Five things CAs need to know this week: 1 July 2019
A look ahead to some of the things happening in business, accountancy and politics this week.
1. Figures showing UK economy is floundering to be released
This week's purchasing manager's surveys are expected to show that growth in manufacturing has stalled along with a decline in construction.
These gloomy results are in part down to the continued uncertainty around Brexit which in turn is spooking companies from investing in long-lived assets.
Halifax is due to release its measure of house prices this week, with the report expected to show annual inflation sitting at around 4.5%.
The Bank of England (BoE) data on mortgages released this week will likely show approval rates are rather flat and have been for several months.
2. European Parliament begins new term
Newly elected MEPs will come together in Brussels this week for the start of the new European Parliament term.
Last week an internal meeting was held to decided who would take on the top jobs within the Parliament.
The centre-right European People’s Party (EPP), who hold the majority, signalled that they wanted two of their members to head up the Foreign Affairs committee (AFET) and the Industry committee (ITRE).
European Commission presided Jean-Claud Junker is expected to remain in his post with the plan to step down following the UK's exit from the union.
3. European Council to meet
Leaders from across the Eurozone will meet in Brussels this week.
Brexit and how Europe should take stock leading up to the UK's exit is likely to be high on the European Council meeting agenda.
Economic and Monetary Union (EMU) reform will also be a big ticket item on the agenda, along with the EU budget and the strategic agenda.
4. OPEC to decide on oil pumping restrictions
The Organisation of the Petroleum Exporting Countries (OPEC) will meet this week to discuss the extension of oil supply cuts.
The organisation is expected to decide on an extension of the cut until at least the end of 2019.
The intention behind the restriction of the oil is to prop up the price of crude oil.
5. Results due from Superdry, Purplebricks and St Modwen Properties
- Tuesday: Interims due from St Modwen Properties. Finals due from Imimobile.
- Wednesday: Finals due from Purplebricks and Theworks.co.uk.
- Thursday:Finals due from Superdry.