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Week ahead: Banking results and election fever to take centre-stage
Fri, 26th Oct 2012 09:08
Next week is set to be an extremely busy week, looking at the corporate and economic calendar from home and abroad.
Third-quarter UK corporate earnings season really gets into full swing with some heavyweight Footsie constituents scheduled to report, including GlaxoSmithKline, Shell, Smith & Nephew, Royal Bank of Scotland (RBS) and Lloyds.
On Thursday, Lloyds is expected to report an 'underlying' pre-tax profit of £580m in the third quarter and a 'management' pre-tax profit of £933m (which includes around £350m of 'fair value unwind'), according to Credit Suisse.
In a research report on October 23rd, the broker said that it had not included any further provisions in its forecasts for Payment Protection Insurance (PPI) claims. "Having taken a total of £4.3bn PPI charge so far, the implied charge following Barclays announcement could be up to c£1.5bn."
As for RBS, Nomura says that the things to watch out for in its third-quarter statement on Friday include: an improvement in core trends, particularly in NIMs (net interest margins); stable revenues in GBM (Global Banking and Markets); muted improvement in asset quality; and £350 in PPI provisions.
Election fever is set to ignite across the Pond ahead of the US presidential elections the week after. All eyes will be on the final reading of the US jobs report on Friday November 2nd which could provide a major catalyst for votes for either Barack Obama or Mitt Romney, depending on the outcome.
Analysts at Investec said: "Over recent days the race for the White House has become much closer, with President Obama appearing to lose ground across the crucial swing states knocking his chances of winning the electoral college vote and therefore his chances of retaining the keys to the White House.
"The outcome of the Presidential and Congressional vote on November 6th will be key in shaping market confidence over the ease through which US lawmakers will succeed in dealing in a balanced way with the fiscal cliff and in raising the debt ceiling."
The following weekend (November 4-5th) will see the G20 finance ministers and central bank governors meet in Mexico.
"So far we have little detail on what this meeting will cover, beyond a round-up on the state of play with the Euro crisis and outlook for the global economy," Investec said.
Monday October 29
INTERIMS
Great Eastern Energy Corp Ltd. GDR
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Personal Consumption Expenditures (US) (13:30)
Personal Income (US) (13:30)
Personal Spending (US) (13:30)
GMS
XCAP Securities
ANNUAL REPORT
Stellar Diamonds
IMSS
Gem Diamonds Ltd. (DI), Perform Group
EGMS
ICB Financial Group Holdings (CDI), Wood Group (John)
AGMS
Ceramic Fuel Cells Ltd., City of London Inv Trust, Parallel Media Group
UK ECONOMIC ANNOUNCEMENTS
M4 Money Supply (estimate) (09:30)
M4 Sterling Lending (estimate) (09:30)
Mortgage Approvals (09:30)
Trends in Lending (09:30)
Tuesday October 30
INTERIM DIVIDEND PAYMENT DATE
Ashley (Laura) Holding, Smith & Nephew
INTERIM EX-DIVIDEND DATE
Octopus AIM VCT
QUARTERLY PAYMENT DATE
Dow Chemical Co
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Climate Indicator (EU) (10:00)
Consumer Confidence (US) (15:00)
Economic Sentiment Indicator (EU) (10:00)
PMI Retail (EU) (09:00)
PMI Retail (GER) (08:55)
Unemployment Rate (GER) (08:55)
Q3
Bank Millennium SA, BP, Erste Group Bank AG, Eurasia Drilling Co Ltd GDR (Reg S), Eurasia Drilling Co Ltd GDR (Reg S), Hrvatske Telekom D.D GDR (Reg S), Wolfson Microelectronics, Yamana Gold Inc.
