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Friday preview: Nothing major expected

By Oliver Haill

Date: Thursday 16 Nov 2017

LONDON (ShareCast) - (ShareCast News) - Friday looks likely to be deathly quiet compared to the bustle of the previous days, with no major UK macroeconomic data and a quiet day scheduled in the company diary.
US building permits and housing starts, the Kansas City Fed's manufacturing activity index, plus the eurozone current account and Canadian inflation numbers will grease the markets wheels, while there are yet more central bank words due to flow from the European Central Bank's communications summit.

The ECB's Draghi is due to give a keynote address early in the morning in Frankfurt, while the Bundesbank's Weidmann is slated to speak later and the Federal Reserve's John Williams in the evening. US housing starts for October and the are the data highlights.

On Canada's consumer prices index, RBC Capital Markets said the monthly measure is likely to rise. "The average of the BoC's three core measures has risen for the past four months -- from 1.33% to 1.60% -- and we are biased toward another slight improvement this time. The BoC, however, has not focused on this pick-up in recent commentary."

There will also be a 'flash' first reading of US manufacturing output for November from Markit, which like its EU cousin has been in expansion mode since the beginning of the year.

The market is expecting the November reading to reach 54, in line with the reading of the previous month.

Kier Group is the only FTSE 350 company in the company diary for Friday. The construction group is putting out a first-quarter update alongside its annual shareholder meeting, having only released annual results in September.

Coming so soon after September's numbers, the statement is not expected to show much change from the trading or outlook from that time, when the order book stood at roughly 9.5bn together with 2bn in the property development and residential pipelines.

Based on this high degree of visibility, management were targeting double digit organic growth.

"Net debt has been a focal point post the Carillion and Interserve blow-ups, but in our view is out of context for Kier given the asset-backed associated with net debt," said broker Numis, expecting a 360m average net debt over the year as the group invests in property.

Friday November 17

Building Permits (US) (13:30)
Current Account (EU) (09:00)
Housing Starts (US) (12:30)

Hays, Octopus Apollo VCT, ProVen Growth & Income VCT, ProVen VCT

Amur Minerals Corporation NPV, Central Rand Gold Ltd, Kier Group, Myanmar Strategic Holdings Limited NPV (DI), Salt Lake Potash Limited (DI), Seeing Machines Ltd., Sylvania Platinum Ltd (DI)

Dechra Pharmaceuticals, Hays, Ricardo, Smiths Group, Wilmington

Aviva, Bovis Homes Group, Coats Group, Harvey Nash Group, Howden Joinery Group, Menzies(John), Saga , Ted Baker, Walker Greenbank, Warpaint London

NextEnergy Solar Fund Limited Red, Record