Wednesday preview: TP Icap, Spirax updates in focus

(Sharecast News) - On Wednesday, trading updates from TP Icap and Spirax will be eyed, along with results from Tui, Vertu Motors and Avon Technologies.

As far as Spirax is concerned, UBS said it expects China and Korea to return to growth, with China stable and Korea performing well. "Low single digit to mid single digit growth should be confirmed," it said.

"ETS is poised for robust growth, supported by momentum across all businesses and the execution of orders originally scheduled for H2 that are now likely to fall into the period," the bank said.

"Watson-Marlow exited 2025 with solid momentum, which should persist, supporting continued double digit YoY growth.

"Overall, Spirax's should point to MSD-HSD growth in the trading update, which should be well received."

On Tui, UBS pointed out that the travel company has already pre-released a narrow range for second-quarter EBIT and cut guidance for FY26.

"We believe investor focus is likely to be centred around on any further colour provided by management on current booking trends/environment versus the update provided in mid-April," it said. "Travel demand remains uncertain, with airlines introducing capacity cuts, cruise liners reducing yield guidance and hoteliers responding to shifting demand."

Last month, Tui downgraded its full-year guidance for underlying earnings before interest and tax to between €1.1bn and €1.4bn, having previously expected a 7% to 10% increase on 2025's €1.4bn.

Tui also said it was suspending revenue guidance until conditions stabilise, having previously guided to growth of 2% to 4% on 2025.

On the macro calendar, first-quarter eurozone GDP is due at 1000 BST, along with industrial production figures for March. Across the pond, the US producer price index for April will be released at 1330 BST.