Wednesday preview: Sainsbury in the spotlight

No major economic reports were scheduled for release in the UK or US.

Across the Channel meanwhile, at 0900 GMT, ISTAT would release Italian retail sales figures for November.

They would be followed at 1100 GMT by reports on unemployment in Ireland and consumer prices in Portugal both during the month of December.

Further afield, in Asia Pacific, South Korean unemployment data for December and for Australian retail sales in November were due out.

Sainsbury will be in the spotlight on the corporate side of things as the grocer posts its third fiscal quarter results.

Ahead of its numbers, Michael Hewson, chief market analyst at CMC Markets UK, said: "post Christmas trading numbers are generally a decent bellwether when it comes to consumer spending patterns, and are likely to be even more so given how much tighter peoples budgets are now with the soaring cost of energy."

Hewson also noted how grocery price inflation was running at over 15%, which he said would likely keep the pressure on margins, and how the grocer was halfway through a £1.3bn cost saving programme.

In November, management had guided towards full-year profits of between £630-690m.

Wednesday 11 January

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