Watchful eye on the Fed

No contest. As the holiday season drags along, the focus of attention this week will be the meeting of the US Federal Reserve's open market committee. In the absence of any solid corporate news, the markets have spent the past few week's second-guessing the Fed's intentions on interest rates. The consensus is that rates will certainly rise but not by as much as was at one time feared.

Most analysts are looking at a rise of 0.25 of a percentage point in the key short-term lending rate. The prospects for this were strengthened by a batch of largely benign economic data in the run-up to the meeting, which seem to indicate that inflation is still under control. Markets seem to have priced in such a rise and would be glad to see it confirmed as nerves got the better of some recently, leading to bouts of profit-taking.

First Active: First Active will hope its interim results can help boost its flagging share price, which led to investor criticism at its a.g.m. earlier this year. The results will benefit from the booming mortgage market, but the market will look for indications on whether the society is holding its market share and where it sees its strategic direction.

Monday

Results: AGA (H1), Gowrings (H1), IHC Caland (H1), Lavendon Group (H1), Topdanmark (H1).

A.G.M.: Allied Domecq (e.g.m.), Dawson International (e.g.m.), Delancey (e.g.m.), Honsel (e.g.m.), Jurys Doyle.

Indicators: British GDP (Q2, revised); Italian consumer prices (Aug);

Others: Deadline for submissions of tenders to buy ICC Bank; Compaq to announce decision on location of job cuts in the group.

Tuesday

Results: Aggreko (H1), Atria (H1), Avesta (H1), Cairn Group (H1), Cobham (H1), Dialog Corp (H1), Falck (H1), Gibbs & Dandy (H1), Handelsbanken (H1), Informa Group (H1), Keller Group (H1), Lambert Howarth (H1), Merant (Q2), Rautaruukki (Q2), Sachsenmilch, Sampo (H1), Severfield-Row (H1), Sika (H1), Stork (H1), UBS (H1), Vedior (H1).

A.G.M.: European Telecom, Gartmore Irish, Millwall (e.g.m.), Readymix (e.g.m.), Safeland, Trifast.

Meetings: US Federal Reserve's open market committee meets.

Indicators: British trade in goods (Jun), non-EU trade (Jul).

Others: Bank of Scotland introduces direct mortgage operation in the Republic.

Wednesday

Results: Clubhaus (H1), DFDS (H1), Deutsche Telecom (H1), Finnair (Q1), First Active, Fleetwood (Q1), HK Ruokatalo (H1), Jyske Bank (H1), Lintec (Q2), Metal Bulletin, MeritaNordbank (Q2), Porta Systems, Randstad (H1), SAir Group (H1), Semperit (H1), Stada (H1), Storebrand (H1), Sydbank (H1), Tele Danmark (H1), Van der Moolen (H1), Vestas (H1), Van Lanschot (H1), VNU (H1), Wessanen (H1).

A.G.M.: Bau-Verein, Dunedin Enterprise, Hidden Hearing, IFG (e.g.m.), Progeo Holdings, Ryan Hotels (e.g.m.), Sachsenmilch.

Indicators: French consumer prices (Jul).

Thursday

Results: Benckiser (Q2), Cattles (H1), Chips (H1), Cologne Re, Countrywide Assured (H1), Domnick Hunter (H1), DSL Bank (H1), FLS Industries (H1), Grafton (HI), Hagemeyer (H1), Hilton Group (H1), ING (Q2), Merkantildata (H1), Microgen (H1), Novartis (H1), Rakentajan K (H1), Ratin (H1), Rolls-Royce (H1), Stena Line (H1), Sulzer (H1), Sulzer Medica (H1), Swatch (H1), Sydkraft (H1), Tepla (H1).

A.G.M.: Azlan Group, Autania, Bausch, Cybermind, Finsbury International (e.g.m.), Firth Rixon (e.g.m.), Korea Asia Fund, Magna Media (e.g.m.), Scottish & Newcastle, Stoehr, W Jacobsen.

Meetings: European Central Bank governing council meeting (Frankfurt); Conference on Irish digital commerce "Ireland's Road Ahead" (Charlesland Golf Club, Greystones, Wicklow).

Indicators: British mortgage lending figures (Jul).

Friday

Results: Bond Int'l (H1), Clariant (H1), Costain Group (H1), Creyf's (H1), Fortis (Q2), Kvaerner (H1), P.-K Kirjap (H1), Swisscom (H1), Unit4 (H1), Wienerberger (H1).

A.G.M.: Berkely Group, Compugroup, Dawson International, Fr Hesser (e.g.m.), Hamburg Hochb, Massa, Oglesby & Butler, Reckitt & Colman (e.g.m.).

Indicators: Retail sales index (June), milk statistics (July), industrial earnings, hours worked (Dec prov, March est)

Others: Former investment broker Tony Taylor due back in British court on extradition hearing, President, Mrs McAleese, and Britain's Prince Edward attend the opening ceremony of the Millennium Gold Encounter at Dublin Castle.