Markets turn to data as results confuse

BUSINESS DIARY: Germany's Ifo index and US economic growth numbers will be the focus for global financial markets seeking further evidence next week on the strength of economic recovery in the face of a very mixed bag of results in the quarterly reporting season.

The German business sentiment index is due tomorrow and is expected to show a marginal rise, if anything. The market may receive better direction from the euro-zone's headline economic sentiment survey on Friday.

The first estimate of second-quarter gross domestic product will dominate data from the US, although consumer confidence figures, expected to be slightly positive, will also help.

AIB will release its interim figures tomorrow, which have been well flagged and will show that the bank's current woes have not impacted on its bottom line. Waterford Wedgwood holds an extraordinary general meeting today to approve the All-Clad sale which shows the scale of the problems facing the group. Only a year ago, All-Clad was seen as the driver of recovery.

Monday: Results: American Express (Q2), BBVA (H1), BellSouth (Q2), Boston Scientific (Q2), Cabot (Q2), Cognizant Technology Solutions (Q2), Eurotunnel (H1), Fiat (Q2), International Paper (Q2), Kellogg (Q2), Lionbridge Technologies (Q2), Monsoon, Pearson (H1), Scania (Q2), Schwarz Pharma (Q2), Terra (H1), Vedanta Resources (Q1), Volkswagen (Q2).

A.G.M.: Egg, National Grid, Waterford Wedgwood (e.g.m.).

Indicators: Euro-zone ECB current account (May) and investment flows (May); Irish industrial production and sales (May); US existing home sales (Jun).

Tuesday: Results: AIB (H1), Alliance & Leicester (H1), Avaya (Q3), Banta Corp (Q2), British American Tobacco (Q2), BP (Q2), Chubb (Q2), France Telecom (H1), GlaxoSmithKline (Q2), Icon (Q4), McAfee (Q2), Prudential (H1), Reuters (H1), SEB (Q2), Telecom Italia (H1), Trinity Biotech (Q2).

A.G.M.: Ardagh, British Airports Authority, Kenmare Resources, Saeco International, Severn Trent, Vodafone.

Meetings: World Trade Organisation executive general council meeting (Geneva); Opening of Exhibit6 - Innovation & Creativity in Enterprise. (Digital Hub, Dublin).

Indicators: US consumer confidence (Jul), steel imports (Jun), new home sales (Jun); British CBI business confidence survey (Jul); German Ifo business confidence survey (Jul).

Others: Organisation for Economic Co-operation and Development publishes an economic survey of the Euro Zone.

Wednesday: Results: Allergan (Q2), Aventis (H1), Banca Santander Central Hispano (H1), Boeing (Q2), Canon (Q2), Comcast (Q2), Datamonitor (H1), EDS (Q2), Gas Natural (H1), Hanson (H1), HBOS (H1), Honda Motor (Q1), Iberia (H1), Marsh & McLennan (Q2), Moody's (Q2), Renault (H1), Sony (Q1), Stora Enso (Q2), Telefónica (H1), TeliaSonera (Q2), Thomson (Q2), TimeWarner (Q2), Unilever (Q2), George Wimpey (H1).

A.G.M.: Capital Gearing, Carphone Warehouse, Helical Bar, McKay Securities, mmO2, Petrel Resources, Westside.

Meetings: European Parliament international trade committee hears European Trade Commissioner Mr Pascal Lamy on developments concerning the Doha Development Agenda; Oireachtas Joint Committee on Finance and Public Services discusses public service decentralisation (to Thurs).

Indicators: Euro-zone private lending (Jun); Irish capital assets in industry (Q1); US durable goods orders (Jun); German GfK index (Aug).

Thursday: Results: ABB (Q2), Abbey National (H1), Alcatel (H1), Amvescap (Q2), Bausch & Lomb (Q2), Bristol Myers Squibb (Q2), BT Group (Q1), Centrica, DaimlerChrysler (Q2), Dassault Systemes (H1), EADS (H1), Elan (Q2), ExxonMobil (Q2), Gillette (Q2), Hitachi (Q1), ICI (H1), Legal & General (H1), MGM (Q2), Mittel (Q3), Nissan (Q1), Repsol (H1), Rio Tinto (H1), Rolls-Royce (H1), Saint-Gobain (H1), Shell (Q2), Shire Pharma (Q2), Siemens (Q3), Trinity Mirror (H1).

A.G.M.: AWG, Ormonde Mining, SABMiller, Tate & Lyle.

Indicators: Irish wholesale prices (Jun) and industrial stocks (Q1); US help wanted (Jun) and employee costs (Q2); British GfK survey (Jul).

Friday:Results: ChevronTexaco (Q2), Deutsche Bank (Q2), Deutsche Post (Q2), Exel (H1), Fuji Photo Film, Lloyds TSB (H1), Michelin (H1), Power Financial (Q2), Société Générale (H1).

A.G.M.: Hyder Consulting, TBI, Tops Estates, United Utilities.

Indicators: Euro-zone economic, consumer, industry and services sentiment surveys (Jul) and business confidence (Jul); Irish Central bank statistics (Jun), external trade (May) and distribution/business services earnings (Q1); US GDP (Q2) and Michigan sentiment survey (Jul final).

Others: Publication of the High Court Inspectors Report regarding National Irish Bank; Central Bank and Financial Services Authority of Ireland publishes summer bulletin.