Wednesday preview: US Fed decision, CPI on traders' minds
By Alexander Bueso
Date: Wednesday 12 Jun 2024
(Sharecast News) - Will the US Federal Reserve cut interest rates three times by the end of 2024? Or only twice and perhaps even less?
While no change rates is by any means anticipated for Wednesday's meeting, at 1800 BST the Federal Reserve will also release its latest macroeconomic projections.
Those may yield clues as to the answer to the above question as will Fed chair Jerome Powell's post-meeting press conference.
Worth noting, the US economy and, in particular, its job market has outperformed expectations over the last 18 months or so, possibly not least helped by the positive supply shock from very high levels of immigration.
Against that backdrop, at 1230 BST the Department of Labor is expected to announce the smallest year-to-date month-on-month gain in consumer prices of just 0.1%.
All else equal, that would keep the annual rate of increase unchanged versus the month before at 3.5%.
Ahead of those CPI figures, before the start of trading in London the Office for National Statistics will release its estimate of UK gross domestic product growth for April.
And overnight China's National Bureau of Statistics will publish consumer and producer price numbers for May.
Wednesday 12 June
INTERIMS
Driver Group, RWS Holdings, Safestore Holdings
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Price Index (GER) (07:00)
Consumer Price Index (US) (13:30)
Crude Oil Inventories (US) (15:30)
MBA Mortgage Applications (US) (12:00)
FINALS
Castings, Molten Ventures
ANNUAL REPORT
Brighton Pier Group (The)
AGMS
Advanced Medical Solutions Group, Alina Holdings, Anemoi International Ltd NPV (DI), BioPharma Credit , Brighton Pier Group (The), Destiny Pharma , Digital 9 Infrastructure NPV, EPE Special Opportunities Limited (DI), Foresight Solar Fund Limited, IP Group, NB Private Equity Partners Ltd., Star Energy Group, Thalassa Holdings Ltd. (DI)
TRADING ANNOUNCEMENTS
Frontier Developments
UK ECONOMIC ANNOUNCEMENTS
Balance of Trade (07:00)
Gross Domestic Product (07:00)
Index of Services (07:00)
Industrial Production (07:00)
Manufacturing Production (07:00)
FINAL DIVIDEND PAYMENT DATE
Compagnie de St-Gobain SA, Hiscox Limited (DI), Property Franchise Group
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