It's Halloween, but investors are unlikely to fear scary headlines from BP PLC (LSE:BP.) though they might need a few more calculator noughts.
The oil supermajor and its larger FTSE 100 rival Shell both report this week, and while they may be the bane of environmental protestors, in the City they can do no wrong it seems, with some upgrades from heavyweight brokers in the run-up to their next quarterly updates …read the preview.
Operating profits of US$13.8 billion and net income of US$8.1bn are being forecast for the nine months of the year so far.
"We expect a sequentially better set of results thanks to higher oil prices and a rebound in C&P after a weak second quarter," says UBS,
"Consensus expectations are a flat buyback at $1.5bn with potential upside risk in the following quarters as CFFO (cashflow) improves.
"BP’s commitment to return 60% of surplus cash flows is not expected to change."
Later, Pfizer is scheduled to report earnings before the opening bell in New York, but if past results are any indication, the pharmaceutical giant’s earnings won’t be spooky ...read the preview.
Others due to report:
Trading updates: BP PLC (LSE:BP.), Coca-Cola HBC AG, TP ICAP Group PLC, RHI Magnesita N.V., Georgia Capital PLC, NCC Group PLC (LSE:NCC)
Interims: Spectris PLC (LSE:SXS)
Finals: Essensys PLC, Grit Real Estate Income Group (LSE:GR1T), Up Global Sourcing Holdings PLC
US earnings: Amgen Inc, Catapillar Inc, Pfizer Inc (NYSE:PFE), Advanced Micro Devices Inc
Economic announcements: BRC Shop Price Index (UK), Employment Cost Index (US), House Price Index (US), Consumer Confidence (US), GDP (EU), Inflation (EU)