Thursday preview: Weekly US jobless claims, Cineworld in focus
By Alexander Bueso
Date: Wednesday 23 Sep 2020
(Sharecast News) - The market spotlight on Thursday will be on the US jobs market with investors likely to be keeping close tabs on the latest weekly unemployment claims figures.
Across the Channel meanwhile, a raft of business confidence indicators are due out in Belgium, Germany, and France.
That from Germany's IFO institute, in particular, will be closely watched, with analysts anticipating a rise from August's print of 92.6 to a reading of 93.9 for September.
Interest rate decisions are also scheduled in Norway and Switzerland.
In the UK, the sole economic indicator of note due for release is the Confederation of British Industry's Distributive Trades Survey for September.
The focus on the corporate side of things is likely to be on cinema owner Cineworld as it delivers its first half results.
"With UK cinemas only now starting to reopen, and a lot of the major studios delaying the release of their summer blockbusters cinema chains are facing a struggle to get people through the door even without the rules that require that customers wear a mask," said Michael Hewson, chief market analyst at CMC Markets UK.
Cineworld's interims follow the firm's recent decision understandable, yet controversial, decision to back out of the $2.1bn acquisition of Cineplex.
Shares have been buoyed of late however after a US court ruling that in effect called time on Hollywood's monopoly from the 1950's for the production, exhibition and distribution of films, Hewson added.
Linked to the above, there had also been some speculation in August that Cineworld or other cinema chains could become a takeover target for a big Holywood studio.
"It is true that Cineworld shares have taken a battering over the past 12 months, however the main reason for the weakness, coronavirus concerns notwithstanding, is the level of the company's debt, which along with its modernisation program has placed an enormous strain on its balance sheet," the analyst said.
"With footfall at record low levels, and likely to remain subdued, there are significant obstacles to a potential takeover, not least how to accurately predict future cash flow in a post Covid world."
Thursday 24 September
INTERIMS
Biome Technologies, Ebiquity, Faron Pharmaceuticals Oy (DI), GYG, Pendragon, Portmeirion Group, RTW Venture Fund Limited NPV, SIG
INTERIM DIVIDEND PAYMENT DATE
Aviva, Legal & General Group, Schroders, Schroders (Non-Voting), SEGRO
INTERIM EX-DIVIDEND DATE
Advanced Medical Solutions Group, Computacenter, Fevertree Drinks, Fidelity European Values, Gamma Communications, HGCapital Trust, John Laing Group , JTC, Kenmare Resources, Medica Group , Morrison (Wm) Supermarkets, Phoenix Spree Deutschland Limited Shs NPV , Science Group , Wynnstay Group
QUARTERLY EX-DIVIDEND DATE
Aberdeen Diversified Income and Growth Trust , Law Debenture Corp., Mercantile Investment Trust (The), Standard Life Private Equity Trust, Supermarket Income Reit
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (00:00)
IFO Business Climate (GER) (09:00)
IFO Current Assessment (GER) (09:00)
IFO Expectations (GER) (09:00)
Initial Jobless Claims (US) (13:30)
New Homes Sales (US) (15:00)
GMS
Premier Veterinary Group
FINALS
CVS Group, DFS Furniture
SPECIAL EX-DIVIDEND DATE
Eckoh, Ferrexpo, Hargreaves Lansdown, Somero Enterprises Inc. (DI)
AGMS
Alcentra Euorpean Floating Rate Income Fund Ltd Red Ord Shs, BMO Managed Portfolio Trust Grwth Shs, BMO Managed Portfolio Trust Inc Shs, Caffyns, Foresight Solar & Technology VCT, Integumen, Kainos Group , Mercia Technologies , Miton Global Opportunities, NWF Group, Premier Veterinary Group , Securities Trust of Scotland, Shearwater Group , Sure Ventures , Triad Group, Versarien
TRADING ANNOUNCEMENTS
United Utilities Group
FINAL DIVIDEND PAYMENT DATE
XPS Pensions Group
FINAL EX-DIVIDEND DATE
Alumasc Group, Brickability Group , Brooks Macdonald Group, Draper Esprit VCT, DWF Group , Hargreaves Lansdown, Henderson Alternative Strategies Trust , IG Group Holdings, Jupiter Green Inv Trust, Pembroke Vct, Pembroke Vct B, Redde Northgate
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