ECB faces a euro dilemma

Having dramatically cut rates by half a percentage point last month and in a climate where the euro is still struggling for credibility against a very strong dollar, the European Central Bank's governing council meets on Thursday. The bank is coming under increasing pressure on the plight of the euro as well as assertions that central bankers believe rate have hit the bottom of the cycle, a statement that has only served to increase the pressure on the currency.

In the US, analysts are forecasting employment growth in the region of 200,000 and upwards while the focus is likely to be on wage inflation.

Of course, rumbling in the background, is the unpredictable Balkan crisis.

Monday

Results: Schering (Q1), Skanska (Q1).

A.G.M.: Berkshire Hathaway.

Indicators: US personal income/spending (Mar), construction spending (Mar) and National Association of Purchasing Managers (Mar); Japanese foreign reserves (Apr); Italian industrial orders/ sales (Jan).

Others: Irish, British and some European markets closed for May Day bank holiday; Japanese markets closed until Thursday.

Tuesday

Results: Celsis International, Incepta Group.

A.G.M.: Alliance and Leicester, Boston Scientific, Corporate Services (e.g.m.), FBD, Gyrus Group, Sportsworld Media (e.g.m.), Unilever.

Meetings: Oireachtas Select Committee on Public Enterprise and Transport meets on Electricity Regulation Bill.

Indicators: EU purchasing managers' index (Apr); British consumer credit (Mar), manufacturing survey (Apr) M4 data (Mar) and M0 figures (Apr); US leading indicators (Mar) and housing completions (Mar).

Others: Careers World Showcase (RHA Gallagher Gallery, Dublin).

Wednesday

Results: Albany Investment, Anglo Irish Bank Corp, Cable & Wireless Communications, Irish Horseracing Authority, Royal Bank of Scotland, Viridian, Westbury, Wigmore Property Investment Trust.

A.G.M.: Ascot (e.g.m.), CRH, Eadie, F&C Latin America, Flying Flowers, Graham Group, Hat Pin, Hodder Headline, ISS International Services (e.g.m.), Jardine Lloyd Thompson, Keller Group, Newsquest, Nocor, Scapa (e.g.m.), Swan Hill.

Meetings: British Monetary Policy Committee meets (to Thurs); Foundation for Fiscal Studies seminar on public expenditure and health (Newman House, Dublin); World Economic Forum 1999 Mercosur Economic Summit (Santiago to Fri).

Indicators: British CBI distributive trades survey (Apr) and official reserves (Apr); US National Association of Purchasing Managers - non-manufacturing (Apr) and factory orders (Mar); French consumer sentiment (Apr).

Others: Office of the Director for Telecommunications Regulation's annual report; Enterprise Ireland outlines details of Y2K compliance in Irish business; National Competitiveness Council annual report. .

Thursday

Results: Berry Birch & Noble, BG (Q1), Body Shop Intl, Colt Telecom (Q1), Prowting, Royal Dutch/ Shell (Q1), Scottish Power, Swiss Re.

A.G.M.: British Mohair, Daniels (S), Eurotunnel, Furlong Homes (e.g.m.), Glanbia, Glencar, Golden Vale, Kvaerner, Lloyds Smaller Cos, Monument Oil & Gas, Norish (e.g.m.), Nycomed Amersham, Oliver Group, Reflex, Sherwood Group, Standard Chartered, Tesco.

Meetings: European Central Bank governing council meeting (Frankfurt).

Indicators: EU unemployment (Mar), industry survey (Apr) and consumer survey (Apr); British housing starts/completions (Mar) and construction new orders (Mar); US weekly jobless and monetary data; German manufacturing new orders (Mar).

Friday

A.G.M.: Clarke (T), Davis Service Group, Govett Asian Smaller, Hampden, Hillsdown Holdings, IMI, Pilat Technologies, Scottish Media Group, Sharpe & Fisher, Shell, Skillsgroup, Telemetrix, UCM Group.

Meetings: Dr Peter Bacon addresses Association of Chartered Certified Accountants (Berkelely Court Hotel, Dublin).

Indicators: EU imports/exports (Feb), trade balance (Feb) and money supply (Mar); US consumer credit (Mar), wholesale trade (Mar), unemployment (Mar), average hourly earnings (Apr), and average working week (Apr); German unemployment (Apr)

Others: Chartered Institute of Management Accountants annual dinner (Royal Hospital Kilmainham, Dublin); RDS gold medal for industry award (RDS, Dublin).