Sunday 4 December 2016

First post-Brexit hard data on UK economy due out

Published 15/08/2016 | 02:30

German Chancellor Angela Merkel will hold a working dinner with EU President Donald Tusk this week to discuss the agenda for the EU summit in Bratislava, Slovakia, which will address the response to Britain’s vote to leave the bloc Photo: PA
German Chancellor Angela Merkel will hold a working dinner with EU President Donald Tusk this week to discuss the agenda for the EU summit in Bratislava, Slovakia, which will address the response to Britain’s vote to leave the bloc Photo: PA

Investors will get a smorgasbord of data this week from some of the world's largest economies.

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Importantly for Ireland, a UK report on inflation, due tomorrow, will provide the first hard data since the Brexit vote. The Bank of England has forecast that the weaker pound will boost import costs and push inflation back to its 2pc target faster than previously anticipated.

German Chancellor Angela Merkel will hold a working dinner with EU President Donald Tusk this week to discuss the agenda for the EU summit in Bratislava, Slovakia, which will address the response to Britain's vote to leave the bloc.

Today, second quarter growth in Japan is expected to show weak private consumption. Japanese economic growth slowed in the second quarter, economists predict.

US data on July consumer prices, due out tomorrow, is expected to reveal little change - continuing a glacial pace of inflation that lets Federal Reserve policy remain accommodative.

Separate data on housing starts in the US from the Commerce Department are also predicted to reveal little change in July from a month earlier, indicating slow progress in residential construction.

Turning to companies, Cairn Energy will report interim results tomorrow as Ovoca Gold holds its AGM in Dublin.

Glanbia reports interim results on Wednesday.

Wal-Mart Stores, Cisco Systems and Home Depot will cap off earnings reports for companies in the Dow Jones Industrial Average. Nestle and Tencent Holdings will also release results.

The week ahead

Monday

Bovis Homes interim results

Tuesday

Cairn Energy interim results, Ovoca Gold AGM, UK report on consumer price growth

Wednesday

Glanbia interim results

Thursday

ECB releases minutes of July monetary policy meeting

Friday

Deere & Co earnings

Irish Independent

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