|Pharmaceuticals & Biotechnology
|LONDON (SHARECAST) - Banks have had a torrid time of it this year and, for that matter, the previous three or four years as well, but emerging markets focused operator Standard Chartered has emerged from the 'baker-bashing' era largely unscathed.
Just over a month ago the bank indicated that it had made a strong start to the year and that it was on course to "deliver a good performance in the first half of 2012".
The strength of the US dollar - the bank's reporting currency - might put a bit of a dampener on the figures, especially the contribution from the bank's Indian operations.
Double digit income growth is expected in several markets including China, Indonesia, Malaysia, Africa, and the Americas, UK and Europe region, and maybe Hong Kong.
Fashion chain Next is probably thankful for the ever increasing contribution from its online and catalogue division Next Direct, as the weather in Britain continues to remain mostly miserable, discouraging shoppers from venturing out to the high street.
The group is still expected to see a year-on-year fall in second quarter like-for-like sales, however, with some analysts expecting the fall to be as much as 4%.
Drugs developer Shire Pharmaceuticals is expected by broker Charles Stanley to declare second quarter operating profit of $361.6m, up from $341.5m in the corresponding period of last year.
The broker has pencilled in $1,187m (up from $1,063m) for revenue and 50 cents for earnings per share. A generous increase in the dividend to 3.7 cents from 2.4 cents the year before is in the offing, according to Jeremy Batstone-Carr, the head of investment research at the broker.
"Shire continues to believe that it will deliver good full year 2012 earnings growth. While this may be less than the previously indicated growth in the low teens we still expect “good” performance and believe the current price undervalues Shire’s product portfolio," Batstone-Carr said.
Turning to macro matters, the Nationwide House Price index is due out in the morning, and July's index is expected to show a year-on-year fall of 2.0%, versus a decline of 1.5% in June.
The UK Purchasing Managers' Index for Manufacturing in July is expected to stay below the critical 50 level, which marks the border between contraction and expansion. The market is expecting a reading of 48.4, down from June's 48.6.
Avocet Mining, F&C Asset Management, Fiberweb, Filtrona PLC, First Quantum Minerals Ltd., International Power, Jupiter Fund Management , Rexam, Rightmove, Shire Plc, Smurfit Kappa Group, Standard Chartered, StatPro Group, Taylor Wimpey, Vernalis, Xchanging
INTERIM DIVIDEND PAYMENT DATE
Electronic Data Processing
INTERIM EX-DIVIDEND DATE
BG Group, Brunner Inv Trust, Domino's Pizza Group, Impellam Group, Mecom Group, Microgen, Nichols, Porvair
QUARTERLY PAYMENT DATE
Mercantile Investment Trust (The), Torchmark Corp., Verizon Communications
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Auto Sales (US) (15:00)
Construction Spending (US) (15:00)
Crude Oil Inventories (US) (15:30)
FOMC Interest Rate (US) (17:15)
ISM Manufacturing (US) (15:00)
ISM Prices Paid (US) (15:00)
MBA Mortgage Applications (US) (12:00)
PMI Manufacturing (EU) (09:00)
PMI Manufacturing (GER) (08:55)
Avocet Mining, First Quantum Minerals Ltd., Shire Plc, Smurfit Kappa Group
Atkins (WS), CML Microsystems, Cranswick, Cropper (James)
UK ECONOMIC ANNOUNCEMENTS
BRC Shop Price Index (00:01)
PMI Manufacturing (09:30)
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Homeserve, Next, Phoenix IT Group, Record, Shanks Group, TR Property Inv Trust, TR Property Inv Trust Sigma Shares, Vodafone Group
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Aberdeen New Dawn Inv Trust, Creston, Heath (Samuel) & Sons, Johnson Matthey, JPMorgan Euro Small Co. Trust, Latham (James), ProVen Growth & Income VCT