Week Ahead: Tesco, rate decisions by BoE and ECB

30th Sep 2011 13:25

Next week sees the opportunity to gauge the relative trading patterns of supermarket giants Tesco and Sainsbury.Tesco's interim figures on Wednesday are probably the more eagerly awaited, given the recent change in strategy of the company in favour of an "every day low prices" strategy rather than a promotions-led strategy, such as the double Clubcard points offers the firm has provided in the past.The interesting question is whether the change in tack is simply a case of relatively new chief executive, Philip Clarke, continuing to put his stamp on the company, or whether it is a case of Tesco desperately trying to prevent its UK market share falling below the psychologically important 30% mark.There have been suggestions that Tesco has taken its eye off the ball in its home market, because it sees greater growth opportunities overseas. The interim report may provide detail on how well the overseas operations are doing, especially the US Fresh & Easy venture, which is beginning to hit its stride after a faltering start.On the economic front, both the Bank of England and the European Central Bank will be announcing their interest rate decisions. Though there has been talk of the Old Lady of Threadneedle Street cutting its benchmark interest rate from its historic low level of 0.5%, the chances of that happening this month are close to zero. There is more prospect of the Bank reviving its quantitative easing programme, though that is also a bit of a long shot.As for the European Central Bank, many are expecting the policy makers to admit they raised interest rates too soon earlier in the year by reversing course and announcing a rate cut. Monday October 03INTERIM DIVIDEND PAYMENT DATEFuture, Jardine Lloyd Thompson Group, Legal & General Group, Portmeirion Group, Robinson, TUI TravelQUARTERLY PAYMENT DATESchlumberger Ltd.INTERNATIONAL ECONOMIC ANNOUNCEMENTSConstruction Spending (US) (15:00)ISM Manufacturing (US) (15:00)ISM Prices Paid (US) (15:00)PMI Manufacturing (EU) (09:00)PMI Manufacturing (GER) (08:55)GMSPalace Capital FINALSAvanti Communications Group, James Halstead, Sabien Technology GroupAGMSCity of London Investment Group, Qatar Investment FundTRADING ANNOUNCEMENTSElectrocomponentsUK ECONOMIC ANNOUNCEMENTSPMI Manufacturing (09:30)FINAL DIVIDEND PAYMENT DATEPark Group, VPTuesday October 04INTERIMSWalker GreenbankINTERIM DIVIDEND PAYMENT DATEFBD Holdings, Holders Technology, Kazakhmys, RexamQUARTERLY EX-DIVIDEND DATEJP Morgan Chase & CoINTERNATIONAL ECONOMIC ANNOUNCEMENTSAuto Sales (US) (15:00)Factory Orders (US) (15:00)Goods Orders (US) (15:00)Producer Price Index (EU) (10:00)GMSMCB Finance Group, Utilico Emerging Markets Ltd.FINALSSt Ives, Waterman Group, WolseleyIMSSCarillionUK ECONOMIC ANNOUNCEMENTSPMI Construction (09:30)Wednesday October 05INTERIMSTescoINTERIM DIVIDEND PAYMENT DATEARM Holdings, Greencore Group, Novae Group, Rathbone Brothers, TimeweaveINTERIM EX-DIVIDEND DATEAdvanced Medical Solutions Group, AG Barr, Bodycote, Brammer, Camellia, Charles Taylor Consulting, Dillistone Group, Downing Absolute Income VCT 1 'C' Shares , F&C Asset Management, Fisher (James) & Sons, Goals Soccer Centres, GVC Holdings, Henry Boot, Huntsworth, Hydrogen Group, Inmarsat, Judges Scientific, Keller Group, Kingfisher, Lighthouse Group, Martin Currie Global Portfolio Trust, Morson Group, Motivcom, Nationwide Accident Repair Services, New Britain Palm Oil