Euro faces inflation test

On the economic front, Europe will focus on a slew of December inflation figures, including German import prices today and French…

On the economic front, Europe will focus on a slew of December inflation figures, including German import prices today and French consumer prices tomorrow. But most important will be December's harmonised consumer price indices for the euro zone, due for release on Friday.

With speculation mounting that the European Central Bank will cut rates during the first quarter, the inflation data were seen as a key factor influencing policy expectations.

Brazilian crisis: Brazil's uncertain future will dominate markets next week along with an appearance by US Federal Reserve chief Mr Alan Greenspan, who will be watched closely for hints on Argentine's bid for dollar status.

The sharp fall in the value of Brazil's newly floated currency fuelled fears of contagion throughout Latin America and Asia late last week, leaving many wondering what will happen next.

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The slump in the Brazilian real on Friday to 1.74 against the dollar prompted the country's central bank to intervene for the first time since the currency was floated one week before. The plummeting real sparked fears that other currency pegs around the globe might come unglued, with Argentina and Hong Kong seen the most vulnerable to speculation.

Monday

Results: Filtronic (H1), Haynes Publishing (H1), Lonrho, Saville Systems (Q4), Udaras na Gaeltachta, US Smaller Co Inv (H1), Wintrust (H1).

A.G.M.: Berisford, Fleming American IT (e.g.m.), Leeds Group, Richmond Foods.

Indicators: Irish non-EU trade (Nov) and industrial stocks (Q3); US existing home sales (Dec); European Central bank repo announcement; German import prices (Dec).

Others: Irish Home Builders Association publishes new code of practice; Tanaiste Mary Harney announces details of Guinness Enterprise Centre; Cyrona Software unveils "unique" e-commerce package for building business web-sites; Financial Services Industry Association's annual IFSC lunch addressed by Minister for Finance Charlie McCreevy (Shelbourne Hotel, Dublin); Project development Centre's enterprise award evening (Dublin Castle). .

Tuesday

Results: Aston Villa (H1), Cassidy Brothers (H1), FII Group (H1), IMS Group, London Scottish Bank, Photo-Me International (H1).

A.G.M.: Dawson Holdings, Jennings Brothers, Market Link Publishing, Premier Asset Management (also e.g.m.), Skillsgroup (e.g.m.), Victrex, Wolverhampton & Dudley Brewery.

Meetings: Oireachtas Joint Committee on Enterprise and Small Business presentation by Dunnes Stores on the supermarket industry in Ireland.

Indicators: Irish wholesale price index (Dec) and agricultural price indices (Nov); British CBI quarterly industrial trends survey (Jan); US consumer confidence (Jan); French consumer prices (Dec).

Others: British central bank governor Eddie George appears before new Lords committee on the bank's monetary policy committee; Publication of 5th EU Framework Programme in Ireland (Clontarf Castle, Dublin).

Wednesday

Results: Aromascan (H1), Northern Rock, Powerscreen International (H1).

A.G.M.: Aberdeen Emerging Econ, Blick, Capital Radio, Charlton Athletic, Fleming Indian Inv Tst, French, Morland, RM, Scottish Radio Holdings, Shaftesbury, Smith (WH).

Indicators: Irish capital assets (Q3); British world trade in goods (Nov); Japanese retail sales (Dec) and industrial production (Dec); German consumer prices (Jan) and M3 money supply (Dec).

Thursday

Results: Benson Crisps, Bryant Group (H1), International Greetings (H1), Medisys (H1), Misys (H1).

A.G.M.: Air Products & Chems, Caledonian Trust, Care UK, Denby Group, Enterprise Venture, Govett High Income, Paragon Group of Cos.

Meetings: World Economic Forum opens (Davos); Irish Association of Pension Funds seminar for fund trustees (UCD).

Indicators: Irish industrial earnings and hours worked (Sep); US employment cost index (Q4), durable goods (Dec).

Others: Moriarty Tribunal starts public hearings; US Federal Reserve chairman Alan Greenspan testifies before Senate Budget Committee; Foresight/ PwC Business Breakfast addressed by Mr Tom Healy, chief executive of the Irish Stock Exchange (Dining Hall, Trinity College, Dublin); Institute of Management Consultants in Ireland annual medal breakfast (Berkeley Court Hotel, Dublin).

Friday

Results: Derby Trust, Partridge Fine Art, Richards (H1), Stavert Zigomala (H1).

A.G.M.: Cooper (Frederick), Dominion Energy, Edinburgh Worldwide, Foresight Tech, IES Group, Scottish Investment Trust, Sears (e.g.m.), Vaux Rup.

Indicators: Irish retail sales index (Oct & Nov) and industrial production (Oct); US GDP (Q4) and Michigan Sentiment Survey (Jan); Euro zone consumer price index (Jan); Japanese unemployment (Dec) and consumer prices (Dec).