Week Ahead: Thomas Cook, TUI Travel, Aberdeen Asset

26th Nov 2010 12:42

With the UK apparently set for a spell of cold weather next week the market may well be in just the mood to get its teeth into trading updates from holiday firms Thomas Cook and TUI Travel.Thomas Cook recently announced its long awaited move into the Russian market while interest on TUI Travel has centred on whether major shareholder TUI will launch a bid to take full control of the company.The share price of fund manager Aberdeen Asset hit a 52-week high earlier this month though it has come off the top since. Tuesday's full year results might provide further impetus, with the group expected to report good progress on debt reduction and margin improvement.KBC Peel Hunt is forecasting profit before tax of £191m and earnings per share (EPS) of 12.0p, a little above consensus on profits but bang on the money with the EPS. The broker thinks the full year dividend will be hiked by 16% to 7.00p, putting it well ahead of the consensus figure of 6.64p.The broker expects assets under management (AuM) to show "modest growth" to £171.4bn from the £168.8m reported at the end of August."For the 11 months to 31 August, the group had recorded £1.0bn of net inflows. The financial impact of this is more significant, however, as the broad trend has been a switch from lower-margin fixed-income products into higher-margin equity mandates. Fixed-income outflows amounted to £10.6bn for the 11-month period, indicating that performance issues have not yet been fully worked through, although we believe that the outlook for 2011 is better (as the poor performance numbers drop out by August or September)," the broker said."Even within asset classes, Aberdeen has been successful at winning new business at higher margin than existing business (partly a business mix issue, with more Global Equities Management and Global mandates, in addition to a greater proportion of pooled funds)," Peel Hunt added. On the economic front, the key announcements are likely to be the European Central Bank's interest rate announcement on Thursday and US non-farm payrolls on the Friday.The European Central Bank is most unlikely to change its key lending rate but it might have to rethink its plans to continue withdrawing emergency stimulus measures in view of the crisis in the euro-zone.The US employment data will, as ever, give the earliest gauge in the month of the health of the US economy. The unemployment rate for October is expected to remain at 9.6% while non-farm payrolls are expected to climb by 146,000 after September's 151,000 increase.In the UK, expect lots of focus on the housing market next week with Hometrack and Nationwide both set to announce their latest house price surveys while on Monday the Bank of England will publish details on mortgage approvals for house purchases.Final mortgage approvals in October are expected to dip to 47,000 from September's 47,494. Net consumer credit is forecast to have crept up by £100m in October after rising £262m in September. There is plenty of evidence to suggest UK borrowers are anxious to pay down debt, and there is still only a restricted amount of unsecured credit available from banks.Monday November 29INTERIMSAcal, Invista Foundation Property Trust Ltd., Iomart Group, Phoenix IT GroupINTERIM DIVIDEND PAYMENT DATESeniorQUARTERLY EX-DIVIDEND DATESchlumberger Ltd.INTERNATIONAL