WEEK AHEAD: Nvidia beat-and-raise, BT dividend, M&S sales and UK CPI
Idag, 13:18
(Alliance News) - Nvidia is expected to blow past market expectations when it delivers eagerly-awaited earnings, while Walmart will also grab headlines stateside. In the UK, investors will be keen to see if management talk up BT's dividend while the impact on the UK economy of the Middle East could be seen in results from retail bellwether Marks & Spencer.
In economic news, a data dump in China, UK inflation figures and flash PMI readings will provide food for thought as investors weigh the impact of the conflict.
The following is a look ahead at the most important economic and corporate events globally in the days ahead.
Top economic events:
Monday 18 May
Canada Victoria Day. Financial markets closed.
10:00 CST China industrial production
10:00 CST China retail sales
10:00 CST China unemployment
10:00 CEST Italy trade balance
09:00 CEST Switzerland GDP
Tuesday 19 May
11:30 AEST Australia RBA meeting minutes
08:30 EDT Canada CPI
11:00 CEST eurozone trade balance
13:30 JST Japan industrial production
08:50 JST Japan GDP
10:00 CEST Spain trade balance
07:00 BST UK unemployment
07:00 BST UK employment change
Wednesday 20 May
09:15 CST China interest rate decision
11:00 CEST eurozone CPI
08:00 CEST Germany PPI
10:00 CEST Italy construction output
10:00 SAST South Africa CPI
13:00 SAST South Africa retail sales
07:00 BST UK CPI
07:00 BST UK PPI
14:00 EDT US FOMC minutes
Thursday 21 May
09:00 AEST Australia flash composite PMI
11:30 AEST Australia employment change
11:30 AEST Australia unemployment
10:00 CEST eurozone flash composite PMI
10:00 CEST eurozone current account
11:00 CEST eurozone construction output
11:00 CEST eurozone labour cost
16:00 CEST eurozone consumer confidence
09:15 CEST France flash composite PMI
09:30 CEST Germany flash composite PMI
10:00 CEST Italy current account
08:50 JST Japan trade balance
09:30 JST Japan flash composite PMI
14:30 SAST South Africa building permits
09:30 BST UK flash composite PMI
00:01 BST UK consumer confidence
08:30 EDT US building permits
08:30 EDT US initial jobless claims
08:30 EDT US Philadelphia Fed manufacturing index
09:45 EDT US flash composite PMI
11:00 EDT US Kansas City Fed manufacturing activity
Friday 22 May
08:30 EDT Canada retail sales
08:30 EDT Canada PPI
08:45 CEST France business confidence
08:45 CEST France business climate indicator
08:00 CEST Germany consumer confidence
08:00 CEST Germany GDP
10:00 CEST Germany Ifo Current Conditions
10:00 CEST Germany Ifo Expectations
10:00 CEST Germany Ifo business climate
11:00 IST Ireland wholesale prices
08:30 JST Japan CPI
07:00 BST UK retail sales
07:00 BST UK public sector net borrowing
10:00 EDT US Michigan consumer sentiment index
10:00 EDT US Conference Board leading index
Top company events:
Monday 18 May
Baidu Inc - Q1 results
Buzzi Spa - ex-dividend date
Harworth Group PLC - AGM
Quilter PLC - dividend payment date
Ryanair Holdings PLC - full year results
Sonova Holding AG - full year results
Tuesday 19 May
Bureau Veritas SA - AGM
C&C Group PLC - full year results
Caledonia Investments PLC - full year results
Cranswick PLC - full year results
DCC PLC - full year results
Deutsche Wohnen SE - AGM
Diploma PLC - half year results
Dr Martens PLC - full year results
Euronext NV - Q1 results
Home Depot Inc - Q1 results
IG Group Holdings PLC - AGM
IG Group Holdings PLC - trading statement
IONOS Group SE - AGM
JPMorgan Chase & Co - AGM
Jungheinrich AG - AGM
SSP Group PLC - half year results
Wickes Group PLC - AGM
Wednesday 20 May
Amazon.com Inc - AGM
4imprint Group PLC - AGM
Analog Devices Inc - half year results
Bloomsbury Publishing PLC - full year results
British Land Co PLC - full year results
Capgemini SE - AGM
Coats Group PLC - trading statement
Coats Group PLC - AGM
Commerzbank AG - AGM
Credit Agricole SA - GM
Currys PLC - trading statement
Experian PLC - full year results
IntegraFin Holdings PLC - half year results
Intertek Group PLC - AGM
Intesa Sanpaolo Spa - dividend payment date
Intuit Inc - Q3 results
Keller Group PLC - AGM
Keller Group PLC - trading statement
Lowe's Cos Inc - Q1 results
Marks & Spencer Group PLC - full year results
Medtronic PLC - full year results
Nvidia Corp - Q1 results
Partners Group Holding AG - AGM
RS Group PLC - full year results
Severn Trent PLC - full year results
TAG Immobilien AG - AGM
Tokio Marine Holdings Inc - full year results
Thursday 21 May
AJ Bell PLC - half year results
Assicurazioni Generali Spa - Q1 results
Autotrader Group PLC - full year results
BT Group PLC - full year results
CDW Corp - AGM
CK Hutchison Holdings Ltd - AGM
Close Brothers Group PLC - trading statement
easyJet PLC - half year results
Fresenius Medical Care AG - AGM
Goodman Group Ltd - Q3 results
Great Portland Estates PLC - full year results
Henry Schein Inc - AGM
Hill & Smith PLC - AGM
Hugo Boss AG - AGM
Ibstock PLC - AGM
ICG PLC - full year results
Legal & General Group PLC - AGM
LondonMetric Property PLC - full year results
Nemetschek SE - AGM
Netease Inc - Q1 results
Next PLC - AGM
Orange SA - AGM
Qinetiq Group PLC - full year results
Safran SA - AGM
Sage Group PLC - half year results
Seven & I Holdings Co Ltd - AGM
