Week Ahead: M&S, Unilever, QE decision

30th Oct 2009 11:15

The Investor Day presentation by High Street giant Marks & Spencer (M&S) on 13 October backfired, with investment analysts underwhelmed by the presentations from senior executives, some of whom are jostling for position in the contest to succeed Sir Stuart Rose as chief executive officer next year.The share price reacted negatively on a day when a viable external candidate, former M&S man Charles Wilson, the chief executive of cash and carry outfit Booker, ruled himself out of the running.Wednesday's interim results represent an opportunity for M&S to regain the initiative, and justify Rose's assertion at the Investor Day that the business is in 'pretty good shape'.The omens are not especially good, however; earlier this month, figures from market research group TNS FashionTrak, indicated that M&S has fallen into third place among Britain's fashion chains, slipping behind George at Asda, which has a 10.1% market share, and Primark, a pip ahead of M&S's 9.8% share with 9.9% of the market.M&S downplayed the significance of the event, with a spokeswoman noting that 'value retailers tend to increase market share over the summer, whereas Marks & Spencer's market share improves over the winter.'Primark owner Associated British Foods releases its full year results the day before M&S, on Tuesday.Food and household goods giant Unilever brings out quarterly results on Thursday. Nomura Securities is more optimistic than most of the stockbroking community: 'We are 7% ahead of consensus at the EBIT [earnings before interest and tax] level. Forecast volume growth of +3.3% (consensus +2.3%) with EBIT margin up +140 bps [basis points] (consensus +30 bps),' the broker said.The Japanese broker thinks the Anglo-Dutch giant is a turnaround play, and sees the possibility for 'surprise on the upside for volume growth recovery as well as margin delivery in Q3/ H2 [third quarter/second half].'Thursday also sees the Bank of England announcing its interest rate decision and, more intriguingly, future policy on its quantitative easing (QE) programme.Economists are not normally unanimous in their opinions but it would be hard to find a member of that community who is expecting anything other than no change on the interest rate front, but opinions do differ on whether the Bank's Monetary Policy Committee (MPC) will extend the QE programme and, if so, to what extent.The shockingly poor third quarter gross domestic product figures could tip the balance in favour of the MPC opting to bump up the size of the £175bn programme, with a £25bn rise giving a nice round number. Monday November 02INTERIMSChloride GroupINTERIM DIVIDEND PAYMENT DATEBillington Holdings, BlackRock Smaller Companies Trust, Dealogic, Keller GroupINTERNATIONAL ECONOMIC ANNOUNCEMENTSISM Manufacturing (US) (15:00)Pending Home Sales (US) (15:00)Construction Spending (US) (15:00)PMI Manufacturing (FRA) (08:50)PMI Manufacturing (GER) (08:55)PMI Manufacturing (EU) (09:00)Retail Sales (GER)EGMSRAM Investment GroupAGMSPacific Horizon Inv Trust, TR European Growth Trust, West Pioneer Properties (DI)UK ECONOMIC ANNOUNCEMENTSPMI Manufacturing (09:30)Hometrack Housing Survey (00:01)FINAL DIVIDEND PAYMENT DATEFalkland Islands Holdings, NWF GroupTuesday November 03INTERIMSBlinkx, Endace, Penna Consulting, VolexINTERIM DIVIDEND PAYMENT DATEGoldenport, Mears Group, Nationwide Accident Repair Services, Smith & NephewINTERNATIONAL ECONOMIC ANNOUNCEMENTSFactory Orders (US) (15:00)Producer Price Index (EU)UK