Markets seek a president

Almost two weeks after polling day, the world still waits to discover who will head the world's economic superpower for the next four years.

The uncertainty surrounding the outcome of the US presidential poll has infected the markets and largely put things on hold. All sides both in the US and in Europe are increasingly looking for direction and, regardless of initial perceptions of who might be better/ worse from individual market viewpoints, there is now a consensus that a result of any sort is more important than the present impasse.

Although litigation seems to greet each stage, the markets will hope that this week produces a definitive outcome.

Airtours: British holiday group Airtours, which owns Panorama, Airtours Holidays and Direct Holidays in Ireland, has had less than a sunny time lately, with problems relating to German unit Frosch Touristik, which is suffering overcapacity in the German market.

Full-year pre-tax profits tomorrow are forecast to come in at £100 million compared with £156.5 million last time. Also under pressure is its Scandinavian business where demand shrank as customers were unwilling to pay higher brochure prices, brokers Greig Middleton said.

At the time of third-quarter figures, Airtours managing director Mr Tim Byrne, was adamant the group would meet profit forecasts of £120 million sterling for the year.

Monday

Results: 600 Group (H1), Atria (Q3), Highams Systems (H1), Libertel (H1), Majestic Wine (H1), Ncipher (Q3), Richemont (H1), RM, Torotrack (H1).

A.G.M.: Channelfly.com, Eleco, Evestment (e.g.m.), Murray TMT.

Others: DaimlerChrysler hold news conference on crisis at head of Chrysler division.

Tuesday

Results: Airtours, BPT (H1), Coffee Republic (H1), Comino Group (H1), Cosalt, Cropper (James) (H1), Deere & Co, EMI (H1), Enodis, Enterprise Inns, FLS Aerospace (Q3), Great Portland Estates (H1), Jarvis Hotels (H1), National Grid (H1), Novell, Orbital Software (H1), Paragon, Redstone Telecom (H1), Rexonline (H1), Trifast (H1), Wigmore Property.

A.G.M.: Boustead, Frogmore Estates, Jupiter Enterprise (e.g.m.).

Indicators: Irish wholesale price index (Oct), US international trade (Sep) and federal budget (Oct).

Others: Irish Times/PA Consulting Management Award 2000 (National Gallery, Dublin); Published Accounts awards 2000 (Burlington Hotel, Dublin); OECD publishes preliminary economic outlook.

Wednesday

Results: AWG (H1), CML Microsystems (H1), De La Rue (H1), Epcos (Q3), L Gardner Group, ING Group (Q3), Invensys (H1), IQE (H1), Lipro (Q3), Rentokil (H1), J Sainsbury (H1).

A.G.M.: Icon, Laird Group (e.g.m.), Primary Health Properties, Profile Therapeutics.

Meetings: Foundation for Fiscal Studies seminar on "Issues in Design in the Irish Capital Gains Tax" with Moore McDowell (Arts Building, TCD); Seminar on Belfast as "one of Ireland's favourite meeting places" (Royal College of Surgeons, Dublin).

Indicators: Irish industrial production.

Thursday

Results: 3i Group (H1), Abbeycrest (H1), Allianz (Q3), BTG (H1), Fibernet, FKI (H1), Finnair (H1), Fortis (Q3), ISS (Q3), New Look (H1), Safeway (H1), Scapa (H1), Teamtalk.com (H1), UBS (Q3).

A.G.M.: RWE, Tullow Oil (e.g.m.), Waterman Partnership, World Online (e.g.m.).

Meetings: American Chamber of Commerce Ireland addressed by Northern Deputy First Minister Mr Seamus Mallon (Conrad Hotel, Dublin); IAPF conference on "Changing Investment Markets" (Burlington Hotel, Dublin); NCB annual bond conference addressed by ECB board member Padoa Schioppa (Radisson Hotel, Dublin); University of Ulster supported conference on "Renewal and Beyond: Housing and Economic Development" (Portmarnock Hotel, Dublin to Fri).

Indicators: Irish retail sales (Sep).

Others: US Thanksgiving public holiday.

Friday

Results:

Black Arrow group (H1), Prelude Trust (H1).

A.G.M.: Allied Leisure, Baillie Gifford Japan, Marylebone Warwick, Manganese Bronze Holdings, Northern Recruitment.

Meetings: Irishjobs.ie conference on "People the Human Factor" (Mansion House, Dublin).