Swiss Life Holding AG - trading statement
Tate & Lyle PLC - full year results
Teleperformance SE - AGM
Travis Perkins PLC - AGM
United Internet AG - AGM
Vonovia SE - AGM
Walmart Inc - Q1 results
Wolters Kluwer NV - AGM
Zoom Video Communications Inc - Q1 results
Friday 22 May
AIA Group Ltd - AGM
Compagnie Financiere Richemont SA - full year results
Fresenius SE & Co KGaA - AGM
Genuit Group PLC - AGM
Hensoldt AG - AGM
MONDAY/WEDNESDAY: Monday sees China's key data dump for domestic activity which ING expects to be a mixed bag. ING projects industrial production edging up to 5.8% in April on-year, picking up from 5.7% in March, with retail sales also nudging upwards to growth of 1.8% on-year after a 1.7% rise in March. But it says fixed-asset investment could slow to 1.6% on-year, year-to-date in April from 1.7% in March. Industrial activity has been supported by strong external demand, but the rest of China's domestic demand indicators have been quite lacklustre, ING notes. Citi expects retail sales to grow 1.9% on-year in April, and puts market consensus at 2.0%. It sees a 5.9% rise in industrial production versus 6.0% consensus with fixed asset investment stable at 1.7%. On Wednesday, ING expects loan prime rates to remain unchanged in China. ING recently pushed back its People's Bank of China rate cut call to the fourth quarter of the year amid increased reflation momentum and stronger-than-expected first quarter GDP. Citi agrees and sees the 1-year loan prime rate staying unchanged at 3.00% and the 5-year rate held at 3.50%.
TUESDAY: The labour market will be a key focus for the Bank of England's Monetary Policy Committee going forward as it weighs the hit on the UK economy from the Middle East crisis, according to RBC Capital Markets. However, given the lagged nature of the labour market as an indicator it will take time for the impact to become clear, RBC says. Last month's data saw a greater than expected fall in the unemployment rate – to 5.1% from 4.9% previously - and RBC expects another drift down to 4.7% for the three months to March. In addition, RBC expects private sector pay growth to cool to 3.1% in the three months to March year-on-year from 3.2% in the three months to February. RBC sees regular whole economy pay ticking down to 3.5% in the three months to March on-year from 3.6% in the three months to February.
TUESDAY/FRIDAY: An important week of economic figures in Japan sees GDP and national inflation data. Goldman Sachs expects first quarter GDP to grow 1.3% quarter-on-quarter, on-year, the same pace of growth in the fourth quarter. Goldman looks for private consumption to maintain modest growth of 0.8%, supported by an increase in services consumption, capex to increase 0.8%, exports at 3.0%, turning positive for the first time in three quarters, with imports up 0.8%. Goldman does not expect the impact of the situation in the Middle East to become "meaningfully apparent" in the quarter. Goldman forecast April national new core CPI (which excludes fresh food and energy) to decelerate by 0.2 percentage points from March to 2.2% on-year in April. Downward factors will include a deceleration in food prices, including rice prices, free elementary school lunches, and a reduction in nursery school fees, Goldman estimates. Goldman forecast April national core CPI (which excludes fresh food) to decelerate by 0.3 percentage points from March to 1.5% on-year in April.
TUESDAY: Asian-focused banks HSBC and Standard Chartered will be in the spotlight as they jointly host a three-day investor trip to the region. Jefferies believes the investor seminar in Hong Kong represents a meaningful catalyst for Standard Chartered given management will present medium-term aspirations for the group. Jefferies' modelling suggests a 17% return on tangible equity by 2028, predicated on 6% revenue compound annual growth as well as USD16 billion of capital remuneration. It expects management to target a more than 15% or higher ROTE over 2025 to 2028. At HSBC, Citigroup expects the lender retain the more than 17% RoTE guidance but provide more detail on aspirations for Asia wealth revenue growth, synergies in Hong Kong after the buy-out of Hang Seng minorities and an update on cost save plans, including via AI initiatives.
WEDNESDAY: Investors will be looking for more of the same when Diploma reports half-year results. In March, shares in the London-based supplier of specialised technical products and services surged as it announced a chunky increase to full-year guidance. Diploma now expects organic revenue growth of 9% in the financial year to September, up from 6% previously. RBC Capital Markets says the "material" upgrade to guidance was a clear indication of a strong second quarter and continued positive outlook for the remainder of the year. RBC forecast first half revenue of GBP831 million, bang in line with consensus, organic growth of 12%, earnings before interest, tax and amortisation of GBP205 million, ahead of GBP202.8 million consensus, and adjusted EPS of 106.6p versus 105.1p consensus. RBC expects the raised guidance to be retained and says key will be commentary around the sustainability of growth and margin at Peerless and the M&A pipeline.
