Wednesday preview: US Federal Reserve, Ceres Power in the spotlight
By Alexander Bueso
Date: Tuesday 19 Mar 2024
(Sharecast News) - All eyes on Wednesday will be on the U.S. central bank.
Rate-setters in Washington D.C. are widely expected to leave the target range for the Fed funds rate unchanged at 5.25-5.50%.
Bank of America however expects their latest macroeconomic projections to show a shift in favour of a stronger growth and somewhat firmer inflation outlook, alongside unemployment at multi-decade lows.
"If so, it can guide markets to a cutting cycle that begins in June, but the clear risk is it defers cuts," they said in a research note sent to clients.
"The median 2024 dot should still show three cuts, but it is a close call."
Against that backdrop, at 0930 GMT the Office for National Statistics is expected to announce that the year-on-year rate of increase in headline UK consumer prices slowed from 4.0% for January to 3.5% in February.
Across the Channel meanwhile, multiple top officials from the European Central Bank will be taking to the podium, including president Christine Lagarde herself from 0845 GMT.
In the company space, fuel-cell technology specialist Ceres Power will publish its full-year 2023 results.
According to UBS analyst Christopher Leonard, the market focus will be on the engineer's outlook for the next 12 months and whether it implies a new licence partner coming onboard in 2024.
Leonard doesn't expect that to occur until 2024.
The analyst anticipates that Ceres's revenues will reach £44m in 2024, against the consensus on £57.5m.
Earnings per share meanwhile were pegged by Leonard to come in at -19.5p in 2023 and -12.5p in 2024.
Wednesday 20 March
FINALS
Anpario, Ceres Power Holdings, Computacenter, EKF Diagnostics Holdings , Eurocell , Eurocell , FDM Group (Holdings), IQGEO Group, Kenmare Resources (CDI), Prudential
EGMS
MTI Wireless Edge Ltd., MTI Wireless Edge Ltd.
AGMS
BSF Enterprise , MTI Wireless Edge Ltd., MTI Wireless Edge Ltd.
GMS
United Oil & Gas
FINAL DIVIDEND PAYMENT DATE
Virgin Money UK
UK ECONOMIC ANNOUNCEMENTS
Consumer Price Index (07:00)
Producer Price Index (07:00)
Retail Price Index (07:00)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
FOMC decision (19:00)
Crude Oil Inventories (US) (14:30)
MBA Mortgage Applications (US) (11:00)
Producer Price Index (GER) (07:00)
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