Looking to the future

Inflation data in Europe and signals from the US on interest rates will dominate in a traditionally quiet week in the run-up …

Inflation data in Europe and signals from the US on interest rates will dominate in a traditionally quiet week in the run-up to Christmas.

In the absence of the expected year-end rally in equities, traders will be looking for some indication of the direction of trade after the holiday.

The general view is that euro zone inflation will move higher when the figures are published tomorrow, largely as a result of higher energy prices. Subsequent falls in the oil price and the stronger euro would see inflation slow this month.

Economists polled said the headline rate will rise to 2.8 per cent year on year from 2.7 per cent in November, well above the ECB's 2.0 per cent target.

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Also tomorrow, the Federal Open Markets Committee is widely expected to move to end its current tightening cycle and state that the economy's risks are balanced between sliding growth and inflation.

Monday

Results: ID Data (H1), Net, Wustenrot.

A.G.M.: BGR (e.g.m.), Fibernet (e.g.m.), Glenchewton (e.g.m.), Henderson Far East Inc, Macfarlane Group (e.g.m.), Mercury Keystone IT, Nordhaeuser, Permasteelisa, Recognition Systems, RPS Group (e.g.m.), Tadpole Technology (e.g.m.), Toro Assicurazione (plus e.g.m.), Wireless Group (e.g.m.).

Meetings: European Union-US Summit (Washington).

Others: Irish Dairy Board publishes end of year review; Minister for Labour, Trade and Consumer Affairs Mr Tom Kitt introduces pilot online small claims procedure.

Tuesday

Results: Stavert Zig.

A.G.M.: Aeroporto Fire (e.g.m.), Exeter Investment Group, Foreign & Colonial Eurotrust, Hilgers, Italgas (e.g.m.), Lowland Investment Co, Terence Chapman Group.

Meetings: US Federal Reserve open markets committee meets; EU-Canada Summit (Ottawa).

Indicators: EMU inflation (Nov); Irish non-EU trade (Oct), agricultural price indices (Oct) and wholesale price index (Oct); US trade balance goods and services.

Others: Central Bank publishes winter bulletin; NCB introduces online stockbroking educational programme for retail investors.

Wednesday

Results: Bertrandt, Danisco (H1), Gontard Metall.

A.G.M.: Bett Bros, ENIC, Foreign & Col Emerging, IFG (e.g.m.), Leicester City, Nottingham Forest.

Meetings: WTO dispute settlement body meets on EU request for panel to check compliance of US export tax programme (Geneva).

Indicators: Irish total external trade (Oct) and tourism and travel (Q3); British M4 money supply and Exchequer borrowing; German producer prices (Nov); Japanese GDP (Q3).

Others: OECD publishes economic review and outlook; Minutes of last Bank of England monetary policy committee meeting published.

Thursday

Results: Delancy (H1), DG Bank, Kalamazoo, Peel Holdings (H1).

A.G.M.: Aberdeen Asset Management, APK Investments (e.g.m.), City of London PR (e.g.m.), Oakhill (e.g.m.), Sanderson Bramall (e.g.m.), Special Utilities IT.

Meetings: Dail Select Committee of Public Accounts meets.

Indicators: Irish employment in construction (Sep); British GDP (Q3); US GDP (Q3), Michigan Sentiment survey (Dec) and Philadelphia Federal index (Nov).

Others: European Central Bank publishes monthly bulletin.

Friday

A.G.M.: International Biotechnology, Martin International (e.g.m.), Skillsgroup, Tenon (e.g.m.).

Meetings: EU telecoms ministers meet (Brussels).

Indicators: British trade (Oct); US durable goods orders (Nov) and personal expenditure.