UK SALES data and GDP estimates are due out this week, while on the corporate calendar several bookmakers are set to issue results, with both 888 Holdings and its takeover target Bwin.party due to report on Friday.
Tomorrow, the British Bankers’ Association will release its latest mortgage approvals data, while on Wednesday, Nationwide will publish its most up to date housing prices data.
Meanwhile, also on Wednesday, the Confederation of British Industry (CBI) will release reported retail sales data for the UK.
Recent official sales data from the Office for National Statistics shows that retail sales rose by 0.4 per cent in July, and according to the CBI’s last distributive trades survey, which is carried out on a monthly basis, retailers expect sales growth to continue at a robust pace in the year to August.
The CBI has warned that retailers are “still facing a number of challenges”, with prices in the sector continuing to fall sharply – they were down by two per cent in the year to July.
The business group said: “With competition remaining fierce, businesses are telling us that margins in the sector remain tight.”
On Friday, the second estimate of second quarter GDP data will be issued, a key indicator of economic growth, will be issued.
In July, GDP was estimated to have increased by 0.7 per cent in the April to June quarter, compared with growth of 0.4 per cent in the first quarter.
If the second estimate revises that number upwards, it could be a boost for the pound.
However, analysts at ShareCast said it is expecting the 0.7 per cent estimate to remain unchanged “as industrial production and construction output data released since the preliminary estimate have not suggested that a revision is likely”.
Meanwhile, on the corporate calendar, Amlin and Headlam Group report today, and Antofagasta, BHP Billiton and James Fisher & Sons will update the market tomorrow.
Wednesday sees Carillion, HSS Hire Group, Paddy Power and WPP release numbers, while on Thursday, Aldermore Group, Amec Foster Wheeler and Playtech will update the market.
On Friday, 888 Holdings, Bwin.party, Charles Taylor, Henry Boot and Renishaw will all report.