FINALS
Imperial Tobacco Group, Redefine International
EGMS
National Bank of Greece ADR
AGMS
Marwyn Value Investors Ltd., Mirada, Surface Transforms
UK ECONOMIC ANNOUNCEMENTS
CBI Distributive Trades Surveys (11:00)
FINAL DIVIDEND PAYMENT DATE
Produce Investment
Wednesday October 31
INTERIMS
Volex
INTERIM DIVIDEND PAYMENT DATE
Amiad Water Systems Ltd, Foresight Solar VCT, Wynnstay Group
INTERIM EX-DIVIDEND DATE
APR Energy, Bloomsbury Publishing, Booker Group, C&C Group, Development Securities, Downing Planned Exit VCT 2 'C' Shares, Downing Planned Exit VCT 2 'D' Shares , Downing Planned Exit VCT 2 'F' Shares, Downing Planned Exit VCT 2011 (General Shares), Downing Planned Exit VCT 2011 (Low Carbon Shares), Downing Planned Exit VCT 2011 (Structured Shares), Downing Planned Exit VCT 3 'C' Shares, Downing Planned Exit VCT 3 'D' Shares , Downing Planned Exit VCT 3 F Shares, Hargreave Hale AIM VCT 2, Hilton Food Group, Howden Joinery Group, Intertek Group, ITV, Laird, Lombard Risk Management, Lookers, M&C Saatchi, Moss Bros Group, Provident Financial, Restore
QUARTERLY PAYMENT DATE
F&C Commercial Property Trust Ltd., JP Morgan Chase & Co, Middlefield Canadian Income PCC, Schroder Income Growth Fund
QUARTERLY EX-DIVIDEND DATE
JPMorgan Claverhouse Inv Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Chicago PMI (US) (13:45)
Crude Oil Inventories (US) (15:30)
GFK Consumer Confidence (GER) (07:00)
International Reserves (EU) (11:00)
MBA Mortgage Applications (US) (12:00)
Retail Sales (GER) (07:00)
Q3
First Quantum Minerals Ltd., GlaxoSmithKline
FINALS
Neos Resources, Tracsis
ANNUAL REPORT
Aquarius Platinum Ltd.
IMSS
Aegis Group, Barclays, Logica, Mondi, Next, Phoenix Group Holdings (DI), St James's Place, Standard Life
SPECIAL EX-DIVIDEND PAYMENT DATE
IndigoVision Group
EGMS
OSJC Center for Cargo Container Traffic Transcontainer GDR (Reg S)
AGMS
Ashmore Group, Carpathian, Coburg Group, Greenko Group, Ideagen, Pacific Horizon Inv Trust, Tricor
FINAL DIVIDEND PAYMENT DATE
Abbey, Alumasc Group, Haynes Publishing Group, Rank Group
FINAL EX-DIVIDEND DATE
Abcam, AIREA, Allocate Software, El Oro Ltd, Go-Ahead Group, IndigoVision Group, JPMorgan Global Markets Emerging Income Trust
Thursday November 01
INTERIMS
BT Group
INTERIM DIVIDEND PAYMENT DATE
Derwent London, Fisher (James) & Sons, Keller Group, TT Electronics
QUARTERLY PAYMENT DATE
Mercantile Investment Trust (The), Torchmark Corp., Verizon Communications
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Auto Sales (US) (15:00)
Construction Spending (US) (15:00)
ISM Manufacturing (US) (15:00)
ISM Prices Paid (US) (15:00)
Productivity (US) (13:30)
Q2
BT Group
Q3
Avocet Mining, BG Group, Reed Elsevier, Royal Dutch Shell 'A', Royal Dutch Shell 'B', Smith & Nephew
IMSS
Glencore International, International Power, Legal & General Group, Lloyds Banking Group
AGMS
British Sky Broadcasting Group, Pochin's, Strategic Equity Capital, Webis Holdings
FINAL DIVIDEND PAYMENT DATE
Smith (DS)
Q1
British Sky Broadcasting Group
Friday November 02
INTERIM DIVIDEND PAYMENT DATE
Advanced Medical Solutions Group, BBA Aviation, Brammer, F&C Private Equity Trust, GVC Holdings, Judges Scientific, Motivcom, New Britain Palm Oil Ltd. (DI), Tandem Group, Weir Group
QUARTERLY PAYMENT DATE
Investors Capital Trust 'A' Shares
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Factory Orders (US) (15:00)
Goods Orders (US) (15:00)
Non-Farm Payrolls (US) (13:30)
PMI Manufacturing (GER) (08:55)
Unemployment Rate (US) (13:30)
Q3
Millennium & Copthorne Hotels
GMS
Stellar Resources
IMSS
Admiral Group, Direct Line Insurance Group, Meggitt, Royal Bank of Scotland Group
AGMS
Genesis Emerging Markets Fund Ltd., Rare Earth Minerals
FINAL DIVIDEND PAYMENT DATE
Pacific Horizon Inv Trust, Zetar
Third-quarter UK corporate earnings season really gets into full swing with some heavyweight Footsie constituents scheduled to report, including GlaxoSmithKline, Shell, Smith & Nephew, Royal Bank of Scotland (RBS) and Lloyds.
