Week ahead: BoE, ECB, N Brown, Topps Tiles

By Benjamin Chiou

Date: Friday 29 Jun 2012

The main event of next week will likely be the policy decisions in both the UK and Europe around Thursday lunchtime.

The Monetary Policy Committee (MPC) will be revealing its policy decision at midday on Thursday with the majority of economists expecting the Bank of England (BoE) to ramp up its asset purchase programme, or quantitative easing (QE). Analysts at Investec are predicting that the MPC will signal a further £50bn of QE, taking the total asset purchase programme to £375bn. However, they think that a Bank rate cut from the current historically low level of 0.5% remains "off the cards".

Meanwhile, the European Central Bank (ECB) is anticipated to slash its main refinancing rate to a record-low 0.75% next week, compared with the current 1% level. 48 of the 71 economists surveyed by Reuters expect a reduction.

"We also look forward to listening to ECB President Mario Draghi at the press conference, at which he will undoubtedly tell Euro area governments that they must get their houses in order, but perhaps also give some clues on any possible further ECB action," Investec said.

Meanwhile, it looks pretty quiet on the corporate front next week, with few heavyweight stocks scheduled to release trading statements or results. However, two retailers - N Brown and Topps Tiles - are expected to report quarterly updates on Tuesday and Wednesday morning, respectively.

N Brown, the internet and catalogues home shopping firm, noted challenging market conditions and fragile consumer confidence as current-year headwinds when it released its full-year results in May.

However, broker Jefferies said in a research note last month that trading pressures should ease over the year ahead: "Second-half calendar '12 trading conditions should be more disciplined than last year following tighter buying trends across the sector and hopefully no reason for a repeat of the weather induced discounting experienced in 2011.

"Moderating inflation should reduce pressure on UK consumer budgets through this year providing a more robust backdrop. N Brown's decision to ease the credit terms it offers customers should add some self-driven stimulus too."

As for Topps Tiles, the tiles and flooring specialist which reported its interim results in May, it was named by Peel Hunt a few weeks ago as its top pick of potential recovery stocks: "In a sector not lacking in companies looking for recovery, Topps offers a stable balance sheet, no risk of internet disintermediation and a business that has continued to build market share."


Monday July 02

INTERIM DIVIDEND PAYMENT DATE
Bank of Georgia Holdings, Bellway, Marston's

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Construction Spending (US) (15:00)
ISM Manufacturing (US) (15:00)
ISM Prices Paid (US) (15:00)
PMI Manufacturing (GER) (08:55)

EGMS
XXI Century Investments Public Ltd.

AGMS
BATM Advanced Communications Ltd., Bayfield Energy Holdings, JPMorgan Income & Capital Inv Trust

TRADING ANNOUNCEMENTS
Hydrogen Group

UK ECONOMIC ANNOUNCEMENTS
PMI Manufacturing  (09:30)

FINAL DIVIDEND PAYMENT DATE
Amec, Bioquell, Bunzl, Christie Group, Headlam Group, Hunting, Management Consulting Group, Nationwide Accident Repair Services, Scottish Mortgage Inv Trust

Tuesday July 03

INTERIMS
St. Modwen Properties

INTERIM DIVIDEND PAYMENT DATE
Victrex

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Auto Sales (US) (15:00)
Factory Orders (US) (15:00)
Goods Orders (US) (15:00)

FINALS
Anite, Polar Capital Technology Trust, The Real Good Food Company

ANNUAL REPORT
Caffyns

IMSS
Brown (N.) Group

SPECIAL DIVIDEND PAYMENT DATE
Octopus Eclipse VCT 2

AGMS
Blackrock Hedge Selector Ltd. Red Part Shs (UK Emerging Co Shs), Brown (N.) Group, JZ Capital Partners Ltd, Orchid Developments Group Ltd.

