US expects more gloom

Market watchers will have all their attention on a raft of data due on the US economy this week, especially November consumer credit figures today and December retail sales numbers on Friday.

Barring any unexpected pleasant surprises, the US markets and the dollar are likely to take a beating on longer-term fears for the US economy. Apart from furthering the recovery in the euro, such a trend will raise the prospect of another interest rate cut when the Fed meets later this month.

Jurys Doyle: The largest Irish hotel group Jurys Doyle reports interim results for the six months to October 2000 on Thursday. Profits are pencilled in at #22.2 million before tax, a 79 per cent increase on the same period a year earlier.

Adjusted to take account of the purchase of the Doyle group in mid-1999, the earnings per share are forecast at 19.4 cents compared with 22.3 cents in the year ago period.

Monday

Results: Alcoa, Freeserve (H1), Pace Micro (H1), Pankl Racing Systems.

A.G.M.: Barlo (e.g.m.), Downing Healthcare.

Meetings: G10 central bank governors' monthly meeting (Basel).

Indicators: EMU labour costs (Q3), hourly earnings (Q3); US consumer credit (Nov) and housing completions (Nov); British M0 (Dec) British Retail Consortium monthly sales report (Dec); German industrial production (Nov).

Others: DaimlerChrysler issues full-year sales data.

Tuesday

Results: Dataserve.

A.G.M.: Carr's Milling Industries.

Meetings: Oireachtas Joint Committee on Public Enterprise and Transport discusses Aviation Regulation Bill; Marketing Society meets with address by Mr Martin Larkin of the Larkin Partnership on "The Glass is half Empty" (Fitzwilliam Hotel, Dublin).

Indicators: EMU retail sales (Oct); German unemployment (Dec); French budget (Nov).

Others: Construction Industry Federation presents economic review and outlook; European Commission visits Sweden.

Wednesday

Results: Dixons (H1), Elior, FI Group (H1), Motorola, SunTrust Banks, Yahoo!.

A.G.M.: Actinic, Banca Lombarda (e.g.m.), Bon Appetit Direct.com (e.g.m.), Deep-sea Leisure (e.g.m.), Diploma, Honeywell (e.g.m.), International Biotechnology (e.g.m.), Interinvest (e.g.m.), Space Hellas (e.g.m.), Telegate (e.g.m.), Wigmore Property.

Meetings: Bank of England monetary policy committee meets on interest rates.

Indicators: US wholesale trade (Nov); German current account (Nov) and trade balance (Nov); Italian business confidence (Dec).

Others: Showcase Ireland new products awards category winners announced by Enterprise Ireland's Mr Dan Flinter (Dublin Castle).

Thursday

Results: Jurys Doyle Hotels (H1), Fannie Mae, Kleeneze (H1), Northgate (H1).

A.G.M.: Dixons (e.g.m.), Inter Link (e.g.m.), Kunick (e.g.m.), MMT Computing.

Meetings: Bank of England monetary policy committee meeting on interest rates concludes.

Indicators: Irish balance of payments (Q3); US import/export prices (Dec); British housing completions/starts (Nov); German GDP (Q4) and consumer prices (Dec).

Others: Presentation to finalists of Advertising Agency of the Year 2000 (Conrad Hotel, Dublin).

Friday

Results: Rowan, BB&T.

A.G.M.: Gartmore European IT, Get Group, Saville Gordon (e.g.m.).

Indicators: Irish unemployment (Dec); US producer prices (Dec) and retail sales (Dec); British manufacturing output (Nov) and industrial production (Nov); French consumer prices (Dec), current account (Oct) and GDP (Q3); German wholesale prices (Dec).

Others: Project Development Centre sets up Prospect innovation programme.