Thursday is, as usual, a busy day for trading updates, with AstraZeneca and Morrisons arguably the picks of the bunch.
Both are expected to disappoint in terms of top-line growth.
Broker Hargreaves Lansdown said it expected Morrisons to report a 1.25% fall in like-for-like sales in the third quarter.
Analyst Keith Bowman said: "On balance and weighing pressured earnings against recently announced store sales and management initiatives, falling debt and the group’s comparatively solid balance sheet, analyst consensus opinion has recently thawed from a sell to a weak hold."
AstraZeneca (LON:AZN) has managed to grow the top line (on a constant currency basis) for six quarters on the spin but that is set to come to an end.
Currency movements and competition from cheaper generic versions of its drugs means it is most unlikely Astra will keep its growth story going, while slowing growth in China might also throw a stick in its spokes.
The median forecast of seven blue-chip brokers covering the stock is for third quarter sales of US$5.86bn, down from US$6.54bn a year ago, though the company is sure to play up the part foreign exchange movements play in any revenue fall.
Sweetener specialist Tate & Lyle reports its interims on Thursday, with Jefferies warning investors to keep the numbers in perspective.
“We expect a very strong first half on paper, with pre-tax profit ahead by close to 30%, but counsel caution around the swings and roundabouts of prior year comparisons, movements in global costs and helpful forex” the broker said.
While it expects pre-tax profit to be around £103mln, the broker said the profit at constant foreign exchange, forecast to be around 7%, is the more accurate figure to focus on.
Significant announcements expected
Interim: Tate & Lyle (LON:TATE), Randgold Resources Ltd (LON:RRS), Lancashire Holdings (LON:LRE), Dairy Crest Group (LON:DCG), AstraZeneca (LON:AZN), Hellenic Carriers (LON:HCL), Kennedy Wilson Europe Real Estate (LON:KWE), Cable & Wireless Communications (LON:CWC).
Trading statement: easyJet (LON:EZJ), Schroders (LON:SDR), SABMiller (LON:SAB), Croda International (LON:CRDA), Synthomer (LON:SYNT), Coca-Cola HBC (LON:CCH), Cobham (LON:COB), RSA Insurance Group (LON:RSA), Hikma Pharmaceuticals (LON:HIK), Partnership Assurance Group (LON:PA.), Morrison (Wm) Supermarkets (LON:MRW), Amec Foster Wheeler (LON:AMFW), Howden Joinery (LON:HWDN), Hunting (LON:HTG), Just Retirement Group (LON:JRG).
Companies trading ex-dividend: RTC Group (LON:RTC), Regenersis (LON:RGS), New Star Investment Trust (LON:NSI), Morgan Advanced Materials (LON:MGAM), SCS Group (LON:SCS), Sqn Asset Finance Income Fund (LON:SQN), Greencoat UK Wind (LON:UKW), Mission Marketing Group (LON:TMMG), Stobart Group Ltd (LON:STOB), SThree (LON:STHR), Laird (LON:LRD), James Halstead (LON:JHD), Blackrock Greater Europe Inv Trust (LON:BRGE), Avingtrans (LON:AVG), Amati VCT (LON:ATI), Ashmore group (LON:ASHM), Crown Place VCT (LON:CRWN), Dunedin Income Growth Investment Trust (LON:DIG), JPMorgan Claverhouse Investment Trust (LON:JCH), Henderson International Income Trust (LON:HINT), Henderson Far East Income (LON:HFEL), Elderstreet Vct (LON:EDV), Aeorema Communications (LON:AEO)
US companies reporting: AES; Apache; Celgene; CenterPoint Energy; Consolidated Edison; Duke Energy; Endo International; EOG Resources; Hudson City Bancorp; Kraft Heinz; Mohawk Industries; Molson Coors Brewing; News; NVIDIA; PerkinElmer; Qorvo; Quanta Services; Ralph Lauren; Skyworks Solutions; Symantec; TECO Energy; Teradata; TripAdvisor; Walt Disney
Economic: UK – BoE inflation report, BoE Interest rate minutes and decision, EU – ECB Report, Retail sales.