The coming week is likely to continue in the volatile vane seen of late as markets vie with the ongoing sovereign debt crisis and erosion of the euro. Among those UK-listed companies reporting results this week are a number of utility providers, a handful of financial services companies and industry leaders British Airways and Vodafone.
Monday
Nothing much to report on Monday, either on the economic front of the corporate earnings front.
Tuesday
The week’s blue-chip earnings will be kicked off on Tuesday by FTSE 100-listed real estate investment trust British Land, which will unveil fourth quarter and full-year results, while Dairy Crest, Yell and Vodafone are among others due to report on Tuesday. The latter recently upgraded its full-year guidance for adjusted operating profit to £11.4 billion-£11.8 billion, thanks to a pick-up in underlying trade in the final quarter of the fiscal year. Investors in the mobile giant will also be looking for information on the possibility of receiving a dividend in 2012 and on from Vodafone’s stake in US firm Verizon Communications.
On the economic front, in the UK we will have the latest consumer price index and retail price index figures to digest, while further afield, US consumer confidence and housing starts, and EU business confidence and balance of trade reports will dominate.
Wednesday
The minutes from the Bank of England’s most recent Monetary Policy Committee meeting will be released mid-week, from which investors will hope to glean insights into Mervyn King et al’s view of the health of the UK economy and their approach to its indebtedness. Internationally, mortgage applications in the US will provide further information on the American housing market, while the Fed unveils its own interest rate meeting minutes in post-UK market deals.
Among those reporting earnings in the UK will be pubs operator Mitchells & Butlers, which will announce its interim figures, interdealer broker ICAP, REIT Land Securities and utility provider Scottish & Southern Energy.
Cruise operator Carnival’s share price is likely to be under pressure on Wednesday as the stock trades ex-dividend.
Thursday
More interim results from the leisure industry are due on Thursday: following M&B on Wednesday, fellow pubs operator Marston's will report its own numbers on Thursday. An interim management statement is also due from oil explorer Cairn Energy, while electricity provider National Grid and brewer SABMiller are both expected to release full-year numbers.
Prior to the UK market open, the Bank of Japan will announce its interest rate decision, following which the UK will report retail sales and Europe will unveil its consumer confidence indicator, while later on in the session, US labour market figures and leading indicators are on the agenda.
Friday
One of the week’s main earnings reports is due on Friday. British Airways, which only recently finalised the details of its upcoming merger with Spanish peer Iberia, has had a plethora of trials and tribulations to contend with over the past year and these are likely to be in evidence when the national carrier publishes its full-year results. From sales in the region of £8 billion, the airline is forecast to reported an underlying operating loss of some £250 million. The bad news is far from over as BA still has another 20 days of cabin crew strikes to deal with in the coming months.
FTSE operator London Stock Exchange and utility provider United Utilities are among others due to report earnings on Friday.
On the economic front, money supply, mortgage approvals and public sector finances are scheduled for release in the UK, while the EU reports its balance of payments and current account. Given the state of many economies’ balance sheets, these data are unlikely to make for upbeat reading.
