Thursday preview: Standard Chartered offers trading update

5th Dec 2012 15:40

Standard Chartered offers a pre-close trading update on Thursday, with analysts at Credit Suisse noting it recently downgraded the stock to 'Underperform' and that they prefer HSBC in the UK Asian bank space.Credit Suisse estimates the bank will report 7.2% year-on-year revenue growth, with underlying costs remaining flat in comparison to the previous year (excluding the bank levy and US regulatory costs). "We estimate 14.6% year-on-year growth in profits before tax excluding US settlement charges," Credit Suisse noted. "For wholesale we expect revenues to be up by 8.9% year-on-year...For consumer we estimate 4.6% year-on-year revenue growth and 1.8% year-on-year cost growth."In a different market entirely, Mulberry's recent profit warning will make investors watch to see if first-half sales numbers have moderated as expected. "The slowdown of China and the general lack of confidence in the global economy may finally begin to hurt luxury consumers," says Sheridan Admans, investment research manager at The Share Centre."The company is currently fairly reliant on UK sales and handbags, so investors will welcome more geographic diversity and to see non hand-bag sales improve."Admans currently lists Mulberry as a 'buy'.INTERIMS Micro Focus International, Mulberry Group, Smith (DS) INTERIM DIVIDEND PAYMENT DATE First Derivatives INTERNATIONAL ECONOMIC ANNOUNCEMENTS Continuing Claims (US) (13:30) ECB Interest Rate (EU) (12:45) GDP (1st release) (EU) (10:00) Initial Jobless Claims (US) (13:30) Q3 Premier Farnell FINALS CareTech Holding, OMG, Redhall Group ANNUAL REPORT Carr's Milling Industries IMSS Wolseley EGMS 3Legs Resources, JSC Halyk Bank GDR (Reg S) AGMS Altus Resource Capital Ltd., City Natural Resources High Yield Trust, Egdon Resources, Jellybook Ltd (DI), RSM Tenon Group, Wessex Exploration TRADING ANNOUNCEMENTS PZ Cussons, Standard CharteredUK ECONOMIC ANNOUNCEMENTS Balance of Trade (09:30) New Car Registrations (09:30) UK Trade (09:30) FINAL DIVIDEND PAYMENT DATE Fidelity Asian Values