| | Sunday 1 July 2012 A MESSAGE FROM TOM The left has won the battle on this one. Hester and Diamond are in their sights and they smell blood. To be fair the banksters have been public enemy number one for a while it is just that now there is a chance that a head will roll. And in this case I would be demanding Diamond's head for Barclays' LIBOR market abuse. But I do so with a heavy heart because he is in a sense being treated unfairly as a result of something that has gone very wrong with Britain.
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The Week Ahead BoE, ECB, N Brown, Topps Tiles
The main event of next week will likely be the policy decisions in both the UK and Europe around Thursday lunchtime.
The Monetary Policy Committee (MPC) will be revealing its policy decision at midday on Thursday with the majority of economists expecting the Bank of England (BoE) to ramp up its asset purchase programme, or quantitative easing (QE). Analysts at Investec are predicting that the MPC will signal a further GBP50bn of QE, taking the total asset purchase programme to GBP375bn. However, they think that a Bank rate cut from the current historically low level of 0.5% remains "off the cards".
Meanwhile, the European Central Bank (ECB) is anticipated to slash its main refinancing rate to a record-low 0.75% next week, compared with the current 1% level. 48 of the 71 economists surveyed by Reuters expect a reduction.
"We also look forward to listening to ECB President Mario Draghi at the press conference, at which he will undoubtedly tell Euro area governments that they must get their houses in order, but perhaps also give some clues on any possible further ECB action," Investec said.
Meanwhile, it looks pretty quiet on the corporate front next week, with few heavyweight stocks scheduled to release trading statements or results. However, two retailers - N Brown and Topps Tiles - are expected to report quarterly updates on Tuesday and Wednesday morning, respectively.
N Brown, the internet and catalogues home shopping firm, noted challenging market conditions and fragile consumer confidence as current-year headwinds when it released its full-year results in May.
However, broker Jefferies said in a research note last month that trading pressures should ease over the year ahead: "Second-half calendar '12 trading conditions should be more disciplined than last year following tighter buying trends across the sector and hopefully no reason for a repeat of the weather induced discounting experienced in 2011.
"Moderating inflation should reduce pressure on UK consumer budgets through this year providing a more robust backdrop. N Brown's decision to ease the credit terms it offers customers should add some self-driven stimulus too."
As for Topps Tiles, the tiles and flooring specialist which reported its interim results in May, it was named by Peel Hunt a few weeks ago as its top pick of potential recovery stocks: "In a sector not lacking in companies looking for recovery, Topps offers a stable balance sheet, no risk of internet disintermediation and a business that has continued to build market share."
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BOOK OF THE WEEK By Rodney Hobson
A book review by Aaron Padgham of t1ps.com An equity investment usually offers two types of return, capital gain from the upward movement of a share price and income gain from a profit share, the dividend. The latter can be a valuable income stream for anymore, particularly in the current climate which has been characterised by record low interest rates. Rodney Hobson's 'The Dividend Investor' is the ultimate guide to maximising income through equity investments, guiding those who have grasped the basics of investing but are unsure on how to build a portfolio that produces a rising income stream.
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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: what will be Chloe Smith's Occupation at the end of 2015? (Here's Ms. Smith vs Paxo for for the background.)
| Government Minister | 8/11 | | Opposition Front Bench Spokesperson | 15/8 | | Backbench MP | 9/2 | | In Therapy | 20/1 | | Management Consultant | 20/1 | | Newsnight researcher | 66/1 | | Interview technique coach | 66/1 | | Fuel pump attendant | 200/1 |
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