WEDNESDAY: Sentiment is weak heading into Marks & Spencer full-year results against fears of disruption to consumer spending from the Middle East crisis and weak stock specific Worldpanel clothing data. While only down 2.3% year-to-date, shares are around 21% below highs seen in March. While food sales held up well during last year's cyber attack, there are some concerns that M&S may have ceded market share permanently to Next amid the disruption. Peel Hunt says while M&S can "finally leave what has probably been its most horribilis annum ever", the cyber attack left it "struggling" and "whilst we have no doubt there has been limited lasting damage done to the brand, the short-term harm will be showcased by this set of figures." Visible Alpha consensus looks for adjusted pretax profit of GBP640.3 million which would be down from GBP875.5 million the year prior. In addition, VA consensus for revenue of GBP17.51 billion, adjusted Ebit (including Ocado) of GBP784.1 million and adjusted EPS of 22.6p. For the fourth quarter, JPMorgan forecast Food sales up 7.0% year-on-year with Fashion, Home & Beauty flat. Current trading will be in focus with analysts noting the first half of financial 2027 laps depressed comparatives from the cyber Incident. M&S has relatively little exposure to the Middle East, at less than 1% of sales, but as with Next may warn of higher costs from the crisis.
WEDNESDAY: RBC Capital Markets notes DCC's third quarter update in February pointed to strong growth in operating profit, with an unchanged outlook. "We see no reason why good trading will not have continued, and we would have expected recent events to be broadly positive so far in terms of volatility, price increases and some panic buying," RBC adds. The broker looks for full-year earnings before interest, tax and amortisation of GBP621 million versus consensus at GBP622 million, and diluted adjusted EPS of 430p, ahead of 425p consensus. RBC says the key focus will be any news on M&A and whether the remainder of the Technology business is on track for disposal this calendar year plus any impact from the Middle East.
WEDNESDAY: Nvidia heads into first quarter results with expectations high for another beat-and-raise after a strong US technology earnings season. In addition, investors will be keen to hear how Chief Executive Jensen Huang fared in his talks in China. UBS sees April quarter revenue in the USD81 billion range and guidance "at least as good as investor bogeys" in the USD90 billion to USD91 billion range. FactSet consensus looks for April quarter revenue of USD78.62 billion, non-GAAP EPS of USD1.81 and gross margin of 75.1%. For the July quarter, FactSet consensus looks for revenue of USD86.63 billion, non-GAAP EPS of USD1.99 and gross margin of 74.7%. Matt Britzman, senior equity analyst, Hargreaves Lansdown says expectations are "running hot" ahead of the results. "As is often the case with Nvidia, the market will likely be looking for more than just a clean beat. The scale of any upside surprise will matter," he adds. Britzman says the company has already given a broad steer for calendar 2026 revenue, so attention is likely to shift quickly to any colour on 2027, where investors are starting to think harder about the pace of growth beyond the current build-out. Commentary on the Vera Rubin roadmap will also be closely watched, with recent rumours pointing to a potential one-month delay, he notes. UBS believes Rubin chip/compute board production is on track to start this quarter, though "some fine tuning on rack-level cooling issues seems to be pushing mass production for racks into the September/October timeframe." UBS says a major development to watch is capital return – both share repurchases and a potential increase in the dividend. UBS says many investors are pushing for a much larger dividend commitment - which "we think the market would like because it will further broaden the shareholder base". RBC Capital Markets looks for a 3% to 5% beat and raise. "AI compute demand is outpacing supply and we believe visibility is extending well into 2027," RBC says. "Component shortages and power/infrastructure availability are the key near term challenges. However, we believe Nvidia is in a relatively better position from a supply standpoint," RBC adds.
WEDNESDAY: Barclays expects headline and core UK inflation to cool in April after the energy-led surge in March. The broker sees the headline consumer price inflation rate decelerating to 3.0% year-on-year in April from 3.3% in March, with core CPI, which excludes food and energy, easing to 2.6% on-year from 3.1%. Upwards pressure from pump prices is due to be offset by smaller price resets in services compared to last April, combined with deflation in airfares, Barclays estimates. Energy inflation is forecast to accelerate to 7% on-year in April from 4.9% in March, with pump prices due to increase 15% month-on-month, as the closure of the Strait of Hormuz continues to have an impact on prices for petrol and diesel. However, the duel fuel Ofgem cap will decline 6.6% on-quarter, due to government policies set in last autumn's budget. Also offsetting the higher energy costs, Barclays looks for services inflation to ease to 3.6% on-year in April from 4.5% in March, with cooling housing services inflation and slower airfares after the timing of Easter positively impacted airfares growth in March. Bank of America notes services inflation will also reflect last year's increase in national insurance contributions dropping out of the annual calculation and water bills/vehicle duty rising less than last year. BofA expects headline inflation to fall from 3.3% to 3.0% in April, core inflation to decelerate from 3.1% to 2.7%, with services inflation falling from 4.5% to 3.5%.
THURSDAY: The ongoing impact of the Middle East crisis will likely be reflected in 'flash' PMI readings for May in the UK and Europe. In the UK, RBC Capital Markets notes April's PMI surveys were mixed, with firms reporting the fastest month-on-month rise in input prices since the beginning of the survey in 1996 and reduced expectations of future output, while services firms reported higher activity. However, RBC says the details of the services survey were weaker, and it still thinks that makes the headline services PMI vulnerable to deterioration. RBC pencils in a fall to 51.8 in May, after rising to 52.7 in April from 50.5 in March. The trajectory of the manufacturing PMI is a "little more uncertain", in RBC's view, with firms in April reporting both higher output and incoming business as orders were pulled forward in anticipation of price rises. As a result, RBC expects a "small deterioration" in the manufacturing PMI in May from April's 47-month high of 53.7. In Europe. RBC expects to see a small improvement in the 'flash' composite PMI to 49.2 in May from 48.8 in April. The services sector saw the most weakness in April, while manufacturing held up on the back of some front-loading ahead of potential shortages and RBC thinks it likely there will be reverse dynamics this month.
