The Bank of England delayed the meeting of its Monetary Policy Committee (MPC) last week as it clashed with the date of the general election.
The date was rescheduled to avoid any accusation of the MPC's decisions on interest rates and fiscal stimulus influencing the election result.
The MPC is scheduled to announce its verdict on Monday by which time it is hoped that there will be some clarity over the composition of the UK government. Even without the concern over influencing political events the MPC is widely expected to maintain the status quo and leave its rates and quantitative easing policy unchanged.
On the corporate front Centrica, Aviva, Serco, Inmarsat, InterContinental, Compass, Wood Group, Tullow Oil, Thomas Cook, BT, Sainsbury. Amec, Old Mutual and ENRCare among the FTSE 100 constituents scheduled to make announcements.
Citigroup is expecting British Gas owner Centrica to issue a positive statement on Monday. “We expect British Gas Residential to have performed well, benefiting from strong gas demand in Q1 [first quarter] with the company making customer gains within this business. We expect the company to continue to show good momentum within Home Services and make improvement in the US where performance has been weaker,” the US banking group said.
Turning to telecoms group BT, Citi is forecasting a 5.9% decline in revenue year on year for the first quarter. “Full year cash flow, post pension, reaches £1.2bn, while we expect the estimated IAS 19 net pension deficit to rise to £7.3bn. March 2011 cost savings may prove strong, but fibre costs and pension payments represent significant threats to BT’s subs sector cash flow and dividend,” Citi said.
Following a disappointing trading update from supermarket group Morrisons this week the full year results from sector peer J. Sainsbury will be keenly anticipated by industry observers looking for further signs of slowing growth in the sector as inflation trends lower.
Dutch investment house ING is forecasting underlying clean pre-tax profit of £590m, versus market consensus of £600m. The market is anticipating revenue will fall just short of £20bn at £19.96bn.
“A key focus of the market will likely rest with any current trading comment that is disclosed,” ING opines. “In our view, management’s 3-4% LFL YoY [like for like year on year] medium-term growth assumption is looking a little optimistic at this juncture,” the broker added.
The company may provide a formal revaluation of its property portfolio, last valued at £8.5bn in November 2009.
Monday May 10
INTERIMS
Advanced Power Components, Diploma
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (GER) (07:00)
Current Account (GER) (07:00)
GMS
MWB Group Holdings Uts
FINALS
GLOBO
IMSS
Centrica, Dignity, Hiscox, Interserve
AGMS
Blackstar Group, Centrica, Dealogic, Delcam, Downing Protected VCT IV, Downing Protected VCT V, HGCapital Trust, Imagelinx, Interserve, Steppe Cement, Zest, Zhejiang Exp'H'
UK ECONOMIC ANNOUNCEMENTS
BoE Interest Rate Decision (12:00)
FINAL DIVIDEND PAYMENT DATE
Arriva, CRH
Q1
First Quantum Minerals, ReneSola
Tuesday May 11
INTERIMS
Avon Rubber, easyJet, Enterprise Inns, Southern Cross Healthcare Group
INTERIM DIVIDEND PAYMENT DATE
Telefonica SA
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
ABC Consumer Confidence (US) (22:00)
Consumer Price Index(GER) (07:00)
Wholesales Inventories (US) (15:00)
FINALS
Babcock International Group, Toyota Motor
IMSS
Aviva, Henderson Group, Serco Group
AGMS
BlackRock Latin American Inv Trust, Burst Media, Capita Group, Henderson Group, Henderson High Income Trust, Highcroft Investment, Impax Environmental Markets, Kingdom Hotel Investments GDS, Macfarlane Group, MCB Finance Group, Merchants Trust, Salamander Energy, Serco Group, Spirax-Sarco Engineering, Unilever, William Hill, Zotefoams
TRADING ANNOUNCEMENTS
Supergroup
UK ECONOMIC ANNOUNCEMENTS
BRC Sales Monitor (00:01)
Industrial Production (09:30)
Manufacturing Production (09:30)
RICS Housing Market Survey (09:30)
FINAL DIVIDEND PAYMENT DATE
The Hotel Corporation, WSP Group
Q1
Inmarsat, InterContinental Hotels Group
Wednesday May 12
INTERIMS
Compass Group, Dimension Data Holdings, OMG
INTERIM EX-DIVIDEND DATE
Aberdeen Asset Management, Narborough Plant, Puma VCT III, Puma VCT IV, Sage Group, Smart (J) & Co., Smiths News
QUARTERLY EX-DIVIDEND DATE
Barclays
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (US) (13:30)
Crude Oil Inventories (US) (15:30)
GDP (Flash Estimate) (EU) (10:00)
Gross Domestic Product (GER) (07:00)
Industrial Production (EU) (10:00)
MBA Mortgage Applications (US) (12:00)
