Markets look to rate cut in US this week

A meeting of the US Federal Reserve's interest rate-setting committee, widely expected to deliver a 25-basis point cut, will …

A meeting of the US Federal Reserve's interest rate-setting committee, widely expected to deliver a 25-basis point cut, will be the focus for financial markets in the coming week.

A Reuters poll of 24 primary dealers in US government securities showed all but one expected the Federal Open Market Committee to cut the federal funds rate by a quarter point to 1.75 per cent at its meeting tomorrow.

European Union leaders meet in Laeken on Friday as Belgium prepares to hand over the baton at the end of its presidency. Among the issues up for debate will be the creation of a EU-wide arrest warrant in the wake of the terror attacks on the United States and another attempt to reach accord on an EU savings tax regime, if one is not reached by finance ministers meeting in Brussels on Thursday.

Monday

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Results: Abbey National, Deltron Electronics, Hardys & Hansons, Holidaybreak, I-Document Systems Group, Medisys, Mitie Group (H1), Total Systems (H1).

A.G.M.: Affinity Internet Holdings (e.g.m.), Banca Popolare (plus e.g.m.), Greenwich Resources (e.g.m.), GR Holdings (also e.g.m.).

Meetings: World Trade Organisation (WTO) dispute settlement body meets (Geneva).

Indicators: British producer prices (Nov) and M0 data (Nov); Japanese machinery orders (Oct).

Others: Showcase Ireland opens in New York; Presentation of awards for Community Development Project Initiative 2001.

Tuesday

Results: Compass Group, First Choice, First Technology (H1), Glotel (H1), Landround, Nokia, OneSaturday (H1), Vega Group (H1), Yeoman Group.

A.G.M.: Time2Learn (e.g.m.).

Meetings: Teagasc conference on review and outlook for farming in ireland (Green Isle Hotel, Dublin); Aberdeen Asset Management seminar on "The Global Economy post 9/11 2001: review and the outlook for 2002" (Newman House, Dublin); US Federal Reserve's open market committee meets; Oireachtas Joint Committee on Heritage and the Irish language meets RT╔ group of unions; Dβil Select Committee on Public Enterprise and Transport committee stage on Transport (Railway Infrastructure) Bill 2001.

Indicators: US wholesale inventories (Oct) and service revenues (Nov); British retail price index (Nov); French consumer prices (Nov); Japanese Tankan survey (Dec).

Others: Ireland's first direct access online trading system, OctagonOnline.ie goes live.

Wednesday

Results: Austrian Airlines, Belhaven Brewery (H1), Druck Holdings (H1), Gladstone, Mondas (H1), Northgate Info Solutions (H1), Oasis Healthcare (H1), Slimma.

A.G.M.: Close Finsbury Euro, Debenhams, Govett Strategic Inv, Totalise, Town Centre Securities.

Meetings: World Trade Organisation (WTO) General Council meeting. (Geneva); Dβil Committee on Family, Community and Social Affairs committee stage on Social Welfare Bill 2002.

Indicators: EMU production in construction (Q3); British unemployment (Nov), average earnings (Oct) and unit wages (Oct); US current account (Q3), import prices (Nov) and export prices (Nov); Japanese balance of payments (Oct); German current account (Oct) and trade balance (Oct).

Others: The Digital Hub publishes details on the first phase of its development and strategy to 2010 document; National Competitiveness Council publishes annual policy statement.

Thursday

Results: Adobe Systems (Q4), Aortech International (H1), Baggeridge Brick, Berkeley Group (H1), CIENA Corp (Q4), Daily Mail & General Trust, HJ Heinz (Q2), Oracle (Q2), Topnotch Health Clubs (H1)

A.G.M.: Coliseum Group (e.g.m.), Estates & Agency, Glasgow Income Trust, McBride, Minorplanet.

Meetings: EU finance ministers meet (Brussels); European Free Trade Association (EFTA) ministerial meeting (Geneva - to Fri).

Indicators: US producer prices (Nov) and retail sales (Nov); British retail sales (Nov); German wholesale prices (Nov) and retail sales (Oct); French payroll employment (Q3).

Others: IBEC's Audiovisual Federation publishes report on "The Economic Impact of Film Production in Ireland 2000"; ACCA Environmental reporting Awards.

Friday

A.G.M.: Antisoma, Energy Capital Inv (e.g.m.), IFG Group (e.g.m.), Protec, Telecom Italia (plus e.g.m.), Tottenham Hotspur, Vtr, Wolseley

Meetings: EU Laeken summit (to Sat); Eurogroup of euro-zone finance ministers meets (Brussels).

Indicators: EMU balance of payments (Q3); US consumer prices (Nov), real earnings (Nov), business inventories (Oct), industrial production (Nov) and capacity utilisation (Nov); Italian industrial production (Oct); French trade balance (Oct), industrial production (Oct) and manufacturing output (Oct).