Week Ahead: Lloyds Banking, Marks and Spencer, BoE

4th Nov 2011 10:00

There is no shortage of big companies reporting in the second week of November, with the likes of HSBC and Lloyds keeping the banking results season ticking over, and Legal & General continuing the spate of insurers reporting. On top of that, the Bank of England will be reporting on Thursday on how the resumption of the quantitative easing programme is progressing.Temporary chief executive Tim Tookey will no doubt be handling conference call duties on Tuesday after the release of third quarter figures from part-nationalised lender Lloyds Banking. Tookey, the group's chief financial officer, is standing in for António Horta-Osório, while his Portuguese boss recovers from exhaustion.Credit Suisse thinks the bank will report total income, net of insurance claims, of £4,710m, down 9.6% from the previous quarter, with costs of £2,513m, down 2.7% from the second quarter (Q2). Credit Suisse is projecting a cost:income ratio of 53.3%. "Provisions are likely to remain elevated, although improving somewhat from Q2 at £2,390mn. Overall we expect a net attributable loss of £90mn for the period," Credit Suisse said.Nomura Securities, meanwhile, says it is more bearish than the consensus on impairments for the full-year; it predicts full-year impairments of £10.8bn, versus the market consensus of £10bn, while for the third quarter alone it has pencilled in a figure of £2.7bn.The broker thinks revenue and margin outlook will be key features to look out for. Management has indicated it expects 2011 margin of 205 basis points (i.e. 2.05 percentage points), "but given the worsening outlook we assume margins of 195bps [basis points] for Q3 and 199bps for 2012."The Japanese broker is a bit more pessimistic than its Swiss counterpart on costs, as well, predicting Lloyds' third quarter costs will be around £2.7bn, similar to the run-rate in the first half of the year. "We see pressure on core operations from the worsening revenue outlook. We assume non-core losses to be similar to the H1 [first half] run rate at £ 1.8bn," Nomura concluded.Tuesday also sees retail bellwether Marks & Spencer (M&S) reporting, and broker Charles Stanley is expecting a "soft" set of results. The broker reckons half-year sales will be £4,650m, up from £4,570m at the interim stage last year. Profit before tax, however, is tipped to dip to £315m from £349m last year, while earnings per share could slide to 15.1p from 16.6p. The interim dividend is seen remaining at 6.2p."We expect sales momentum to have slowed in Q2 [second quarter] as comparatives became tougher and pressure on consumers' disposable incomes increased. For H1 [first half] as a whole we forecast like-for-like sales to be broadly flat, with General Merchandise down by 1% and Food up by 2%," predicts Charles Stanley analyst, Sam Hart."Chief Executive, Marc Bolland, is expected to provide an update on the three year strategic plan first outlined with interim results last year. Key areas of focus include improving the in-store environment; strengthening both the core-M&S and sub-brands in clothing; more fully exploiting the opportunity in homewares; developing the on-line offer; expanding International; and completing modernisation of the supply chain and IT systems," Hart speculated.Monday November 07INTERIMSGreat Eastern Energy Corp Ltd. GDR, Printing.comINTERIM DIVIDEND PAYMENT DATECQS Rig Finance Fund Ltd., Hotel Corp., Morrison (Wm) SupermarketsINTERNATIONAL ECONOMIC ANNOUNCEMENTSPMI Construction (GER) (08:55)Sentix Investor Confidence (EU) (09:30)Retail Sales (EU) (10:00)Industrial Production (GER) (11:00)Consumer Credit (US) (20:00)GMS1Spatial Holdings, Avisen, BowLeven, Porta Communications FINALSEgdon ResourcesIMSSTelecity Group, XchangingEGMSPublic Power GDR SA (Reg S)AGMSLudgate Environmental Fund Ltd., TR European Growth TrustTRADING ANNOUNCEMENTSRentokil InitialFINAL DIVIDEND PAYMENT DATEAnimalcare Group, Begbies Traynor Group, JPMorgan Mid Cap Inv Trust, Photo-Me International, Stavert ZigomalaTuesday November 08INTERIMSBabcock International Group, Carphone Warehouse Group, DCC, Eckoh, Kewill, Marks & Spencer Group, Reliance Infrastructure Ltd. GDR (Reg S), Umeco, Vodafone Group, Yell GroupINTERIM DIVIDEND PAYMENT DATEAshley (Laura) HoldingQUARTERLY EX-DIVIDEND DATEIBM Corp.INTERNATIONAL ECONOMIC ANNOUNCEMENTSCurrent Account (JPN)Trade Balance (JPN)Balance of Trade (GER) (07:00)Current Account (GER) (07:00)Balance of Trade (FRA) (07:00)NFIB Small Business Optimism (US) (12:30)Q2Reliance Infrastructure Ltd. GDR (Reg S)Q3Coca-Cola