Thursday preview: National Grid and SABMiller report

20th Nov 2013 15:05

National Grid is on Thursday expected to report a 6.3 per cent fall in half-year pre-tax profit to 1.1bn pounds, reflecting a new accounting standard on pension charges.Deutsche Bank said the results would reveal a steady start to the new RIIO UK network price control regime which regulates the company's UK spending for eight years from 2013.Brewing giant SABMiller will also report its half-year results after warning last month it would be "adversely affected" by the deprecation of emerging market currencies against the dollar. The brewing giant has been vulnerable to the slowdown in Latin America and increased investments in North America. The group will likely try to soothe investors' fears, who will want assurance that SABMiller can reach the lower end, at least, of its guidance range on margin growth for different regions. After the earnings session, markets will turn to the release of economic data including Eurozone manufacturing and consumer confidence, UK public finances and US initial jobless claims. The Eurozone purchasing manager's index (PMI) for manufacturing is expected to rise to 51.5 in November from 51.3 a month earlier. The PMI composite, which includes both manufacturing and services, will rise to 52 this month from 51.9 in October, according to consensus. A reading above 50 signals expansion.Eurozone consumer confidence for November will rise to -14 from -14.5, separate data is anticipated to show.City economists predict UK public finances to have improved markedly in October with the cash requirement, the key measure for debt issuance, falling more rapidly than the headline borrowing numbers. Public sector finances came in at £0.6bn in September. Later in the US, initial jobless claims are forecast to fall to 335,000 for the week to November 15th from the prior week's 339,000 claims. The jobs data will be used by investors to weigh whether the labour market has improved enough for a possible tapering of the Federal Reserve's stimulus programme next month. Thursday November 21stINTERIMSDart Group, Enteq Upstream, Investec, Johnson Matthey, Mothercare, National Grid, PayPoint, QinetiQ Group, SABMillerINTERIM DIVIDEND PAYMENT DATEHansteen HoldingsINTERNATIONAL ECONOMIC ANNOUNCEMENTSBloomberg Consumer Confidence (US) (14:45)Consumer Confidence Indicator (EU) (10:00)Continuing Claims (US) (13:30)Initial Jobless Claims (US) (13:30)Philadelphia Fed Index (US) (15:00)Producer Price Index (US) (13:30)Speech Fed Governor PowellSpeech Richmond Fed President (17:30)Speech St.Louis Fed President (18:00)Speech ECB President Draghi (10:05)Bank of Japan policy meeting end (JP)China "flash" HSBC manufacturing PMI (CH)Q3Bridge Energy Asa, Wentworth Resources Ltd (DI)FINALSRenew Holdings, UDG Healthcare Public Limited CompanyIMSSClose Brothers GroupEGMSChariot Oil & Gas Ltd., Lekoil Ltd (DI)AGMSClose Brothers Group, Continental Coal Limited (DI), Netcall, Ruffer Investment Company Ltd Red PTG Pref Shares, Wildhorse Energy Ltd. (DI)UK ECONOMIC ANNOUNCEMENTSCBI Industrial Trends Surveys (11:00)Public Sector Finances (09:30)Speech MPC member Martin Weale (18:30)Speech MPC member Spencer Dale (10:20)FINAL DIVIDEND PAYMENT DATEThorpe (F.W.)RD