Tuesday preview: UK inflation, M&S finals

UK inflation figures and annual results from Marks and Spencer (M&S) will take centre stage on Tuesday.The UK's consumer price index (CPI) rose by 1.7% year-on-year in April, data due out tomorrow from ONS is expected to show, according to the consensus. Nonetheless, so-called 'base effects' associated with an early Easter in 2013 and increases in fuel prices and transport costs may see a print of 1.8%, Barclays Research believes, close to the 1.9% level at which it sees CPI ending the year. Forecasts from the Monetary Policy Committee point to CPI at 1.9% at the start of 2017.The retail price index (RPI) is expected to edge higher, towards a rate of 2.6% year-on-year, bolstered by strong house price growth, although as Governor Carney explained just last Sunday, the Bank may yet adopt further measures to restrain house prices. In the earnings session M&S is forecast to report a drop in underlying pre-tax profits from £665m to £615m as the UK retailer tries restructures the business.In the fourth quarter the company posted a fall in food like-for-like sales due to the timing of Easter but a rise in the struggling clothing division. "With capital expenditure set to normalise from 2014/15 as the bulk of the infrastructure investment reaches its conclusion, the shares look inexpensive, particularly from a forward cash flow perspective," Numis said. "However, having now posted 11 consecutive quarters of negative general merchandise like-for- likes, despite the better trend, we remain unconvinced by the improvement in the general merchandise division."Tuesday May 20thINTERIMSDriver Group, Bloomsbury Publishing, BTG, Paragon Group Of Companies, Renew Holdings, Victrex plc, Topps TilesINTERIM DIVIDEND PAYMENT DATEBarratt DevelopmentsINTERNATIONAL ECONOMIC ANNOUNCEMENTSProducer Price Index (GER) (07:00)Speech President Philadelphia FedSpeech President New York FedIndustrial orders (IT) (09:00)Consumer confidence (BE) (14:00)Index all-industry activity (JP) (14:30)Q4Big Yellow GroupGMSStraightFINALSAfren, Babcock International Group, Big Yellow Group, BTG, Entertainment One Limited, First Derivatives, Homeserve, Intermediate Capital Group, Marks & Spencer Group, Vodafone GroupIMSSGreencore, Spirax-Sarco EngineeringSPECIAL DIVIDEND PAYMENT DATEDirect Line Insurance GroupAGMSAdvanced Medical Solutions Group, APR Energy, Caledonia Mining Corporation, Caledonia Mining Corporation, China Chaintek United Co. Limited, EKF Diagnostics Holdings , Glencore Xstrata, Instem, Kakuzi Ltd., London Capital Group Holdings, NetScientific , Publishing Technology, Regus, Royal Dutch Shell 'A', Royal Dutch Shell 'B', S&U, Sagentia Group, Somero Enterprises Inc.(Reg S), Spirax-Sarco Engineering, TMT Investments, UBM, Vmoto Ltd, ZotefoamsUK ECONOMIC ANNOUNCEMENTSConsumer Price Index (09:30)Producer Price Index (09:30)Retail Price Index (09:30)FINAL DIVIDEND PAYMENT DATEBrady, Communisis, Direct Line Insurance Group, Holders Technology, Intu Properties, Wood Group (John)Q1AFI Development, OJSC Novolipetsk Steel GDS (Reg S)RD