On Thursday, Lloyds is expected to report an 'underlying' pre-tax profit of £580m in the third quarter and a 'management' pre-tax profit of £933m (which includes around £350m of 'fair value unwind'), according to Credit Suisse.
In a research report on October 23rd, the broker said that it had not included any further provisions in its forecasts for Payment Protection Insurance (PPI) claims. "Having taken a total of £4.3bn PPI charge so far, the implied charge following Barclays announcement could be up to c£1.5bn."
As for RBS, Nomura says that the things to watch out for in its third-quarter statement on Friday include: an improvement in core trends, particularly in NIMs (net interest margins); stable revenues in GBM (Global Banking and Markets); muted improvement in asset quality; and £350 in PPI provisions.
Election fever is set to ignite across the Pond ahead of the US presidential elections the week after. All eyes will be on the final reading of the US jobs report on Friday November 2nd which could provide a major catalyst for votes for either Barack Obama or Mitt Romney, depending on the outcome.
Analysts at Investec said: "Over recent days the race for the White House has become much closer, with President Obama appearing to lose ground across the crucial swing states knocking his chances of winning the electoral college vote and therefore his chances of retaining the keys to the White House.
"The outcome of the Presidential and Congressional vote on November 6th will be key in shaping market confidence over the ease through which US lawmakers will succeed in dealing in a balanced way with the fiscal cliff and in raising the debt ceiling."
The following weekend (November 4-5th) will see the G20 finance ministers and central bank governors meet in Mexico.
"So far we have little detail on what this meeting will cover, beyond a round-up on the state of play with the Euro crisis and outlook for the global economy," Investec said.
Monday October 29
INTERIMS
Great Eastern Energy Corp Ltd. GDR
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Personal Consumption Expenditures (US) (13:30)
Personal Income (US) (13:30)
Personal Spending (US) (13:30)
GMS
XCAP Securities
ANNUAL REPORT
Stellar Diamonds
IMSS
Gem Diamonds Ltd. (DI), Perform Group
EGMS
ICB Financial Group Holdings (CDI), Wood Group (John)
AGMS
Ceramic Fuel Cells Ltd., City of London Inv Trust, Parallel Media Group
UK ECONOMIC ANNOUNCEMENTS
M4 Money Supply (estimate) (09:30)
M4 Sterling Lending (estimate) (09:30)
Mortgage Approvals (09:30)
Trends in Lending (09:30)
Tuesday October 30
INTERIM DIVIDEND PAYMENT DATE
Ashley (Laura) Holding, Smith & Nephew
INTERIM EX-DIVIDEND DATE
Octopus AIM VCT
QUARTERLY PAYMENT DATE
Dow Chemical Co
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Climate Indicator (EU) (10:00)
Consumer Confidence (US) (15:00)
Economic Sentiment Indicator (EU) (10:00)
PMI Retail (EU) (09:00)
PMI Retail (GER) (08:55)
Unemployment Rate (GER) (08:55)
Q3
Bank Millennium SA, BP, Erste Group Bank AG, Eurasia Drilling Co Ltd GDR (Reg S), Eurasia Drilling Co Ltd GDR (Reg S), Hrvatske Telekom D.D GDR (Reg S), Wolfson Microelectronics, Yamana Gold Inc.
