Friday preview: Michael Page, Rank, US jobs

7th Jan 2010 15:22

Hot on the heels of the trading statement from recruiter Hays comes an update from headunter Michael Page International.The Hays report suggested that conditions have stabilised globally, which backs up Michael Page’s experience in European markets. In its trading statement back in October Michael Page noted 'increasing degrees of stabilisation across our regions' in the last three months. Its Asia Pacific and Americas regions both recorded sequential growth.Hays also reported sequential growth in Asia Pacific, so that is likely to be a bright spot for Michael Page. Broker KBC Peel Hunt has predicted earnings before interest and tax (EBIT) for the fourth quarter of £6m, taking full year EBIT to £17.1m.Bingo and gaming group Rank Group issues a trading update where it may update shareholders on its efforts to squeeze a rebate out of the tax man. A tribunal ruled Rank had been overcharged tax on gaming machines between 2003 and 2005 and the company was hoping to bank a rebate of £26m in the first quarter of this year.The trading updates from clothes retailers have not been joyously received this week, largely because both Marks & Spencer and Next both refused to get carried away with a strong Christmas period and project those trends forward into 2010. Fashion chain Ted Baker is likely to echo that caution, judging by the fact that as late as mid-November it was still a bit wary of predicting a good year even though it was trading ahead of expectations. Focus will be on the wholesale side, which proved a drag on performance in the third quarter due to ‘a combination of factors including the transfer of some wholesale accounts to retail concessions, the closure of certain accounts no longer appropriate for our brand and the difficult trading conditions being experienced by some of our wholesale customers.’In the US, attention will be on the non-farm payrolls data for December. Figures from payrolls processing firm ADP on Wednesday showed private-sector employment fell by 84,000 in December, the smallest decline in jobs since March 2008, but bigger than expected. Other jobs data on the same day, this time from outplacement group Challenger, revealed 45,000 jobs were lost in December, 10% less than the previous month and the lowest number in two years.INTERIM DIVIDEND PAYMENT DATE Brown (N.) Group, Caffyns, Carphone Warehouse Group, Castings, Investment Company (The), JD Sports Fashion, Laird, Majestic Wine, Marks & Spencer Group, May Gurney Integrated Services, Montanaro European Smaller Companies Trust, Northern Investors Co., Sainsbury (J), Tate & Lyle, Value and Income Trust QUARTERLY PAYMENT DATE British Assets Trust, Queen's Walk Investment Ltd. EGMS Diamondcorp TRADING ANNOUNCEMENTS Michael Page International, RAB Capital, Rank Group, Ted BakerFINAL DIVIDEND PAYMENT DATE Associated British Foods, British Empire Securities & General Trust, Downing Protected VCT IV, Downing Protected VCT V, Genus, Noble Investments, SportingbetINTERNATIONAL ECONOMIC ANNOUNCEMENTSRetail Sales (GER) (07:00)Trade Balance (GER) (07:00)Trade Balance (FRA) (07:45)Gross Domestic Product (EU) (10:00)Unemployment Rate (EU) (10:00)Unemployment rate (ITA) (10:00)Industrial Production (GER) (11:00)Non-Farm Payrolls (US) (13:30)Unemployment Rate (US) (13:30)UK ECONOMIC ANNOUNCEMENTSProducer Prices Index (09:30)