Tuesday preview: Euro area services, BP in the spotlight
By Alexander Bueso
Date: Monday 01 Nov 2021
(Sharecast News) - Financial markets' focus on Tuesday will be on euro area factory sector activity.
At 0900 BST, IHS Markit will publish the results of its Purchasing Managers' survey for the sector in October.
In the US meanwhile, investors will only have vehicle sales data referencing the month of October from the country's largest manufacturers to chew on.
Down Under, rate-setters in Sydney will meet to decide on interest rates, although the consensus is for no change.
No major economic releases are scheduled in the UK.
On the corporate side of things, BP will post its third quarter results amid what Michael Hewson at CMC Markets UK said were ongoing doubts about the oil major's ability to deliver, be in that future, through renewables, and even now.
Hence, the sharp jump in crude oil and natural gas prices had thrown the stock a lifeline but it remained well off its pre-pandemic level near 400.0p.
"The jury remains out on whether the plans for a 40% reduction in oil and gas production is achievable without hammering margins, given that most of BP's profit in H1 came from its oil production and operations business to the tune of $3.8bn." Hewson added.
"Gas and low carbon energy was next with $3.5bn, which suggests that this week's Q3 numbers should be even better, supply chain considerations notwithstanding."
In spite of the company's investments in the various areas of renewables energies, Hewson also took aim at the absence of investment in augmenting the country's grid capacity, which he said remained the "real challenge".
"And there appears to be little or no investment in that, from any of the oil majors, or anyone else for that matter."
Tuesday 02 November
INTERIMS
FD Technologies Public Limited Company
INTERIM DIVIDEND PAYMENT DATE
Banco Santander S.A.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
PMI Manufacturing (EU) (09:00)
Q3
BP, Standard Chartered
FINALS
Oncimmune Holdings, Up Global Sourcing Holdings
SPECIAL EX-DIVIDEND DATE
Alternative Liquidity Fund Limited
AGMS
JPMorgan Mid Cap Inv Trust, Murray Income Trust
TRADING ANNOUNCEMENTS
Flutter Entertainment (CDI)
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