Friday preview: EU summit, Betfair

Friday will see the conclusion of the EU summit in Brussels, though expectations of officials making any firm solutions or decisions are very low.

European leaders are expected to discuss specific steps towards a cross-border banking union, closer fiscal integration and the possibility of a debt redemption fund. However, top of the agenda will be ways to reduce borrowing costs for Italy and Spain, with many wanting German agreement for so called 'eurobonds', which would be underwritten by all 17 members of the single currency union.

The German Chancellor, Angela Merkel, appeared yesterday to have ruled out such a policy but that won't stop new French President, Francois Hollande, from asking.

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"It was not clear as to how much progress had been made at discussions at the Leaders Summit, save perhaps to agree on an agenda for the second day," said analysts at Investec.

"We hope to see some evolution in the EU's blueprint on the future for the eurozone in due course, but it is probably wise if we do not hold our breath."

Meanwhile, final results from online betting exchange Betfair are expected to be released. For the year ending April 30th 2012, consensus forecasts are for revenues of £390.95m, slightly below the prior year's £393.31m. Pre-tax profit is expected to rise from £26.62m to £37.32m.

Previewing the results last week, Peel Hunt analyst Nick Batram said "while it is too early to expect a significant boost, we would expect to see some progress in key KPIs [Key Performance Indicators]".

"International opportunities are beginning to take shape, although establishment costs will hold back numbers. Nevertheless, recent developments suggest Betfair can access regulated markets," he said.

INTERIMS

eServGlobal Ltd.

INTERIM DIVIDEND PAYMENT DATE

A&J Mucklow Group, Artemis VCT, GCP Infrastructure Investments Ltd, Jersey Electricity 'A' Shares, Keystone Inv Trust, Local Shopping REIT, Northern Venture Trust, Numis Corporation

QUARTERLY PAYMENT DATE

MedicX Fund Ltd., Premier Energy & Water Trust

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Balance of Payments (GER) (07:00)

Chicago PMI (US) (13:45)

International Reserves (EU) (11:00)

M3 Money Supply (EU) (09:00)

Retail Sales (GER) (07:00)

U. of Michigan Confidence (Final) (US) (15:00)

GMS

Alpha Bank GDR (Reg S) USD, Motive Television

FINALS

Berkeley Group Holdings (The), Betfair Group

ANNUAL REPORT

Investec, Synergy Health

AGMS

3i Group, AEC Education, Alecto Minerals, Allanfield Group, Alpha Bank GDR (Reg S) USD, Ambrian Capital, Aqua Resources Fund Ltd, Ariana Resources, Atlantic Coal, Beowulf Mining, Cellcast, China Food Co, Deo Petroleum, Dragon-Ukrainian Properties & Development, Energiser Investments, Global Brands S.A, Gold Oil, Hals-Development JSC GDR (Reg S), Hambledon Mining, Inspired Energy, InternetQ, JSC Federal Grid Company of Unified Energy System GDR (REG S), KEFI Minerals, Kryso Resources, Leni Gas & Oil, Magnolia Petroleum, Mercury Recycling Group, MMC Norilsk Nickel ADR, North River Resources, Northern Petroleum, OAO Tatneft GDR (Reg S), Photon Kathaas Productions (DI), Photonstar LED Group, PLUS Markets Group, Reach4Entertainment Enterprises, Rurelec, Silanis International Ltd., Specialist Energy Group, Straight, Tesco, Treveria, Water Hall Group, Woburn Energy

TRADING ANNOUNCEMENTS

Keller Group, Wood Group (John)

UK ECONOMIC ANNOUNCEMENTS

Consumer Confidence (09:30)

GFK Consumer Confidence (00:01)

Index of Services (09:30)

FINAL DIVIDEND PAYMENT DATE

Aberdeen New Thai Inv Trust, BrainJuicer Group, Cupid, Dignity, Downing Planned Exit VCT 6, Downing Planned Exit VCT 7, Downing Planned Exit VCT 8, Downing Planned Exit VCT 9, Hilton Food Group, International Power, Pacific Assets Trust, Prime People, Rotala, Vindon Healthcare

FINAL EX-DIVIDEND DATE

Air China Ltd.

BC