The week ahead: Improved Tesco is back in favour

Today

Construction firm Balfour Beatty will be trying to alleviate analysts' fears at an investor day. The engineering-to-construction group issued a profit warning at its third-quarter update recently, so analysts will want to hear how it is correcting problems in its European rail and UK construction businesses. Numis Securities' Howard Seymour said: "Coming ahead of the Autumn Statement it will be difficult to be emphatic on the outlook for government spending, but self-help measures should be a key component of the day."

Results/Updates: Evocutis.

Tomorrow

The record wet summer did nothing to dampen the spirits of beer drinkers at Greene King's pubs. Its half-year results are expected to include profits up by 7 per cent. Numis Securities analysts are forecasting pre-tax profit of £82.6m. They expect its managed pub trade, which makes up 62 per cent of group profit, to be strong and margins to be up slightly. But Numis has kept its rating of the group at hold with a share-price target of 650p.

Results/Updates: Anite, Dolphin Capital, ITE, Northgate, Reneuron Group, TUI Travel, Vianet Group.

Wednesday

Tesco is finding some fans again. It fell out of favour with investors after a profit warning, but analysts are starting to fancy it again ahead of its management statement on Wednesday.

Jefferies' scribes think it is time to buy Tesco, and have given it a 400p share-price target. They said: "As we move into 2013, its UK stores look much improved. A return to earnings growth and sharply stronger cash generation should be a useful valuation driver in the coming year." Panmure Gordon's Philip Dorgan also rates it a buy and gives a target price of 440p.

Results/Updates: Brewin Dolphin, First Property Group, Innovation Group, Jelf, Numis, Sage Group, Stagecoach Group.

Thursday

The luxury-goods sector has had its ups and downs as fears of a slowdown in the Chinese market caused growth to falter. The Somerset-based bag maker Mulberry has been trying to pitch itself more upmarket, and in the process has lost sales. The news sent its share price south in October. On Thursday it will update the market with its half-year results, and with better news coming out of China, a key area for growth for the brand, analysts expect a clearer indication of margins.

Barclays' luxury lover Helen Norris remains positive on the long-term expansion of the brand internationally, but warns that the Christmas trading will be the true test. She gives it a hold rating and a price target of 1,250p.

Shares in luxury-goods brands have outshone retailers in the past year, according to the trading house Banc De Binary. Luxury retailers' shares outperformed both mid-market and budget retailers with luxury up 16 per cent, compared to 11 per cent for the mid-market sector over the year.

Results/Updates: Caretech, DS Smith, Falkland Islands, Graphite Enterprise, Intertek Group, Micro Focus International, OMG, Premier Farnell, PZ Cussons, Standard Chartered.

Friday

Attention turns to bricks and mortar as housebuilders Berkeley Group and Bellway Homes update the market. Numis Securities' analysts expect solid half-year results from Berkeley and rate it a buy with a price target of 1,650p. The south-east housing market is still booming, and Berkeley has been reaping the rewards.

Numis's Chris Millington thinks Berkeley is "one of the most attractive housebuilders given that its margins have the potential to rise significantly". But he is less keen on Bellway. He gives it a hold rating with a price target of 1,012p and said: "The shares are unlikely to rise materially … in the short term until we get more clarity over the 2013 Spring selling season."

Results/Updates: Polar Capital Holdings.

Economics Diary

Today

Lloyds Business Barometer, Manufacturing Purchasing Managers' Index, 10-year and 30-year Bond Auction, British Retail Consortium Sales Monitor, EU Retail Sales.

Tomorrow

Construction Purchasing Managers' Index, British Retail Consortium Shop Price Index, ECOFIN Meetings.

Wednesday

Autumn Statement, UK Services Purchasing Managers' Index, EU Unemployment Rate, US Factory Orders.

Thursday

UK Trade Balance, Asset Purchase Facility; Monetary Policy Committee Rate Statement, Official Bank Rate, European Central Bank Press Conference, US Job Cuts Update, US Unemployment Claims.

Friday

UK Manufacturing Production, UK Consumer Inflation Expectations, UK Industrial Production, US Non-Farm Payrolls.

