Markets look to CRH results for guidance

This week: Ireland's largest indigenous industrial group CRH this week reports full-year figures that will be more closely watched…

This week: Ireland's largest indigenous industrial group CRH this week reports full-year figures that will be more closely watched than ever in the light a spate of results last week that did nothing to surprise on the upside.

After a US reporting season that heralded the prospect of a return to form for corporate America, commentators will be looking for CRH to show that the leading Irish companies will not be left behind. CRH has a heavier exposure to the US economy than any other listed Irish company and, despite the currency risk, this is expected to feed into encouraging figures tomorrow.

Elsewhere, there will be results from Irish Life & Permanent and fruit distributor Fyffes.

The European Central Bank meets on Thursday amid growing political pressure to ease monetary policy as signs emerge the strong euro is beginning to hurt confidence. However, the consensus view is that a move will not be forthcoming this time around.

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There will also be employment figures both at home and in the United States, where, along with purchasing managers' data, they will be assessed as a guide to the state of the US economy as the temperature begins to rise in the run-up to the US presidential economy.

The week will close with Fianna Fáil holding its ard fheis in Dublin as it prepares for local and European elections this summer.

Monday

Results: Aggregate Industries, Aggreko, Aker Kvaerner (Q4), Benchmark (H1), British Polythene, British Vita, Close Brothers (H1), Exel, GKN, Hammerson, HSBC, Imprint Search & Select, Inchcape, Pearson, Persimmon, Porsche (H1), Systems Union, Vitec, Management Consulting, SBS Broadcasting (Q4), Statpro, Wolfson Electronics, Close Brothers.

Meetings: Irish Hotels' Federation annual meeting (Great Southern Hotel, Killarney - to Wed)

Indicators: Euro-zone purchasing managers' index (PMI) manufacturing (Feb); Irish NCB PMI manufacturing (Feb); US Institute of Supply Management manufacturing index (Feb) consumer spending (Jan), consumption (Jan), personal income (Jan), construction spending (Jan); British PMI manufacturing (Feb) and mortgage lending (Jan); German PMI manufacturing (Jan); French PMI manufacturing (Feb); Italian PMI manufacturing (Feb).

Others: Taoiseach Mr Ahern opens new International Financial Services Institute (National College of Ireland).

Tuesday

Results: Acambis, APN, Axon (H1), Ben Bailey, Biofocus, Biogen Idec (Q4), Brittanic, British Insurance, Cablevision Systems (Q4), Communisis, CRH, Dechra Pharmaceutical (H1), Foot Locker (Q4), Fyffes, Genetix, Informa, Gymboree (Q4), KBC Advanced, Lavendon, LogicaCMG, Marvel Enterprises (Q4), Meggitt, Psion, Robert Walter, Savills, Schroders, SEB, Serco, Tamro (Q4), Taylor Woodrow, White Young Green (H1).

A.G.M.: GW Pharmaceutical.

Meetings: Conference for employers on reconciling work and family life (Four Seasons Hotel Dublin); Conference on new commercial court and new Companies Act (Jurys Hotel, Dublin).

Indicators: Euro-zone unemployment (Jan); US layoffs (Feb) and vehicle sales (Feb); British CBI sales (Feb); German retail sales (Jan); French consumer confidence (Jan).

Others: US Federal Reserve chairman Mr Alan Greenspan addresses Economics Club of New York lunch.

Wednesday

Results: Accor, Biotrace International, Devro, FBD Holdings, Friends Provident, Gallaher, Interbrew, Irish Life & Permanent, ITV, Lorien, LVMH, Marlborough Stirling, Mucklow (H1), Nieman Marcus (Q2), Nxt (H1), Oxford Biomedica, Rexel, RMC, Saks (Q4), Stilo International, Sulzer, Toys R Us (Q4), Wetherspoon (H1).

Meetings: Bank of England monetary policy committee meets (to Thurs); IBEC's Food and Drink Industry Ireland annual conference (Radisson Hotel, Dublin); Deputy treasury ministers and deputy central bankers from the Group of 20 developed and emerging market countries meet. The G20 forum comprises the Group of Seven (G7) rich nations and big emerging market economies such as China and India and claims to represent 90 percent of global output (Leipzig - to Thurs).

Indicators: Euro-zone purchasing managers' index (PMI) services (Feb) and producer prices (Jan); Irish NCB PMI services (Feb); US Beige Book (Feb) and Institute of Supply Management services index (Feb); British PMI services (Feb); German PMI services (Feb); French PMI services (Feb); Italian PMI services (Feb); Japanese business confidence (Feb) and capital expenditure (Q3).

Others: British Airways traffic figures; PricewaterhouseCoopers publishes guide for business on information security.

Thursday

Results: Arriva, Axis-Shield, Carrefour, Country & Metropolitan (H1), Del Monte (Q3), Dexia, Eidos (H1), Essilor, Fayrewood, FLS Industries, Flying Brands, Havas Advertising, Horizon Technology, Hunting, KBC, Kidde, MAN, NTL (Q4), Numico, P&O, Pinault Printemps-Redoute, Rexam, Senior, Staples (Q4), Suez, Tarsus (H1), Wellington Underwriting, William Hill, Yule Catto.

A.G.M.: Marylebone Warwick (e.g.m.)

Meetings: European Central Bank governing council meets; Conference on managing critical content (RHA, Dublin).

Indicators: Euro-zone GDP (Q4 revised); US labour costs (Q4 revised), productivity (Q4 revised), durable goods (Jan revised) and factory orders (Jan); German import prices (Jan), unemployment (Feb) and industrial orders (Jan).

Others: EBS Building Society to report results for 2003; Bank of England monetary policy committee announces decision on rates; Geneva Motor Shows starts (to Mar 14); Dublin Q102 radio station begins broadcasting.

Friday

Results: Financial Objects, Greggs, Marshalls, Schering, VA Tech.

A.G.M.: Bookham Technology (e.g.m.).

Meetings: Fianna Fáil Ard Fheis (Citywest Conference Centre, Dublin - to Sat); Adam Smith Institute director Dr Eamonn Butler presents Dr Maurice Roche memorial lecture on "Freedom Fighters in a Modern Economy: Opening Markets to Modern Economies" (Radisson Hotel, Dublin).

Indicators: Euro-zone retail sales (Jan); Irish unemployment (Feb); US unemployment (Feb), average working week (Feb), average earnings (Feb) and consumer credit (Jan); Japanese leading indicators (Jan) and coincidental indices (Jan).

Others: Traffic figures from SAS and EasyJet.