THURSDAY: Walmart is expected to deliver a "robust" quarter and likely earnings beat although management may not raise guidance at this stage, analysts think. UBS expects the world's largest retailer, which operates a chain of hypermarkets, discount department stores, and grocery stores, to report around 4.5% growth in US comparative sales in the quarter, driven by 25% plus e-commerce growth, offset by a moderate decline in store sales. Citigroup also models 4.5% US same store sales growth and says this is ahead of 3.9% consensus. "We expect management to remain very confident in its strategy and its ability to continue to take share, but we do not expect management to raise full-year guidance because of uncertainties related to fuel prices/freight and the response of consumers to a prolonged increase in gas prices," Citigroup adds. UBS thinks there is a chance guidance could be raised "slightly" though, "we expect the company to maintain a conservative approach in guiding the market". UBS notes Walmart tends to take a cautious stance on guidance along with first quarter results. For the quarter, Visible Alpha consensus looks for sales of USD173.10 billion, up 5.6% on-year, revenue of USD174.73 billion, up 5.5% and EPS of USD0.66. For second quarter guidance, VA has sales of USD184.65 billion, revenue of USD186.32 billion and EPS of USD0.74.
THURSDAY: Investors will be looking for Autotrader to update on dealer reaction to product changes at Deal Builder, plus reassurance on AI disruption. Deutsche Bank expects the digital automotive company to report full-year trade revenue of GBP537.7 million, group revenue at GBP625.8 million, adjusted operating profit of GBP412 million and adjusted diluted EPS of 36p. This assumes average dealers for the financial year of 13,970, down from the 14,080 in the first half. Analysts suggest Autotrader may boost share buybacks to soothe investor concerns over AI. Earlier this month, Sky News reported that Palliser Capital has built a 1% to 2% stake in Autotrader and is potentially pushing for a GBP700 million shareholder return via dividends, buybacks and a tender offer. Citigroup says this highlights a broader theme: "AI concerns have driven a valuation reset across online classifieds despite resilient fundamentals. This apparent disconnect, combined with underleveraged sector balance sheets, is increasing exposure to activist interest and potential take-private interest."
THURSDAY: Analysts have been upbeat on BT ahead of full-year results expecting that improving free cash flow could spark an marked upturn in dividends. Berenberg says it could be a "seismic" quarter, stating results "will be important for its shares – not so much for the numbers, but for management's comments on guidance and payout." BT estimates that this year's expected GBP1.5 billion of cash flow will grow to GBP2 billion by 2027 and to GBP3 billion by the end of the decade. Bank of America points out with BT exiting its peak fibre investment phase this year, capex will declines materially from financial 2027. As a result, BofA sees an increasing likelihood that BT guides to a higher mid-term dividend payout. Former Chief Executive Philip Jansen suspended BT's dividend back in 2020 and reinstated it 50% lower in 2022 to provide headroom for the fibre investment. BofA thinks the move could happen along with full-year results, or financial 2027 results at the latest. Berenberg wonders whether BT will give specific dividend guidance this time around, stating: "We are unsure whether the departing CFO Simon Lowth would want to risk restricting the flexibility of the incoming CFO Patricia Cobian (who starts in summer) by providing a specific dividend target for the medium term." For fourth quarter results, company compiled consensus looks for revenue of GBP4.90 billion, down 3.0% year-on-year, UK service revenue of GBP3.81 billion, down 0.7%, earnings before interest, tax, depreciation and amortisation of GBP2.01 billion. For the full-year to March, consensus eyes revenue of GBP19.68 billion, down 3.4% year-on-year, UK service revenue of GBP15.38 billion, down 1.2%, Ebitda of GBP8.21 billion and adjusted EPS of 17.6p versus 18.8p the year before. The dividend is expected to rise to 8.36p per share from 8.16p, with free cash flow of GBP1.48 billion versus GBP1.60 billion before.
THURSDAY: Budget airline easyJet has already primed investors to expect a wider half-year underlying pretax loss reflecting higher fuel costs from the Middle East crisis. The Luton-based budget airline said it expects to report a headline pretax loss between GBP540 million and GBP560 million for the six months to the end of March, compared to a GBP394 million loss for the prior year. Additional fuel costs of GBP25 million are partly to blame the airline said at the time, along with a GBP30 million net increase in legal provisions. Aarin Chiekrie, equity analyst, Hargreaves Lansdown says: "With that news already digested by markets, the outlook for the second half is what analysts will be focusing most on. As of mid-April, bookings for the second half were only two percentage points below last year's level. But with everyday cost pressures already rising for consumers, expect the demand picture to have deteriorated."
FRIDAY: Richemont brings a mixed March quarter luxury reporting season to an end when it delivers full-year results. Barclays forecast fourth quarter sales of EUR5.20 billion, with organic growth of 8.4%, slowing from 11% in the prior quarter. Barclays projects Jewellery Maisons sales of EUR3.80 billion, organic growth of 10%, and Specialist Watchmakers revenue of EUR741 million, organic growth of 5.0%. Looking ahead, Barclays expects Jewellery Maisons, the "main growth-contributing, margin-accretive engine" of Richemont, to continue its outperformance versus the market, driven by brand strength at Cartier and Van Cleef. For the quarter, the focus will likely be on the Middle East, around 9% of sales, which was enjoying a 20% run rate in the financial year, the fastest growing region for the group.
By Jeremy Cutler, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2026 Alliance News Ltd. All Rights Reserved.