Ltd. (DI), Petropavlovsk, Primary Health Properties, Raven Russia Ltd., Severfield-Rowen, SIG, StatPro Group, Weir GroupQUARTERLY EX-DIVIDEND DATEBritish Land Co, Investors Capital Trust 'A' Shares, Merchants Trust, Torchmark Corp.INTERNATIONAL ECONOMIC ANNOUNCEMENTSCrude Oil Inventories (US) (15:30)GDP (2nd release) (EU) (10:00)ISM Non-Manufacturing (US) (15:00)ISM Services (US) (15:00)MBA Mortgage Applications (US) (12:00)PMI Composite (EU) (09:00)PMI Composite (GER) (08:55)PMI Services (EU) (09:00)PMI Services (GER) (08:55)Retail Sales (EU) (10:00)Q4SportingbetGMSStrathdon InvestmentsFINALSImperial Innovations Group, SportingbetIMSSDunelm GroupSPECIAL DIVIDEND PAYMENT DATEPolo Resources Ltd. (DI)TRADING ANNOUNCEMENTSMarston's, Sainsbury (J), Tricorn GroupUK ECONOMIC ANNOUNCEMENTSBalance of Payments (09:30)Current Account (09:30)GDP (quarterly national accounts) (09:30)Official Reserves (09:30)PMI Services (09:30)FINAL DIVIDEND PAYMENT DATEBetfair Group, Iomart Group, Newmark Security PLC, PZ Cussons, Stagecoach GroupFINAL EX-DIVIDEND DATEAbbey, Alumasc Group, Begbies Traynor Group, City of London Investment Group, Eckoh, Edge Performance VCT 'C' Shares, Edge Performance VCT 'D' Shares, Edge Performance VCT 'E' Shares, Edge Performance VCT 'F' Shares, Fidelity Asian Values, Galliford Try, Haynes Publishing Group, Pacific Horizon Inv Trust, Petmin Ltd. (DI), Produce Investment, Qatar Investment Fund, Ruffer Investment Company Ltd., Tricorn Group, Utilico Investments Ltd (DI), ZetarThursday October 06INTERIMSTed BakerINTERIM DIVIDEND PAYMENT DATEAmlin, Antofagasta, Churchill China, Eurasian Natural Resources Corp., GlobeOp Financial Services SA (DI), Shire PlcQUARTERLY PAYMENT DATEGlaxoSmithKlineINTERNATIONAL ECONOMIC ANNOUNCEMENTSBloomberg Consumer Confidence (US) (14:45)Continuing Claims (US) (13:30)ECB Interest Rate (EU) (12:45)Factory Orders (GER) (11:00)Initial Jobless Claims (US) (13:30)PMI Construction (GER) (08:55)Q3Sandvine Corp.GMSCash Converters International Ltd. Units, Fubon Financial Holdings Co Ltd.GDR (Reg S), SeaEnergyFINALSMatchtech GroupIMSSGreggs, Hays, XP Power Ltd. (DI)AGMSAngle, IG Group Holdings, Photo-Me InternationalTRADING ANNOUNCEMENTSHalfords Group, VictrexUK ECONOMIC ANNOUNCEMENTSBoE Interest Rate Decision (12:00)Index of Services (09:30)New Car Registrations (09:30)Friday October 07INTERIM DIVIDEND PAYMENT DATEAbbey Protection, Bwin.party Digital Entertainment, Cape, Cineworld Group, Croda International, Devro, Elementis, Goldenport Holdings Inc., Grafton Group Units, Greggs, Hammerson, Hardy Underwriting Bermuda Ltd. (DI), InterContinental Hotels Group, International Personal Finance, Maintel Holdings, Michael Page International, Millennium & Copthorne Hotels, Octopus Second AIM VCT, Phoenix Group Holdings (DI), Regus, Resolution Ltd., ReThink Group, SEGRO, Shaft Sinkers Holdings, Standard Chartered, Thomas Cook Group, WSP Group, XstrataQUARTERLY PAYMENT DATEBritish Assets TrustQUARTERLY EX-DIVIDEND DATEMarsh & Mclennan Cos Inc.INTERNATIONAL ECONOMIC ANNOUNCEMENTSConsumer Credit (US) (20:00)Industrial Production (GER) (11:00)Non-Farm Payrolls (US) (13:30)Unemployment Rate (US) (13:30)Wholesales Inventories (US) (15:00)GMSAstaire Group, Stagecoach GroupANNUAL REPORTAIREASPECIAL DIVIDEND PAYMENT DATENorthern AIM VCT, SPARK VenturesAGMS1pm, AbbeyUK ECONOMIC ANNOUNCEMENTSProducer Price Index (09:30)FINAL DIVIDEND PAYMENT DATEACM Shipping Group, Henderson Smaller Companies Inv Trust, Kesa Electricals, Pennon Group, Umeco