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Barclays and grocers under the spotlight

Seeking inspiration: supermarket chain Morrisons is expected to reveal a further fall in sales. Picture: Michael Powell/Imagewise

Seeking inspiration: supermarket chain Morrisons is expected to reveal a further fall in sales. Picture: Michael Powell/Imagewise

  • by GARETH MACKIE
 

With City traders returning to work after the bank holiday weekend, the latest developments in the supermarket price war will be in the spotlight, as will banking giant Barclays, which is expected to reveal a fall in first-quarter profits.

Today’s trading statement from Barclays comes two days ahead of a strategic update that may see the lender take an axe to parts of its troubled investment banking arm.

WEEK AHEAD

Today

• Aberdeen Asset Management – Fresh from completing its £550 million takeover of Scottish Widows Investment Partnership, the fund manager announces first–half results.

• Barclays – First–quarter numbers are tipped to show a fall in earnings at the group, which saw profits slide by 32 per cent last year. Chief executive Antony Jenkins announces the outcome of his strategic update on Thursday.

Tomorrow

• EasyJet – The budget airline, which last month revealed it was closing in on Irish rival Ryanair in terms of passenger numbers, publishes traffic statistics for April.

• Sainsbury’s – Out–going chief executive Justin King delivers his last set of annual results and analysts forecast a 4 per cent rise in profits to about £782m at the retailer, which has seen its market share squeezed by the growth of discounters Aldi and Lidl.

Thursday

• BT – The telecoms group releases its first set of annual results since the start of its English Premier League TV battle with Sky, and analysts expect adjusted pre–tax profits to rise 1 per cent to £841m.

• Morrisons – The grocer, headed by Dalton Philips, is expected to have suffered a continued fall in sales during the first quarter as cut–price rivals keep up the pressure.

• MPC – Economists believe it is a “stone dead certainty” that the Bank of England’s rate–setting committee will leave interest rates on hold at 0.5 per cent, despite falling unemployment and robust economic growth.

• SuperGroup – Having enjoyed a 22.1 per cent jump in third–quarter sales, the owner of the Superdry fashion label will reveal how it fared during the final three months of its financial year.

Friday

• Man Group – The hedge fund manager holds its annual meeting and will update investors on trading during the first quarter.

 

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