Week ahead: Imperial Brands, Nvidia, Fed minutes
By Michele Maatouk
Date: Friday 14 Nov 2025
(Sharecast News) - Next week sees the release of the latest UK consumer prince index and retail sales data, as well as earnings from the likes of Imperial Brands and Nvidia, and a trading statement from JD Sports.
Imperial Brands is due to release full-year numbers on Tuesday.
Derren Nathan, head of equity research at Hargreaves Lansdown, said: "Management at Imperial Brands recently confirmed that the company's on track to deliver underlying revenue growth in the low single digits. Underlying operating profits is expected to increase at a similar pace to the 4.6% seen last year. Market consensus aligns with this outlook, forecasting revenues of £9.6 billion and operating profit of £4.2 billion.
"This reflects efforts to successfully navigate the ongoing decline in cigarette volumes through strategic pricing. The group's robust pricing has helped to offset volume declines, which have moderated across most regions, while sales of Next Generation Products such as vapes and nicotine pouches have grown about 13%. Given their relatively small contribution we'd like to see growth accelerate before calling out this category as a driver of future profit growth.
"Imperial's cash generation supports generous payouts to shareholders, who will be keen for a progress update on this year's targeted returns of £1.25 billion."
Nvdia's Q3 results are out on Wednesday. Nathan said that for the first time in several quarters, the company is entering earnings with sentiment under pressure.
"Shares have softened on concerns of an AI bubble and the reality that China sales are unlikely to rebound soon. Still, the underlying picture remains strong, with third-quarter revenue expected near the top end of guidance at around $55 billion - and scope for an upside surprise," he said.
He said attention will also turn to guidance for the fourth quarter and any colour in 2026.
"CEO Jensen Huang recently flagged $500 billion worth of orders on the books, and investors will be keen for clarity on timing, which could imply material upside to current forecasts. With plenty of nervousness in the air, strong results from Nvidia could be the perfect catalyst to reignite the AI flame."
A third-quarter trading update is due from JD Sports on Thursday. UBS expects the focus to be on North America, where investors are looking for signs of consumer weakness ahead of the key holiday season.
It also expects a focus on promotional activity and its potential impact on gross margins and any revisions to the 2026 outlook.
Across the pond, attention will turn to the Federal Open Market Committee's October minutes on Thursday now that the government shutdown has finally ended.
ING pointed out that although the shutdown is over, it will take some time before the economic data release calendar gets back on track, although there is "a decent chance" we will get the long-delayed September jobs report at some point next week.
"That is set to be soft based on third-party survey evidence, such as the ISM employment indicators and the ADP private payrolls series," it said.
"We will get the minutes of the Federal Reserve's October FOMC meeting, which are set to have a hawkish take on the situation, given Chair Jerome Powell's assessment in the press conference that we shouldn't take a December interest rate cut as a forgone conclusion - 'far from it' in fact.
"In terms of the data, we will also receive existing home sales numbers and the National Association of Homebuilders' sentiment survey. Both are likely to be subdued, given that affordability remains heavily constrained by elevated prices and high mortgage rates."
Monday November 17
INTERIMS
Big Yellow Group, Cropper (James), Sirius Real Estate Ltd.
INTERIM DIVIDEND PAYMENT DATE
Morgan Advanced Materials
GMS
Mountview Estates
AGMS
Rosslyn Data Technologies
Tuesday November 18
INTERIMS
Calnex Solutions , Capital Gearing Trust, CML Microsystems, FirstGroup, Gear4music (Holdings), Nanoco Group, Trifast, Twentyfour Income Fund Limited Ord Red
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Capacity Utilisation (US) (14:15)
Import and Export Price Indices (US) (13:30)
Industrial Production (US) (14:15)
GMS
Corcel
FINALS
Diploma, Greencore Group (CDI), Imperial Brands
AGMS
CVS Group, GreenX Metals Limited NPV (DI), Physiomics, Sylvania Platinum Ltd (DI)
Wednesday November 19
INTERIMS
British Land Company, Manolete Partners, Manolete Partners, Manolete Partners, Severn Trent, Zoo Digital Group
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Building Permits (US) (13:30)
Crude Oil Inventories (US) (15:30)
Current Account (EU) (09:00)
FOMC Interest Rate Minutes (US) (19:00)
Harmonised Index of Consumer Prices (EU) (10:00)
Housing Starts (US) (13:30)
MBA Mortgage Applications (US) (12:00)
GMS
Premier African Minerals Ltd (DI)
EGMS
Joint Stock Company National Atomic Company Kazatomprom GDR (Reg S)
AGMS
Dunelm Group, Genus, Hays, Smiths Group, Sovereign Metals Limited NPV (DI)
TRADING ANNOUNCEMENTS
Smiths Group
UK ECONOMIC ANNOUNCEMENTS
Consumer Price Index (07:00)
Producer Price Index (07:00)
Retail Price Index (07:00)
Thursday November 20
INTERIMS
Halma, Investec, Johnson Matthey, Liontrust Asset Management, LondonMetric Property, MHA, Mitie Group, Norcros, XPS Pensions Group
INTERIM DIVIDEND PAYMENT DATE
Serica Energy
INTERIM EX-DIVIDEND DATE
3i Infrastructure, B&M European Value Retail S.A. (DI), Cavendish, DCC (CDI), Kainos Group , Motorpoint Group, National Grid, Record, RS Group, Scottish Mortgage Inv Trust, Tate & Lyle, Vodafone Group, Young & Co's Brewery 'A' Shares, Young & Co's Brewery Non VTG , Yu Group
QUARTERLY EX-DIVIDEND DATE
CRH (CDI), Greencoat Renewables (CDI), Premier Miton Global Renewables Trust, Regional REIT Limited NPV, Vaalco Energy, Inc (DI), Wheaton Precious Metals Corp.NPV (CDI)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
Crude Oil Inventories (US) (15:30)
Existing Home Sales (US) (15:00)
Initial Jobless Claims (US) (13:30)
Philadelphia Fed Index (US) (13:30)
Producer Price Index (GER) (07:00)
Q3
Lion Finance Group
GMS
Seeing Machines Ltd. NPV (DI), Valirx
FINALS
Grainger, Tracsis
AGMS
Abrdn UK Smaller Companies Growth Trust, Close Brothers Group, DP Aircraft I Limited Pref , Mcbride, Origin Enterprises (CDI), Pan African Resources, PZ Cussons, Quantum Helium Limited (DI), Thorpe (F.W.), Wetherspoon (J.D.)
TRADING ANNOUNCEMENTS
JD Sports Fashion
FINAL DIVIDEND PAYMENT DATE
Manx Financial Group, Moonpig Group
FINAL EX-DIVIDEND DATE
BlackRock Greater Europe Inv Trust, Fonix , Volution Group
Friday November 21
INTERIM DIVIDEND PAYMENT DATE
Bytes Technology Group , Howden Joinery Group, Next 15 Group, Tesco, Warpaint London
QUARTERLY PAYMENT DATE
JPMorgan Asia Growth & Income, M Winkworth, Primary Health Properties, Supermarket Income Reit, TBC Bank Group
FINALS
ASOS
SPECIAL DIVIDEND PAYMENT DATE
Goodwin Plc
AGMS
Celtic, Craneware, Provexis
UK ECONOMIC ANNOUNCEMENTS
GFK Consumer Confidence (00:01)
Public Sector Net Borrowing (07:00)
Retail Sales (07:00)
FINAL DIVIDEND PAYMENT DATE
MJ Gleeson , Smiths Group
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