This Week: The lazy summer markets are likely to get a jolt this week from key US employment data and the European Central Bank's September policy meeting, after weeks of slow trading.
Bonds and currency markets have found little fundamental direction during the traditionally thin August trading season, following the excitement of a revaluation of the yuan in late July.
US non-farm payrolls data for August on Friday will be scoured for clues about the continued pace of US interest rate rises, after 10 straight hikes to the current 3.5 per cent. Wall Street economists are split over whether there will be two or three more hikes this year.
The minutes of the Federal Reserve's August policy meeting are to be released tomorrow. Any comments on inflation are likely to be of particular interest, with analysts giving a mixed reading to the Fed's recent remarks on the subject. Comment from Fed chairman Alan Greenspan at the Jackson Hole meeting over the weekend will only intensify speculation.
The ECB meets in Frankfurt for the first time in two months on Thursday, following a telephone conference in August.
There is broad consensus that the governing council will leave rates unchanged at 2 per cent for the 27th consecutive month. But comments by ECB President Jean-Claude Trichet after the rate decision will be crucial, with economists widely expecting the ECB to raise rates next year.
On the corporate front the week signals the start of the Irish interim reporting season with CRH, Kerry, Glanbia, Paddy Power and FBD all reporting figures. Full-year figures from Diageo are also due and, while expected to be strong, they are unlikely to hold much cheer for the Guinness brand. - (Reuters)
Monday
Results: Datalogic (H1), Hudson's Bay Company (Q2).
Indicators: British CBI distributive trades index (Aug); German GfK index (Sep); Japanese unemployment (Jul), retail spending (Jul) and household spending (Jul).
Others: Bank holiday in the UK.
Tuesday
Results: 1st Dental Laboratories (H1), Bunzl (H1), China National Offshore Oil Corp (H1), CRC (H1), CRH (H1), Filtrona (H1), Hammerson (H1), Home Entertainment, Kerry Group (H1), Metal Bulletin (H1), Nordex (H1), Pacific Horizon, TF1 (H1).
AGM: Fresenius Medical (egm).
Indicators: US consumer confidence (Aug), factory orders (Jul), steel imports (Jul prel) and durable goods (Jul rev); British consumer credit (Jul), M4 data (Jul) and mortgage lending (Jul); Italian producer prices (Jul) and consumer prices (Aug); Japanese purchasing managers' index of manufacturing (Aug) and industrial production (Jul).
Wednesday
Results: Altadis (H1), Ark Therapeutics (H1), Clarkson (H1), Costain (H1), Dicom, Euronext (H1), FBD (H1), Glanbia (H1), Indus Holding (Q2), Inion (H1), Johnston Press (H1), LogicaCMG (H1), Mannesmann (Q2), March Networks (Q1), Morse, Paddy Power (H1), Pinewood Shepperton (H1), Sanofi-Aventis (H1), Serco (H1), Signet (H1), Tiffany (Q2).
AGM: Wembly (egm).
Meetings: Oireachtas Joint Committee on Enterprise and Small Business discusses prices and statistics with representatives of the Central Statistics Office.
Indicators: Euro-zone GDP (Q2 rev); US GDP (Q2 prel); British GfK survey (Aug); German unemployment (Aug) and retail sales (Jul); Italian retail sales (Jul); Japanese housing starts (Jul) and construction orders (Jul).
Others: Trading statement from C&C; US Federal Reserve releases minutes of August meeting of the open markets committee; UTV unveils autumn programme schedule; US weekly petroleum stocks and output data.
Thursday
Results: Amec (H1), Avis Europe (H1), Axis Shield (H1), Baillie Gifford (H1), BBA (H1), Carrefour (H1), Ciena Corp (Q3), Del Monte Foods (Q4), Diageo, Groupe Danone (H1), Hunting (H1), KBC (H1), Melrose Resources (H1), Molins (H1), Rathbone Brothers (H1), Skillsoft Group (Q2), Scor (H1), Workspace Group (Q1).
AGM: Berkely Group.
Meetings: European Central Bank governing council meets.
Indicators: Euro-zone purchasing managers' index (PMI) manufacturing (Aug) and unemployment (Jul); Irish NCB PMI manufacturing (Jul) and overseas travel (Jun); US Institute of Supply Management manufacturing index (Jul), personal income/spending (Jul), vehicle sales (Aug) and construction spending (Jul); British PMI manufacturing (Jul); German PMI manufacturing (Jul); French PMI manufacturing (Jul); Italian PMI manufacturing (Jul); Swiss PMI manufacturing (Jul) and consumer prices (Aug).
Others: Economic and Social Research Institute publishes "Trends in Welfare for Vulnerable Groups Ireland 1994-2001"; Former European Union trade commissioner Pascal Lamy takes over as director-general of the World Trade Organisation from Supachai Panitchpakdi.
Friday
Results: Air France-KLM (Q1), Electrabel (H1), Laurus (H1), L'Oréal (H1), Neteller (H1), Rank Group (H1), RTL (H1), JD Wetherspoon.
AGM: Greene King.
Meetings: Italian cabinet meeting likely to discuss the situation of Bank of Italy governor Antonio Fazio; Annual closed-door conference of Italian bankers, business leaders and politicians (to Sun)
Indicators: Euro-zone producer prices (Jul); Irish Live register (Aug); US unemployment (Aug), layoffs (Aug), average earnings (Aug) and average working week (Aug); Italian EU trade (Jun).
Others: United Nations Conference on Trade and Development (UNCTAD) issues its annual Trade and Development Report in Geneva.
