Markets seek some calm

Markets on both sides of the Atlantic will be hoping for an end to the Greenspan-inspired turbulence of last week. His warnings on US inflation and stock values were exacerbated by profit warnings in the US, London and Germany as well as by respected analysts' cautioning on the prospects for a sizeable downward adjustment in world stock markets.

Traders spent most of last week talking up the outlook for the markets, saying the underlying trend was still positive. But after a week which wiped considerable portions of recent gains off all markets, all will be hoping for a quieter week and, hopefully, less patchy trading to more accurately reflect sentiment. The holiday season could undermine such a prospect, at least in the short term.

British banking: In Britain, banks dominate the reporting diary this week with Abbey National, Halifax and Lloyds TSB give their verdicts on the state of the increasingly competitive finance industry.

The effect of competition in the mortgage market and the maturing of the two former mutual societies as banks will attract most attention.

Monday

Results: Abtrust Scotland Inv Co, BAA (Q1), Deutsche Bank (H1), Ericsson (H1), Hibernian (H1), Mid Wynd International Investments, Royalblue Group (H1), Stakis (Q3), Topps Tiles.

A.G.M.: Express Dairies, F&C Smaller, Fleming Engineering (e.g.m.), Hewetson, Invesco Korea Tst, Irish Continental (e.g.m.), Kiln, Personal Number Co, Stirling Group, Tr Property Inv Tst, Turnpyke Group.

Indicators: US existing home sales (Jun).

Others: Tanaiste and Minister for Enterprise, Trade and Employment, Ms Harney presents three new EMU Business Awareness publications.

Tuesday

Results: Admiral (H1), Allied Carpets, Brixton Estates (H1), Bucknall Group, Capita Group (H1), Derby Trust (H1), Dresdner Bank (H1), Easynet Group (H1), Euclidian, IMS Group (H1), Jacobs Holdings (H1), Oxford Asymmetry (H1), Porvair (H1), St Andrew Trust (H1), Wyko Group.

A.G.M.: Aim Group (e.g.m.), Ambient Media, Carpetright, Ivory & Sime UK, Jarvis, Lambert Fenchurch, National Power, Navan Resources, Quintain Estates, Thames Water, Workspace Group.

Indicators: British CBI industrial trends survey (Q2); US consumer confidence (Jul); Japanese industrial production (Jun); French housing starts (Jun); Italian trade (Jun).

Others: National Treasury management Agency publishes its annual report; Standard & Poors publishes European Life Ratings Digest examining life insurance companies in Europe; Lambeth Conference delegation of Anglican bishops meet various finance ministers over international debt relief (London).

Wednesday

Results: Abbey National (H1), Adscene Group, Akzo Nobel (Q2), BAT Industries (Q2), Bord Na Mona, Coral Products, FII Group, Herald It (H1), Misys, Pharmacia & Upjohn (Q2), Utilitec.

A.G.M.: Acatos & Hutcheson (e.g.m.), Associated Nursing, Babcock International, BSS Group, Energis, Finsbury W'dwide Pharm, Kalamazoo, Masthead Insurance, Rap Group, Severn Trent, Unigate, Wessex Water, Yorkshire Water.

Meetings: World Bank consultative group meeting on Indonesia (Paris to Thurs).

Indicators: British consumer credit (Jun), bank/ building society lending (Q2) and M4 data (Jun); US durable goods orders (Jun) and New York NAPM (Jul).

Thursday

Results: Abbey, ACCBank (H1), Arriva (H1), Astra (H1), BPP Holdings (H1), Colefax & Fowler, Daimler-Benz (H1), Glaxo Wellcome (H1), Green Property (H1), Halifax (H1), Ocean Group (H1), Provident Financial (H1), Rotok (H1), Rubicon Group, SFI Group, TI Group (H1).

A.G.M.: Benfield & Rea Inv, James Cropper, Edinburgh Inc Trust, Firstgroup (e.g.m.), Jarvis Hotels, Oxford Instruments, Scottish Hydro, Siebe, South West Water, Tinsley Robor, Torch Holdings.

Indicators: Irish balance of payments (Q1); US employee cost index (Q2), help wanted index (Jun), new home sales (Jun) and weekly jobs and monetary data; Italian industrial orders (May).

Others: Bank of Ireland announces formation of joint technology venture with Perot Systems of the US.

Friday

Results: Black Arrow Group, Greggs (H1), Jersey Phoenix Trust, Lex Service (H1), Lloyds TSB Group (H1), Outokumpu (H1).

A.G.M.: AEA Technology, Business Post Group, Caverdale Group (e.g.m.), Chamberlin & Hill, East Surrey Holdings (e.g.m.), ERS Group (e.g.m.), Penna Holdings (e.g.m.), Portsmouth & Sunderland, Pressac (e.g.m.), Reabourne Merlin Life.

Indicators: Irish retail sales index (May); US price index (Q2), implicit deflator (Q2), Chicago purchasing managers index (Jul) and Michigan Sentiment Survey (Jul); Japanese consumer prices (Jun/ Jul), unemployment (Jun), job ratio (Jun), construction orders (Jun) and housing starts (Jun); French unemployment (Jun).