Fed weighs up bias on interest rates

The Federal Reserve meets tomorrow for the first time since some bullish comments from chairman Mr Alan Greenspan about the state…

The Federal Reserve meets tomorrow for the first time since some bullish comments from chairman Mr Alan Greenspan about the state of the US economy and the end of any recession. The Fed's open markets committee is not expected to alter rates; instead the focus will be on whether it changes its "bias", indicating rate rises in the next few months.

At home, the fall-out from the Ludwig report into fraud at AIB is likely to overhand the week, with mixed views, especially abroad, on the effectiveness of the board response to the report.

On the results' front, UTV, National Toll Roads and Qualceram all report full-year figures over the course of the week, as does Bombardier, whose fortunes will impact on jobs in the North.

Monday

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Results: Aero Inventory (H1), Analogic (Q2), Biocompatibles, Collins Stewart Holdings, Corus, CrΘdit Agricole, E-bookers, Imprint Search & Selection, Hydro International, JC Decaux, Laing (John), Litho Supplies, Premier Farnell, Redbus Interhouse, Roxboro Group, Tarsus Group, Taylor Nelson Sofres, Ulster TV.

A.G.M.: Antisoma (e.g.m.), Harvey Nash (e.g.m.), QA.

Meetings: EU trade ministers hold informal meeting (Toledo, Spain); OECD conference on biotechnology and sustainable development (Alexandria, Eqypt - to Wed); UN conference on financing for development (Monterrey, Mexico - to Wed).

Indicators: EMU consumer prices (Feb); German consumer prices (Mar, prelim).

Others: Bank holiday in Ireland but stock exchange open.

Tuesday

Results: Abbot Group, Affinity Internet, Amey, Ashtenne Holdings, BMW, Bombardier (Q4), BPB Holdings, CD Bramall, Corac Group, Degussa, Freeport (H1), Goldman Sachs (Q1), Host Europe, Intercare Group, International Power, ITouch, Gullane Entertainment, Menzies (John), Peterhouse Group, Red Hat (Q4), Secure Trust Banking, Sopheon, Taylor Woodrow, Watermark Group, Wolseley (H1).

Meetings: US Federal Reserve open markets committee meets; Dβil Committee of Public Accounts discusses progress report on implementation of Dirt Report recommendations; International Industry Trade Show (Paris - to Sun).

Indicators: US international trade (Mar) and National Association of Housebuilders survey (Jan); British retail prices (Feb); Japanese leading economic indicators (Jan).

Others: Vote on Hewlett Packard-Compaq merger; Fine Gael publish economic framework for Ireland (2002-06); Insurance Ombudsman of Ireland publishes annual report; Mr Peter Sutherland addresses 25th anniversary Prince's Trust Northern Ireland final (Harbour Office, Belfast); National centre for Partnership and Performance publishes strategy for 2002-05.

Wednesday

Results: 4Imprint Group, Bear Sterns (Q1), Bloomsbury Publishing, Bodycote International, Castorama, Corporate Services Group, Danisco (Q3), FedEx (Q3), General Mills (Q1), Hermes, IQE, Interbrew, Kidde, Kingfisher, Kuoni, Lehman Brothers (Q1), National Express, Slough Estates, Stines, Technip-Coflex, Telspec.

A.G.M.: Beale, Granada, Knox D'Arcy Trust.

Meetings: European bank for Reconstruction and Development seminars on investing in central and eastern Europe and Commonwealth of Independent States (Berkeley Court Hotel, Dublin); Irish Association of Pension Funds annual conference (Dublin Castle); Goodbody SummiT conference (O'Reilly Hall, UCD - to Thurs); Wireless Wednesday discussion on "Wireless Investment - For Growth or Survival" (Burlington Hotel, Dublin); Japan monetary policy meeting.

Indicators: US housing starts (Feb) and Budget (Feb); British unemployment (Feb), average earnings (Jan), unit wages (Jan), Exchequer data (Feb) and M4 data (Feb); French consumer spending (Feb); Italian consumer confidence (Mar).

Others: NCB publishes report on "Women, The Economy and The Stock Market"; Launch of new Euroclass market for middle-sized companies in Europe (Paris); Bank of England releases minutes of March monetary policy committee meeting.

Thursday

Results: 3Com (Q3), Barnes & Noble (Q4), Cobham, Development Securities, E.On, France Telecom, Global Group, Gucci, Highbury House Comm, Mobilcom, Next, Nike (Q3), NSB Retail, NTR, Orange, Oxford Glycosciences, Palm (Q3), Qualceram Shires, Selfridges, Service Power, Skandia, Solectron (Q2), Swatch, Taylor & Francis Group, T-Online (Q4), WM Morrisons.

A.G.M.: Amer, Glow Comms (e.g.m.), Nokia, Novartis.

Meetings: European Central Bank governing and general council meeting (Frankfurt); NCB Irish Equity conference (Four Seasons Hotel, Dublin - to Fri); Dβil Committee of Public Accounts examines accounts of Campus and Stadium Ireland 2000.

Indicators: Irish non-EU trade (Jan); US consumer prices (Feb) and leading indicators (Feb); British retail sales (Feb), German producer prices (Feb), wholesale turnover (Feb) and construction orders (Jan); Argentine GDP (Q4).

Others: Minutes of January Federal Reserve open markets committee meeting published; Institute of Bankers in Ireland launches MBA programme with Manchester Business School; Public holiday in Japan.

Friday

Results: AGA Foodservice, Erste Bank, H&M (Q1), Munich Re, Solvay, Telecom Austria.

A.G.M.: Baronsmead, Ciba, Downtex, Merck, Shires Smaller, Trust of Property Shares.

Meetings: Institute of European Affairs economists' group meeting addressed by Mr Tom Ferris of Department of Enterprise, Trade and Employment on "Regulatory Governance: An Evolving Process for Public Utilities".

Indicators: EMU trade balance (Jan), current account (Jan), labour costs (Q4) and earnings (Q4); Irish industrial production (Jan) and vehicle licensing (Q4); French current account (Jan) and consumer prices (Feb).

Others: Hong Kong Economic & Trade Office, Hong Kong Trade Development Council and Dublin Chamber of Commerce business lunch (Shelbourne Hotel, Dublin)