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27 Aug 2021 | 14:01

Week ahead: Non-farm payrolls in focus; Barratt, Melrose earnings due

(Sharecast News) - The corporate and macroeconomic calendars will start to pick up again next week after the August lull, culminating in the US jobs report at the end of the week. On the UK corporate front, Thursday sees the release of earnings from GKN owner Melrose and housebuilder Barratt Developments.

On Melrose, due to release first-half results, UBS said the autos division is expected to be affected by the ongoing semiconductor shortage, which is a known issue that could persist beyond FY21 as uncertainty remains as to when this shortage may be fixed in 2022.

"We also believe aerospace will see a slightly better-than-expected performance, but we still estimate a year-on-year decline in 1H21 of 11%. Raw material price increases are expected to have a limited impact as we believe Melrose will be able to pass on these costs to customers albeit with a slight time lag," the bank said.

As far as Barratt's full-year results are concerned, UBS said: "Given Barratt mostly guided for FY21 (to June) we don't expect major deviations from expectations."

The bank noted that consensus for GY22 pre-tax profit stands at £977m so it expects some upgrades over time given its forecast of £1.02bn.

On the macro calendar, the US non-farm payrolls report on Friday will be the highlight, with the pace of jobs growth set to have implications for the debate around how quickly the Federal Reserve tapers asset purchases.

Deutsche Bank said its economists are expecting that a further 750,000 will be added to non-farm payrolls, which will see the unemployment rate tick down to a post-pandemic low of 5.2%.

"That said, even 750k job growth for August would leave the total number of non-farm payrolls almost 5m below its pre-Covid peak back in February 2020, while the unemployment rate is some way above the 3.5% low pre-Covid, so it's clear the labour market still has some way to go to get back to its pre-Covid state.

"That's unlike the GDP figures, with real GDP having surpassed its Q4 2019 level in Q2 2021."



Monday August 30



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Canadian General Investments Ltd.



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Base Resources Ltd



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Afarak Group (DI)



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Tuesday August 31



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AB Ignitis Grupe GDR (Reg S), Centralnic Group , Globaltrans Investment GDR (Reg S)



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Polar Capital Global Financials Trust



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City of London Inv Trust, Custodian Reit , Picton Property Income Ltd



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AB Ignitis Grupe GDR (Reg S), Fondul Proprietatea S.A. GDR (Reg S)



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Brave Bison Group, Just Group



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CableVision Holdings S.A. GDS



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APQ Global Limited, Edge Performance VCT 'H' Shares, Iomart Group, Northern 2 VCT, Puma Alpha Vct , Puma Vct 11, Puma VCT 12 , RUA Life Sciences



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Wednesday September 01



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888 Holdings, Churchill China, Johnson Service Group, Menzies(John), Petropavlovsk, PPHE Hotel Group Ltd, Uniphar (CDI)



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JpMorgan China Growth & Income



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Arcontech Group



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Braemar Shipping Services



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Gem Diamonds Ltd. (DI), Gulf Keystone Petroleum Ltd Com Shs (DI), Inspired, Wentworth Resources NPV



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Aferian



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Admiral Group, Antofagasta, Aviva 8 3/8% Cumulative Irrd Preference 1, Bristol Water 'A' 8 3/4% Cum Irrd Prf, Capital Limited (DI), Centamin (DI), Clarkson, Convatec Group , CPP Group, Franchise Brands, General Accident (Prf), Genuit Group, Globaldata, Grafton Group Ut (CDI), H&T Group, International Personal Finance, John Menzies 9% Cumulative Preference 1, JPMorgan American Inv Trust, Maven Income & Growth 4 VCT, Northern Electricity Prf, Pagegroup, Quilter, Rathbone Brothers, Robert Walters, S and U 6% Cumulative Prf. £1, Savills, Tclarke



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Diversified Energy Company , Premier Miton Global Renewables Trust, RM Infrastructure Income, UIL Limited (DI)



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Barratt Developments



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Admiral Group, Glencore , Pagegroup, Puma Vct 11



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Blue Planet Investment Trust, Carclo, Jet2, Jlen Environmental Assets Group Limited NPV, Monks Inv Trust, Safestay, Watches of Switzerland Group



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Pennon Group



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BHP Group, Creightons, Downing Four Vct Generalist, Downing Four Vct Healthcare , Gresham House Strategic , Miton UK Microcap Trust, Panther Securities, Redde Northgate, Solid State



Friday September 03



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Eurocell



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Avon Protection, BB Healthcare Trust (Red), Churchill China, Direct Line Insurance Group, FDM Group (Holdings), Inchcape, Lancashire Holdings Limited, Man Group, Moneysupermarket.com Group, Phoenix Group Holdings



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Honeywell International Inc., ICG Enterprise Trust



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FINALS

Allergy Therapeutics, European Opportunities Trust



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Next



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Berkeley Group Holdings (The), Stagecoach Group



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PMI Services (09:30)



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Cranswick, Iomart Group, NewRiver REIT, Severfield
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