Wednesday preview: ICAP, Burberry, JD Wetherspoon

14th Jul 2009 17:49

Inter-dealer broker ICAP's share price is trading at around twice the level it was back on 9 March, suggesting it has benefited from the revival in global stock markets since that date. Those markets have largely been moving sideways for the last two months, however, and ICAP's interim management statement may give a clue as to whether volumes are suffering as a result.Broker Panmure Gordon expects ICAP's statement to show deteriorating underlying revenues though the headline number may be up year-on-year, helped by favourable currency movements. "We expect trading volumes to come under increasing pressure as the current year progresses. Volatility has subsided significantly since peaking in calendar Q4 last year," Panmure Gordon states.High-end fashion retailer Burberry will give a trading statement that is likely to show continuing tough conditions. "2008/09 was one of the most challenging years the luxury sector has ever faced, especially in the second half," said Burberry in a company statement back in May, and things are unlikely to have improved since, with unemployment rising quickly and consumer confidence hit by stalling equity markets.Young & Co. gave a trading update today, the first of many pub owners to do so this week. Wednesday sees JD Wetherspoon issue its trading update, where investors will be looking for the group to top Young's performance; Young said its managed house sales for the 15 weeks to 11 July were up 3.3% and up 0.1% on a like-for-like basis.Broker KBC Peel Hunt expects Wetherspoon to also report positive like-for-like (LFL) sales for the group's fourth quarter, which covers the May to July period. KBC expects the LFL number to be similar to the preceding quarter's 0.5% gain. "Operating margins should also be holding the 10% H1 level, as Wetherspoon is not having to discount its model, which is already value-focused," KBC predicts.The company is not as indebted as many of its peers but analysts will still be looking for a reduction in debt ahead of the refinancing of the £370m facility due in December of next year.UK unemployment figures for June are certain to show an increase but the rate at which people are signing on may show further signs of moderating. Claimant count unemployment is expected to rise by around 45,000, up from a rise of 39,300 in May but considerably better than the 136,600 leap seen in February. INTERIM EX-DIVIDEND DATEChemring Group, Holidaybreak, IDOXQUARTERLY EX-DIVIDEND DATEMerchants TrustUK ECONOMIC ANNOUNCEMENTSUnemployment (09:30)Average Earnings (09:30)Manufacturing Unit Wage Costs (09:30)ILO Unemployment Rate (09:30)INTERNATIONAL ECONOMIC ANNOUNCEMENTSBusiness Inventories (US) (15:00)Capacity Utilisation (US) (14:15)Consumer Price Index (US) (13:30)Crude Oil Inventories (US) (15:30)Industrial Production (US) (14:15)Empire State Manufacturing Survey (US) (13:30)FOMC Meeting minutes (US) (19:00)Consumer Price Index (EUR) (10:00)Bank of Japan Target Rate (JPN)Machine Tool Orders (JPN)FINALSO Twelve EstatesTRADING STATEMENTSBurberry Group, ICAP, JD Wetherspoon, Blacks LeisureAGMSAurora Inv Trust, BT Group, BTG, Invesco English & International Trust, Northern Foods, Sainsbury, Wynnstay PropertiesFINAL DIVIDEND PAYMENT DATESmall Companies Dividend Trust, UTV MediaFINAL EX-DIVIDEND DATECropper (James), Empresaria Group, Establishment Inv Trust, FirstGroup, GB Group, Halma, IBIS Media VCT, ICAP, Intermediate Capital Group, Invesco Asia Trust, Lindsell Train Inv Trust, Majestic Wine, MDM Engineering Group, Mountview Estate, Noble AIM VCT, Puma Brandenburg, Puma VCT I, Puma VCT II, Puma VCT III, Puma VCT IV, Rensburg Sheppards, Schroder UK Growth Fund, Sepura, TP70 2008 (I) VCT, TP70 2008 (II) VCT