US fears inflation

The fall-off in US markets at the end of last week ensures attention will focus on their performance at the beginning of the week. The spotlight will also be on the stance of the US Federal Reserve's open market committee.

The key factor spooking the markets and putting pressure on interest rates was the release of figures showing the highest monthly jump in US inflation in four years. This opens the possibility of a tightening of rates by the Fed.

It also explains why European markets were so quick to react to the news at the end of last week. They will again be looking for guidance from the US over the next few days.

Monday

Results: Care UK (H1), Celltech (H1), Diploma (H1), RM (H1), Helphire, Hewlett-Packard (Q2), Repsol (Q1), Siemens (H1), Smith (James) Estates, Style Holdings, Toys R US (Q2).

A.G.M.: ITNet, Scoot.com, Boosey & Hawkes, Glaxo Wellcome, High-Point Rendel Group.

Meetings: EU agriculture ministers meet; Acting EU Commissioner, Mr Padraig Flynn addresses Institute of Directors lunch (Jurys Hotel, Dublin); Jefferson Smurfit group chief financial officer Gary McGann addresses monthly lunch of Leinster Society of Chartered Accountants (Burlington Hotel, Dublin); World Meat Congress (RDS to Thurs); Strategic Planning Society Ireland meeting addressed by Richard Burrows, chairman and chief executive of Irish Distillers on "Irish Whiskey: The Spirit of Success" (Old Jameson Distillery, Dublin).

Indicators: Japanese trade (Mar) and current account (Mar); German wholesale prices (Mar).

Others: Northern Ireland's Industrial Development Board publishes end-of-year statement.

Tuesday

Results: Advanced Medical Solutions, Compass Group (H1), Countryside Properties (H1), Dell (Q1); Enterprise Inns (H1), First Group, KILN, Marks & Spencer, SCS Upholstery (H1), Ultraframe (H1), Vosper Thornycroft.

A.G.M.: Anglo Welsh, Boxmore, Citycentre Restaurant, CMG, DaimlerChrysler, Emerald Energy, Gallaher, Independent Radio Group, Johnson Fry, Jumbo International, MacFarlane Group, Millenium & Copthorne, Next, Oxford Asymmetry, Premier Oil, Policy Master Group, Rutland Trust, St James Place, Travis Perkins (e.g.m.), Premier Oil, Try Group, Unigate (e.g.m.).

Meetings: US Federal Reserve Federal Open Market Committee meets; EU environment ministers meet; Oireachtas Joint Committee on Public Enterprise examines Electricity Bill.

Indicators: British retail prices (Apr); US housing starts/permits (Apr); French GDP (Q4).

Others: OECD publishes economic outlook; Lotus introduces new Notes and Domino R5 products.

Wednesday

Results: Artisan, Baggeridge Brick (H1), Boeing (Q1), Brewin Dolphin Holdings (H1), BT, Glenmorangie, Greenalls Group (H1), KLM, Metallgesellschaft (H1), Recognition Systems (H1), Scottish Radio (H1).

A.G.M.: British Fittings Group, Bunzl, Colt Telecom, Dawsongroup, Derwent Valley, Reckitt & Coleman, Selfridges.

Meetings: Institute of Business Analysts and Consultants seminar (UCD Industry Centre).

Indicators: British claimant count (Apr), average earnings (Feb) and unit wage costs (Mar).

Others: Bank of France produces annual report; OECD economic survey of US.

Thursday

Results: Allianz, Bass (H1), Fine Art Developments, Galen Holdings (H1), Swisscom (Q1), Young (H) Holdings (H1).

A.G.M.: 5 Arrows Chile, Ash & Lacy, Beauford (e.g.m.), Bentalls, British Regional Airline, Bowthorpe, Charter Euro Trust (e.g.m.), Enterprise Oil, Epwin Group, Folkes Group, Iceland, International Energy, Meggittt, Nestor Healthcare, Portmeiron Potteries, Portsmouth & Sunderland (e.g.m.), T & S Stores (e.g.m.).

Meetings: European central bank governing council meeting.

Indicators: British retail sales (Apr); US imports/ exports (Mar), international trade (Mar) and Philadelphia Federal Survey (May); Japanese industrial production (Mar); French trade balance (Mar); German ifo survey (Apr).

Others: 1999 Veuve Clicquot Business Woman of the Year Award (Merrion Hotel, Dublin); OECD publishes "Agricultural Outlook 1999-2004".

Friday

A.G.M.: Airtours (e.g.m.), AstraZeneca, Brooks Service, Carbo (e.g.m.), Dyson (J&J) (e.g.m.), Edinburgh US Tracker, IS Solutions, Johnstone Press, MR Group (e.g.m.).

Meetings: The Centre for Economic Research (UCD) and the ESRI present a conference on "Understanding Ireland's Economic Growth" (UCD, Earlsfort Tce, Dublin)

Indicators: British motor vehicle production (Apr) and building society lending (Apr).