Tuesday preview: Markets turn to Wood Group results, Fed speeches

(Sharecast News) - Tuesday is set to be a quiet day in terms of corporate earnings and economic data, with Wood Group the only major UK-listed company expected to release results. Shares in the oil and gas engineer plummeted back in May after the company announced that the £1.7bn takeover bid by Apollo - which valued the company at 240p per share - had been dropped by the US private equity group. The stock has since been trading around the 140-160p range in recent months.

The company more or less announced its interim results in a detailed trading update last month, which showed that revenues were up 15% year-on-year at $2.9bn and adjusted EBITDA rose 6% to $195m.

Also on the agenda on Tuesday are speeches from members of the Federal Reserve, which will be closely watched after the minutes from the recent FOMC meeting drove 10-year Treasury yields to a 15-year high last week. Chicago Fed president Austan Goolsbee and Fed board member Michelle Bowman are both expected to talk as markets start to turn their attention to the Fed's annual Jackson Hole conference later this week (on Thursday to Saturday).

"All eyes will be on how Fed officials [...] react to the strength of the economy and potential inflation risks ahead of the September 20th meeting. Bear in mind we will see another round of jobs and inflation data before that," said analysts at Deutsche Bank in their weekly preview last Friday.

Also in the US, housing data is due for release by the National Association of Realtors, and is expected to show that existing home sales fell by 0.2% in July to a seasonally adjusted annual rate of 4.15m, slowing from the 3.3% decline experienced the previous moth.

Tuesday August 22

INTERIMS

Anexo Group , Empresaria Group, Wood Group (John)

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Current Account (EU) (09:00)

Existing Home Sales (US) (15:00)

ANNUAL REPORT

RUA Life Sciences , RUA Life Sciences

AGMS

Cake Box Holdings, RUA Life Sciences , Smoove, STM Group

TRADING ANNOUNCEMENTS

Gem Diamonds Ltd. (DI), RUA Life Sciences

UK ECONOMIC ANNOUNCEMENTS

Public Sector Net Borrowing (07:00)