FINALS
Imperial Tobacco Group, Redefine International
EGMS
National Bank of Greece ADR
AGMS
Marwyn Value Investors Ltd., Mirada, Surface Transforms
UK ECONOMIC ANNOUNCEMENTS
CBI Distributive Trades Surveys (11:00)
FINAL DIVIDEND PAYMENT DATE
Produce Investment
Wednesday October 31
INTERIMS
Volex
INTERIM DIVIDEND PAYMENT DATE
Amiad Water Systems Ltd, Foresight Solar VCT, Wynnstay Group
INTERIM EX-DIVIDEND DATE
APR Energy, Bloomsbury Publishing, Booker Group, C&C Group, Development Securities, Downing Planned Exit VCT 2 'C' Shares, Downing Planned Exit VCT 2 'D' Shares , Downing Planned Exit VCT 2 'F' Shares, Downing Planned Exit VCT 2011 (General Shares), Downing Planned Exit VCT 2011 (Low Carbon Shares), Downing Planned Exit VCT 2011 (Structured Shares), Downing Planned Exit VCT 3 'C' Shares, Downing Planned Exit VCT 3 'D' Shares , Downing Planned Exit VCT 3 F Shares, Hargreave Hale AIM VCT 2, Hilton Food Group, Howden Joinery Group, Intertek Group, ITV, Laird, Lombard Risk Management, Lookers, M&C Saatchi, Moss Bros Group, Provident Financial, Restore
QUARTERLY PAYMENT DATE
F&C Commercial Property Trust Ltd., JP Morgan Chase & Co, Middlefield Canadian Income PCC, Schroder Income Growth Fund
QUARTERLY EX-DIVIDEND DATE
JPMorgan Claverhouse Inv Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Chicago PMI (US) (13:45)
Crude Oil Inventories (US) (15:30)
GFK Consumer Confidence (GER) (07:00)
International Reserves (EU) (11:00)
MBA Mortgage Applications (US) (12:00)
Retail Sales (GER) (07:00)
Q3
First Quantum Minerals Ltd., GlaxoSmithKline
FINALS
Neos Resources, Tracsis
ANNUAL REPORT
Aquarius Platinum Ltd.
IMSS
Aegis Group, Barclays, Logica, Mondi, Next, Phoenix Group Holdings (DI), St James's Place, Standard Life
SPECIAL EX-DIVIDEND PAYMENT DATE
IndigoVision Group
EGMS
OSJC Center for Cargo Container Traffic Transcontainer GDR (Reg S)
AGMS
Ashmore Group, Carpathian, Coburg Group, Greenko Group, Ideagen, Pacific Horizon Inv Trust, Tricor
FINAL DIVIDEND PAYMENT DATE
Abbey, Alumasc Group, Haynes Publishing Group, Rank Group
FINAL EX-DIVIDEND DATE
Abcam, AIREA, Allocate Software, El Oro Ltd, Go-Ahead Group, IndigoVision Group, JPMorgan Global Markets Emerging Income Trust
Thursday November 01
INTERIMS
BT Group
INTERIM DIVIDEND PAYMENT DATE
Derwent London, Fisher (James) & Sons, Keller Group, TT Electronics
QUARTERLY PAYMENT DATE
Mercantile Investment Trust (The), Torchmark Corp., Verizon Communications
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Auto Sales (US) (15:00)
Construction Spending (US) (15:00)
ISM Manufacturing (US) (15:00)
ISM Prices Paid (US) (15:00)
Productivity (US) (13:30)
Q2
BT Group
Q3
Avocet Mining, BG Group, Reed Elsevier, Royal Dutch Shell 'A', Royal Dutch Shell 'B', Smith & Nephew
IMSS
Glencore International, International Power, Legal & General Group, Lloyds Banking Group
AGMS
British Sky Broadcasting Group, Pochin's, Strategic Equity Capital, Webis Holdings
FINAL DIVIDEND PAYMENT DATE
Smith (DS)
Q1
British Sky Broadcasting Group
Friday November 02
INTERIM DIVIDEND PAYMENT DATE
Advanced Medical Solutions Group, BBA Aviation, Brammer, F&C Private Equity Trust, GVC Holdings, Judges Scientific, Motivcom, New Britain Palm Oil Ltd. (DI), Tandem Group, Weir Group
QUARTERLY PAYMENT DATE
Investors Capital Trust 'A' Shares
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Factory Orders (US) (15:00)
Goods Orders (US) (15:00)
Non-Farm Payrolls (US) (13:30)
PMI Manufacturing (GER) (08:55)
Unemployment Rate (US) (13:30)
Q3
Millennium & Copthorne Hotels
GMS
Stellar Resources
IMSS
Admiral Group, Direct Line Insurance Group, Meggitt, Royal Bank of Scotland Group
AGMS
Genesis Emerging Markets Fund Ltd., Rare Earth Minerals
FINAL DIVIDEND PAYMENT DATE
Pacific Horizon Inv Trust, Zetar
