Friday preview: German business confidence and Vodafone in the spotlight

Barring surprises on international trade or Brexit, financial markets' focus at the end of the week is likely to be on Europe.

At 0900 GMT, the IFO Institute will publish the results of its widely-followed business confidence survey for January, which will come close on the heels of other such surveys pointing to a sharp slowdown in German growth at the end of 2018 and a possible contraction in activity in the country's factory sector.

Later in the session, at 1400 GMT, Belgium's central bank will publish the findings of a similar survey for that country's business sector, which is closely linked to Germany's.

Back in the UK, the only report on tap is the Confederation of British Industry's Distributive Trades survey for January.

Vodafone is easily the largest of the companies that is due to update markets today.

For its third quarter, Numis analyst John Karidis expects the telecommunications giant to post declines in its organic services revenues of -2.2% and -0.7% in Europe and for the wider group, respectively.

In the second quarter, the equivalent variations were -2.3% and -0.7%.

Despite the still poor revenue trends, Karidis was at pains to emphasise that in his opinion the dividend payout was not at risk of being cut, indicating that he continued to "strongly disagree" with such views.

Friday January 25

INTERIM DIVIDEND PAYMENT DATE

Aberdeen New Dawn Investment Trust, Auto Trader Group , Cranswick, Dixons Carphone , FIH Group , Fulcrum Utility Services Ltd. (DI), Invesco Asia Trust, Latham (James), Northern 2 VCT, Northern 3 VCT, Northgate, RPC Group, Speedy Hire, Superdry

QUARTERLY PAYMENT DATE

Aberdeen Diversified Income and Growth Trust , General Electric Co, Real Estate Investors, Standard Life Private Equity Trust, Value and Income Trust

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Durable Goods Orders (US) (13:30)

IFO Business Climate (GER) (09:00)

IFO Current Assessment (GER) (09:00)

IFO Expectations (GER) (09:00)

New Homes Sales (US) (15:00)

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

SPECIAL DIVIDEND PAYMENT DATE

Oxford Metrics, Seneca Growth Capital Vct

EGMS

Kcell Joint Stock Co GDR (Reg S)

AGMS

Altona Energy, NU-Oil And Gas , Regency Mines, Treatt

TRADING ANNOUNCEMENTS

Barr (A.G.)

UK ECONOMIC ANNOUNCEMENTS

CBI Distributive Trades Surveys (11:00)

Manufacturing Production (07:00)

FINAL DIVIDEND PAYMENT DATE

Character Group, Inland Homes