Week Ahead: Michael Page, Bovis Homes, BoE rate decision

3rd Jul 2009 10:49

The rise in unemployment has hit profitability at recruitment firm Michael Page, which issues a trading update on Tuesday.The company has around 150 offices in 28 countries so it is not just the UK market where it is hurting. In April it reported a 39% slump in UK gross profits, while Asia-Pacific fell 42% and the Americas almost 23%. With the economic outlook remaining uncertain employers are increasingly laying off permanent staff and looking to contractors to plug the gaps, so it would be no surprise if Michael Page's temps business were to report steady revenues while the permanents side of the business is likely to be still suffering.On Friday we will get another indication of whether the UK housing slump is truly over when new homes builder Bovis issues a trading statement.The once heavily indebted company expects to be ungeared by the end of the year which would leave it well placed to snap up land at rock bottom prices. Before then, however, the company has to negotiate the still mostly moribund new housing market in the UK.In the first 17 weeks of trading in 2009 the group had achieved 638 private reservations, some 71% ahead of the comparable position in 2008 of 373 private reservations, though observers noted that Bovis was very slow to cut prices in 2008 so sales that year were unnaturally depressed.The Bank of England's Monetary Policy Committee (MPC) announces its interest rate decision on Thursday. The decision itself is likely to prove a non-event with the MPC unanimously expected to keep the Bank's key lending rate unchanged, but there may be an update on the quantitative easing programme.The committee also welcomes a new member, David Miles, a former top adviser to the Treasury on the mortgage market. He opined this week that the worst of the recession and the housing slump is probably over but Britain is set for an "anaemic" recovery with little chance of returning to buoyant growth."Monday July 06INTERIMSAFC Energy, St. Modwen PropertiesINTERIM DIVIDEND PAYMENT DATERenew HoldingsEGMSMarston's, Talvivaara Mining CompanyAGMSJPMorgan Income & Capital Inv Trust, JPMorgan Income & Capital Inv Trust Package Unit, MediaZestFINAL DIVIDEND PAYMENT DATEBalfour Beatty, Development Securities, First Derivatives, Laird, Pinewood-Shepperton, Sinosoft Technology, WPP GroupINTERNATIONAL ECONOMIC ANNOUNCEMENTSISM Non-Manufacturing Composite Index (US) (15:00)Tuesday July 07INTERIMSDialight, IDOXINTERIM DIVIDEND PAYMENT DATEVictrexFINALSThe Clapham House GroupAGMS3i Infrastructure, Aberdeen Income & Growth VCT, Alexon Group, BlackRock Absolute Return Strategies EUR Shares, BlackRock Absolute Return Strategies EUR Shares, BlackRock Absolute Return Strategies EUR Shares, BlackRock Absolute Return Strategies GBP Shares, BlackRock Absolute Return Strategies USD Shares, Brown (N.) Group, JPMorgan European Fledgling Inv Trust, Liberty International, ProVen Growth and Income VCT, ProVen Growth and Income VCT 'C' SharesTRADING ANNOUNCEMENTSMichael Page InternationalFINAL DIVIDEND PAYMENT DATEKeydata AIM VCT 2UK ECONOMIC ANNOUNCEMENTSIndustrial Production (09:30)Manufacturing Output (09:30)INTERNATIONAL ECONOMIC ANNOUNCEMENTSTrade Balance (FRA) (07:45)Factory Orders (GER) (11:00)Wednesday July 08INTERIM EX-DIVIDEND DATEAlbion Enterprise VCT, Chrysalis VCT, Dewhurst, Dunedin Smaller Companies Inv Trust, Octopus Phoenix VCT, Octopus Titan VCT 1, Octopus Titan VCT 2, Pressure Technologies, Safestore, Sinclair (William) Holdings, THB GroupQUARTERLY PAYMENT DATEAfrica Opportunity Fund Ltd.QUARTERLY EX-DIVIDEND DATEBritish Land Co, Henderson Global Property Companies Ltd., Investors Capital Trust 'A' Shares, Investors Capital Trust 'B' Shares, Schroder Income Growth FundFINALSInvista Foundation Property Trust, Metic GroupAGMSBooker Group, Capital Gearing Trust, Capital Gearing Trust, Norcon, PayPoint, Perpetual Income & Growth Inv Trust, Telecom PlusUK ECONOMIC ANNOUNCEMENTSBRC Shop Price Index (10:30)Nationwide Consumer Confidence (00:01)NIESR GDP estimate (00:01)INTERNATIONAL ECONOMIC ANNOUNCEMENTSMBA Mortgage Applications (US) (12:00)Consumer Credit (US) (20:00)GDP (EC) (10:00)Household Consumption (EC) (10:00)Government Spending (EC) (10:00)Industrial Production (GER) (11:00)Machines Orders (JPN) Current Account (JPN)Bankruptcies (JPN)FINAL DIVIDEND PAYMENT DATEK3 Business Technology Group, Restaurant Group, Staffline RecruitmentFINAL EX-DIVIDEND DATEAlbion Protected VCT, Babcock International Group, Blue Planet Financials & Income Inv Trust, British Smaller Companies VCT, Caledonia Investments, Carphone Warehouse Group, Chloride Group, De La Rue, Downing Protected VCT VI, Downing Protected VCT VII, F&C Commercial Property Trust Ltd., Glasgow Income Trust, Hyder Consulting, Mitie Group, Monks Inv Trust, New Century AIM VCT 2, Rensburg AIM VCT, Tawa, Telecom Plus, Vedanta Resources, VT Group, WincantonThursday July 09QUARTERLY PAYMENT DATEGlaxoSmithKlineFINALSBegbies Traynor GroupAGMSAveva Group, Brulines, Man Group, Panceltica Holdings, Richoux GroupUK ECONOMIC ANNOUNCEMENTSBoE Interest Rate Decision (12:00)Visible Trade Balance (09:30)Non-EU Trade Balance (09:30)INTERNATIONAL ECONOMIC ANNOUNCEMENTSWeekly Jobless Claims (US) (13:30)Wholesale Inventories (US) (15:00)CPI (GER) (07:00)Trade Balance (GER) (07:00)Current Account (GER) (07:00)FINAL DIVIDEND PAYMENT DATEF&C Managed Portfolio Trust Income Shares, International Power, Perpetual Income & Growth Inv TrustQUARTERLY RESULTSSandvine CorporationFriday July 10INTERIM DIVIDEND PAYMENT DATECare UK, Education Development International, MedicX Fund Ltd., Redhall Group, United DrugQUARTERLY PAYMENT DATEBritish Assets TrustAGMSBritish Land Co, Mitie Group, ProVen VCT 'C' Shares, Value and Income TrustTRADING ANNOUNCEMENTSBovis Homes Group, SIGFINAL DIVIDEND PAYMENT DATE3i Infrastructure, Albany Inv Trust, Blue Planet Financials & Income Inv Trust, Booker Group, Corin Group, Hill and Smith, M&C Saatchi, Marks & Spencer Group, Martin Currie Pacific Trust, May Gurney Integrated Services, Morgan Crucible, Northern 3 VCT, PayPoint, Prezzo, ProVen VCT, ProVen VCT 'C' Shares, Tesco, WhitbreadUK ECONOMIC ANNOUNCEMENTSProducer Prices (09:30)INTERNATIONAL ECONOMIC ANNOUNCEMENTSTrade Balance (US) (13:30)Import Price Index (US) (13:30)University of Michigan Consumer Confidence (US) (15:00)Industrial Production (07:45)Manufacturing Output (FRA) (07:45)Current Account (FRA) (07:45)CGPI (JPN)