Friday preview: IAG to show loss as strike drags on

10th May 2012 15:57

May has already been a busy month for British Airways and Iberia owner International Airlines Group (IAG), with the company having released its April passenger statistics and completed the sale of bmi Regional to Sector Aviation Holdings, and on Friday it gives a trading update covering the first quarter of 2012.The consensus is for an operating loss of €230m. "The key issue is whether the tight supply situation is leading to IAG offsetting more of the fuel bill across the rest of the year," suggests Nomura Securities, adding that the Spanish labour situation is also of interest."The issue of industrial action among Spanish pilots is ongoing - we would look for developments on this front, particularly the reaction of the pilots' union to IAG's introduction of a new collective agreement. With the bmi deal now complete, we expect to hear more details on the planned turnaround and the speed with which losses can be eradicated," the broker added.On the economic front, UK producer prices data for April is scheduled for release. The input index is tipped to rise 2.1% year-on-year (y/y), down from March's rise of 5.8%, while the output (core) index is seen 1.9% higher than a year earlier, having been up 2.5% y/y the previous month. INTERIM DIVIDEND PAYMENT DATEKier GroupQUARTERLY EX-DIVIDEND DATELilly (Eli) & CoINTERNATIONAL ECONOMIC ANNOUNCEMENTSConsumer Price Index (GER) (07:00)Producer Price Index (US) (13:30)U. of Michigan Confidence (Prelim) (US) (15:00)Q3Eurocommercial Properties NVIMSSCatlin Group Ltd., Centrica, Logica, Petrofac Ltd.AGMSCentrica, Clarkson, Clarkson, Goldenport Holdings Inc., Kazakhmys, Logica, Ovoca Gold, Petrofac Ltd., Planet Payment Inc., Telekomunikasi Indonesia (Persero) ADS, UBMUK ECONOMIC ANNOUNCEMENTSProducer Price Index (09:30)FINAL DIVIDEND PAYMENT DATE32Red, AZ Electronic Materials SA (DI), Drax Group, Fisher (James) & Sons, Foreign and Colonial Inv Trust, Glanbia, Kerry Group 'A' Shares, Meggitt, Microgen, Molins, Psion, Schroders, Schroders (Non-Voting), Smurfit Kappa Group, Vitec Group, WSP GroupQ1International Consolidated Airlines Group SA (CDI), Telefonica SAJH