Week ahead: BoE, ECB, N Brown, Topps Tiles

29th Jun 2012 11:00

The main event of next week will likely be the policy decisions in both the UK and Europe around Thursday lunchtime.The Monetary Policy Committee (MPC) will be revealing its policy decision at midday on Thursday with the majority of economists expecting the Bank of England (BoE) to ramp up its asset purchase programme, or quantitative easing (QE). Analysts at Investec are predicting that the MPC will signal a further £50bn of QE, taking the total asset purchase programme to £375bn. However, they think that a Bank rate cut from the current historically low level of 0.5% remains "off the cards".Meanwhile, the European Central Bank (ECB) is anticipated to slash its main refinancing rate to a record-low 0.75% next week, compared with the current 1% level. 48 of the 71 economists surveyed by Reuters expect a reduction. "We also look forward to listening to ECB President Mario Draghi at the press conference, at which he will undoubtedly tell Euro area governments that they must get their houses in order, but perhaps also give some clues on any possible further ECB action," Investec said.Meanwhile, it looks pretty quiet on the corporate front next week, with few heavyweight stocks scheduled to release trading statements or results. However, two retailers - N Brown and Topps Tiles - are expected to report quarterly updates on Tuesday and Wednesday morning, respectively.N Brown, the internet and catalogues home shopping firm, noted challenging market conditions and fragile consumer confidence as current-year headwinds when it released its full-year results in May. However, broker Jefferies said in a research note last month that trading pressures should ease over the year ahead: "Second-half calendar '12 trading conditions should be more disciplined than last year following tighter buying trends across the sector and hopefully no reason for a repeat of the weather induced discounting experienced in 2011."Moderating inflation should reduce pressure on UK consumer budgets through this year providing a more robust backdrop. N Brown's decision to ease the credit terms it offers customers should add some self-driven stimulus too."As for Topps Tiles, the tiles and flooring specialist which reported its interim results in May, it was named by Peel Hunt a few weeks ago as its top pick of potential recovery stocks: "In a sector not lacking in companies looking for recovery, Topps offers a stable balance sheet, no risk of internet disintermediation and a business that has continued to build market share."Monday July 02INTERIM DIVIDEND PAYMENT DATEBank of Georgia Holdings, Bellway, Marston'sINTERNATIONAL ECONOMIC ANNOUNCEMENTSConstruction Spending (US) (15:00)ISM Manufacturing (US) (15:00)ISM Prices Paid (US) (15:00)PMI Manufacturing (GER) (08:55)EGMSXXI Century Investments Public Ltd.AGMSBATM Advanced Communications Ltd., Bayfield Energy Holdings, JPMorgan Income & Capital Inv TrustTRADING ANNOUNCEMENTSHydrogen GroupUK ECONOMIC ANNOUNCEMENTSPMI Manufacturing  (09:30)FINAL DIVIDEND PAYMENT DATEAmec, Bioquell, Bunzl, Christie Group, Headlam Group, Hunting, Management Consulting Group, Nationwide Accident Repair Services, Scottish Mortgage Inv TrustTuesday July 03INTERIMSSt. Modwen PropertiesINTERIM DIVIDEND PAYMENT DATEVictrexINTERNATIONAL ECONOMIC ANNOUNCEMENTSAuto Sales (US) (15:00)Factory Orders (US) (15:00)Goods Orders (US) (15:00)FINALSAnite, Polar Capital Technology Trust, The Real Good Food CompanyANNUAL REPORTCaffynsIMSSBrown (N.) GroupSPECIAL DIVIDEND PAYMENT DATEOctopus Eclipse VCT 2AGMSBlackrock Hedge Selector