A SERIES of economic data, particularly from the United States, last week raised hopes that the world's largest economy could yet stave off recession. Close attention will therefore be paid to a raft of data out of the US this week.
In Europe, the week starts with a celebration of the 10th anniversary of the European Central Bank, before both it and the Bank of England meet to decide their respective positions on interest rates.
There was never any realistic prospect of a rate cut in the euro zone and last week's accelerating inflation figures only served to confirm that position.
MONDAY
Meetings: EuroGroup finance ministers are meeting in Frankfurt.
Indicators: Euro-zone purchasing managers index (PMI) manufacturing (May); US Institute of Supply Management manufacturing index (May) and new construction figures (Apr); British consumer credit (Apr) and PMI manufacturing (May); German PMI manufacturing (May); French PMI manufacturing (May); Italian PMI manufacturing (May).
Other: Bank holiday in Ireland; official ceremony to mark the
10th anniversary of the European Central Bank (Frankfurt); US treasury secretary Henry Paulson visits the United Arab Emirates.
TUESDAY
Results: Bouygues (Q1), Carphone Warehouse, Laurent-Perrier. Ryanair, United Utilities.
Meetings: Ecofin (Luxembourg); OECD Forum 2008. Reform to Perform - Towards a More Prosperous, Stable and Sustainable Futureand Climate Change, Prosperity and Stability (Paris - to Wednesday).
Indicators: Euro-zone producer prices (May) and GDP (Q1 - 2nd est); Irish purchasing managers index (PMI) manufacturing (May); US durable goods, factory orders and motor sales (Apr).
WEDNESDAY
Results: Sportingbet (Q3).
Meetings: Aminex agm; Bombardier agm; Bank of England monetary policy committee meeting (to Thurs).
Indicators: Euro-zone purchasing managers index (PMI) services (May); Irish Exchequer returns and PMI services (May); US productivity (Q1), layoffs (May) and Institute of Supply Management services index (May); British PMI services (May); German PMI services (May); French PMI services (May); Italian PMI services (May).
Other: OECD presents latest analysis and growth projections for world's major economies;
UK chancellor Alistair Darling gives evidence to Treasury Select Committee;
Trading update from Kingfisher; US Federal Reserve chairman Ben Bernanke speaks at Harvard University; Traffic figures from British Airways.
THURSDAY
Results: Ciena (Q2), Del Monte (Q4), Halfords, Johnson Matthey, Mittel (H1), Premier Farnell (Q1), Severn Trent.
Meetings: ECB governing council meets; Blackrock International Land agm; EirGrid chief executive Dermot Byrne addresses Oireachtas Joint Committee on Communications, Energy and Natural Resources on the East/West Interconnector, Kingfisher agm, Morrisons agm, Moss Bros agm; 7th Munich Economic Summit (to Friday).
Indicators: Irish Quarterly National Household Survey (Q1); German industrial orders (Apr).
Other: Bank of England announces decision on interest rates; Trading updates from PZ Cussons, WH Smith; Traffic figures from Air Berlin.
FRIDAY
Results: Hornby.
Meetings: Aer Lingus agm; AGI Therapeutics agm; Signet agm.
Indicators: US employment (May) and consumer credit (Apr); German industrial output (Apr); French external trade (Apr).
Other: Small business lobby ISME publishes its crime survey for 2008; Traffic figures from EasyJet.
