Thursday preview: Insurers, Unilever, ECB

There are three big players in the insurance sector set to update the market on Wednesday: Aviva, Old Mutual, RSA Insurance.

Aviva's interim figures got the thumbs-up from the market back in August, when the company said it is on track to deliver £400m of cost and efficiency savings by fiscal 2012. Analysts will be looking for a progress update on the efficiency programme.

Outside of the insurance sector, Anglo-Dutch household goods giant Unilever had a solid first half to the year, with underlying sales up 5.7% year-on-year, but there are concerns about higher input costs.

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Mario Draghi, the new head of the European Central Bank (ECB), has not had a quiet first week on the job, what with Greece sending markets in Europe and beyond into disarray with Prime Minister George Papandreou's plans to put the bail-out package for the country to the vote in Greece.

The former governor of the Bank of Italy will have the task of explaining the European Central Bank's decision on monetary policy, whatever it may be, at a press conference tomorrow afternoon.

Many market observers think the ECB will adopt a "steady as she goes" policy, with a continuation of its bond repurchase initiative. More contentiously, there is a chance that the bank could cut interest rates, switching course after the ECB upped interest rates earlier this year to 1.5% as it fretted about the inflation genie getting out of the bottle.

Those expecting a rate cut seem to be in the minority but those who are predicting a cut seem to think that a half-point adjustment will be the size of it.

INTERIMS

Ashok Leyland Ltd. GDR (Reg S), ASOS, Cable & Wireless Communications, Invensys, Man Group, Shanks Group, Tate & Lyle

INTERIM DIVIDEND PAYMENT DATE

Camellia, Fisher (James) & Sons, TT Electronics, Tullow Oil

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

ECB Interest Rate (EU) (12:45)

Initial Jobless Claims (US) (13:30)

Productivity (US) (13:30)

Continuing Claims (US) (13:30)

Bloomberg Consumer Confidence (US) (14:45)

Factory Orders (US) (14:00)

ISM Non-Manufacturing (US) (14:00)

Q2

Ashok Leyland Ltd. GDR (Reg S)

Q3

Unilever

GMS

Raven Russia Ltd.

FINALS

BowLeven, Noble Investments (UK)

IMSS

Aer Lingus Group, Aviva, Hardy Oil & Gas, Old Mutual, RPS Group, RSA Insurance Group, Spirent Communications, WSP Group

EGMS

Alpha Tiger Property Trust Ltd., OSJC Transcontainer GDR (Reg S)

AGMs

IndigoVision Group, JPMorgan Mid Cap Inv Trust, Kofax, Macau Property Opportunities Fund Ltd., Mytrah Energy Ltd, Pochin's, Redrow, Swallowfield, TEP Exchange Group

UK ECONOMIC ANNOUNCEMENTS

Official Reserves (09:30)

PMI Services (09:30)

FINAL DIVIDEND PAYMENT DATE

Murgitroyd Group

Q1

Kofax

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