Data will give pointer on interest rate cuts

Financial markets will get a peek into some of the most worrisome areas of the global economy this week, with data due on Germany's business climate, euro-zone inflation and US consumer confidence and business demand.

Investors hope to glean clues on interest rate decisions by the European Central Bank and the Bank of England expected next week.

Further euro gains are expected, throwing an additional burden on struggling European businesses, but possibly helping the United States overcome its own economic problems through an ever-cheapening dollar.

At home, there will be a raft of annual meetings this week with Kerry Group, Fyffes and Kingspan all likely to be overshadowed by Arnotts which meets on Thursday.

Monday

Meetings: Minister for Transport, Mr Brennan presents Chambers of Commerce of Ireland's Air Transport Users' Council's Airline of the Year Awards 2003 (Dublin Castle); Minister for Finance Mr McCreevy addresses Irish Insurance Federation annual lunch (Conrad Hotel, Dublin); European union competition commissioner Mr Mario Monti addresses Institute of European Affairs on "The Contribution of Competition Policy to the Lisbon Agenda.

Indicators: Irish industrial turnover (Mar) and vehicle licensing (Apr); German Ifo survey (May) and import prices (Apr); Japanese retail sales (Apr).

Others: Bank holiday in Britain and the United States.

Tuesday

Results: Bombardier (Q1), Bristol & West Investments, Fortis (Q1), Greencore (H1), Hanover Re (Q1), MLP (Q1), Semperit (Q1), Telekom Austria (Q1), Vodafone.

A.G.M.: Datalex, France Telecom, Kerry Group, Orange.

Meetings: Irish Medical Devices Association R & D Conference 2003 ( Fitzpatrick's Hotel, Bunratty - to Wed); European Parliament president Mr Pat Cox addresses Institute of European Affairs on: "The Future of Europe - A European Parliament Perspective"; US Bio-Processing Equipment conference (Cork - to Fri).

Indicators: Euro-zone current account (Mar); US consumer confidence (Apr) and housing figures (Apr); French housing starts (Apr); Italian business confidence (May).

Others: Minister Mr Noel Tracey opens IFEX Food Drink and Catering Exhibition (RDS, Dublin - to Thurs); SPAR marks 40 years in Ireland with plans for growth.

Wednesday

Results: British Land, De La Rue, EMAP, GUS, ICAP, Northern Foods, Peacock, Premier Farnell (Q1) Shanks, Trintech (Q1).

A.G.M.: Aegis, Bic, Portman, PSA, Skyepharma, Swatch.

Meetings: Small Firms' Association annual conference (Dublin Castle); Oireachtas Joint Committee on Enterprise and Samm Business hears presentation from Consultative Committee of Accounting Bodies on auditing and accounting Bill.

Indicators: Euro-zone M3 data (Apr) and consumer prices (Apr); Irish quarterly national household survey (Q1); US durable goods orders (Apr); Italian producer prices (Apr); French producer prices (Apr) and business climate and outlook (May); Japanese industrial output (Apr).

Others: President Mrs McAleese presents Allianz Business 2Arts Awards 2003; Failte Ireland Establishment Day and inaugural board meeting.

Thursday

Results: Big Food Group, BTG, Chloride, Comino, Daily Mail & General Trust (H1), Eckoh Technologies, Electrocomponents, Invensys, Lonmin, Marconi, New Look, Pennon, Pilkington, Plasmon, Qwest Communications (Q1), Securicor (H1), Wagon.

A.G.M.: Ardagh, Arnotts, Clinton Cards, Collins Stewart, Linton Park, Rentokil Initial, Rolls-Royce, William Hill.

Meetings: A&L Goodbody corporate offences seminar; Irish Association of Pension funds annual meeting (Burlington Hotel, Dublin); Construction Information Technology Alliance seminar on information technology In the construction process (Quinn School of Business, UCD); Builders Materials Federation annual meeting (IBEC, Dublin); Eircom chief executive addresses IBEC Telecom Users Group seminar (Prumerica Systems Ireland Ltd, Letterkenny).

Indicators: Irish retail sales (Mar) and external trade (Mar); US GDP (Q1), implicit deflator (Q1) and final sales (Q1); British mortgage lending (April) and consumer confidence (May); Japanese unemployment (Apr), household spending (Apr) and consumer prices (Apr).

Others: Bank holiday in France, Netherlands, Austria, Finland and Luxembourg; Irish Association of Pension Funds publishes booklets on governance.

Friday

A.G.M.: Alpha Airports, Fyffes, HSBC, Kingspan, Lowe's.

Indicators: US personal income/spending (Apr), price index (Apr) and Michigan sentiment survey (May); German consumer sentiment (Jun) and wholesale turnover (Apr); French unemployment (Apr); Italian consumer prices (May); Japanese construction orders (Apr) and housing starts (Apr).

Others: Irish Central Bank and Financial Services Authority publishes monthly statistics (Apr).