New Home Sales (AUS) (00:00)
Treasury Budget Statement (US) (19:00)
GMS
European Goldfields Limited, Hertford International, Victoria Oil & Gas
FINALS
FirstGroup, Strategic Thought Group, Vertu Motors
IMSS
Barratt Developments, Beazley Group, Chime Communications, Greggs, John Wood Group, Premier Foods, Prodesse Investment Ltd., Tullow Oil
SPECIAL EX-DIVIDEND PAYMENT DATE
BlackRock Smaller Companies Trust, Narborough Plant
EGMS
McInerney Holdings, STV Group
AGMS
Arbuthnot Banking Group, Aurelian Oil & Gas, Balfour Beatty, BG Group, British Smaller Technology Companies VCT 2, Chime Communications, Cineworld Group, Clarkson, Dialight, European Goldfields Limited, Flying Brands, Frenkel Topping, Futura Medical, Goldenport, Goldenport, Greggs, Hellenic Carriers, Indochina Capital Vietnam Holding (DI), International Personal Finance, John Wood Group, KBC Advanced Technologies, Marshalls, Matrix Income & Growth 3 VCT, Matrix Income & Growth VCT, McInerney Holdings, Mithras Inv Trust, Pittards, Skyepharma, TT Electronics, Tullow Oil, Ukraine Opportunity Trust, Weir Group, Wellstream Holdings
TRADING ANNOUNCEMENTS
Micro Focus International Plc
UK ECONOMIC ANNOUNCEMENTS
BoE Inflation Report (09:30)
Claimant Count Rate (09:30)
Unemployment Rate (09:30)
FINAL DIVIDEND PAYMENT DATE
Dairy Farm International (Singapore), Hongkong Land Holding Ltd. (Singapore), Jardine Matheson (Singapore), Jardine Strategic (Singapore), Smith & Nephew
FINAL EX-DIVIDEND DATE
888 Holdings, BlackRock Smaller Companies Trust, Downing Protected VCT IX, Downing Protected VCT VIII, Fresnillo, Irish Continental Group Units, Lamprell, Macfarlane Group, Matrix Income & Growth 4 VCT, Mount Engineering, Nestor Healthcare, Old Mutual, ProVen Health VCT, Provident Financial, Puma VCT V, PV Crystalox Solar, Rightmove, S & U, SPARK VCT, STM Group, Ted Baker, Whitbread
Q1
Aegon , Bank BPH GDR (Reg S), Bank Pekao GDS (Reg S), Grupo Clarin S.A. GDR (Reg S), Ote ADS
Thursday May 13
INTERIMS
Euromoney Institutional Investor, Holidaybreak, Thomas Cook Group
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
ECB Report (EU) (09:00)
Import and Export Price Indexes (US) (13:30)
Initial Jobless Claims (US) (13:30)
Unemployment Rate (AUS) (00:00)
Wholesale Price Index (GER) (07:00)
Q4
BT Group
GMS
Manganese Bronze
FINALS
3i Group, BT Group, Datatec Ltd. (DI), Luminar Group, Sainsbury (J), Sony Corp.
ANNUAL REPORT
Pinnacle Staffing Group
IMSS
Amec, Amlin, Axis-Shield, Clinton Cards, Cookson Group, Eurasian Natural Resources, Melrose, Morgan Crucible, Old Mutual, Premier Oil, Trinity Mirror, Tullett Prebon
AGMS
Aberdeen Asian Income Fund Ltd., Amec, Amlin, British Polythene, Chesnara, Cookson Group, Dow Chem., Fidelity Japanese Values, Fyffes, Hardy Oil & Gas, Henderson TR Pacific Inv Trust, Hikma Pharmaceuticals, Huntsworth, Inchcape, Ingenious Entertainment VCT 1, Ingenious Entertainment VCT 1 'C' Shares, Ingenious Entertainment VCT 2, Ingenious Entertainment VCT 2 'C' Shares, Ingenious Live VCT 1, Ingenious Live VCT 2, Islamic Bank of Britain, Kingspan Group, LMS Capital, Manganese Bronze, Mecom Group, Melrose, MTI Wireless Edge, Northern 2 VCT, Old Mutual, Petrofac Ltd., Robinson, SIG, Sportech, St James's Place, Trinity Mirror, Tullett Prebon, United Business Media
UK ECONOMIC ANNOUNCEMENTS
Balance of Trade (09:30)
FINAL DIVIDEND PAYMENT DATE
Standard Chartered
Q1
Axis-Shield, European Goldfields Limited, Telecom Egypt S.A.E GDS (Regs), Telefonica SA
Friday May 14
INTERIM DIVIDEND PAYMENT DATE
Carr's Milling Industries, London & St lawrence Inv Co.
QUARTERLY PAYMENT DATE
British Land Co, Merchants Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Inventories (US) (13:30)
Capacity Utilisation (US) (16:15)
Industrial Production (US) (16:15)
Retail Sales (US) (13:45)
Retail Sales Inventories (US) (15:15)
GMS
Ladbrokes
FINALS
Reliance Infrastructure GDR (Reg S)
ANNUAL REPORT
London Security, M. P. Evans Group
IMSS
Gartmore Group , Ladbrokes, Renishaw, Unite Group
AGMS
ARM Holdings, Computacenter, Edinburgh UK Tracker Trust, Global Energy Development, Intertek Group, Irish Life & Permanent Group Holding, Kazakhmys, Ladbrokes, Rentokil Initial, SPARK VCT 2, Standard Life, Sunkar Resources
FINAL DIVIDEND PAYMENT DATE
Arbuthnot Banking Group, China Medical System Holdings, Delcam, Drax Group, Fisher (James) & Sons, Goldenport, Invista Real Estate Investment Management Holdings, Kerry Group 'A', Molins, Raven Russia, ROK, Signet Global Fixed Income Strategies GBP Shares, Sperati (Ca), T Clarke, Xstrata
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