Financial News

LONDON (ShareCast) - High Street giant Marks & Spencer felt compelled to cut its dividend back in May when it reported a slump in full-year profits and management said it was cautious about the outlook for the remainder of the year.

The bright spot was that the company had slowed the rate of decline in its market share in the fourth quarter, but shareholders looking for omens ahead of Wednesday's first quarter trading update might equally point to last week's decision by chairman Stuart Rose and executive marketing director Steve Sharp to waive some of their bonus entitlements.

Broker KBC Peel Hunt expects that like-for-like comparisons for both food and general merchandise "may be close to flat" though gross margins are likely to be significantly down on the corresponding period of 2008.

National Express (LSE: NEX.L - news) has been in the news this week after it confirmed it has received, and rejected, a bid approach from sector peer FirstGroup (LSE: FGP.L - news) . Its trading statement is likely to illuminate why broker Panmure Gordon described the FirstGroup approach as "opportunistic", with the rail and bus operator struggling to grow revenue on its East Coast London to Edinburgh train service.

The company is in discussions with the Department for Transport (DfT) regarding a renegotiation of the terms of the franchise; National Express is set to pay the DfT £1.4bn by 2014, a "big ask" of a company carrying £1.2bn of debt.

The company has been beset with doubts that it could meet its debt covenants but it said earlier this month it expects to meet its key covenant of adjusted net debt to EBITDA not exceeding 3.5 times at 30 June. Its banks have agreed to retain this covenant at a maximum of 4 times.

TRADING STATEMENTS Marks & Spencer, Cineworld, National Express

INTERIMS Research Now (LSE: RNOW.L - news)

INTERIM DIVIDEND PAYMENT DATE Bellway (LSE: BWY.L - news) , Numis Corporation (LSE: NUM.L - news)

INTERIM EX-DIVIDEND DATE Alternative Networks (LSE: AN.L - news) , Compass Group (LSE: CPG.L - news) , Electronic Data Processing, Fountains (LSE: FNT.L - news) , Paragon Group Of Companies

QUARTERLY EX-DIVIDEND DATE Aberdeen Development Capital (LSE: AVC.L - news) , Africa Opportunity Fund Ltd., Mercantile Inv Trust

INTERNATIONAL ECONOMIC ANNOUNCEMENTS Auto Sales (US) (12:00) Construction Spending (US) (15:00) Crude Oil Inventories (US) (15:30) ISM Manufacturing (US) (15:00) Pending Home Sales (US) (15:00) PMI Manufacturing Index (FRA) (08:50) PMI Manufacturing Survey (GER) (08:55) PMI Manufacturing Survey (EC) (09:00)

UK ECONOMIC ANNOUNCEMENTS PMI Manufacturing Survey (09:30)

FINALS Anite Group, Cyril Sweett

EGMS ET-China, Origin Enterprises (LSE: OGN.L - news) , XXI Century Investments Public Limited

AGMS Litho Supplies (LSE: LTS.L - news) , Ventus 3 VCT (LSE: VEN3.L - news)

FINAL DIVIDEND PAYMENT DATE Amec (LSE: AMEC.L - news) , Billington Holdings (LSE: ARP.L - news) , Bloomsbury Publishing (LSE: BMY.L - news) , Bunzl (LSE: BNZL.L - news) , Cobham (LSE: COB.L - news) , Hunting (LSE: HTG.L - news) , Mears Group (LSE: MER.L - news) , Next, Scottish Mortgage Inv Trust

FINAL EX-DIVIDEND DATE Aberdeen All Asia Inv Trust, Albion Venture Capital Trust, Alliance Trust, BlueStar SecuTech (LSE: BSST.L - news) , Braemar Shipping Services (LSE: BMS.L - news) , Burberry Group (LSE: BRBY.L - news) , Cranswick (LSE: CWK.L - news) , Dee Valley Group (LSE: DVW.L - news) , F&C Global Smaller Companies, Framlington AIM VCT 2, Harvey Nash Group (LSE: HVN.L - news) , Helical Bar (LSE: HLCL.L - news) , Homeserve (LSE: HSV.L - news) , IFG Group (Dublin: IJG.IR - news) , Invesco English & International Trust, Invesco Income Growth Trust, Kiotech International (LSE: KIO.L - news) , Man Group (LSE: EMG.L - news) , Octopus Apollo VCT 1, Octopus Apollo VCT 2, Shires Income (LSE: SHRS.L - news) , Small Companies Dividend Trust, Tate & Lyle, TR Property Inv Trust, TR Property Inv Trust Sigma Shares, Velosi (LSE: VELO.L - news) , Workspace Group