Summit spat may delay ECB rate cut

Following the dramatic decline in business confidence in Germany, attention this week will focus on whether the European Central Bank will make an eagerly-anticipated cut in interest rates. If history is any judge, the hectoring tone of the Belgian draft document at the EU summit in Ghent last Friday will ensure that any rate cut is held over until the next meeting. The ECB may have proved capricious in its short history but it has been consistent in one area - standing up for what it sees as its necessary independence from political influence. Belgian finance minister Mr Didier Reynders may yet come to rue his tactics in "observing" the economic environment within the euro zone.

Monday

Results: American Express (Q3), ASMI (Q3), Boston Scientific (Q3), Colt Telecom (Q3), Comptel (Q3), Conoco (Q3), Hasbro (Q3), Lexmark International (Q3), Metro-Goldwyn -Mayer (Q3), Moody's (Q3), Safeco (Q3), Samsung Electronics (Q3), Sonera (Q3), Tupperware (Q3).

A.G.M.: John Laing (e.g.m.).

Meetings: ESRI's Mr John FitzGerald addresses Economists' Group on "Fiscal Policy in a Monetary Union - the case for Ireland"; Mercer annual conference (Berkeley Court Hotel, Dublin); Franco-Russia Summit with French Prime Minister Lionel Jospin; Business Development seminar for incentive travel sector (Burlington Hotel, Dublin).

Indicators: US leading indicators (Sept), German consumer prices (Oct); Italian industrial orders (Aug).

Others: Tβnaiste Ms Harney opens Letterkenny Business Centre.

Tuesday

Results: Agere Systems (Q4), Alleghany (Q3), Amazon.com (Q3), American Home Products (Q3), AT&T (Q3), Avery Dennison (Q3), Barr Labs (Q3), Bristol-Myers Squibb (Q3), Cardinal Health (Q3), Compaq Computer (Q3), DaimlerChrysler (Q3), Debenhams, Exxon Mobil (Q3), GlaxoSmithKline (Q3), Kimberly Clark (Q3), Lear (Q3), Logitech (Q3), Lucent Technologies (Q4), Monsanto (Q3), NCR (Q3), Owens Illinois (Q3), Pharmacia (Q3), Pinault-Printemps (Q3), Schering Plough (Q3), Schlumberger (Q3), Smurfit-Stone (Q3), Superscape (H1), Westbury (H1), Xerox (Q3).

A.G.M.: Caffe Nero Group, Pacific Horizon.

Indicators: EMU trade balance (Aug); French consumer spending (Sept); Italian business confidence (Sept).

Others: ISME presents pre-Budget submission to Minister for Finance, Mr McCreevy; German-Irish Chamber of Industry and Commerce business lunch (Conrad Hotel, Dublin); Abbey National releases trading statement.

Wednesday

Results: ABB (Q3), Akzo Nobel (Q3), Allergan (Q3), AstraZeneca (Q3), Avaya (Q4), A.T. Cross (Q3), Dassault Aviation (H1), DuPont (Q3), Eastman Kodak (Q3), Electronic Data Systems (Q3), McGraw-Hill (Q3), Rio Tinto (Q3), Sears Roebuck (Q3), Starwood Hotels & Resorts (Q3), Sun Life Financial (Q3), Volvo (Q3).

A.G.M.: Edinburgh Income & Value Trust, Fairplace Consulting, New Star IT, Peel Holdings.

Meetings: Consumers Association annual meeting (Wynn's Hotel, Dublin); Conference on the Irish covered bond market (Shelbourne Hotel, Dublin); A&L Goodbody company enforcement law conference.

Indicators: British CBI quarterly trends (Q3); German import prices (Sept); French consumer prices (Sept).

Others: Publication of "Driving the Tiger - Irish Enterprise Spirit" by John J Travers.

Thursday

Results: Amvescap (Q3), Arcadia, Autonomy Corporation (Q3), ChevronTexaco (Q3), Danske Bank (Q3), Goodrich Corp (Q3), Goodyear Tire & Rubber (Q3), JDS Uniphase (Q3), NEC (Q3), Pilkington (H1), Polaroid (Q3), SSAB (Q3), Syngenta (Q3), Turbo Genset, WPP (Q3).

A.G.M.: Amberley (e.g.m.), East German Investment Trust (e.g.m.), Edinburgh Small Companies Trust.

Meetings: European Central Bank (ECB) governing council meets; Ideal Homes exhibition (RDS - to Mon).

Indicators: Irish external trade (Jul); US existing home sales (Sept), durable goods orders (Sept) and employment cost index (Q3); Italian consumer confidence (Oct), trade (Aug) and non-EU trade (Sept).

Others: CPA annual president's dinner; Microsoft launches Windows XP; Taoiseach Mr Ahern opens Blarney Business Park.

Friday

Results: Delhaize (Q3), Electrolux (Q3), Ericsson (Q3), Hathaway (Q3).

A.G.M.: Clover Corp, Linx Printing Tech.

Meetings: Conference on "Opportunities for Farmers in Bioenergy" (Green Isle Hotel, Dublin).

Indicators: EMU M3 data (Sept); Irish industrial production (Jul) and retail sales (Aug); British GDP (Q3); German producer prices (Sept); Italian retail sales (Q3).