Five things CAs need to know this week
A look ahead to some of the things happening in business, accountancy and politics this week.
1. New UK statistics will provide insight into Brexit impact
The National Institute of Economic and Social Research will release figures on Tuesday (9 August) that may report that a fall in GDP in July and manufacturing output in June was due to delayed spending because of Brexit uncertainty.
The Royal Institution of Chartered Surveyors could also report that housing demand fell last month. This does not necessarily mean a drop in prices, as potential sellers feeling unsure of the market are affecting the housing supply.
2. Boost to banking sector competition
The Competition and Markets Authority (CMA) will announce new measures on Tuesday (9 August) to boost competition in the banking sector, after a two-year investigation.
A new system to make it easier to switch personal and small business bank accounts and an overhaul of overdraft fees are among the expected changes.
The 'big four' banks - Lloyds Banking Group, RBS, Barclays and HSBC - hold more than "70% of the current account and small business sectors", The Guardian reports.
3. July economic results due from China
China will report July economic data this week, with expectations for broadly stable growth.
The People's Bank of China reported that the country's economy grew faster than expected in the second quarter and reiterated its long-standing prudent stance in its monetary policy implementation report.
The focus in the last five months of the year is expected to be on structural reform and fiscal measures to boost growth.
4. International central banks to announce rate decisions
India and Zambia will announce their national interest rates on Tuesday with both countries expected to make little change. Reserve Bank of India (RBI) Governor Raghuram Rajan is likely to leave a decision on whether inflation is subsiding enough after monsoon season to his successor.
The New Zealand central bank is expected to lower the national interest rate to a record low of 2% on Thursday (11 August), following the cuts made by the Reserve Bank of Australia last week.
Rates are also due from the banks of Mexico, Chile, Peru, the Philippines, South Korea and Serbia.
5. Results from Coca-Cola, Standard Life, Hastings, Legal & General
- Monday: Interim due from Telit Communications.
- Tuesday: Interims due from GW Pharmaceuticals, Legal & General Group, The Quarto Group, Regus, Standard Life and Worldpay Group.
- Wednesday: Interim due from Prudential. Final due from Trafalgar New Homes.
- Thursday: Interims from Aldermore Group, Bankers Petroleum, Coca-Cola HBC, Hastings Group Holdings, Old Mutual Group, Pagegroup and Telecom Egypt. Final due from UK Select Trust.
- Friday: Interims from FBD Holdings and JSC TBC Bank.