Reuters Insider - Europe Day Ahead: Belt and braces for Barclays

Metro Holdings

10/02/2014 22:50

Click the following link to watch video:                              
 http://insider.thomsonreuters.com/link.html?cn=share&cid=1193493&shareToken=MzpmZjYyZjc1YS05M2ZiLTRiZjItYWQ1Yi0wMmU4NGQ1YzI3MzY%3D&playerName=ReutersNews 
                                                                       
 Source:             Thomson Reuters                                   
                                                                       
 Description:        Barclays announces full-year results on Tuesday,  
                     with the focus on cost-cutting. Glencore trading & 
                     Metro Q1 earnings. Plus Janet Yellen’s first      
                     Congress address & Berlusconi back in court.      
 
 
(To access all exclusive Reuters Insider programming visit: http://insider.thomsonreuters.com) 
 
 Short Link:  http://reut.rs/1exs8nu  
 
 
Transcript (May be auto-generated)

 This is our look ahead to Tuesday's key events. In company news, Barclays out 
with full-year results. The bank released its headline figure early Monday 
showing underlying earnings for 2013 down 25%. Focus Tuesday likely to be on CEO
Antony Jenkins' cost-cutting plans and on how many jobs might go. Barclays also 
reeling from Friday's revelations that more than 27,000 customers' personal 
details were sold on the black market. Mining giant Glencore releases a fourth 
quarter trading update. It's deciding whether to sell its Las Bambas project to 
China's Minmetals in a $6 billion deal. Beijing is demanding the copper mine as 
a condition for proving Glencore's multibillion-dollar takeover of Xstrata. But 
experts say the possibility of Glencore retaining the asset is growing. And 
German retailer Metro gives its first quarter numbers. 

Sales were down in its first financial quarter due to negative currency effects 
and a weak Christmas. New Fed Chief Janet Yellen's first testimony to the House 
of Representatives eagerly awaited. After two-week payroll reports, she'll have 
to assure investors that further tapering will be gentle. IDEAglobal's Mike 
Gallagher says markets are hoping she adjusts or diversifies the unemployment 
threshold of 6.5%. What I think the market will be looking for is guidance from 
Yellen whether the Fed will actually reduce the unemployment rate threshold or 
might move to a more mixed system of thresholds which include labor markets, 
inflation, nominal GDP, and those could perhaps give the market broader guidance
and comfort that rates aren't going to raise well into 2015. On the data front, 
the British Retail Consortium releases January sales figures. The UK high street
saw sales growth slow in December despite strong consumer confidence. Reuters' 
polls predict 0.8% growth in January. That's on a yearly basis. 

Ex-Italian Prime Minister Silvio Berlusconi is back in court on Tuesday for the 
first hearing in his corruption trial. The charges of bribing senators haven't 
put him off politics though. He's announced his ambitions to run for European 
Parliament. Also in Italy, lawmakers resume a debate on electoral reform. The 
aim is to create steadier and more durable governments. That's after last year's
election plunged the country into political stalemate. Finally, Reuters' 
flagship Euro zone Summit continues on Tuesday. Look out for our interview with 
German Finance Minister Wolfgang Schaeuble. That's our look ahead to Tuesday's 
key events. I'm Mia Reakes, this is Reuters