WEEK AHEAD: Nvidia beat-and-raise, BT dividend, M&S sales and UK CPI
Idag, 13:18
(Alliance News) - Nvidia is expected to blow past market expectations when it delivers eagerly-awaited earnings, while Walmart will also grab headlines stateside. In the UK, investors will be keen to see if management talk up BT's dividend while the impact on the UK economy of the Middle East could be seen in results from retail bellwether Marks & Spencer.
In economic news, a data dump in China, UK inflation figures and flash PMI readings will provide food for thought as investors weigh the impact of the conflict.
The following is a look ahead at the most important economic and corporate events globally in the days ahead.
Top economic events:
Monday 18 May
Canada Victoria Day. Financial markets closed.
10:00 CST China industrial production
10:00 CST China retail sales
10:00 CST China unemployment
10:00 CEST Italy trade balance
09:00 CEST Switzerland GDP
Tuesday 19 May
11:30 AEST Australia RBA meeting minutes
08:30 EDT Canada CPI
11:00 CEST eurozone trade balance
13:30 JST Japan industrial production
08:50 JST Japan GDP
10:00 CEST Spain trade balance
07:00 BST UK unemployment
07:00 BST UK employment change
Wednesday 20 May
09:15 CST China interest rate decision
11:00 CEST eurozone CPI
08:00 CEST Germany PPI
10:00 CEST Italy construction output
10:00 SAST South Africa CPI
13:00 SAST South Africa retail sales
07:00 BST UK CPI
07:00 BST UK PPI
14:00 EDT US FOMC minutes
Thursday 21 May
09:00 AEST Australia flash composite PMI
11:30 AEST Australia employment change
11:30 AEST Australia unemployment
10:00 CEST eurozone flash composite PMI
10:00 CEST eurozone current account
11:00 CEST eurozone construction output
11:00 CEST eurozone labour cost
16:00 CEST eurozone consumer confidence
09:15 CEST France flash composite PMI
09:30 CEST Germany flash composite PMI
10:00 CEST Italy current account
08:50 JST Japan trade balance
09:30 JST Japan flash composite PMI
14:30 SAST South Africa building permits
09:30 BST UK flash composite PMI
00:01 BST UK consumer confidence
08:30 EDT US building permits
08:30 EDT US initial jobless claims
08:30 EDT US Philadelphia Fed manufacturing index
09:45 EDT US flash composite PMI
11:00 EDT US Kansas City Fed manufacturing activity
Friday 22 May
08:30 EDT Canada retail sales
08:30 EDT Canada PPI
08:45 CEST France business confidence
08:45 CEST France business climate indicator
08:00 CEST Germany consumer confidence
08:00 CEST Germany GDP
10:00 CEST Germany Ifo Current Conditions
10:00 CEST Germany Ifo Expectations
10:00 CEST Germany Ifo business climate
11:00 IST Ireland wholesale prices
08:30 JST Japan CPI
07:00 BST UK retail sales
07:00 BST UK public sector net borrowing
10:00 EDT US Michigan consumer sentiment index
10:00 EDT US Conference Board leading index
Top company events:
Monday 18 May
Baidu Inc - Q1 results
Buzzi Spa - ex-dividend date
Harworth Group PLC - AGM
Quilter PLC - dividend payment date
Ryanair Holdings PLC - full year results
Sonova Holding AG - full year results
Tuesday 19 May
Bureau Veritas SA - AGM
C&C Group PLC - full year results
Caledonia Investments PLC - full year results
Cranswick PLC - full year results
DCC PLC - full year results
Deutsche Wohnen SE - AGM
Diploma PLC - half year results
Dr Martens PLC - full year results
Euronext NV - Q1 results
Home Depot Inc - Q1 results
IG Group Holdings PLC - AGM
IG Group Holdings PLC - trading statement
IONOS Group SE - AGM
JPMorgan Chase & Co - AGM
Jungheinrich AG - AGM
SSP Group PLC - half year results
Wickes Group PLC - AGM
Wednesday 20 May
Amazon.com Inc - AGM
4imprint Group PLC - AGM
Analog Devices Inc - half year results
Bloomsbury Publishing PLC - full year results
British Land Co PLC - full year results
Capgemini SE - AGM
Coats Group PLC - trading statement
Coats Group PLC - AGM
Commerzbank AG - AGM
Credit Agricole SA - GM
Currys PLC - trading statement
Experian PLC - full year results
IntegraFin Holdings PLC - half year results
Intertek Group PLC - AGM
Intesa Sanpaolo Spa - dividend payment date
Intuit Inc - Q3 results
Keller Group PLC - AGM
Keller Group PLC - trading statement
Lowe's Cos Inc - Q1 results
Marks & Spencer Group PLC - full year results
Medtronic PLC - full year results
Nvidia Corp - Q1 results
Partners Group Holding AG - AGM
RS Group PLC - full year results
Severn Trent PLC - full year results
TAG Immobilien AG - AGM
Tokio Marine Holdings Inc - full year results
Thursday 21 May
AJ Bell PLC - half year results
Assicurazioni Generali Spa - Q1 results
Autotrader Group PLC - full year results
BT Group PLC - full year results
CDW Corp - AGM
CK Hutchison Holdings Ltd - AGM
Close Brothers Group PLC - trading statement
easyJet PLC - half year results
Fresenius Medical Care AG - AGM
Goodman Group Ltd - Q3 results
Great Portland Estates PLC - full year results
Henry Schein Inc - AGM
Hill & Smith PLC - AGM
Hugo Boss AG - AGM
Ibstock PLC - AGM
ICG PLC - full year results
Legal & General Group PLC - AGM
LondonMetric Property PLC - full year results
Nemetschek SE - AGM
Netease Inc - Q1 results
Next PLC - AGM
Orange SA - AGM
Qinetiq Group PLC - full year results
Safran SA - AGM
Sage Group PLC - half year results
Seven & I Holdings Co Ltd - AGM
