Ratcheting up rates

Yet again, interest rates hold centre stage, with analysts increasingly fearful of rises in both Britain and the US. The uncertainty is feeding through to stock market insecurity and a batch of key economic indicators in Britain this week will be watched closely for hints to the future.

Inflation and retail sales figures, due on successive days, could focus attention on the pace of growth and the need for tighter credit to prevent overheating in the domestic economy.

Banking: Some indication of the impact of Northern Rock on the Irish banking sector may come with the release of its annual figures on Wednesday, along with pointers to future strategy.

Another look at the state of the banking sector may emerge in National Irish bank's parent, National Australia Bank's first-quarter figures which are published on Thursday.

Monday

Results: Bell North (Q4), Bell South (Q4), Canadian Pacific (Q4), Cemex (Q4), Compuware (Q3), Corning (Q4), Eastman Kodak (Q4), Lexmark Int'l (Q4), Mirage Resorts (Q4), Range Cooker (H1), Slug & Lettuce (H1), Texas Instruments (Q4).

A.G.M.: Forbes Medi-Tech, SCS Upholstery, Second Scottish National, Ultraframe, Vodafone AirTouch (e.g.m.).

Indicators: Japanese leading and coincidental indicators (Nov); German producer prices (Dec).

Others: Taoiseach Mr Ahern opens America Online Technologies' new international development centre at CityWest; Udaras na Gaeltachta review of 1999; Financial Services Industry Association annual IFSC lunch addressed by Minister for Finance, Mr McCreevy.

Tuesday

Results: Aberforth Smaller, Aston Villa (H1), Bell Canada (Q4), Kaiser Aluminium (Q4), Kimberly-Clark (Q4), London Scottish Bank, McGraw-Hill (Q4), ML Laboratories, Occidental Petroleum (Q4), Owens Corning (Q4), Textron (Q4), Tupperware (Q4), Union Pacific Resources (Q4), Washington Post (Q4), Xerox (Q4).

A.G.M.: Esat Telecom (e.g.m.), Jennings Brothers, Helmsley, Raphael Zorn.

Indicators: Irish agricultural prices index (Nov) and wholesale prices index (Dec); British retail prices (Dec); US consumer confidence (Jan) and existing home sales (Dec); Japanese retail sales (Dec).

Others: Norwich Union issues new business figures; Future Wind Holdings introduces first brand of renewable electricity in Ireland.

Wednesday

Results: Aberforth Split Trust (H1), Alaska Air, AT&T, Brunswick, Canadian Railway, Chevron, Conoco, Haynes Publishing (H1), International Greetings (H1), JBS Software Technologies (H1), Newmont Mining, Norfolk Southern Railway, Northern Rock, Philip Morris, Phillips Petroleum, Polaroid, Santa Fe Railway, SFI Group (H1), Sony (Q3), Wm Wrigley.

A.G.M.: Asset Management, Aukett Associates, Blick, Denistron (e.g.m.), Le Riche Group (e.g.m.), RCO Holdings, WH Smith.

Indicators: EMU and EU inflation (Dec); British retail sales (Dec) and Reuters survey on long-term forecasts for economy.

Thursday

Results: Avon Products, Benson's Crisps, Black & Decker, Bowater, Crest Nicholson, Dow Chemical, Du Pont Canada, Fitness First, Kelloggs, Misys (H1), National Australia Bank (Q1), Phelps Dodge, Richards (H1), Safeway, State Bank of India.

Meetings: World Economic Forum (Davos, Switzerland to Tues); The World Trade Organisation's dispute settlement body regular monthly meeting (Geneva); EU and OECD conference on employment (Helsinki).

Indicators: EMU balance of payments (Q3); British world trade (Nov), non-EU trade (Dec) and machine tools (Dec); US durable goods orders (Dec), employment cost index (Q4), help wanted index (Dec) and weekly jobs and monetary data; Japanese industrial production (Dec).

Others: US President Bill Clinton gives final State of the Union address to US Congress.

Friday

Results: Cummins Engines, Eastman Chemical, US Smaller Companies (H1).

A.G.M.: Allders, Edinburgh Worldwide.

Indicators: EMU industrial production (Nov) and M3 (Dec); British GDP (Q4) and CBI industrial trends survey (Jan); US real GDP (Q4), GDP deflator (Q4), final sales (Q4) and Michigan Sentiment Survey Jan); Japanese consumer prices (Dec/Jan) and household spending (Dec).

Others: New deadline for indicative bids for Ulster Bank Investment Managers.