UK's supermarket giants expected to post bleak trading figures this week

Supermarket chains Tesco and Sainsbury's are expected to post bleak trading figures this week amid uncertain economic conditions as emergency budget is looming. A growth of just 0.8 per cent reported by Morrisons for the quarter ended May 2nd is an indication that Tesco and Sainsbury's will also report anaemic like-for-like sales growth for the most recent quarter.

Both, Britain’s leading supermarket chain Tesco and its rival Sainsbury's, are expected to report like-for-like sales growth of 1.5 per cent. However, analysts warned that sales growth could be flat or even negative on stripping out January's increase in VAT.

Home Retail Group recently posted a fall of 8 per cent in like-for-like quarterly sales at its arm Argos.

The Newcastle-based property firm Bellway's update on Tuesday will provide a more clearer picture of the housing market as a recovery in property prices has started fading. Bellway returned to profit by posting a pre-tax profit of £19 million for the second half ended January. It sold 2,247 houses during the half year, representing an increase of 11.6 per cent from the corresponding period of last year.

Game, the video games retailer, is all set to report its interim management later this week, providing a clearer picture of the market.