticipate any material changes in strategy under Nagle, although he did see scope for further streamlining of the portfolio and for Glencore to burnish its ESG credentials - the latter in terms of governance and via adoption of a responsible coal strategy.

As an aside, the analyst was expecting a global settlement with the US Department of Justice and other regulators over the following 12-18 months.

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