Swiss Life Holding AG - trading statement
Tate & Lyle PLC - full year results
Teleperformance SE - AGM
Travis Perkins PLC - AGM
United Internet AG - AGM
Vonovia SE - AGM
Walmart Inc - Q1 results
Wolters Kluwer NV - AGM
Zoom Video Communications Inc - Q1 results
Friday 22 May
AIA Group Ltd - AGM
Compagnie Financiere Richemont SA - full year results
Fresenius SE & Co KGaA - AGM
Genuit Group PLC - AGM
Hensoldt AG - AGM
MONDAY/WEDNESDAY: Monday sees China's key data dump for domestic activity which ING expects to be a mixed bag. ING projects industrial production edging up to 5.8% in April on-year, picking up from 5.7% in March, with retail sales also nudging upwards to growth of 1.8% on-year after a 1.7% rise in March. But it says fixed-asset investment could slow to 1.6% on-year, year-to-date in April from 1.7% in March. Industrial activity has been supported by strong external demand, but the rest of China's domestic demand indicators have been quite lacklustre, ING notes. Citi expects retail sales to grow 1.9% on-year in April, and puts market consensus at 2.0%. It sees a 5.9% rise in industrial production versus 6.0% consensus with fixed asset investment stable at 1.7%. On Wednesday, ING expects loan prime rates to remain unchanged in China. ING recently pushed back its People's Bank of China rate cut call to the fourth quarter of the year amid increased reflation momentum and stronger-than-expected first quarter GDP. Citi agrees and sees the 1-year loan prime rate staying unchanged at 3.00% and the 5-year rate held at 3.50%.
TUESDAY: The labour market will be a key focus for the Bank of England's Monetary Policy Committee going forward as it weighs the hit on the UK economy from the Middle East crisis, according to RBC Capital Markets. However, given the lagged nature of the labour market as an indicator it will take time for the impact to become clear, RBC says. Last month's data saw a greater than expected fall in the unemployment rate – to 5.1% from 4.9% previously - and RBC expects another drift down to 4.7% for the three months to March. In addition, RBC expects private sector pay growth to cool to 3.1% in the three months to March year-on-year from 3.2% in the three months to February. RBC sees regular whole economy pay ticking down to 3.5% in the three months to March on-year from 3.6% in the three months to February.
TUESDAY/FRIDAY: An important week of economic figures in Japan sees GDP and national inflation data. Goldman Sachs expects first quarter GDP to grow 1.3% quarter-on-quarter, on-year, the same pace of growth in the fourth quarter. Goldman looks for private consumption to maintain modest growth of 0.8%, supported by an increase in services consumption, capex to increase 0.8%, exports at 3.0%, turning positive for the first time in three quarters, with imports up 0.8%. Goldman does not expect the impact of the situation in the Middle East to become "meaningfully apparent" in the quarter. Goldman forecast April national new core CPI (which excludes fresh food and energy) to decelerate by 0.2 percentage points from March to 2.2% on-year in April. Downward factors will include a deceleration in food prices, including rice prices, free elementary school lunches, and a reduction in nursery school fees, Goldman estimates. Goldman forecast April national core CPI (which excludes fresh food) to decelerate by 0.3 percentage points from March to 1.5% on-year in April.
TUESDAY: Asian-focused banks HSBC and Standard Chartered will be in the spotlight as they jointly host a three-day investor trip to the region. Jefferies believes the investor seminar in Hong Kong represents a meaningful catalyst for Standard Chartered given management will present medium-term aspirations for the group. Jefferies' modelling suggests a 17% return on tangible equity by 2028, predicated on 6% revenue compound annual growth as well as USD16 billion of capital remuneration. It expects management to target a more than 15% or higher ROTE over 2025 to 2028. At HSBC, Citigroup expects the lender retain the more than 17% RoTE guidance but provide more detail on aspirations for Asia wealth revenue growth, synergies in Hong Kong after the buy-out of Hang Seng minorities and an update on cost save plans, including via AI initiatives.
WEDNESDAY: Investors will be looking for more of the same when Diploma reports half-year results. In March, shares in the London-based supplier of specialised technical products and services surged as it announced a chunky increase to full-year guidance. Diploma now expects organic revenue growth of 9% in the financial year to September, up from 6% previously. RBC Capital Markets says the "material" upgrade to guidance was a clear indication of a strong second quarter and continued positive outlook for the remainder of the year. RBC forecast first half revenue of GBP831 million, bang in line with consensus, organic growth of 12%, earnings before interest, tax and amortisation of GBP205 million, ahead of GBP202.8 million consensus, and adjusted EPS of 106.6p versus 105.1p consensus. RBC expects the raised guidance to be retained and says key will be commentary around the sustainability of growth and margin at Peerless and the M&A pipeline.