Ltd. Red Part Shs (UK Emerging Co Shs), Brown (N.) Group, JZ Capital Partners Ltd, Orchid Developments Group Ltd.UK ECONOMIC ANNOUNCEMENTSConsumer Credit (09:30)M4 Money Supply (09:30)M4 Sterling Lending (09:30)Mortgage Approvals (09:30)PMI Construction (09:30)FINAL DIVIDEND PAYMENT DATEBrammer, Capital Shopping Centres Group, Mears Group, Octopus Eclipse VCT 2, Slingsby H.CWednesday July 04INTERIM DIVIDEND PAYMENT DATEHargreave Hale AIM VCT 1INTERIM EX-DIVIDEND DATECareTech Holding, Character Group, Chrysalis VCT, Driver Group, Electronic Data Processing, ITE Group, Paragon Group Of Companies, Pressure TechnologiesQUARTERLY EX-DIVIDEND DATEAssura Group Ltd., British Land Co, Investors Capital Trust 'A' Shares, Investors Capital Trust 'B' Shares, JP Morgan Chase & Co, Mercantile Investment Trust (The), Real Estate Credit Investments PCC Ltd, Torchmark Corp.INTERNATIONAL ECONOMIC ANNOUNCEMENTSPMI Composite (GER) (08:55)PMI Services (GER) (08:55)GMSLondon & Associated PropertiesFINALSCSF Group, International GreetingsIMSSTopps TilesAGMSHome Retail Group, Oxford Technology 2 VCT, Oxford Technology 3 VCT, Oxford Technology VCT, Tarsus GroupTRADING ANNOUNCEMENTSTullow OilUK ECONOMIC ANNOUNCEMENTSBoE Interest Rate Decision (12:00)BRC Shop Price Index (00:01)PMI Composite (09:30)PMI Services (09:30)FINAL DIVIDEND PAYMENT DATEAegis Group, Anglo Pacific Group, BlackRock Smaller Companies Trust, French Connection Group, Pace, Rolls-Royce Holdings, Staffline GroupFINAL EX-DIVIDEND DATEAnpario, B.P. Marsh & Partners, Babcock International Group, Bisichi Mining, Bond International Software, Burberry Group, Caledonia Investments, Carphone Warehouse Group, Cranswick, De La Rue, Dee Valley Group, F&C Global Smaller Companies, Halfords Group, Martin Currie Pacific Trust, Panther Securities, Rensburg AIM VCT, Restore, Shanks Group, TalkTalk Telecom Group , Tangent Communications, TR Property Inv Trust, TR Property Inv Trust Sigma Shares, UBC Media GroupThursday July 05QUARTERLY PAYMENT DATEGlaxoSmithKlineINTERNATIONAL ECONOMIC ANNOUNCEMENTSBloomberg Consumer Confidence (US) (14:45)Continuing Claims (US) (13:30)Crude Oil Inventories (US) (15:30)ECB Interest Rate (EU) (12:45)Initial Jobless Claims (US) (13:30)ISM Non-Manufacturing (US) (15:00)ISM Services (US) (15:00)MBA Mortgage Applications (US) (12:00)PMI Construction (GER) (08:55)GMSContent Media Corporation, Moneysupermarket.com GroupFINALSBegbies Traynor Group, NCC GroupAGMSBabcock International Group, Boussard & Gavaudan Holding Ltd. GBP Shares, Great Portland Estates, Vianet GroupUK ECONOMIC ANNOUNCEMENTSBoE Interest Rate Decision (12:00)New Car Registrations (09:30)FINAL DIVIDEND PAYMENT DATECineworld Group, Quarto Group Inc., ScisysFriday July 06INTERIMSSandvine Corp.INTERIM DIVIDEND PAYMENT DATEAlternative Networks, Associated British Foods, Cardiff Property, Daily Mail and General Trust A (Non.V), Debenhams, Grainger, Noble Investments (UK), ShaftesburyQUARTERLY PAYMENT DATEBritish Assets TrustQUARTERLY EX-DIVIDEND DATEVerizon CommunicationsINTERNATIONAL ECONOMIC ANNOUNCEMENTSIndustrial Production (GER) (11:00)Non-Farm Payrolls (US) (13:30)Unemployment Rate (US) (13:30)Q2Sandvine Corp.SPECIAL DIVIDEND PAYMENT DATEF&C Managed Portfolio Trust Income SharesAGMSNorthern Investors Co, Software Radio TechnologyFINAL DIVIDEND PAYMENT DATEBalfour Beatty, Camellia, Cello Group, Densitron Technologies, First Derivatives, Hill & Smith Holdings, Huntsworth, Judges Scientific, JZ Capital Partners Ltd, M&C Saatchi, Marshalls, Morgan Crucible Co, Prezzo, Stobart Group Ltd., Tesco, Utilico Emerging Markets Ltd (DI), Yule Catto & CoBC