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In the UK this morning, we get a trading update from FTSE 250-listed pubs and restaurants operator Mitchells & Butlers. At its third quarter update in July, the group – which owns the All Bar One and Harvester chains – sounded upbeat, noting that its sales had outperformed the wider market.
Investors will be focusing on whether this has continued. They’ll be paying close attention to growth in like-for-like sales, as well as to any commentary on how confident consumers are feeling.
Other corporate news is due from outsourcing group Mitie and from cruise operator Carnival.
In the US this afternoon, we have the usual weekly jobless claims figures.The US labour market has continued to be strong, despite market fears of recession. However, employment is a lagging indicator – it doesn’t start deteriorating until we’ve already seen signs that the economy is in trouble. So with manufacturing data looking ugly, investors will continue to watch for evidence that a downturn is starting to impact on hiring and firing.