ECONOMIC ANNOUNCEMENTSPMI Construction Survey (09:30)FINALSAssociated British Foods, Smart (J)EGMSIndependent News & MediaAGMSCubus Lux, Hexagon Human Capital, Pacific Horizon, PNC Telecom, System C HealthcareQUARTERLY RESULTSProdesse Investment Ltd., Yamana Gold IncTRADING STATEMENTSAGA Rangemaster Group, BATM Advanced Communications, Consort Medical, Intelek, Tarsus Group, Telecity Group, WSP, ZotefoamsWednesday November 04INTERIMSAlterian, FirstGroup, Marks & Spencer GroupINTERIM DIVIDEND PAYMENT DATECello Group, M. P. Evans Group, StatPro GroupINTERIM EX-DIVIDEND DATEBraemar Shipping Services, Collins Stewart, Edge Performance VCT, Havelock Europa, Hilton Food, Intertek Group, Northern 2 VCT, Provident Financial, SThreeQUARTERLY EX-DIVIDEND DATEEquity Partnership Income Shares, GlaxoSmithKline, JPMorgan Claverhouse Inv Trust, Royal Dutch Shell 'A', Royal Dutch Shell 'B'INTERNATIONAL ECONOMIC ANNOUNCEMENTSFOMC Interest Rate (US) (19:15)ISM Non-Manufacturing (US) (15:00)PMI Services (EU) (09:00) PMI Services (GER) (08:55)Retail Sales (EU) PMI Services (FRA) (08:55) Bank of Japan MPC Meeting Minutes (JPN)EGMSBioenergy AfricaAGMSBioenergy Africa, Green CO2, Indigo Vision, JD Wetherspoon, RedrowUK ECONOMIC ANNOUNCEMENTSBRC Shop Price Index (10:30)PMI Services (09:30)Nationwide Consumer Confidence (00:01)FINAL DIVIDEND PAYMENT DATEPacific Horizon Inv TrustFINAL EX-DIVIDEND DATEAbcam, Animalcare Group, Ashmore Group, Baqus, BlueBay Asset Management, Craneware, Go-Ahead Group, Henderson Far East Income Ltd., Indigo Vision, Interior Services, ISIS Property Trust, James Halstead, JPMorgan Overseas Inv Trus, Matchtech, Murgitroyd Group, Plexus, Quadnetics Group, St Ives, United CarpetsQUARTERLY RESULTSEndeavour International Corp, JD WetherspoonTRADING STATEMENTSLogicaThursday November 05INTERIMSBTG, Invensys, Man Group, Shanks GroupINTERIM DIVIDEND PAYMENT DATEBrammer, Camellia, Fisher (James) & SonsINTERNATIONAL ECONOMIC ANNOUNCEMENTSInitial Jobless Claims (US) (13:30)Non-farm Productivity (US) (13:30)Unit Labour Costs (US) (13:30)Retail Sales (EU) (10:00)ECB Rate Decision (EU) (12:45)AGMSKofax, SwallowfieldUK ECONOMIC ANNOUNCEMENTSBoE Interest Rate Decision and Asset Purchase Target (12:00)Industrial Production (09:30)Manufacturing Output (09:30)FINAL DIVIDEND PAYMENT DATEFramlington Innovative Growth TrustQUARTERLY RESULTSCoca-Cola Hellenic Bottling Company SA, Lancashire Holdings, Liberty International, Millennium & Copthorne Hotels, Old Mutual, UnileverFriday November 06INTERIMSBritish AirwaysINTERIM DIVIDEND PAYMENT DATEAdvance Developing Markets, BBA Aviation, Cenkos Securities, Derwent London, Fiberweb, Forth Ports, Gaming VC Holdings, Huntsworth, Hydrogen Group, Judges Scientific, Motivcom, Pinewood-Shepperton, S & U, Spirax-Sarco Engineering, Tullow Oil, UK Select Trust Ltd., Weir GroupQUARTERLY PAYMENT DATEInvestors Capital Trust 'A' Shares, Investors Capital Trust 'B' SharesUK ECONOMIC ANNOUNCEMENTSNIESR GDP (00:01)Producer Prices Index (09:30)INTERNATIONAL ECONOMIC ANNOUNCEMENTSConsumer Credit (US) (20:00)Wholesales Inventories (US) (15:00)Change in Non-farm Payrolls (US) (13:30)Unemployment Rate (US) (13:30)Wholesale Inventories (US) (15:00)Consumer Credit (US (20:00)Trade Balance (FRA) (07:45)Factory Orders (GER) (11:00)AGMSAIREA, Dechra Pharmaceuticals, Quayle MunroTRADING ANNOUNCEMENTSPureCircle, Rentokil InitialFINAL DIVIDEND PAYMENT DATEAdvance Developing Markets, Daejan Holdings, Eclectic Investment Company, JPMorgan Emerging Markets Inv TrustQUARTERLY RESULTSSmith & Nephew