Tuesday preview: Vodafone, ITV

Interim figures from mobile phone and telecoms giant Vodafone are due out on Tuesday morning, and the market will be looking out for signs of how the macroeconomic and competitive pressures in southern Europe - as highlighted in the first-quarter trading update - have affected revenue.Organic service revenues were up just 0.6% in the first three months of the year.Jefferies expects Vodafone to report a 0.6% decline in revenues in the second quarter, saying that results "are likely to continue the recent theme of weakening service revenue trends".The broker added: "Vodafone faces new headwinds in 2H. In preparation, we believe management should pro-actively rebalance margin/FCF expectations next week."Terrestrial TV operator ITV's third quarter trading update will include the period in which the BBC was bombarding the nation with Olympics coverage, so net advertising revenues for its core channels may have taken a hit.However, as broker Peel Hunt notes, the ITV Studios business has been on a roll, Nevertheless, Peel Hunt thinks the third quarter will have been a tough one for ITV, despite the return of all-conquering Downton Abbey. "We see earnings per share upgrades as unlikely against this backdrop, with pressure more likely to be on the downside, excluding acquisitions," Peel Hunt's Patrick Yau opined.INTERIMSHML Holdings, Norcros, Oxford Instruments, Synergy Health, TalkTalk Telecom Group , Trifast, Vodafone Group, Workspace GroupQUARTERLY EX-DIVIDEND DATELilly (Eli) & CoINTERNATIONAL ECONOMIC ANNOUNCEMENTSABC Consumer Confidence (US) (22:00)Treasury Budget Statement (US) (19:00)ZEW Survey (EU) (10:00)ZEW Survey (GER) (10:00)Q3Arnoldo Mondadori Editore SPA, Bank Pekao SA GDS (Reg S)GMSCreat Resources Holdings Ltd. (DI)IMSSAfren, Cineworld Group, CRH, Drax Group, PersimmonAGMSCrown Place VCT, Global Petroleum Ltd., Wolf Minerals LimitedUK ECONOMIC ANNOUNCEMENTSConsumer Price Index  (09:30)Producer Price Index  (09:30)Retail Price Index (09:30) JH