Fed to move first on rates

With the European Central Bank not expected to adjust rates at its meeting this week, most attention will focus on US economic…

With the European Central Bank not expected to adjust rates at its meeting this week, most attention will focus on US economic data and their likely impact on the meeting of the US Federal Reserve's open markets committee next week.

The Fed is expected to cut rates by half of one percentage point. While US retail sales figures tomorrow are likely to show growth, more attention will be paid to all-important consumer confidence on Friday. The Michigan University report hit a seven-year low in February and more bad news would weigh heavily on Fed decision makers.

At home, inflation figures for February will be watched for reassurance that the recent downward trend will continue.

MONDAY

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Results: Biofocus, Bovis Homes Group, Brake Bros, Candover Investments, eBookers.com, Emblaze Systems, Fairey Group, Heywood Williams, IMI, Infobank International Holdings, Knowledge Support Systems, Mission Testing (H1).

Meetings: Ecofin meeting (Brussels); EU internal ministers meeting (Brussels).

Indicators: EMU labour costs (Q3) and interest rates (Feb); British producer prices (Feb); German wholesale prices (Feb).

TUESDAY

Results: Abbot Group, Accor, Aegis Group, Asda Property Holdings, Axon Group, C D Bramall, Charter, Credit Suisse, Millennium and Copthorne, Pharmagene, Relyon Group, Retail Decisions, Taylor Woodrow, The Morgan Crucible Company, Wolseley (H1).

Meetings: American Chamber of Commerce Ireland lunch addressed by Mr Newt Gingrich; Masterclass for managing directors and chief executives (Four Seasons Hotel, Dublin); Leinster Society of Chartered Accountants addressed by Mr Ronan Reid on Dolmen Butler Briscoe.

Indicators: French inflation (Feb); US retail sales (Feb); German current account (Jan) and trade balance (Jan).

WEDNESDAY

Results: Anglo American, Axa, BASF, Biomet (Q3), Carillion, Celltech Group, Clydeport, Computacenter, Dresdner Bank, Financial Objects, Interbrew, Intercare Group, iTouch (Q4), Kingfisher, Litho Supplies, Lookers, Patsystems, Smiths (H1), Tilbury Douglas, Trafficmaster, Wyevale Garden Centres.

A.G.M.: Einstein Channel, First Choice Holiday, Yeoman Inv Trust (e.g.m.).

Meetings: Seminar on changes to PAYE system and dealing with short tax year (BDO Simpson Xavier, Dublin); IBEC breakfast seminar on outsourcing IT services (Citywest Hotel, Dublin)

Indicators: EMU balance of payments (Q4); Irish industrial production (Jan); US business inventories (Jan); British unemployment (Feb), average earnings (Jan) and unit wage data (Jan); German consumer confidence (Feb); French trade balance (Jan).

THURSDAY

Results: Adobe Systems (Q1), Agfa-Gevaert, Alfred McAlpine, Alkane Energy, Bayer, BMW Group (Q4), Churchill China, Corus Group, Ducati, Highcroft Investments, Geest, Iceland, Indigovision Group (Q2), Management Consultants, Kier Group (H1), Nedlloyd, Oxford Glycosciences, P&O, Premier Farnell, RMC, Roxboro Group, Suez Lyonnaise, Tektronix (Q3), Trinity Mirror, UBS.

A.G.M.: Lynx Group (e.g.m.).

Meetings: European Central Bank meets (Frankfurt); Dublin 2001: New World, Old World conference (Berkeley Court Hotel, Dublin to Fri).

Indicators: Irish external trade (Nov); US current account (Q4), import/export prices (Feb) and Philadelphia federal survey (Mar); British retail sales (Feb); Italian industrial production (Jan); Japanese industrial production (Jan); French non-farm payrolls (Q4).

FRIDAY

Results: Pernod Ricard, Publicis, Schering, Swatch.

A.G.M.: BG Group (e.g.m.), RPS Group (e.g.m.).

Indicators: EMU inflation (Feb); Irish inflation (Feb); French current account (Dec); US building permits (Feb), housing starts/completions (Feb, producer prices (Feb), industrial production (Feb), capacity utilisation (Feb) and Michigan sentiment survey (Mar).