Seasonal disturbances

In Christmas week, corporate life will do little to disturb the seasonal slumber. However, a couple of critical events will impact on the financial stage. The first of these is the ongoing impeachment proceedings against US President Bill Clinton at a time when he is directing a military offensive against Iraq. Both elements will do little to calm market fears although there is an underlying assumption that impeachment will, at worst, hamper him in efforts to tackle key issues in the months ahead.

Elsewhere, European Union finance ministers will quickly forego the seasonal spirit as they meet on the last working day before Europe's single currency is introduced to adopt euro conversion rates for 11 countries taking part in economic and monetary union (EMU), which comes into effect on January 1st.

IMF forecasts: The International Monetary Fund plans to release a new review of world economic prospects today , the second time in two years that it is revising growth forecasts outside its normal schedule. The document is likely to look at the impact of Russia's debt default and rouble devaluation, at problems in Brazil and at the market turmoil triggered by the collapse of hedge fund Long-Term Capital Management.

Monday

Results: Peel Holdings (H1).

Meetings: European Union environment ministers meet (Brussels).

Indicators: Irish Central Bank issues final bulletin; British current account (Q3) and GDP (Q3); US Federal Budget (Nov).

Others: IMF plans to release a new review of world economic prospects (Washington); Ashquay takes a listing on the Irish Stock Exchange.

Tuesday

Results: Kelsey Industries.

Meetings: European Central Bank governing council meeting to tidy up the remaining preparatory work ahead of the launch of the euro (Frankfurt).

Indicators: French trade balance (Oct) and industrial production (Oct); Italian unemployment (Oct).

Wednesday

Results: Stewart & Wight (H1).

Indicators: British visible trade (Oct), non-EU trade (Nov) and consumer prices (Nov); US price index (Q3), real GDP (Q3), implicit deflator (Q3), durable goods orders (Nov) and Michigan Sentiment Survey (Dec).

Others: Russia's 1999 budget may be given a first reading.

Christmas Eve

Indicators: US personal income/spending (Nov) and weekly jobless claim and monetary data; Japanese retail sales (Nov) and industrial production (Nov); Canadian real GDP (Oct).

Others: Dublin and London stock exchanges open for business until lunch.

Christmas Day

Indicators: Japanese unemployment (Nov), job ratio (Nov), housing starts (Nov) and construction orders (Nov).

Others: Markts closed; Japanese Cabinet expected to approve draft budget for fiscal 1999/2000.

Monday

Others: Markets closed.

Tuesday

Indicators: US consumer confidence (Dec) and existing home sales (Nov).

Others: Markets closed.

Wednesday

Results: Carlton Communications.

Indicators: US leading indicators (Nov), help wanted index (Nov) and Chicago purchasing managers index (Dec); Japanese foreign reserves (Dec).

Others: Dublin market open; London market half-day.

New Year's Eve

Meetings: European Union finance ministers adopt euro conversion rates for 11 countries taking part in economic and monetary union (EMU).

Others: Markets closed; National Treasury Management Agency annual review.

New Year`S Day

Others: Markets closed; Scheduled launch of the European Union's single currency, the euro; Germany takes over six-month rotating presidency of the European Union from Austria.