ECB ponders rate cut

Pressure is mounting on the European Central Bank to move on rates when it meets on Wednesday. Despite the protestations of bank executives last week that they would adopt a wait and see attitude on a cut in rates, the expectation in the market is that a cut is on the cards. A poll of economists at the weekend showed most expected a rate cut of 25 basis points to 4.5 per cent, with the balance split between a 50 point cut and a two-week delay in any action.

Royal Bank of Scotland: The annual general meeting of Royal Bank of Scotland on Wednesday promises to be an interesting affair. The bank, which acquired Ulster Bank as part of its takeover of NatWest last year, is under fire from the National Association of Pension Funds in Britain over the level of bonuses paid to executives for success in the NatWest deal.

The normally acquiescent NAPF has threatened to vote against the re-election of two directors who were members of the bank remuneration committee that backed the payments.

Monday

Results: Bede, Channel Health, Harvey Nash Group, Hughes T.J

A.G.M.: Barclays, Baynes (Charles) (e.g.m.), EBS, Henderson TR Pacific, IMI, Irish Aviation Authority, Lombard Medical (e.g.m.), Mediaset (plus e.g.m.), PPL Therapeutics (e.g.m.). Meetings: EU foreign ministers (Luxembourg - to Tues).

Indicators: EMU labour costs (Q4), British produce prices (Mar) and M0 data (Mar); German industrial production (Feb).

Others: BMW chairman Prof Joachim Milberg gives Institute of Engineers of Ireland lecture on "The Future of the Automobile - Building on R&D for Competitive Advantage" (National Gallery, Dublin); German Irish Chamber of Commerce lunch.

Tuesday

Results: BB&T (Q1), Crown Sports, Debenhams (H1), Harley Davidson (Q1), MGIC Investment (Q1), Motorola (Q1), Protec (H1), St Ives (H1), SunTrust Banks (Q1), Swisscom, Tesco, Yahoo! (Q1).

A.G.M.: Dobbies Gardens, Mercury Grosvenor Trust.

Meetings: The Centre of Investor Education conference (K Club, Kildare); Examiner Publications' Mr Alan Crosbie addresses Marketing Society (Fitzwilliam Hotel, Dublin).

Indicators: Irish non-EU trade (Jan); US import/export prices (Mar).

Others: Germany's six leading economic institutes to publish their joint forecasts for Germany and the euro zone; Publication of report of taskforce on bullying in the workplace.

Wednesday

Results: Abbott Laboratories (Q2), Arm Holdings (Q1), Biogen (Q1), Cascade (Q1), GUS (Q4 trading), JJB Sports, Mercury Interactive (Q1), Rowan Cos (Q1), Safeway (Q1), Value City Department (Q1).

A.G.M.: DaimlerChrysler, Royal Bank of Scotland, Schlumberger.

Meetings: ECB governing council (Frankfurt).

Indicators: Irish industrial production (Feb); US producer prices (Mar) and retail sales (Mar); British unemployment (Mar) and earnings data (Feb); German current account (Feb) and trade balance (Feb).

Thursday

Results: Dow Jones (Q1), Emerald Energy, Novartis (Q1), Smith WH (H1), Williammett Industries (Q1).

A.G.M.: Autologic (e.g.m.), Caterpillar, EBC Group, Leicester City (e.g.m.), Oxford Biomedica (e.g.m.).

Indicators: Irish inflation (Mar) and vehicle licensing (Jan); French inflation (Mar).

Others: Markets closed in Italy and Scandinavia.

Friday

Meetings: Bank of Japan's policy board holds monetary policy meeting.

Indicators: US business inventories (Feb); French trade balance (Feb); Italian industrial production (Feb).

Others: Markets closed for Good Friday.