ECONOMIC ANNOUNCEMENTSHousehold Spending (JPN)Jobless Rate (JPN)Industrial Production (JPN)GFK Consumer Confidence (GER) (07:00)PMI Retail (GER) (08:55)PMI Retail (EU) (09:00)Business Climate Indicator (EU) (10:00)Economic Sentiment Indicator (EU) (10:00)GDP Growth Estimate (EU) (10:45)Dallas Fed Manufacturing Activity Index (US) (15:30)Q3X5 Retail Group NV GDR (Reg S)GMSBellway, BlueBay Asset Management, Gartmore Growth Opportunities, IS Pharma, Zest GroupFINALSPhytopharmANNUAL REPORTDiplomaEGMSTrinity CapitalAGMSChalkwell Investments, Creat Resources Holdings Ltd. (DI), Feedback, Fidelity Asian Values, Fidelity Asian Values 'S' Shares, Forte Energy NL, Gladstone Pacific Nickel Ltd., Global Petroleum Ltd., Leyshon Resources Ltd., Range Resources Ltd. (DI)UK ECONOMIC ANNOUNCEMENTSHometrack Housing Survey (00:01)Consumer Credit (09:30)M4 Money Supply (09:30)M4 Sterling Lending (09:30)Mortgage Approvals (09:30)PMI Retail (09:30)Tuesday November 30INTERIMSACM Shipping Group, Creston, Findel, First Property Group, GB Group, Halma, Hogg Robinson Group, Immunodiagnostic Systems Holdings, Northumbrian Water Group, Real Estate Credit Investments Ltd., RPC Group, VPINTERIM DIVIDEND PAYMENT DATEBAE Systems, Lookers, Old Mutual, Provident FinancialQUARTERLY PAYMENT DATEBankers Inv Trust, City of London Inv TrustINTERNATIONAL ECONOMIC ANNOUNCEMENTSConstruction Orders (JPN)Producer Prices (FRA) (07:45)Unemployment Rate (GER) (08:55)Consumer Price Index (EU) (10:00)Harmonised Index of Consumer Prices (EU) (10:00)Unemployment Rate (EU) (10:00)International Reserves (EU) (11:00)Chicago PMI (US) (13:45)Consumer Confidence (US) (15:00)NAPM Milwaukee (US) (15:00)ABC Consumer Confidence (US) (22:00)Q2Real Estate Credit Investments Ltd.Q3JSC Kazkommertsbank GDR (Reg S), National Bank of Greece ADR, OJSC Cherkizovo Group GDR (Reg S)GMSLupus CapitalFINALSAberdeen Asset Management, Gooch & Housego, Holidaybreak, ITE Group, Nasstar, Sanderson Group, Shaftesbury, Silverdell, Topps TilesANNUAL REPORTNasstar, Topps Tiles, Xtract EnergySPECIAL DIVIDEND PAYMENT DATEEdinburgh Inv TrustAGMSAberdeen Asian Smaller Companies Inv Trust, Baillie Gifford Japan Trust, Cash Converters International Ltd. Units, Greatland Gold, Plexus Holdings, Sky High, St Ives, Sylvania Resources Ltd. (DI), Victoria Oil & GasUK ECONOMIC ANNOUNCEMENTSGFK Consumer Confidence (00:01)Nationwide House Price Index (07:00)FINAL DIVIDEND PAYMENT DATEAnglo & Overseas, Manchester & London Inv TrustWednesday December 01INTERIMSAfrican Consolidated Resources, Anite, Cyril Sweett Group, GEONG International Ltd., May Gurney Integrated Services, Telford HomesINTERIM DIVIDEND PAYMENT DATEAga Rangemaster Group, Ladbrokes, Sony Corp.INTERIM EX-DIVIDEND DATEAlliance Pharma, Assura Group Ltd., Caledonia Investments, Dee Valley Group, Dee Valley Group (Non-Voting), Establishment Inv Trust, GCP Infrastructure Investments Ltd., Hamworthy, Hansa Trust, Hansa Trust 'A' Shares, Headlam Group, Helical Bar, Homeserve, Intermediate Capital Group, Investment Company, JD Sports Fashion, Johnson Matthey, Kewill, London & Stamford Property Ltd., London Stock Exchange Group, Management Consulting Group, Mckay Securities, Morgan Crucible Co, National Grid, Northern Investors Co, PayPoint, Rensburg AIM VCT, SABMiller, Sepura, Severn Trent, Slingsby H.C, Tate & Lyle, UK Mail Group , Young & Co's Brewery 'A' SharesQUARTERLY PAYMENT DATEJPMorgan