All the major business events coming up this week
For your diary: National Construction Summit, Techstars Startup Weekend, IAG AGM
IAG, which also owns British Airways, Aer Lingus, Iberia and Vueling, said total passenger numbers grew by 2.6 per cent in May to 9.1 million. Photograph: Daniel Leal-Olivas/AFP/Getty
Indicators: US consumer inflation expectations (May)
Indicators: Irish construction PMI (May); Euro zone economic sentiment index (Jun); UK inflation (May), retail price index (May), PPI input and output (May); German economic sentiment index (Jun); US PPI (May)
Meetings: Kingfisher AGM, London
Indicators: Euro zone employment change (Q1), industrial production (Apr); UK unemployment (Apr), average earnings (Apr); German inflation (May); US mortgage applications (Jun), inflation (May), retail sales (May),
Meetings: IAG AGM, Madrid; US Fed interest rate decision; National Construction Summit (RDS, Dublin 4)
IAG annual meeting
While 75,000 stranded airline passengers are a major consumer and media event, it is not a scenario that will necessarily cause long-term ripples in the stock market.
Last month’s IT failure at IAG (International Airline Group) led to the grounding of almost 700 British Airways flights and a potential compensation bill of €170 million, neither of which will escape mention at the group’s AGM in Spain on Wednesday.
“The IT issue was a big customer event, a big media event, but not a big stock market event,” he said ahead of this week’s shareholder meeting.
However, it may rattle some nerves regarding the high-end brand of British Airways at a time when competing airlines increase investment.
“There are certainly questions on branding but the bottom line is the company continues to deliver and that is what shareholders want.”
IAG, which also owns Aer Lingus, Iberia and Vueling, said total passenger numbers grew by 2.6 per cent in May to 9.1 million on last year. The airlines carried 39 million people in the first five months of the year, a gain of 4.9 per cent on the same period in 2016.
National Construction Summit 2017
Even as the Irish housing shortage remains at crisis point, the construction sector’s overall growth appears to be cooling.
On Wednesday, the National Construction Summit 2017 will address a number of key themes, including foreign direct investment, infrastructural investment, public and private housing and the by now ubiquitous Brexit.
However, according to Tom Moloney, managing director of Construction Information Services (CIS), and one of the key speakers at this week’s event, huge leaps in the sector, albeit from a low base, are beginning to wane.
The first quarter of 2017 has seen a fall off in activity compared to 2016 and 2015, a period which saw gains of up to 30 per cent.
Residential and hotel builds for the quarter rose but commercial and educational projects levelled off while the medical and care sector dropped. Overall activity appears to be static.
“Generally I would say it is positive but it just doesn’t have the same level [of growth this year]...and looking toward the second quarter it will follow at the same level of activity as 2016,” Mr Moloney said.
“We would say it’s certainly not enjoying the same increase across the three key stages – the number of projects coming into the pipeline, those ready to go and the number of projects on site.”
Summit speakers will include Tom Parlon, director general of the Construction Industry Federation; Pat O’Doherty, chief executive of the ESB; Roland O’Connell, chairman of Savills; and Hugh Wallace, director of Douglas Wallace Architects.
Indicators: UK retail sales (May); US export and import prices (May), industrial and manufacturing production (May)
Meetings: Bank of England interest rate decision; Data Summit 2017 on online privacy (Convention Centre Dublin; Aspira “Lunch and Learn” event on resolving workplace conflict (Hilton Garden Inn, Dublin Custom House)
Indicators: Euro zone inflation (May), wage growth (Q1); German wholesale prices (May); US labour market conditions index (May)