| | Sunday 3 June 2012 A MESSAGE FROM TOM I am not an ardent monarchist. For a start I was brought up to support Ireland at everything. And at an intellectual level if we did not have a Monarch I cannot think we would create one. Except, of course that the alternative is an elected head of state – Queen Cherie Blair, King Trust Me Tony – I would not be a fan. But neither am I an ardent Republican...
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The Week Ahead MPC needs inside dope on Greek election
The first two days of next week the UK markets will be closed as part of the extended Diamond Jubilee celebration for Queen Elizabeth, and there is so little scheduled for the rest of the week that traders might be tempted to take the whole week off, were it not for the little matter of the Bank of England's Monetary Policy Committee (MPC) meeting.
Last month, the situation was said to be finely balanced on whether to pour yet more money into the Bank of England's asset purchase scheme (also known as quantitative easing, or QE).
This month things are likely to be made trickier still by the fact that the MPC, which is scheduled to announce its decision on its key interest rate and QE on Thursday, will not know the outcome of the Greek General Election, scheduled for June 17th.
The outcome of that could have such a distorting effect on other European economies that the MPC may well be advised to add an experienced bookie or psephologist to its team, to try to predict the result.
Some pundits have even suggested that a reduction in the interest rate is a possibility, even though the rate is at an all-time low of 0.50%.
The majority of economists, however, seem to be expecting the status quo to be maintained, but it could be a close run thing.
On the corporate front, platinum refiner Johnson Matthey issues full year results on Thursday. Market expectations are for profit before tax of GBP405.1m on revenue of GBP11,213m. Earnings per share are seen rising to 143.85p, paving the way for an increase in the full year dividend to 52.94p.
"Expectations for group performance are for 2H [second half] slightly ahead of 1H2012," reveals Charles Stanley analyst, James Dawson.
"The outlook statement will be significant to gauge management's assessment on whether it anticipates any change to trading patterns, most probably expressed on a geographic basis," Dawson added.
On Friday, house builder Bellway issues an interim management statement which Northland Capital Partners thinks should point to further growth.
"A positive trading update from Bellway will keep our estimates well within reach given 94% of the target revenue for the full year is now in hand," the broker said.
"Growth is driven by increasing the number of available sites (215 targeted by early 2012) in optimal locations given Bellway's regional positioning and its 18,086 plot land bank. This offers continued margin recovery and 6% volume growth," Northland said, as it reiterated its "buy" recommendation.
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COMING SOON A new ShareCrazy.....
BOOK OF THE WEEK By Nicholas Wapshott
A book review by James Faulkner of WatsHot.com The General Theory. The Road to Serfdom. These books have become the bibles of opposite ends of the economic and political spectrum. The men who wrote them - John Maynard Keynes and Friedrich August von Hayek - were intellectual opponents who managed to maintain a friendship in spite of their sometimes acerbic criticism of one another. Their work has influenced the economic policies of governments from the Great Depression to the present-day Financial Crisis. In Keynes - Hayek, Nicholas Wapshott plots the trajectory of their intellectual duel - a running battle that is still being fought to this day despite the passing of its original protagonists - and its impact on all our lives.
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ALTERNATIVE BET OF THE WEEK Your local betting shop may be great for the footie, but you must go online for the truly weird bets.
This week: after 60 years, Liz shows little sign of stopping. Who will be the next monarch?
| Charles | 4/6 | | William | 11/10 | | Harry | 16/1 | | Any other | 40/1 |
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ShareCrazy
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