Seeking sign on US rates

Will he or won't he? Following last week's confusing signals on the US economy, the focus of attention this week will be on the Federal Open Markets Committee which meets tomorrow and Wednesday. It is accepted that interest rates will fall; the only question is whether it will be by a quarter or a half point.

Monday

Results: Beale, BSCH, Cammell Laird (H1), Filtronic (H1), International Greetings (H1), Louisiana Pacific (Q4), Metrodome (H1), Photo-Me International (H1), Pifco Holdings (H1), Skanska, Union Carbide (Q4).

A.G.M.: Allied Domecq, Dewhurst, National Grid (e.g.m.).

Meetings: EU budget ministers meet (Brussels); World Economic Forum (Davos Day 5); Conference on total risk management in Ireland (Hilton Hotel, Dublin).

Indicators: EMU labour cost index (Q3); Irish livestock survey (Dec); Italian trade figures (Dec).

Others: Institute of Directors lunch addressed by Manchester United chief executive Mr Peter Kenyon (Shelbourne Hotel, Dublin); Taoiseach Mr Ahern presents awards for Community Development Project Initiative 2001.

Tuesday

Results: Aetna (Q4), Crest Nicholson, Danone, Fletcher King (H1), Hershey Foods (Q4), IFTE (H1), Kingston Communications (Q3), Lionbridge Technology (Q4), Nokia, Rhodia, SCA, TF1, Thus (Q3), Williams (Q4).

A.G.M.: Banca Intesa (e.g.m.), Foresight Technology, Saipem, SCS Upholstery, Shaftesbury, Whitbread (e.g.m.).

Meetings: World Economic Forum (Davos final day); US Federal Reserve's Open Markets Committee meets (to Wed).

Indicators: EMU balance of payments (Q3); Irish industrial stocks (Q3) and agricultural prices (Nov); British consumer credit (Dec) and M4 data (Dec); French industry survey (Jan), business confidence (Jan) and housing starts (Dec); Italian wage inflation (Dec).

Others: ISME publishes report on "Management, Development and Training in SMEs - A Quantative Analysis".

Wednesday

Results: Adecco, Alcatel, Allergan (Q4), ARM Holdings, Avaya (Q1), Clorox (Q2), Infineon Technology (Q1), New York Times (Q4), Northern Rock, Novell (Q1), Outokumpu, TotalFinaElf.

A.G.M.: Asset Management, Fleming Indian Investment, Mittel (plus e.g.m.), WH Smith.

Meetings: French President Mr Jacques Chirac meets German Chancellor Mr Gerhard Schroder for one day summit to discuss results of the Nice Summit (Strasbourg).

Indicators: EMU unemployment (Dec) and M1 (Dec); Irish Central Bank publishes monthly statistics (Jan) and quarterly national accounts (Q2); British consumer confidence (Dec); US GDP (Q4); French unemployment (Dec) and producer prices (Dec); Italian producer prices (Dec).

Others: US Federal Reserve Open Market Committee issues interest rate decision; French UMTS licence bid deadline.

Thursday

Results: Banco Espirito Santo, Community Hospitals (H1), Epcos (Q1), IFX Power, KLM Royal Dutch Airlines (Q3), KS Biomedix (H1), Mattel (Q4), Reebok (Q4), Scottish Power (Q3), Sponda, Volvo.

Meetings: ECB governing council meets (Frannkfurt); World Trade Organisation dispute settlement body meets (Geneva); IAPF seminar on new retirement options (Ardilaun Hotel, Galway).

Indicators: EMU GDP (Q3) and purchasing managers' index manufacturing (Jan); Irish non-EU trade (Nov); British manufacturing PMI (Jan); US personal income (Jan); Italian business confidence (Jan) and manufacturing PMI (Jan); French PMI (Jan).

Friday

Results: BAA (Q3), Julius Baer, Kone.

A.G.M.: BOC, Creightons (e.g.m.), Indra (e.g.m.), Slimma.

Indicators: EU business, economic and consumer surveys; Irish unemployment (Jan); British construction output (Q4); US employment (Jan) and factory orders (Dec); French consumer confidence (Jan); Italian consumer prices (Jan).