May has already been a busy month for British Airways and Iberia owner International Airlines Group (IAG), with the company having released its April passenger statistics and completed the sale of bmi Regional to Sector Aviation Holdings, and on Friday it gives a trading update covering the first quarter of 2012.
The consensus is for an operating loss of €230m.
"The key issue is whether the tight supply situation is leading to IAG offsetting more of the fuel bill across the rest of the year," suggests Nomura Securities, adding that the Spanish labour situation is also of interest.
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"The issue of industrial action among Spanish pilots is ongoing - we would look for developments on this front, particularly the reaction of the pilots' union to IAG's introduction of a new collective agreement. With the bmi deal now complete, we expect to hear more details on the planned turnaround and the speed with which losses can be eradicated," the broker added.
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