HBC S.A., First Quantum Minerals Ltd., InterContinental Hotels Group, Komercni Banka GDR (Level 1)GMSCharter European Trust, Trans-Siberian GoldFINALSAssociated British FoodsIMSSBovis Homes Group, Bwin.party Digital Entertainment, Capital & Counties Properties , G4S, Hammerson, Hardy Oil & Gas, Lloyds Banking Group, Prudential, Resolution Ltd., SEGROAGMSA&J Mucklow Group, Asian Citrus Holding, Energy XXI (Bermuda) (Di), Strategic Equity CapitalUK ECONOMIC ANNOUNCEMENTSBRC Sales Monitor (00:01)RICS House Price Balance (00:01)Industrial Production (09:30)Manufacturing Production (09:30)Wednesday November 09INTERIMSFirstGroup, Flybe Group, Great Portland Estates, Sainsbury (J), SSEINTERIM DIVIDEND PAYMENT DATECarillionINTERIM EX-DIVIDEND DATEAga Rangemaster Group, Anglo Pacific Group, Bunzl, Cable & Wireless Communications, First Derivatives, Home Retail Group, Invensys, Lombard Risk Management, Maven Income & Growth VCT, Pace, Scottish Mortgage Inv Trust, Stobart Group Ltd.QUARTERLY EX-DIVIDEND DATEBarclays, F&C Commercial Property Trust Ltd., Picton Property Income LtdINTERNATIONAL ECONOMIC ANNOUNCEMENTSBankruptcies (JPN)Machine Orders (JPN)Bank of France Business Sentiment (FRA) (07:30)Wholesale Price Index (GER) MBA Mortgage Applications (US) (12:00)Crude Oil Inventories (US) (15:30)Wholesales Inventories (US) (15:00)Q3Anglogold Ashanti Ltd., Shin Kong Financial Holdings Co Ltd. GDR (Reg S), Smurfit Kappa Group, Talvivaara Mining CompanyFINALSFennerIMSSAdmiral Group, Ark Therapeutics Group, Cape, HSBC Holdings, Legal & General Group, SIG, Tullow OilSPECIAL EX-DIVIDEND PAYMENT DATEAsian Citrus Holding, Blackstar Group SE, MicrogenEGMSDragon-Ukrainian Properties & Development, Public Service Properties Inves (DI)tments Ltd.AGMSCrown Place VCT, Hays, Oilex Ltd., Quayle Munro HoldingsTRADING ANNOUNCEMENTSPlaytech Ltd., Safestore Holdings, SupergroupUK ECONOMIC ANNOUNCEMENTSBRC Shop Price Index (00:01)Balance of Trade (09:30)UK Trade (09:30)FINAL EX-DIVIDEND DATEAsian Citrus Holding, Centaur Media, Craneware, Dechra Pharmaceuticals, Downing Absolute Income VCT 1, Edinburgh Dragon Trust, Genus, Manchester & London Inv Trust, Pan African Resources, Swallowfield, World Careers NetworkThursday November 10INTERIMS3i Group, Canaccord Financial Inc., Dairy Crest Group, Experian, Halfords Group, Himachal GDR (144a), In-Deed Online, Land Securities Group, Synergy Health, Vedanta Resources, WincantonINTERIM DIVIDEND PAYMENT DATEBritish American Inv Trust, Yule Catto & CoINTERNATIONAL ECONOMIC ANNOUNCEMENTSConsumer Confidence (JPN)Machine Tool Orders (JPN)CGPI (JPN)Consumer Price Index (FRA) (06:30)Consumer Price Index (GER) (07:00)Industrial Production (FRA) (07:45)Manufacturing Output (FRA) (07:45)ECB Report (EU) (09:00)Balance of Trade (US) (13:30)Continuing Claims (US) (13:30)Import and Export Price Indexes (US) (13:30)Initial Jobless Claims (US) (13:30)Bloomberg Consumer Confidence (US) (14:45)Treasury Budget Statement (US) (19:00)Q2Canaccord Financial Inc.Q3Aegon NV, Cryptologic Ltd., European Goldfields Ltd., Hellenic Telecom Industries SA ADS, Novae Group, Ruukki Group (DI), Zhejiang Expressway Co 'H' SharesGMSWaterman GroupFINALSEuromoney Institutional InvestorANNUAL REPORTAssociated British FoodsIMSSBBA Aviation, Eurasian Natural Resources Corp., Hansard Global, Howden Joinery Group, IMI, Morrison (Wm) Supermarkets, Restaurant Group, Schroders, Schroders (Non-Voting), Sportech, Trinity MirrorEGMSMitie GroupAGMSCraneware, Genus, JPMorgan Global Emerging Income Trust, Medusa Mining Ltd. (DI), Stellar Diamonds, Synairgen, Thorpe (F.W.)UK ECONOMIC ANNOUNCEMENTSBoE Interest Rate Decision (12:00)FINAL DIVIDEND PAYMENT DATEQuayle Munro HoldingsFriday November 11INTERIMSHornbyINTERIM DIVIDEND PAYMENT DATEAll Leisure Group, Cenkos Securities, Cobham, Corin Group, Huntsworth, Johnson Service Group, Just Car Clinics Group, Kerry Group 'A' Shares, Kingfisher, Maven Income & Growth 2 VCT, Petropavlovsk, Rightmove, S & U, Spectris, Spirax-Sarco Engineering, Staffline Group, Unite Group, Walker GreenbankQUARTERLY PAYMENT DATEBritish Land Co, Merchants TrustQUARTERLY EX-DIVIDEND DATELilly (Eli) & CoINTERNATIONAL ECONOMIC ANNOUNCEMENTSU. of Michigan Confidence (Prelim) (US) (15:00)Q3Grupo Clarin SA GDR (Reg S), Telefonica SAFINALSCarr's Milling IndustriesIMSSRolls-Royce Group, SpectrisSPECIAL DIVIDEND PAYMENT DATETR European Growth TrustAGMSGalliford Try, GCP Infrastructure Investments Ltd.UK ECONOMIC ANNOUNCEMENTSProducer Price Index (09:30)FINAL DIVIDEND PAYMENT DATEDaejan Holdings, Jupiter Primadona Growth Trust, TR European Growth Trust