Keeping tabs on Japan

Having recovered from the buffeting induced by collapse around the Far East, the markets are facing a new round of jitters following…

Having recovered from the buffeting induced by collapse around the Far East, the markets are facing a new round of jitters following the slump on Japan's key Nikkei index over the last week. In the wake of its retreat to a two-year low on Friday, the Nikkei is bound to attract scrutiny when dealers return to their desks this morning.

Specifically, analysts are worried both that a collapse of the Japanese market - sparked by disbelief in the government's ability to kickstart an ailing economy - might undermine western share values and that the general malaise in Far Eastern economies might have knock-on effects on markets closer to home.

Further uncertainty has been created by the ongoing confrontation between Iraq and the United States.

Monday

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Results: Adare (H1), British Steel (H1), Credit Suisse Group (Q3), EMAP (H1), Grantchester Holdings, 600 Group (H1), Kvaerner (Q3), Lyons Irish Holdings (H1), Unigate (H1).

A.G.M.: Gartmore Smaller.

Meetings: EU economic and finance ministers meet; social affairs ministers to also attend; (Brussels); EU farm ministers meet (Brussels).

Indicators: US industrial production (Sep) and capacity utilisation (Sep); German Ifo economic research institute business climate index (Nov); Japanese industrial production (Sep).

Others: Bord Pleanala hearing in Dublin on McEvaddy/Aer Rianta airport plan dispute; German Banking Association autumn news conference; Institute of Taxation week of activities to mark 30th anniversary.

Tuesday

Results: BOC, De La Rue (H1), Enterprise Inns, Glasgow Income Trust, Northern Foods (H1), Vodafone Group (H1).

A.G.M.: Schroder Japan Growth.

Meetings: Bank of France governor and nominee to head European Central Bank, Mr JeanClaude Trichet addresses Institute of European Affairs; Institute of Taxation seminar on "legal, accounting, commercial and taxation implications of EMU (O'Reilly Hall, UCD); Taoiseach, Mr Ahern addresses National Women's Council of Ireland on "Who Makes the Decisions in 1997 a Review of Gender Balance on State Boards; IBEC Competition Policy Conference (University Industry Centre, Dublin).

Indicators: British PSBR (Oct); US consumer prices (Oct), business inventories (Sep) and real earnings (Oct).

Others: Union of Industrial and Employers' Conferations of Europe (UNICE) news conference on "UNICE's priorities for European employment summit"; Taoiseach, Mr Ahern launches Dublin Brewing Company's Darcys Dublin Stout; National Treasury Management Agency gilt auction.

Wednesday

Results: Century Inns, Courtaulds (H1), Dawson International (H1), Ferraris Group, Glaxo Wellcome (10-month), Meyer International (H1), National Power (H1), Safeway (H1), Standard Life.

A.G.M.: Athlone Extrusions (e.g.m.), International Biotech.

Indicators: British retail sales (Oct); US housing starts (Oct) and import/export prices (Oct); Japanese trade balance (Oct).

Others: Minister for Public Enterprise, Ms O'Rourke launches Institute of Taxation publications; Leinster Society of Chartered Accountants in Ireland published accounts awards (Burlington Hotel, Dublin noon).

Thursday

Results: BG (Q3), Fibernet Group, Glenmorangie (H1), Granada, Powell Duffryn (H1), Powergen (H1), Storehouse (H1), Tomkinsons, Tweefontein United.

A.G.M.: Barratt Developments, Manchester United, Waterman Partnership.

Meetings: Bundesbank council regular policy meeting; Luxembourg EU presidency hosts EU summit on unemployment; Revenue Commissioners at Dail Committee on Public Accounts.

Indicators: British building societies net mortgage approvals (Oct), vehicle production (Oct) and GDP (Q3), M4 data (Oct) and monthly trends survey (Nov); US international trade (Sep), weekly jobless claims, Philadelphia Fed Survey (Nov) and US weekly monetary data.

Others: ISME publishes analysis of performance of Irish-owned manufacturers.

Friday

Meetings: EU development ministers meet (Brussels); German Christian Social Union annual party congress opens; Institute of Taxation seminar on "What has Self-Assessment Meant to Tax Consultants" (O'Reilly Hall, UCD); Irish Exporters Association national exports forum (IMI).

Indicators: French industrial production (Sep).