WEDNESDAY: Sentiment is weak heading into Marks & Spencer full-year results against fears of disruption to consumer spending from the Middle East crisis and weak stock specific Worldpanel clothing data. While only down 2.3% year-to-date, shares are around 21% below highs seen in March. While food sales held up well during last year's cyber attack, there are some concerns that M&S may have ceded market share permanently to Next amid the disruption. Peel Hunt says while M&S can "finally leave what has probably been its most horribilis annum ever", the cyber attack left it "struggling" and "whilst we have no doubt there has been limited lasting damage done to the brand, the short-term harm will be showcased by this set of figures." Visible Alpha consensus looks for adjusted pretax profit of GBP640.3 million which would be down from GBP875.5 million the year prior. In addition, VA consensus for revenue of GBP17.51 billion, adjusted Ebit (including Ocado) of GBP784.1 million and adjusted EPS of 22.6p. For the fourth quarter, JPMorgan forecast Food sales up 7.0% year-on-year with Fashion, Home & Beauty flat. Current trading will be in focus with analysts noting the first half of financial 2027 laps depressed comparatives from the cyber Incident. M&S has relatively little exposure to the Middle East, at less than 1% of sales, but as with Next may warn of higher costs from the crisis.
WEDNESDAY: RBC Capital Markets notes DCC's third quarter update in February pointed to strong growth in operating profit, with an unchanged outlook. "We see no reason why good trading will not have continued, and we would have expected recent events to be broadly positive so far in terms of volatility, price increases and some panic buying," RBC adds. The broker looks for full-year earnings before interest, tax and amortisation of GBP621 million versus consensus at GBP622 million, and diluted adjusted EPS of 430p, ahead of 425p consensus. RBC says the key focus will be any news on M&A and whether the remainder of the Technology business is on track for disposal this calendar year plus any impact from the Middle East.
WEDNESDAY: Nvidia heads into first quarter results with expectations high for another beat-and-raise after a strong US technology earnings season. In addition, investors will be keen to hear how Chief Executive Jensen Huang fared in his talks in China. UBS sees April quarter revenue in the USD81 billion range and guidance "at least as good as investor bogeys" in the USD90 billion to USD91 billion range. FactSet consensus looks for April quarter revenue of USD78.62 billion, non-GAAP EPS of USD1.81 and gross margin of 75.1%. For the July quarter, FactSet consensus looks for revenue of USD86.63 billion, non-GAAP EPS of USD1.99 and gross margin of 74.7%. Matt Britzman, senior equity analyst, Hargreaves Lansdown says expectations are "running hot" ahead of the results. "As is often the case with Nvidia, the market will likely be looking for more than just a clean beat. The scale of any upside surprise will matter," he adds. Britzman says the company has already given a broad steer for calendar 2026 revenue, so attention is likely to shift quickly to any colour on 2027, where investors are starting to think harder about the pace of growth beyond the current build-out. Commentary on the Vera Rubin roadmap will also be closely watched, with recent rumours pointing to a potential one-month delay, he notes. UBS believes Rubin chip/compute board production is on track to start this quarter, though "some fine tuning on rack-level cooling issues seems to be pushing mass production for racks into the September/October timeframe." UBS says a major development to watch is capital return – both share repurchases and a potential increase in the dividend. UBS says many investors are pushing for a much larger dividend commitment - which "we think the market would like because it will further broaden the shareholder base". RBC Capital Markets looks for a 3% to 5% beat and raise. "AI compute demand is outpacing supply and we believe visibility is extending well into 2027," RBC says. "Component shortages and power/infrastructure availability are the key near term challenges. However, we believe Nvidia is in a relatively better position from a supply standpoint," RBC adds.
WEDNESDAY: Barclays expects headline and core UK inflation to cool in April after the energy-led surge in March. The broker sees the headline consumer price inflation rate decelerating to 3.0% year-on-year in April from 3.3% in March, with core CPI, which excludes food and energy, easing to 2.6% on-year from 3.1%. Upwards pressure from pump prices is due to be offset by smaller price resets in services compared to last April, combined with deflation in airfares, Barclays estimates. Energy inflation is forecast to accelerate to 7% on-year in April from 4.9% in March, with pump prices due to increase 15% month-on-month, as the closure of the Strait of Hormuz continues to have an impact on prices for petrol and diesel. However, the duel fuel Ofgem cap will decline 6.6% on-quarter, due to government policies set in last autumn's budget. Also offsetting the higher energy costs, Barclays looks for services inflation to ease to 3.6% on-year in April from 4.5% in March, with cooling housing services inflation and slower airfares after the timing of Easter positively impacted airfares growth in March. Bank of America notes services inflation will also reflect last year's increase in national insurance contributions dropping out of the annual calculation and water bills/vehicle duty rising less than last year. BofA expects headline inflation to fall from 3.3% to 3.0% in April, core inflation to decelerate from 3.1% to 2.7%, with services inflation falling from 4.5% to 3.5%.
THURSDAY: The ongoing impact of the Middle East crisis will likely be reflected in 'flash' PMI readings for May in the UK and Europe. In the UK, RBC Capital Markets notes April's PMI surveys were mixed, with firms reporting the fastest month-on-month rise in input prices since the beginning of the survey in 1996 and reduced expectations of future output, while services firms reported higher activity. However, RBC says the details of the services survey were weaker, and it still thinks that makes the headline services PMI vulnerable to deterioration. RBC pencils in a fall to 51.8 in May, after rising to 52.7 in April from 50.5 in March. The trajectory of the manufacturing PMI is a "little more uncertain", in RBC's view, with firms in April reporting both higher output and incoming business as orders were pulled forward in anticipation of price rises. As a result, RBC expects a "small deterioration" in the manufacturing PMI in May from April's 47-month high of 53.7. In Europe. RBC expects to see a small improvement in the 'flash' composite PMI to 49.2 in May from 48.8 in April. The services sector saw the most weakness in April, while manufacturing held up on the back of some front-loading ahead of potential shortages and RBC thinks it likely there will be reverse dynamics this month.
