GlaxoSmithKline (GSK) reports its second quarter interims on Wednesday amid an investigation over a bribery scandal in China.
Panmure Gordon said it is "not expecting fireworks" from GSK's results. "In light of our recent downgrade to forecasts due to exchange rate
headwinds, we are expecting another tough quarter," said Analyst Savvas Neophytou.
"China has not washed through completely either and generic competition to Lovaza in the US also makes this quarter difficult," he said.
The company last week confirmed it fired staff in China for bribing doctors and hospitals to use GSK's drugs in 2001.
In May Chinese police charged the former UK boss of the drugmaker's China business, Mark Reilly, and other colleagues with corruption.
US authorities are now investigating GSK for violations of US anti-bribery laws in China.
Meanwhile, Johnson Matthey also posts its first quarter interims. The UK multinational chemicals and precious metals company is forecast to post pre-tax profit of £103m, down from £106m a year earlier, according to Numis, due in part to foreign exchange
On the economic calendar will be the release of the Bank of England's minutes from its July meeting. The minutes will detail how the Monetary Policy Committee voted when they decided to keep borrowing costs at a record 0.5% earlier this month.
Governor Mark Carney also speaks in Glasgow amid speculation on an interest rate hike in the wake of data pointing to improvement in the UK economy.
Wednesday July 23rd
Capita, GlaxoSmithKline, Morgan Advanced Materials , OJSC Magnit GDR (Reg S), Ooredoo Q.S.C. GDR (Reg S), Provident Financial, Staffline Group, Torchmark Corp.
INTERIM EX-DIVIDEND DATE
QUARTERLY PAYMENT DATE
Assura Group Ltd.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Confidence Indicator (EU) (10:00)
Crude Oil Inventories (US) (15:30)
MBA Mortgage Applications (US) (12:00)
GlaxoSmithKline, OJSC Magnit GDR (Reg S), Ooredoo Q.S.C. GDR (Reg S), Torchmark Corp.
Brewin Dolphin Holdings, Carphone Warehouse Group, PayPoint, Provident Financial, Sage Group
Sefton Resources Inc.
Active Energy Group, B.P. Marsh & Partners, Carphone Warehouse Group, Chaarat Gold Holdings Ltd. (DI), Digital Barriers, Downing Planned Exit VCT 6, Downing Planned Exit VCT 7, Flybe Group, Hogg Robinson Group, Insetco, Intermediate Capital Group, Johnson Matthey, Metro Baltic Horizons, Norcros, PayPoint, Polemos, Rensburg AIM VCT, Sirius Petroleum, Synergy Health, TalkTalk Telecom Group , Zanaga Iron Ore Co. Ltd (DI)
UK ECONOMIC ANNOUNCEMENTS
BBA Mortgage Lending Figures (09:30)
BoE Interest Rate Minutes (09:30)
CBI Distributive Trades Surveys (11:00)
FINAL DIVIDEND PAYMENT DATE
Home Retail Group, TalkTalk Telecom Group , Templeton Emerging Markets Inv Trust
FINAL EX-DIVIDEND DATE
Coral Products, Development Securities, Energy Technique, GB Group, Heath (Samuel) & Sons, Immunodiagnostic Systems Holdings, London Stock Exchange Group, Martin Currie Pacific Trust, Scapa Group, Sirius Real Estate Ltd., SSE