Euro fights for parity

As signs of discord on economic policy among member-states in the EU resurfaces, markets will be watching to see if the euro …

As signs of discord on economic policy among member-states in the EU resurfaces, markets will be watching to see if the euro can continue to hold its head above the crucial parity level with the US dollar.

Concern about German economic policy, in particular, is seen as encouraging the continuing decline of the new currency, which many expect to settle at around 98 US cents this week.

Monday

Results: Acal (H1), API Group, Carclo Engineering (H1), Coral Products (H1), Holiday Break, Honeybreak, South Staffs Water (H1), Treatt, Warner Estate.

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A.G.M.: Beacon IT (e.g.m.), Blacks Leisure Group (e.g.m.), Hercules Property (e.g.m.), Kleinwort Development, SR Pharma (e.g.m.), SVR Holdings (e.g.m.).

Indicators: EMU unemployment (Oct); British industrial production (Oct) and manufacturing output (Oct); US housing permits (Oct); Japanese leading indicators (Oct) and coincidental indicators (Oct); German manufacturing new orders (Oct).

Others: Information Society Commission Business Survey 1999 (Merrion Hotel, Dublin); Publication of IPA Administration Yearbook; Horizon starts trading.

Tuesday

Results: Acatos & Hutcheson (H1), AIT Group (H1), BTP (H1), Coflexip, Fletcher King (H1), Halma (H1), J David Sports (H1), Kelda (H1), KWS Saat, Landround, LotteryKing (H1), Mentmore Abbey (H1), Metroline, Powderjet Pharmaceuticals (H1), Scottish & Newcastle (H1) SSL International (H1), Ultraframe.

A.G.M.: G.R.Holdings.

Meetings: Teagasc agri-food millennium conference opens with delegates addressed by An Taoiseach, Mr Ahern (Green Isle Hotel, Dublin); Dresdner Kleinwort Benson investment conference (Merrion Hotel, Dublin).

Indicators: EMU business survey (Nov), industrial survey (Nov) and consumer survey (Nov); US productivity (Q3), unit labour costs (Q3) and US consumer credit (Oct); Japanese wholesale prices (Nov); German unemployment (Nov) and GDP (Q3); French official reserves (Nov) and household survey (Nov); Italian reserves (Nov).

Others: 1999 European of the Year award launch (Iveagh House, Dublin); Event to recognise junior achievements in Ireland (National Concert Hall, Dublin).

Wednesday

Results: Anglian Water (H1), Bass, Blick, Firth Rixson, Heals, MG, NFC, Sage Group, David S Smith (H1), Victrex.

A.G.M.: Chesterton Int'l, IES Group (e.g.m.), MAN, Mazaran Leisure (e.g.m.), Molins (e.g.m.), Multimedia Corp (e.g.m.), South African Breweries (e.g.m.).

Meetings: Bank of England monetary policy committee meets; Foundation for Fiscal Studies seminar on "Who Benefits from Child Benefit?" (Newman House, Dublin).

Indicators: German industrial production (Oct).

Others: Kingfisher issues trading statement.

Thursday

Results: Adobe Systems (Q4), Alba (H1), Athlone Extrusions (H1), Axa Colonia, HP Bulmer Holdings (H1), Compass Group, Courts (H1), Dewhurst, Eldridge Pope & Co, Fayrewood (H1), Fine Art Development (H1), First Technology (H1), Harvey Nicholls (H1), Heath (Samuel) (H1), Hyder (H1), Metaleurop (H1), National Semiconductor (Q2), NHP, Pennon Group (H1), RCO Holdings, Stagecoach Holdings (H1), Veba (Q3), Viag (Q3).

A.G.M.: AB Foods, Advance UK Trust, Hoescht, Jupiter European Inv, Terence Chapman Group.

Meetings: Bundesbank council meets.

Indicators: British housing starts/completions (Oct), construction new orders (Oct) and business trends; US import/export prices (Nov), wholesale trade (Oct), Chicago Federal Index (Oct); Japanese machinery orders (Oct).

Others: Bank of England's monetary policy committee interest rate announcement; Irish Stock Exchange publishes report on Ireland's capital markets (Shelbourne Hotel, Dublin).

Friday

Results: CSM, Grainger Trust, Lonmin, United Utilities (H1).

A.G.M.: Advanced Medical Solutions (e.g.m.), Core Group (e.g.m.), Debenhams, OMV (e.g.m.), Premier Direct, Steffen (e.g.m.), Stratagem Group, Triumph Adler (e.g.m.), Wolsley (also e.g.m.).

Indicators: EMU GDP (Q3); British machine tools (Nov); US producer prices (Nov) and US Michigan sentiment survey (Dec); French current account (Sep) and consumer prices (Nov).