A meeting of the eurogroup on Monday is expected to be followed by a press conference on the Wednesday. Greece desperately needs the troika to release more rescue funds, with talk now about lumping three aid tranches together in a €44bn package. Whether the IMF (Other OTC: IMFAF.PK - news) gets its way and insists the eurozone takes a haircut on its part of the rescue deal as well remains to be seen.
In the UK, the big news will be the second estimate of third quarter GDP growth on Tuesday. The 1pc first estimate was welcome news and though it may be revised, economists at Investec (EUREX: INVF.EX - news) reckon it will still be a solid 0.9pc. On Thursday, the Bank of England publishes its bi-annual Financial Stability Report. There has been a lot of regulatory noise about capital raising at the banks, so the report will be closely watched for any new crackdown.
= Flying high? =
A second year of headline losses are expected when Thomas Cook reports full-year figures on Wednesday. But the City’s main focus will be the strategy of new chief executive Harriet Green and finance director Michael Healy, who both joined Thomas Cook in the summer.
Ms Green, who previously headed electronics group Premier Farnell (Other OTC: PIFLF.PK - news) , will detail the findings of her investigations into the company over the past four months before setting out firmer measures to return Thomas Cook to health in the Spring. The new chief is expected to discuss three key areas: removing further costs from the business; technology; and ensuring customers are at the heart of the business.
Investec analyst James Hollins believes Wednesday’s presentation will be a “new dawn” for Thomas Cook, which was last year forced to go cap in hand to its lenders for emergency funding.
“We hope that the outlook statement… will serve as a platform from which a brighter, more profitable future can be effectively communicated by the new CEO and CFO,” Mr Hollins said.
= Monday November 26 =
• With Christmas on the horizon, the thoughts of Britain’s largest pork processor Cranswick (LSE: CWK.L - news) on rising food prices and the outlook for consumers will be of interest to the City. Last week, Premier Foods (Xetra: A0B7GL - news) announced 900 job cuts in its bread business and Cranswick’s rival Vion said it will quit the UK, highlighting the pressure on food suppliers. Ahead of Cranswick ’s interim results on Monday, Damian McNeela at Panmure Gordon said: “Any progress with regard to pricing negotiations with UK retailers is going to be a key focus ahead of the busy Christmas trading period.” Panmure is forecasting a 29pc rise in adjusted pre-tax profits to £23.4m. Cranswick said last month that total sales for the first-half were up 6pc, while underlying turnover rose 5pc.
Economics Eurogroup meeting on Greece
= Tuesday November 27 =
• Pubs group Mitchells & Butlers (LSE: MAB.L - news) , owner of All Bar One, recently took a major step towards easing some of the City’s concerns when it appointed Alistair Darby, previously of rival Marston’s, as its new chief executive - ending an 18-month search. Numis analyst Douglas Jack believes M&B, which last year came under siege from billionaire currency trader Joe Lewis, has made good operational progress although this summer’s poor trading conditions for pubs are likely to mask some of the advances made by management. Numis expects pre-tax profit to rise 11pc to £173m, slightly above consensus of £169m.
Full-year results Britvic (Berlin: B6S.BE - news) , Gooch & Housego (LSE: GHH.L - news) , Greencore Group (Xetra: 881630 - news) , Mitchells & Butlers, Next Fifteen Communications Group, Topps Tiles (LSE: TPT.L - news)
Interim results Caledonia Investments, De La Rue (Other OTC: DELRF.PK - news) , Findel (LSE: FDL.L - news) , Iomart Group (LSE: IOM.L - news) , Kcom Group (LSE: KCOM.L - news) , Scapa Group (LSE: SCPA.L - news) , Severn Trent (LSE: SVT.L - news)
Trading update None scheduled
Economics UK third quarter GDP second estimate, OECD global growth forecasts
Meetings St Ives (AGM)
= Wednesday November 28 =
• Water company United Utilities is expected to report that its first-half underlying operating profits fell slightly to £317m from £324.2m last year. In a pre-close trading update at the end of September, United Utilities said its profits this year would be more evenly distributed across the year, compared with 2011/12 when its underlying profit was much higher in the first half than the second. The company may also give more detail on its concerns about proposed licence changes by regulator Ofwat, after announcing on Friday that it could not accept the plans.
Interim results Advanced Computer Software, Assura Group (LSE: AGR.L - news) , Creston (LSE: CRE.L - news) , Daisy Group (LSE: DAY.L - news) , Hangar8, Telford Homes (LSE: TEF.L - news) , Torotrak (Berlin: TQ5.BE - news) , United Utilities Group, VP
Trading update None scheduled
Economics No UK data scheduled
= Thursday November 29 =
• Will the last man standing fall over? That is the question for Dixons Retail. The electrical retailer posts its first results since the collapse of Comet. The City will be looking in the interim results for guidance on how much the demise of Comet is benefiting the business and whether Dixons is interested in buying any Comet shops. According to Morgan (KOSDAQ: 019990.KQ - news) Stanley (Berlin: SYC.BE - news) , the collapse of Comet is a “game changer” for Currys owned by Dixons because it will collect 40pc of Comet’s £1.2bn sales.
Full-year results Impax Asset Management Group, Martson’s, Shaftesbury
Interim results API Group, Daejan Holdings, Dixons Retail (Other OTC: DSITF.PK - news) , Hogg Robinson Group, Paypoint (Berlin: PAN.BE - news) , Pennon Group (Other OTC: PEGRF.PK - news) , Phoenix IT Group (LSE: PNX.L - news) , RPC Group (LSE: RPC.L - news) , Wyg (LSE: WYG.L - news)
Economics Bank of England’s Financial Stability Report, mortgage approvals, CBI distributive trades
= Friday November 30 =
Full-year results None scheduled
Interim results Acal
Economics GfK consumer confidence.