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Week Ahead: BP, Xstrata and quantitative easing
Tue, 22 May, 2012
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Week Ahead: BP, Xstrata and quantitative easing
Fri, 3 Feb 2012, 14:42:00
With <b>Royal Dutch Shell</b>'s results out of the way, attention turns to its perennial rival, <b>BP</b>, which issues a fourth quarter update on Tuesday.
 
 Broker Charles Stanley thinks fourth quarter net income will be $4.8bn, down from $5.2bn the year before. The controversial oil leviathan outlined a 10-point plan at the time of its third quarter (Q3) results, and Charles Stanley will be looking for "more transparency and detail on segmental results and more financial details with the Q4 results."
 
 BP is still toiling in the shadow of the Gulf of Mexico oil well disaster, and recently received a setback in a Louisiana court in its efforts to get Transocean to stump up what BP says is the full share of the oil rig leasing firm's tab for the claims arising from the pollution caused by the explosion of the Deepwater Horizon rig.
 
 On the positive side, fears that the British company would have to quit the Gulf of Mexico art the behest of the US authorities have proved unfounded.
 
 "The Gulf of Mexico remains an important asset for BP and although the decline of oil & gas volumes may have stabilised, it may be 2013 before BP returns to historic levels of output in the Gulf. We do not anticipate any change to the quarterly dividend though BP may feel more confident about its financial position after reducing debt and receiving some contributions to the oil spill costs from partners such as Mitsui, Anadarko and Cameron," Charles Stanley analyst Tony Shepard said.
 
 Anglo-Swiss mining giant <b>Xstrata</b> has been in the spotlight recently after it emerged that it is in talks with its major shareholder, Anglo-Swiss commodities trader <b>Glencore</b>, about a merger of equals. The company announces full year results on Tuesday, and Credit Suisse is forecasting earnings before interest, tax, depreciation and amortisation (EBITDA) of $11.3bn and earnings per share (EPS) of $1.87, in line with the market consensus. It does, however, see some upside potential following solid production numbers announced on the last day of January.
 
 "We expect the market to focus closely on any commentary around capex [capital expenditure] inflation and project approvals. Las Bambas is the major project where capex is under review; however, we do not expect an update until later this year. Any commentary suggesting a more selective to approach to project growth and capex would be well received by the market in our view," Credit Suisse said. 
 
 On Thursday, the Bank of England's <b>Monetary Policy Committee</b> (MPC) will announce whether there are to be any changes to the Bank's key lending rate (market says: no) and asset purchase programme (ditto, though with slightly less assurance). MPC member Adam Posen nailed his colours to the mast in an interview recently, saying he was leaning towards voting for more quantitative easing (i.e. asset purchases) if the growth outlook for the UK economy remains unchanged, although he did acknowledge that he was "slightly more optimistic" about the prospects for the UK economy than he was a few months ago.
 
 
 <b>Monday February 06</b>
 
 INTERIMS
 Allocate Software
 
 INTERIM DIVIDEND PAYMENT DATE
 BT Group, Mitie Group
 
 INTERNATIONAL ECONOMIC ANNOUNCEMENTS
 PMI Construction (GER) (08:55)
 
 Q4
 Randgold Resources Ltd.
 
 GMS
 Hot Tuna International
 
 FINALS
 Randgold Resources Ltd., RM
 
 UK ECONOMIC ANNOUNCEMENTS
 New Car Registrations (09:30)
 
 FINAL DIVIDEND PAYMENT DATE
 Impax Asset Management Group, Scottish Inv Trust, Standard Life European Private Equity Trust
 
 <b>Tuesday February 07</b>
 
 INTERIMS
 Sabien Technology Group
 
 INTERIM DIVIDEND PAYMENT DATE
 Johnson Matthey, Workspace Group
 
 INTERNATIONAL ECONOMIC ANNOUNCEMENTS
 Consumer Credit (US) (20:00)
 Industrial Production (GER) (11:00)
 
 Q4
 BP, GlaxoSmithKline, Torchmark Corp., Wolfson Microelectronics
 
 FINALS
 Beazley, BP, GlaxoSmithKline, Low & Bonar, St. Modwen Properties, Torchmark Corp., Wolfson Microelectronics, Xstrata
 
 ANNUAL REPORT
 Proventec
 
 IMSS
 888 Holdings
 
 AGMS
 Pressure Technologies, TUI Travel, United Drug, Victrex
 
 TRADING ANNOUNCEMENTS
 Bellway
 
 UK ECONOMIC ANNOUNCEMENTS
 BRC Sales Monitor (00:01)
 
