The size of an almost inevitable interest rate cut by the Bank of England on Thursday will be the main focus for Britain's financial markets in the coming week as members of the euro zone, including Ireland, assess the immediate impact of last week's co-ordinated rate cut, analysts said.
In the United States, markets will be looking at retail sales data at the end of the week, while in Germany unemployment numbers tomorrow will be key.
"Every man and his dog are seemingly now expecting a base rate change," Mr John Shepperd, capital markets economist at Dresdner Kleinwort Benson in London, said.
He said December short sterling was pricing in a 25 basis point easing. But analysts said the market was split on whether the cut would be for 25 or 50 basis points.
A survey of economists in the euro zone carried out in the aftermath of last Thursday's rate cut was not optimistic about the move bringing about the sought-after resurgence in Continental economies. All 14 economists polled said they had not changed their 1999 growth forecasts for the 11-nation single currency zone following the unprecedented co-ordinated rate cut.
MONDAY
Results: Acal Ashquay Group (H1), British Land (H1), Carclo Engineering (H1), Colbus Group (H1), Jarvis (H1), Norbain (H1), Phytopharm, Powderjet Pharmaceuticals (H1), Premier Asset Management, Spring Group (H1), Tops Estates (H1).
A.G.M.: Kleinwort Dev Fund.
Meetings: Bank for International Settlements Group of 10 central bankers regular monthly meeting (Basle); European Union environment ministers meet.
Indicators: Irish total external trade (Aug) agricultural output, input and income figures; British industrial production (Oct) and manufacturing output (Nov); US consumer credit (Oct); German manufacturing new orders (Oct).
Others: Minister for Public Enterprise Ms O'Rourke introduces 1998 European of the Year award; Dundalk Chamber of Commerce Business Lunch addressed by Fine Gael leader Mr John Bruton (Ballymascanlon House Hotel); Publication of 1998 employment survey of the tourism industry; AIB lunch to honour Ms Aida Alvarez, administrator of the US Small Business Administration, attended by Tanaiste Ms Harney (Conrad Hotel, Dublin); German round-table jobs talks due to start.
TUESDAY
Results: Aberdeen Asset Management, Berkeley Group (H1), Boustead (H1), Brewin Dolphin (Q3), BSS Group (H1), BTP (H1), Drew Scientific (H1), Hozelock Group, Jasmin (H1), Landround, LucasVarity (Q3), Prism Rail (H1), Scottish & Newcastle (H1), Ultraframe, VHE Holdings (H1).
A.G.M.: Rapid Technology.
Meetings: Oireachtas Joint Committee on Enterprise and Small Business.
Indicators: German unemployment (Nov).
Others: Information Society Commission releases survey on the state of readiness of Irish business for the information society; Bank of Ireland introduces savings and investment interactive website.
WEDNESDAY
Results: Adval Group (H1), Apollo Metals, Austrian Airlines (Q3), Courts (H1), Firth Rixson, Greenalls, Heals, Metroline, Prelude Trust (H1), Sage Group, Scottish Hydro Electric (H1), SHL Group, David S Smith (H1).
A.G.M.: BWI, Irish Press (e.g.m.).
Meetings: British monetary policy committee meeting (to Thurs); Irish German Business Association members meeting followed by a lecture given by Irish Finance Minister Mr McCreevy (Frankfurt); The WTO's ruling general council meets (Geneva).
Indicators: US current account (Q3).
THURSDAY
Results: HP Bulmer (H1), Compass, Countryside Properties, Daily Mail & General Trust, Fine Art Developments (H1), First Technology (H1), Hadleigh (H1), Samual Heath & Sons (H1), Howle Holdings, M Currie (H1), Racal Electronics (H1), Reliance Security (H1), Sibir Energy (H1), Stagecoach (H1).
Meetings: IAPF seminar on investment in forestry, property and venture capital (UCD).
Indicators: Irish consumer prices (Nov); US wholesale trade (Oct); French consumer prices (Nov).
Others: IBEC's telecommunications policy committee publishes a major strategy document; Russian government meeting to consider 1999 draft budget prepared by finance ministry.
FRIDAY
Results: Atlantic Telecom (H1), Bradstock Group, Eldridge Pope, Grainger Trust, Proteus Intl (H1); Warner Estate Holdings.
Meetings: Summit of EU heads of state (Vienna to Sat).
Indicators: Irish employment in construction (Oct); US retail sales (Nov), producer prices (Nov) and Chicago Federal Index (Oct); British machine tools (Oct); French current account (Sep).
Others: Deadline for UTV to decide whether or not to accept ITC terms for renewal of its licence.