THURSDAY: Walmart is expected to deliver a "robust" quarter and likely earnings beat although management may not raise guidance at this stage, analysts think. UBS expects the world's largest retailer, which operates a chain of hypermarkets, discount department stores, and grocery stores, to report around 4.5% growth in US comparative sales in the quarter, driven by 25% plus e-commerce growth, offset by a moderate decline in store sales. Citigroup also models 4.5% US same store sales growth and says this is ahead of 3.9% consensus. "We expect management to remain very confident in its strategy and its ability to continue to take share, but we do not expect management to raise full-year guidance because of uncertainties related to fuel prices/freight and the response of consumers to a prolonged increase in gas prices," Citigroup adds. UBS thinks there is a chance guidance could be raised "slightly" though, "we expect the company to maintain a conservative approach in guiding the market". UBS notes Walmart tends to take a cautious stance on guidance along with first quarter results. For the quarter, Visible Alpha consensus looks for sales of USD173.10 billion, up 5.6% on-year, revenue of USD174.73 billion, up 5.5% and EPS of USD0.66. For second quarter guidance, VA has sales of USD184.65 billion, revenue of USD186.32 billion and EPS of USD0.74.
THURSDAY: Investors will be looking for Autotrader to update on dealer reaction to product changes at Deal Builder, plus reassurance on AI disruption. Deutsche Bank expects the digital automotive company to report full-year trade revenue of GBP537.7 million, group revenue at GBP625.8 million, adjusted operating profit of GBP412 million and adjusted diluted EPS of 36p. This assumes average dealers for the financial year of 13,970, down from the 14,080 in the first half. Analysts suggest Autotrader may boost share buybacks to soothe investor concerns over AI. Earlier this month, Sky News reported that Palliser Capital has built a 1% to 2% stake in Autotrader and is potentially pushing for a GBP700 million shareholder return via dividends, buybacks and a tender offer. Citigroup says this highlights a broader theme: "AI concerns have driven a valuation reset across online classifieds despite resilient fundamentals. This apparent disconnect, combined with underleveraged sector balance sheets, is increasing exposure to activist interest and potential take-private interest."
THURSDAY: Analysts have been upbeat on BT ahead of full-year results expecting that improving free cash flow could spark an marked upturn in dividends. Berenberg says it could be a "seismic" quarter, stating results "will be important for its shares – not so much for the numbers, but for management's comments on guidance and payout." BT estimates that this year's expected GBP1.5 billion of cash flow will grow to GBP2 billion by 2027 and to GBP3 billion by the end of the decade. Bank of America points out with BT exiting its peak fibre investment phase this year, capex will declines materially from financial 2027. As a result, BofA sees an increasing likelihood that BT guides to a higher mid-term dividend payout. Former Chief Executive Philip Jansen suspended BT's dividend back in 2020 and reinstated it 50% lower in 2022 to provide headroom for the fibre investment. BofA thinks the move could happen along with full-year results, or financial 2027 results at the latest. Berenberg wonders whether BT will give specific dividend guidance this time around, stating: "We are unsure whether the departing CFO Simon Lowth would want to risk restricting the flexibility of the incoming CFO Patricia Cobian (who starts in summer) by providing a specific dividend target for the medium term." For fourth quarter results, company compiled consensus looks for revenue of GBP4.90 billion, down 3.0% year-on-year, UK service revenue of GBP3.81 billion, down 0.7%, earnings before interest, tax, depreciation and amortisation of GBP2.01 billion. For the full-year to March, consensus eyes revenue of GBP19.68 billion, down 3.4% year-on-year, UK service revenue of GBP15.38 billion, down 1.2%, Ebitda of GBP8.21 billion and adjusted EPS of 17.6p versus 18.8p the year before. The dividend is expected to rise to 8.36p per share from 8.16p, with free cash flow of GBP1.48 billion versus GBP1.60 billion before.
THURSDAY: Budget airline easyJet has already primed investors to expect a wider half-year underlying pretax loss reflecting higher fuel costs from the Middle East crisis. The Luton-based budget airline said it expects to report a headline pretax loss between GBP540 million and GBP560 million for the six months to the end of March, compared to a GBP394 million loss for the prior year. Additional fuel costs of GBP25 million are partly to blame the airline said at the time, along with a GBP30 million net increase in legal provisions. Aarin Chiekrie, equity analyst, Hargreaves Lansdown says: "With that news already digested by markets, the outlook for the second half is what analysts will be focusing most on. As of mid-April, bookings for the second half were only two percentage points below last year's level. But with everyday cost pressures already rising for consumers, expect the demand picture to have deteriorated."
FRIDAY: Richemont brings a mixed March quarter luxury reporting season to an end when it delivers full-year results. Barclays forecast fourth quarter sales of EUR5.20 billion, with organic growth of 8.4%, slowing from 11% in the prior quarter. Barclays projects Jewellery Maisons sales of EUR3.80 billion, organic growth of 10%, and Specialist Watchmakers revenue of EUR741 million, organic growth of 5.0%. Looking ahead, Barclays expects Jewellery Maisons, the "main growth-contributing, margin-accretive engine" of Richemont, to continue its outperformance versus the market, driven by brand strength at Cartier and Van Cleef. For the quarter, the focus will likely be on the Middle East, around 9% of sales, which was enjoying a 20% run rate in the financial year, the fastest growing region for the group.
By Jeremy Cutler, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2026 Alliance News Ltd. All Rights Reserved.
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