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Monday
Indicators: Euro zone construction output (Dec).
Tuesday
Results: Green REIT, Kerry Group, Heidelberg Cement, Dominos Pizza, Home Depot, Walmart.
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Indicators: Euro zone economic sentiment index (Feb), consumer confidence flash (Feb); UK industrial trends orders (Feb); German consumer confidence (Mar), PPI (Jan), economic sentiment index (Feb), current conditions (Feb).
Meetings: Dublin Chamber Skills for Growth Workshop (Dublin Chamber, Clare Street, Dublin 2).
Wednesday
Results: Glanbia, Barratt Developments, Lloyds Banking Group.
Indicators: Euro zone composite PMI flash (Feb), manufacturing PMI flash (Feb), services PMI flash (Feb); UK public sector net borrowing (Jan), labour productivity (Q4), unemployment (Dec), average earnings (Dec); German composite PMI flash (Feb), manufacturing PMI flash (Feb), services PMI flash (Feb); US composite PMI flash (Feb), manufacturing PMI flash (Feb), services PMI flash (Feb).
Meetings: ECB non-monetary policy meeting; Bioenergy Future Ireland 2018 conference (Croke Park Conference Centre, Dublin 3); Biopharma Ambition Conference 2018 (Dublin Castle).
Changes to US tax policy will be of obvious concern to numerous industries, not least biopharmaceutical research which has long found a home in Ireland.
But things may not be so bad, according to PwC, which will host a tax workshop at the 2018 BioPharma Ambition conference at Dublin Castle on Wednesday.
"The fear that [policy changes] could produce a very different tax result in the analysis of future investment is real but the reality may be much less dramatic and more nuanced than companies might expect," said pharma life sciences leader Jean Delaney ahead of the event.
“As a gateway to the EU with access to over 500 million consumers, Ireland, having the highest performing euro zone economy through to 2024 combined with a 12.5 per cent corporate tax rate. . . remains a very attractive location.”
It’s an important image for a country that claims a central place in the world of biopharmaceutical research and manufacturing.
The two-day conference is hosted by an industry triumvirate of the Irish Pharmaceutical Healthcare Association (Ipha), BioPharmaChem Ireland and the National Institute for BioProcessing Research and Training (NIBRT).
The event, according to organisers, “will highlight the ambition of the industry for the health and wellbeing of populations” – a grand claim but one supported by two days of influential speakers.
More specifically, it aims to look at what research is showing the sector today and in so doing, how Ireland can remain at its centre.
Thursday
Results: Ires REIT, Ardagh, Saint-Gobain Group, Avis Budget Group, Arsenal Holdings, Biomarin Pharmaceuticals, Hewlett Packard, Shutterstock.
Indicators: Iris wholesale prices (Jan); UK GDP (Q4), business investment (Q4); German business climate (Feb), current conditions (Feb), expectations (Feb).
Meetings: Talent Summit 2018 HR and Leadership conference (Convention Centre Dublin); Radio Days industry conference (Gibson Hotel, Dublin); ESRI seminar On the Rapidity of Ireland's Recovery (ESRI, Sir John Rogerson's Quay, Dublin 2).
Ires REIT posts full year results on Thursday at a time when it seems difficult to put a foot wrong in property investment.
Davy is expecting more good things from the company, “another set of solid results”, bringing the total return for the year to 13.2 per cent. In each of the next three years, this return is expected to hold in the region of 9 to 11 per cent.
“The outlook for rent growth at Ires remains strong given the supply/demand imbalance in the residential sector despite the 4 per cent rent caps,” Davy said in its pre-reporting note.
It forecasts a final dividend of 2.7 cents per share giving a full year dividend of 5.2 cent per share and a dividend yield of 3.7 per cent.
Things look similarly healthy at Green REIT whose interim results come out on Tuesday.
Davy anticipates it reporting results in line with the last net asset value (NAV) in June of 165.6 cent per share, with underlying growth offsetting the impact of stamp duty rising from 2 per cent to 6 per cent.
“Its assets are 95 per cent prime; the quality of its buildings are excellent, having previously executed several disposals; its top 10 tenants are entirely blue chip.”
Friday
Results: Kingspan Group, IAG, William Hill.
Indicators: Irish county incomes and regional GDP figures; Euro zone inflation (Jan); German GDP (Q4).