Claverhouse Inv TrustQUARTERLY EX-DIVIDEND DATEBank of America Corp., Premier Energy & Water TrustINTERNATIONAL ECONOMIC ANNOUNCEMENTSPMI Manufacturing (FRA) (08:50)PMI Manufacturing (GER) (08:55)PMI Manufacturing(EU) (09:00)MBA Mortgage Applications (US) (12:00)Non-farm Productivity (US) (13:30)Unit Labour Costs (US) (13:30)ISM Manufacturing (US) (15:00)ISM Prices Paid (US) (15:00)Construction Spending (US) (15:00)Auto Sales (US) (15:00)Existing Home Sales (US) (15:00)Crude Oil Inventories (US) (15:30)Beige Book Fed Survey (US) (19:00)GMSGartmore European Inv Trust, Integrated Asset ManagementFINALSBrewin Dolphin Holdings, Sage Group, Thomas Cook GroupEGMSAllianz Dresdner Endowment Policy Trust 2010AGMSBlackRock Greater Europe Inv Trust, BlackRock Greater Europe Inv Trust Sub Shares, GR Holdings, Harmony Gold Mining Co Ltd., Leaf Clean Energy Co (DI), Nighthawk Energy, WFCAUK ECONOMIC ANNOUNCEMENTSPMI Manufacturing (09:30)FINAL DIVIDEND PAYMENT DATEDods Group FINAL EX-DIVIDEND DATEA&J Mucklow Group, Daily Mail and General Trust, Daily Mail and General Trust 'Ord' Shares, Diploma, Greencore Group, Group NBT, JPMorgan Japanese Inv Trust, K3 Business Technology Group, Northamber, Pan African Resources, RSM Tenon Group, Smart (J) & Co., St Ives, Standard Life Equity Income TrustThursday December 02INTERIMSAPI Group, Consort Medical, Mountview EstateINTERNATIONAL ECONOMIC ANNOUNCEMENTSUnemployment Rate [ILO] (FRA) (06:30) PMI Construction (GER) (08:55)PMI Construction (EU) (09:00)GDP (1st release) (EU) (10:00)Household Consumption (EU) (10:00)Producer Price Index (EU) (10:00)ECB Interest Rate (EU) (12:45)Continuing Claims (US) (13:30)Initial Jobless Claims (US) (13:30)Pending Homes Sales (US) (15:00)FINALSBritvic, Local Shopping REIT, Marston's, OMG, Redhall Group, TUI TravelSPECIAL DIVIDEND PAYMENT DATEAberdeen Asian Smaller Companies Inv TrustAGMSAI Claims Solutions, Avation, Black Sea Property Fund Ltd., Capital Lease Aviation, Frontera Resources Corp., GETECH Group, Norseman Gold, Trading EmissionsTRADING ANNOUNCEMENTSKingfisherUK ECONOMIC ANNOUNCEMENTSPMI Construction (09:30)FINAL DIVIDEND PAYMENT DATEAberdeen Asian Smaller Companies Inv TrustFriday December 03INTERIMSBerkeley Group Holdings , Falkland Islands Holdings, Greene KingINTERIM DIVIDEND PAYMENT DATEBalfour Beatty, DCC, Hilton Food Group, JZ Capital Partners Ltd., Laird, Marshalls, Norcon, Northern 2 VCT, Prime People, Scottish Mortgage Inv Trust, SThree, TDK Corp.QUARTERLY EX-DIVIDEND DATEFrontline Ltd.INTERNATIONAL ECONOMIC ANNOUNCEMENTSRetail Sales (GER) (07:00)PMI Services (FRA) (08:50)PMI Services (GER) (08:55)PMI Services (EU) (09:00)Retail Sales (EU) (10:00)Non-Farm Payrolls (US) (13:30)Unemployment Rate (US) (13:30)ISM Non-Manufacturing (US) (15:00)Business Inventories (US) (15:00)Factory Orders (US) (15:00)ISM Services (US) (15:00)GMSRed Rock Resources, Regency MinesFINALSPursuit DynamicsSPECIAL DIVIDEND PAYMENT DATEJZ Capital Partners Ltd.AGMS@UK, Asian Citrus Holding, Aurora Russia Ltd., Ceres Power Holdings, Interior Services Group, Lok'n Store Group, Polo Resources Ltd. (DI), Waterman GroupTRADING ANNOUNCEMENTSSThreeUK ECONOMIC ANNOUNCEMENTSHalifax House Price Index (09:30)Official Reserves (09:30)PMI Composite (09:30)PMI Services (09:30)FINAL DIVIDEND PAYMENT DATEAshmore Group, BlueBay Asset Management, James Halstead, Matchtech Group, Murgitroyd Group, United Carpets Group