● Tomorrow, St Modwen Properties will release its interim results. It is not a good time to be in the housing business, but the management recently announced it expects “results for the half year and net asset value increases to be at the top end of management expectations, and ahead of consensus forecasts”.
● Tomorrow, retailer N Brown Group will deliver its interim management statement. James David Williams founded the FTSE 250 home shopping retailer in 1859.
● Balfour Beatty gives its trading update on Wednesday. The construction company has recently bought US contractor Howard S Wright (HSW) for $93m. This is its second US purchase this month in its moves to build up US operations.
● Today, Markit’s UK Purchasing Managers’ Index (PMI) for construction output is released. It’s a leading indicator.
● Tomorrow, the RBA announces its decision on interest rates, with the markets expecting rates to be kept on hold at 4.75 per cent.
● On Thursday, the Bank of England and ECB will announce their decisions on rates. Markets don’t expect a rise in the UK, but they are expecting a 0.25 per cent rise from the ECB. Later in the afternoon Jean-Claude Trichet will deliver his ECB statement, which traders will dissect for clues on future monetary policy.
● Coinciding with US Independence Day, a statue of Ronald Reagan is being be unveiled in Grosvenor Square today. Current Republicans would no doubt welcome a candidate with his skills to face Obama.
● Tomorrow, Labour MPs will vote on whether to accept Ed Miliband’s plan to scrap shadow cabinet elections. If successful, it would also have to be agreed by Labour’s national executive committee as well as at its annual conference.
● On Thursday, the IMF will decide whether to pay the full €3.25bn in aid to Greece. In addition to the latest payment of €8.75bn, the EU has pledged to make up any shortfall from the IMF.