London’s stock market closed at its highest level in more than a week. The FTSE 100 climbed 63 points, or 0.7%, to finish at 8,799, marking its strongest close since 18 June. The blue-chip index was lifted by gains across heavyweight sectors, offering a positive signal for investors heading into the second half of the week.
Retailers and pricing will take centre stage for UK investors in the week ahead, with updates expected from Sainsbury’s and Currys, alongside fresh sector-wide price data. Among the most anticipated are the US jobs report, global manufacturing and services PMIs, as well as a range of other economic indicators.
Monday 30 June
Corporate Announcements:
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Finals: eEnergy Group
Economic Data:
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UK: Zoopla House Prices, GDP, M4 Money Supply, Mortgage Approvals, Consumer Credit
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Germany: Import Price Index, Retail Sales
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Eurozone: Money Supply
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US: Chicago PMI
Tuesday 1 July
Supermarket pricing will be in focus as J Sainsbury reports first-quarter results. While the grocer previously claimed a £1bn investment in price reductions, the impact hasn’t been evident at the tills. Despite that, underlying profits topped £1bn on £31.6bn in annual sales.
Kantar reports supermarket price inflation rose to 4.7% in June—up from 4.1% in May and the highest since February’s 5.3%. The BRC Shop Price Index, also due Tuesday, will shed more light on food and non-food price trends, with retailers continuing to pass on cost pressures from higher wages and National Insurance hikes.
UBS expects around 4% sales growth from Sainsbury’s grocery arm, while Citi projects a more muted performance. Neither firm anticipates any upgrades to guidance.
Corporate Announcements:
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Trading Updates: J Sainsbury
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Interims: Kitwave Group, Wynnstay Group
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Finals: Augmentum Fintech, Gateley Holdings, Mercia Asset Management, Supreme
Economic Data:
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UK: Nationwide House Price Index, BRC Shop Price Index, Manufacturing PMI
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China, EU, US: Manufacturing PMIs
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EU: Inflation
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Germany: Unemployment Rate
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US: ISM Manufacturing, ISM Prices Paid, JOLTS Job Openings
Wednesday 2 July
Corporate Announcements:
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Trading Updates: Topps Tiles
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Finals: Renold
Economic Data:
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EU, US: Unemployment Rate
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US: MBA Mortgage Applications, ADP Employment Change, Crude Oil Inventories
Thursday 3 July
The US Non-Farm Payrolls report arrives a day early this month, ahead of the Independence Day market holiday on Friday.
Currys will report full-year results after a recent share price rally sparked by last year’s rejected takeover bid from Elliott Advisors. Investors are looking for more detail following May’s update, which hinted at dividend reinstatement but fell short of bullish expectations.
Corporate Announcements:
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Finals: Baltic Classifieds Group, Currys, Watches of Switzerland
Economic Data:
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China, UK, EU, US: Services PMIs
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US: Non-Farm Payrolls, Unemployment Rate, Factory Orders, ISM Services PMI, Balance of Trade
Friday 4 July
A subdued end to the week, with US markets closed for Independence Day.
On the domestic front, UK new car sales and the Construction PMI offer insights for attentive traders. Looking to the weekend, eyes will turn to Vienna for the OPEC+ meeting, and to Rio de Janeiro, where the 17th BRICs Summit gets underway.
Corporate Announcements:
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None scheduled
Economic Data:
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UK: New Car Sales, Construction PMI
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Germany: Factory Orders
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EU: Producer Price Index
