Financial markets are awaiting the restart of stock trading in New York next week to gauge the resilience of global financial systems following US terror attacks, bankers have said. In Europe, traders, who fear the worst after a week of extraordinary volatility, are hoping for a patriotic rally in the US.
Economic data releases would be less important, analysts said, but could aid baseline assessments of the state of the US economy prior to devastating attacks on New York's financial district and the Pentagon last Tuesday. If the numbers come on the weak side, it could only reinforce the sentiment that recovery of the US economy has been postponed, said Mr Cyril Beuzit, head of interest rate strategy at BNP Paribas in London. Mr Beuzit said expectations for some form of US recovery were now being pushed to the first quarter of 2002 from the final quarter of this year.
Shaving of European growth is also on the agenda, that is why you should expect coordinated rate cuts, Mr Beuzit said.
Economist Mr David Page at Investec Bank in London said a sharp sell-off in stocks in New York next week would also drive up bond prices and further confirm expectations for coordinated interest rate cuts in the US and across Europe.
Markets will be watching for a statement from Federal Reserve chairman Alan Greenspan next week, Mr Beuzit said, though no announcement is on the official agenda as yet. Many market watchers expect a Federal Reserve interest rate cut once US markets resume trading.
Monday
Results: Albemarle & Bond Holdings, Bond International (H1), Colas (H1), Emblaze Systems (H1), Geest (H1), Gyrus Group (H1), Mice Group (H1), Newport Holdings (H1, Sidel (H1), Solectron (Q4)
Meetings: Minister for Public Enterprise Ms O'Rourke, officially opens international aviation conference hosted by Aer Rianta (Burlington Hotel, Dublin); Minister of State at Department on Public Enterprise for Mr Joe Jacob delivers keynote speech to irish Energy Conference (Hilton Hotel, Dublin); Formal meeting of the World Trade Organisation's working party at which the China entry package may be approved (Geneva).
Indicators: Irish consumer prices (Aug); US business inventories (Jul) German wholesale prices (Aug).
Tuesday
Results: 4Imprint Group (H1), Bouygues (H1), City Centre Restaurants (H1), Cobham (H1), Danisco (Q1), DCS (H1), Dicom Group, Entertainment Rights (H1), Guiton Group (H1), IAWS, International Power (H1), Interregnum, Laura Ashley (H1), Legrand (H1), Lupus Capital (H1), Robert Walters (H1), Schneider Electronics (H1), Skyepharma (H1), Stadium Group (H1), Tesco (H1), Thorntons, Tikit Group (H1), Vinci (H1), William Baird (H1).
A.G.M.: Invesco Tokyo Trust, Tornado (e.g.m.).
Meetings: SDL Exhibition for Pharmaceutical & Process Engineering Industry (Cork Greyhound Stadium); Davy Irish Financials Conference (Great Eastern Hotel, London); Chambers of Commerce of Ireland/IBEC Ireland-Asia Forum ( Merrion Hotel, Dublin); Bank of Japan policy board monetary policy meeting (to Wed); European-Chinese economic congress (Berlin - to Wed).
Indicators: EMU consumer prices (Aug); Irish economic series (Aug), US consumer prices (Aug) and real earnings (Aug); British retail prices (Aug); Japanese leading and coincidental indicators (Jul); French current account (Jul); Italian consumer prices (Aug).
Others: Irish Small and Medium Enterprise association holds annual general meeting (Great Southern Airport Hotel, Dublin); Rits announces the result of its 2001 Information Security Survey (Shelbourne Hotel, Dublin); Draiocht announces the launch of the Draiocht Depelopment Association (Blanchardstown Centre, Dublin); E-Ireland Exhibition press briefing (Commons Restaurant, Dublin); UN Conference on Trade and Development (UNCTAD) publishes World Investment Report 2001.
Wednesday
Results: Accor (H1), Alexon Group (H1), Atos (H1), Crown Sports (H1), Damart, Delta (H1), Derwent Valley (H1), ENI (H1), French Connection (H1), HBOS (H1), Kier Group, Pernod Ricard (H1), SAG (H1), S&U (H1), Taylor & Francis Group (H1), Trafficmaster (H1), USinor (H1), Wilink.com (H1).
A.G.M.: Somerfield.
Meetings: Merrill Lynch Equity Strategy Roadshow (Dublin); Scott Policy seminar: Aspects of Monetary Policy, speaker, Christoper Allsopp (Belfast); Marketing Breakfast (Dome Restaurant, Dublin); Seminar on Practical CRM (Jurys Hotel, Cork); World Intellectual Property Organisation second international conference on electronic commerce and intellectual property (Geneva - to Fri).
Indicators: US Beige Book, international trade (Jul); German producer prices (Aug).
Others: Simon House of Cards Appeal 2001 (City Hall, Dublin).
Thursday
Results: Acambis (H1), AGF (H1), Alvis (H1), Austin Reed (H1), De Dietrich (H1), Downtex (H1), EADS (H1), Horizon Technology Group, JCDecaux (H1), Kiln (H1), Morrison Supermarkets (H1), Saint Gobain (H1), Selfridges (H1), Sirdar, Thorpe (F.W), Tornado (H1), UCM (H1).
A.G.M.: Anglesey Mining, Eidos, Finsbury Trust, Freedomland, Henderson Electric & General, Luzottica (plus e.g.m.), MITIE, Photo-Me International, Templeton Emerging, Templeton Latin American Investment Trust (e.g.m.).
Meetings: Dr Dan McLaughlin addresses American Chamber of Commerce in Ireland September lunch (Conrad Hotel, Dublin); IBEC's annual telecommunications conference (Citywest Convention Centre, Dublin); Animal Health Distributors annual conference (Tulfarris House, Wicklow).
Indicators: Irish wholesale price index (Aug); US housing starts and completions (Aug) and Philadelphia Federal Survey (Aug); British trade balance (Jul), public sector borrowing (Aug) and M4 data (Aug); Italian industrial production (Jul) and GDP (Q2).
Others: Presentation of Irish Innovation Awards (Forfβs, Dublin).
Friday
Results: Clarins (Q1), Helvetia (H1), Infast (H1), IQ Ludorum (H1), Leeds United, NetBenefit.
A.G.M.: Birse Group, Coral Products, National Semiconductor, TR European Growth.
Indicators: US federal budget (Aug); German Ifo business climate survey (Aug), consumer prices (Sep) and import prices (Aug).
Others: ESB board to finalise the process for selection of successor to Ken O'Hara as chief executive.
