EXPECTED improvements in the purchasing managers’ index (PMI) data for manufacturing, construction and services this week should all point to further signs of the UK’s economic growth.
“The purchasing managers’ surveys are expected to show further robust growth in September across the services, manufacturing and construction sectors which would bode well for hopes that GDP growth in the third quarter will have exceeded the 0.7 per cent quarter-on-quarter growth rate achieved in the second quarter,” said Howard Archer, of IHS Global Insight.
“If the orders/incoming new business components of the surveys show ongoing strength, this would be a significant boost to hopes that the economy will extend its markedly improved performance into the fourth quarter.”
Bank of England lending figures, due out today, could also provide a filip for the economy.
“We look for the August lending data to continue improving, with net consumer credit of £600m and net mortgage lending of £1bn. We expect the number of mortgage approvals to increase further to 61,500 in the month,” said Blerina Uruci from Barclays.
“In recent months, lending flows to consumers have improved gradually, although despite this pick-up net lending remains well below the pre-crisis levels.”
The corporate calendar starts today with reports from M J Gleeson Group, International Ferro Metals Group, Lzye Group, Petmin, Verona Pharma, Velocys, Teg Group, Straight, Trans-Siberian Gold, Xtract Resources, Personal Group Holdings, ACTA, Camco Clean Energy, Good Energy Group, HarbourVest Global, Private Equity, Hellenic Carriers, Incadea, InternetQ, Personal Group Holdings, Zattikka, Homeserve, ICAP and KCOM Group.
Tomorrow’s company news comes from Ceres Power Holdings, James Halstead, Pure Wafer, St Ives, Pantheon International Participations, Wolseley, LiDCO Group and Walker Greenbank.
On Wednesday Tesco, Sainsbury, Domino’s Pizza and Electrocomponents will all update the market, while Ted Baker, Xyratex, Halfords Group, Ashmore Group and easyJet will report on Thursday.
Tate & Lyle and John Wood Group round off the week with numbers due on Friday.