Thursday preview: US sale is the big question at Aviva

8th Aug 2012 16:35

We've had Legal and General on Tuesday, Old Mutual on Wednesday so if it is Thursday, it must be Aviva, as the insurance results season continues.Last month John McFarlane, the new executive Chairman of Aviva, outlined details of the insurance giant's new strategic direction which will see the group endeavour to narrow its focus, build its financial strength and improve financial performance. It is a bit early for Thursday's interim results to contain detail on the group's progress towards these goals, although McFarlane does not come across as a man who likes to hang about. He will, however, take his time in choosing a new chief executive officer (CEO) to replace Andrew Moss, whose well remunerated position became untenable as shareholders lost faith with his recovery plan for the group. McFarlane is targeting the New Year, or shortly afterwards, to unveil a new CEO.The big question, which probably won't be answered in the results, is whether Aviva is going to sell its US operations, which Moss bought at great expense (around $2bn) back in 2006.Switching to economic data, the UK is expected to announce a trade deficit on goods of £8.63bn for June, versus a deficit of £8.36bn in May. INTERIMSAmec, Aviva, Bumi, Hardy Underwriting Bermuda Ltd. (DI), Hellenic Telecom Industries SA ADS, Hill & Smith Holdings, Randgold Resources Ltd.INTERIM DIVIDEND PAYMENT DATEITE GroupINTERNATIONAL ECONOMIC ANNOUNCEMENTSBalance of Trade (US) (13:30)Bloomberg Consumer Confidence (US) (14:45)Continuing Claims (US) (13:30)ECB Report (EU) (09:00)Factory Orders (GER) (11:00)Initial Jobless Claims (US) (13:30)Wholesales Inventories (US) (15:00)Q2Aviva, Hellenic Telecom Industries SA ADS, Randgold Resources Ltd.Q3Allocate SoftwareGMSPetards Group, Thomas Cook Group, Town Centre SecuritiesFINALSOil & Gas Development Company Ltd GDR (Reg S)IMSSAllocate Software, GraingerAGMSInvesco Asia Trust, Majestic Wine, Octopus Apollo VCT 4 UK ECONOMIC ANNOUNCEMENTSBalance of Trade (Trade Balance) (09:30)FINAL DIVIDEND PAYMENT DATECaledonia Investments, Octopus Apollo VCT 3, Octopus Apollo VCT 4 JH