ECB rate cut enters realm of the possible

A cut in rates by the European Central Bank when it meets on Thursday has become a distinct possibility following what appears…

A cut in rates by the European Central Bank when it meets on Thursday has become a distinct possibility following what appears to be a carefully co-ordinated series of pronouncements from senior figures in the bank. From president Mr Jean Claude Trichet down, there is growing concern at the inability of European economies to shake off the stupor.

On the economic front, there will also be close attention paid in Washington to jobs data due out on Friday, as the Bush Administration looks for good news to offset bad press in recent weeks on other fronts.

At home, offshore account holders have only until close of business today to make voluntary disclosures of their liabilities before Revenue launches an investigation.

All sides will appear before an Oireachtas committee over two days to address the pace of reform in the insurance sector and debate how best to make further progress.

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Baltimore Technologies, whose board is coming under increased pressure from its largest shareholder, will report annual figures on Wednesday.

Monday

Results: 4Imprint Holdings, Alexon, Gyrus, James Halstead (H1), Hanover Re, Juventus, Melrose Resources, Metal Bulletin, Orad Hi-Tec Systems, Paramount (H1), Parmalat Finanzaria, Regus, Wellington Holdings.

A.G.M.: Charter Pan-European, P&O (e.g.m.).

Meetings: National Conference Showcase 2004. (Shelbourne Hotel, Dublin - to Tues)

Indicators: Irish foreign trade (Jan); German GfK index (Apr).

Others: Revenue deadline for voluntary disclosure of offshore accounts.

Tuesday

Results: Advanced Medical Solutions, Benetton, Continental, Deutsche Telekom, Maiden, MAN, Manchester United (H1), Qualceram Shires, Swiss Life, TT Electronics, Wella, Whatman.

A.G.M.: BWD Securities, Enterprise Inns (e.g.m.), Kensington, Real Affinity (e.g.m.).

Meetings: IAPF annual investment conference on "More Medicine Required or Making a Recovery?" (Westbury Hotel, Dublin); Conference on "Doing business with New Zealand and Australia" (Enterprise Ireland, Dublin); 5th Annual Finance Dublin Conference 2004. "Utilising the Irish Franchise to grow your company's operations" (Burlington Hotel, Dublin - to Wed).

Indicators: US consumer confidence (Mar), and steel imports (Jan); British GfK survey (Mar); French producer prices (Feb); Italian producer prices (Feb);

Others: Urban Institute Ireland public lecture on "Dublin, planning for a better future" by Dublin city architect Mr Jim Barret.

Wednesday

Results: Baltimore Technologies, Bristol & London, Capital Radio, Clinton Cards, Dana Petroleum, Deutsche Börse, GWR, HGG, Kesa Electricals, Sanctuary, SRH, Television Corp, Yoomedia, Wireless Group.

A.G.M.: International Real Estate, ISS, Liberty International, Rhodia.

Meetings: Tánaiste, Ms Harney, addresses Oireachtas Joint Committee on Enterprise and Small Business on reform of Irish insurance market; OPEC meets to set production policy for second quarter (Vienna); IAIM annual retail investment funds survey (Merrion Hotel, Dublin); RecruitIreland.com breakfast seminar on "The Irish and EU Labour Market - What changes to expect after May 1st, 2004" (Conrad Hotel, Dublin).

Indicators: Irish monthly lending figures (Feb), GDP (Q4), industrial employment (Q4), industrial earnings and hours worked (Q4); industrial disputes (Q4) and balance of international payments (Q4);

Others: 11th annual report of the Insurance Ombudsman of Ireland published; Trading statement from mmO2.

Thursday

Results: Aareal Bank, Alpizyme, Gucci, Icon, IFG, Scor, UCM.

A.G.M.: Haslemere.

Meetings: European Central Bank governing council meets; ICAI annual practice conference (Great Southern Hotel, Killarney - to Fri); Irish Pharmaceutical Union makes presentation to Oireachtas Joint Committee on Health and Children; Oireachtas Joint Committee on Enterprise and Small Business hears from Minister for Justice, Mr McDowell, insurance companies, the Irish Hotels Federation and Alliance for Insurance Reform on insurance market reform; Oireachtas Sub-Committee on European Scrutiny discusses the draft report on the Lisbon Strategy; Dáil Committee of Public Accounts debates Bord na gCon accounts for 2002.

Indicators: Euro-zone unemployment (Feb); Irish purchasing managers' index (PMI) manufacturing (Mar); US institute of Supply Management manufacturing index (Mar); British PMI manufacturing (Mar); German PMI manufacturing (Mar); French consumer confidence (Mar) and PMI manufacturing (Mar); Italian PMI manufacturing (Mar); Swiss consumer prices (Mar);

Friday

Results: Cluff Mining, Goldhawk Insurance Holdings.

A.G.M.: Clariant, Heavitree Brewery, Outokumpu, Theratase (e.g.m.).

Meetings: Ecofin holds informal meeting (Punchestown).

Indicators: Euro-zone retail sales (Feb) and producer prices (Feb); Irish unemployment (Mar) and earnings/hours worked in construction (Dec); US employment.

Earnings and Hours Worked in Construction

Others: Northern Rock trading statement