UK ECONOMIC ANNOUNCEMENTS
Consumer Credit (09:30)
M4 Money Supply (09:30)
M4 Sterling Lending (09:30)
Mortgage Approvals (09:30)
PMI Construction (09:30)

FINAL DIVIDEND PAYMENT DATE
Brammer, Capital Shopping Centres Group, Mears Group, Octopus Eclipse VCT 2, Slingsby H.C

Wednesday July 04

INTERIM DIVIDEND PAYMENT DATE
Hargreave Hale AIM VCT 1

INTERIM EX-DIVIDEND DATE
CareTech Holding, Character Group, Chrysalis VCT, Driver Group, Electronic Data Processing, ITE Group, Paragon Group Of Companies, Pressure Technologies

QUARTERLY EX-DIVIDEND DATE
Assura Group Ltd., British Land Co, Investors Capital Trust 'A' Shares, Investors Capital Trust 'B' Shares, JP Morgan Chase & Co, Mercantile Investment Trust (The), Real Estate Credit Investments PCC Ltd, Torchmark Corp.

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
PMI Composite (GER) (08:55)
PMI Services (GER) (08:55)

GMS
London & Associated Properties

FINALS
CSF Group, International Greetings

IMSS
Topps Tiles

AGMS
Home Retail Group, Oxford Technology 2 VCT, Oxford Technology 3 VCT, Oxford Technology VCT, Tarsus Group

TRADING ANNOUNCEMENTS
Tullow Oil

UK ECONOMIC ANNOUNCEMENTS
BoE Interest Rate Decision (12:00)
BRC Shop Price Index (00:01)
PMI Composite (09:30)
PMI Services (09:30)

FINAL DIVIDEND PAYMENT DATE
Aegis Group, Anglo Pacific Group, BlackRock Smaller Companies Trust, French Connection Group, Pace, Rolls-Royce Holdings, Staffline Group

FINAL EX-DIVIDEND DATE
Anpario, B.P. Marsh & Partners, Babcock International Group, Bisichi Mining, Bond International Software, Burberry Group, Caledonia Investments, Carphone Warehouse Group, Cranswick, De La Rue, Dee Valley Group, F&C Global Smaller Companies, Halfords Group, Martin Currie Pacific Trust, Panther Securities, Rensburg AIM VCT, Restore, Shanks Group, TalkTalk Telecom Group , Tangent Communications, TR Property Inv Trust, TR Property Inv Trust Sigma Shares, UBC Media Group

Thursday July 05

QUARTERLY PAYMENT DATE
GlaxoSmithKline

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Bloomberg Consumer Confidence (US) (14:45)
Continuing Claims (US) (13:30)
Crude Oil Inventories (US) (15:30)
ECB Interest Rate (EU) (12:45)
Initial Jobless Claims (US) (13:30)
ISM Non-Manufacturing (US) (15:00)
ISM Services (US) (15:00)
MBA Mortgage Applications (US) (12:00)
PMI Construction (GER) (08:55)

GMS
Content Media Corporation, Moneysupermarket.com Group

FINALS
Begbies Traynor Group, NCC Group

AGMS
Babcock International Group, Boussard & Gavaudan Holding Ltd. GBP Shares, Great Portland Estates, Vianet Group

UK ECONOMIC ANNOUNCEMENTS
BoE Interest Rate Decision (12:00)
New Car Registrations (09:30)

FINAL DIVIDEND PAYMENT DATE
Cineworld Group, Quarto Group Inc., Scisys

Friday July 06

INTERIMS
Sandvine Corp.

INTERIM DIVIDEND PAYMENT DATE
Alternative Networks, Associated British Foods, Cardiff Property, Daily Mail and General Trust A (Non.V), Debenhams, Grainger, Noble Investments (UK), Shaftesbury

QUARTERLY PAYMENT DATE
British Assets Trust

QUARTERLY EX-DIVIDEND DATE
Verizon Communications

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Industrial Production (GER) (11:00)
Non-Farm Payrolls (US) (13:30)
Unemployment Rate (US) (13:30)

Q2
Sandvine Corp.

SPECIAL DIVIDEND PAYMENT DATE
F&C Managed Portfolio Trust Income Shares

AGMS
Northern Investors Co, Software Radio Technology

FINAL DIVIDEND PAYMENT DATE
Balfour Beatty, Camellia, Cello Group, Densitron Technologies, First Derivatives, Hill & Smith Holdings, Huntsworth, Judges Scientific, JZ Capital Partners Ltd, M&C Saatchi, Marshalls, Morgan Crucible Co, Prezzo, Stobart Group Ltd., Tesco, Utilico Emerging Markets Ltd (DI), Yule Catto & Co

BC

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