FTSE 100 Preview Spotlights Burberry, ITV, Vodafone, BT, National Grid Earnings

FTSE 100 attention shifts to upcoming earnings from Burberry, ITV, Vodafone, BT Group, and National Grid next week, amid scrutiny of telecom trends, luxury demand, and utility capex after BT's slowed customer losses to 800k. The index dropped 1.2% to 10,238.59 on May 5 amid surging gilt yields (10-yr 5.10%, 30-yr 5.80% record) and HSBC's Q1 profit miss ($9.38bn vs $9.48bn YoY, $400m loss), dragging banks lower. Jefferies reaffirmed 'buy' ratings on UK banks on May 7, citing £684bn hedges for 40% profit uplift and 16% Q1 ROTE despite 15% de-rating. Earlier, BP's 2023 profits neared index ATH; recent previews flagged HSBC and Shell strength pre-miss.