 Q1
 TUI Travel
 
 <b>Wednesday February 08</b>
 
 INTERIMS
 BHP Billiton, Dunelm Group, Stagecoach Theatre Arts
 
 INTERIM DIVIDEND PAYMENT DATE
 Ashtead Group, Halma
 
 INTERIM EX-DIVIDEND DATE
 City of London Investment Group, Cohort, Core VCT 'B' Shares, CPL Resources, Foresight 3 VCT, Foresight 4 VCT, Ingenious Entertainment VCT 1, Ingenious Entertainment VCT 1 'C' Shares, Ingenious Entertainment VCT 1 'D' Shares, Ingenious Entertainment VCT 2, Ingenious Entertainment VCT 2 'C' Shares, Ingenious Entertainment VCT 2 'D' Shares, Ingenious Live VCT 1, Ingenious Live VCT 2, Mattioli Woods, Murgitroyd Group, Stagecoach Group
 
 QUARTERLY EX-DIVIDEND DATE
 IBM Corp., JPMorgan Claverhouse Inv Trust, Picton Property Income Ltd, Polar Capital Global Healthcare Growth & Income Trust
 
 INTERNATIONAL ECONOMIC ANNOUNCEMENTS
 Balance of Trade (GER) (07:00)
 Crude Oil Inventories (US) (15:30)
 Current Account (GER) (07:00)
 Factory Orders (GER) (11:00)
 MBA Mortgage Applications (US) (12:00)
 Retail Price Index (GER) (07:00)
 
 Q4
 Smurfit Kappa Group, Virgin Media Inc.
 
 GMS
 Environ Group (Investments) , Sunkar Resources
 
 FINALS
 International Power, New Europe Property Investments, Reckitt Benckiser Group, Smurfit Kappa Group, Virgin Media Inc.
 
 IMSS
 Daily Mail and General Trust, Grainger, Supergroup, Thomas Cook Group
 
 EGMS
 Thames River Multi Hedge PCC Ltd. Realisation Shares
 
 AGMS
 Daily Mail and General Trust, Future, Grainger, Thomas Cook Group
 
 UK ECONOMIC ANNOUNCEMENTS
 BRC Shop Price Index (00:01)
 
 FINAL DIVIDEND PAYMENT DATE
 Edinburgh Worldwide Inv Trust
 
 FINAL EX-DIVIDEND DATE
 Avon Rubber, Henderson Opportunities Trust, Manroy, Sage Group, Victrex, Zytronic
 
 <b>Thursday February 09</b>
 
 INTERIMS
 Aquarius Platinum Ltd., Diageo, Hargreaves Lansdown, Rank Group
 
 INTERNATIONAL ECONOMIC ANNOUNCEMENTS
 Bloomberg Consumer Confidence (US) (14:45)
 Continuing Claims (US) (13:30)
 ECB Interest Rate (EU) (12:45)
 Initial Jobless Claims (US) (13:30)
 Wholesales Inventories (US) (15:00)
 
 Q3
 British Land Co
 
 Q4
 BG Group, Polski Koncern Naftowy Orlen S.A. GDR(Reg S), Shire Plc
 
 FINALS
 BG Group, Catlin Group Ltd., Polski Koncern Naftowy Orlen S.A. GDR(Reg S), Rio Tinto, Rolls-Royce Holdings, Shire Plc
 
 IMSS
 Enterprise Inns, Metric Property Investments , Vodafone Group, Volex
 
 AGMS
 Enterprise Inns, Greencore Group, Income & Growth VCT , Paragon Group Of Companies
 
 UK ECONOMIC ANNOUNCEMENTS
 Balance of Trade (09:30)
 BoE Interest Rate Decision (12:00)
 Industrial Production (09:30)
 Manufacturing Production (09:30)
 UK Trade (09:30)
 
 FINAL DIVIDEND PAYMENT DATE
 Cardiff Property, Dunedin Smaller Companies Inv Trust, Euromoney Institutional Investor
 
 <b>Friday February 10</b>
 
 INTERIMS
 Eurocommercial Properties NV
 
 INTERIM DIVIDEND PAYMENT DATE
 ICAP, Umeco
 
 INTERNATIONAL ECONOMIC ANNOUNCEMENTS
 Balance of Trade (US) (13:30)
 Consumer Price Index (GER) (07:00)
 Treasury Budget Statement (US) (19:00)
 U. of Michigan Confidence (Prelim) (US) (15:00)
 
 FINALS
 Barclays, Proventec, Zenergy Power
 
 IMSS
 Cable & Wireless Communications, Flybe Group, Shaftesbury
 
 SPECIAL DIVIDEND PAYMENT DATE
 Juridica Investments Ltd.
 
 AGMS
 GCP Infrastructure Investments Ltd., Shaftesbury
 
 UK ECONOMIC ANNOUNCEMENTS
 Producer Price Indices (09:30)
 
 FINAL DIVIDEND PAYMENT DATE
 Britvic, Daily Mail and General Trust, Daily Mail and General Trust 'Ord' Shares, Grainger, JPMorgan Asian Inv Trust, NB Global Floating Rate Income Fund Ltd Red C shs $, NB Global Floating Rate Income Fund Ltd Red C shs £, Scottish Oriental Smaller Companies Trust
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