News
Ian Thorpe had Rio 2016 in his sights
people
Sport
Jonathan de Guzman of the Netherlands and Willian of Brazil compete for the ball
world cup 2014LIVE BLOG: Hosts Brazil take on the Netherlands in third-place play-off
News
Tommy Ramone performing at The Old Waldorf Nightclub in 1978 in San Francisco, California.
peopleDrummer Tommy was last surviving member of seminal band
Life and Style
Swimsuit, £245, by Agent Provocateur
fashion

Diving in at the deep end is no excuse for shirking the style stakes

PROMOTED VIDEO
Life and Style
Several male celebrities have confessed to being on a diet, including, from left to right, Hugh Grant, Benedict Cumberbatch and Ryan Reynolds
life...and the weight loss industry is rubbing its hands in glee
Voices
Spectators photograph the Tour de France riders as they make their way through the Yorkshire countryside
voicesHoward Jacobson: Line the streets for a cycling race? You might just as well watch a swarm of wasps
Life and Style
lifeHere's one answer to an inquisitive Reddit user's question
Arts and Entertainment
'Eminem's recovery from substance abuse has made him a more potent performer, with physical charisma and energy he never had before'
arts + entsReview: Wembley Stadium ***
Sport
Joe Root and James Anderson celebrate their record-beaking partnership
cricketEngland's last-wicket stand against India rewrites the history books
News
peopleDave Legeno, the actor who played werewolf Fenrir Greyback in the Harry Potter films, has died
News
ebookA unique anthology of reporting and analysis of a crucial period of history
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Information Security Manager (ISO 27001, Accreditation, ITIL)

£70000 per annum: Harrington Starr: Information Security Manager (ISO 27001, A...

Biztalk - outstanding opportunity

£75000 - £85000 per annum + ex bens: Deerfoot IT Resources Limited: Biztalk Te...

Trade Desk Specialist (FIX, Linux, Windows, Network Security)

£60000 per annum: Harrington Starr: Trade Desk Specialist (FIX, Linux, Windows...

Service Desk Analyst (Windows, Active Directory, ITIL, Reuter)

£35000 per annum: Harrington Starr: Service Desk Analyst (Windows, Active Dire...

Day In a Page

A History of the First World War in 100 Moments: Peace without magnanimity - the summit in a railway siding that ended the fighting

A History of the First World War in 100 Moments

Peace without magnanimity - the summit in a railway siding that ended the fighting
Scottish independence: How the Commonwealth Games could swing the vote

Scottish independence: How the Commonwealth Games could swing the vote

In the final part of our series, Chris Green arrives in Glasgow - a host city struggling to keep the politics out of its celebration of sport
Out in the cold: A writer spends a night on the streets and hears the stories of the homeless

A writer spends a night on the streets

Rough sleepers - the homeless, the destitute and the drunk - exist in every city. Will Nicoll meets those whose luck has run out
Striking new stations, high-speed links and (whisper it) better services - the UK's railways are entering a new golden age

UK's railways are entering a new golden age

New stations are opening across the country and our railways appear to be entering an era not seen in Britain since the early 1950s
Conchita Wurst becomes a 'bride' on the Paris catwalk - and proves there is life after Eurovision

Conchita becomes a 'bride' on Paris catwalk

Alexander Fury salutes the Eurovision Song Contest winner's latest triumph
Pétanque World Championship in Marseilles hit by

Pétanque 'world cup' hit by death threats

This year's most acrimonious sporting event took place in France, not Brazil. How did pétanque get so passionate?
Whelks are healthy, versatile and sustainable - so why did we stop eating them in the UK?

Why did we stop eating whelks?

Whelks were the Victorian equivalent of the donor kebab and our stocks are abundant. So why do we now export them all to the Far East?
10 best women's sunglasses

In the shade: 10 best women's sunglasses

From luxury bespoke eyewear to fun festival sunnies, we round up the shades to be seen in this summer
Germany vs Argentina World Cup 2014: Lionel Messi? Javier Mascherano is key for Argentina...

World Cup final: Messi? Mascherano is key for Argentina...

No 10 is always centre of attention but Barça team-mate is just as crucial to finalists’ hopes
Siobhan-Marie O’Connor: Swimmer knows she needs Glasgow joy on road to Rio

Siobhan-Marie O’Connor: Swimmer needs Glasgow joy on road to Rio

18-year-old says this month’s Commonwealth Games are a key staging post in her career before time slips away
The true Gaza back-story that the Israelis aren’t telling this week

The true Gaza back-story that the Israelis aren’t telling this week

A future Palestine state will have no borders and be an enclave within Israel, surrounded on all sides by Israeli-held territory, says Robert Fisk
A History of the First World War in 100 Moments: The German people demand an end to the fighting

A History of the First World War in 100 Moments

The German people demand an end to the fighting
New play by Oscar Wilde's grandson reveals what the Irish wit said at his trials

New play reveals what Oscar Wilde said at trials

For a century, what Wilde actually said at his trials was a mystery. But the recent discovery of shorthand notes changed that. Now his grandson Merlin Holland has turned them into a play
Can scientists save the world's sea life from

Can scientists save our sea life?

By the end of the century, the only living things left in our oceans could be plankton and jellyfish. Alex Renton meets the scientists who are trying to turn the tide
Richard III, Trafalgar Studios, review: Martin Freeman gives highly intelligent performance

Richard III review

Martin Freeman’s psychotic monarch is big on mockery but wanting in malice