Markets to keep a close watch on key US retail sales numbers

The United States will offer the lion's share of influential data next week, with retail sales,consumer inflation and manufacturing…

The United States will offer the lion's share of influential data next week, with retail sales,consumer inflation and manufacturing surveys competing with Germany's ZEW investors' survey for attention in global financial markets.

The US August retail sales numbers tomorrow are considered the most important data release with economists forecasting flat sales flat for the month and up by 0.3 percent year-on-year. "We will be looking for any softness in the consumer sector in this data that could damage GDP growth, not that it will prevent the Federal Reserve from raising rates later in September," said Mr Marc Ostwald, a bond broker at Monument Securities in London.

Closer to home, there are interim figures from Independent News & Media, which are expected to be encouraging. Veolia Environmental, the parent group of the Luas tram operator Connex, reports six months on Friday.

Monday

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Results: Albermale, Bulgari (H1), Campbell Soup (Q4), Candover Investments (H1), Concurrent Technologies (H1), Enterprise (H1), Deal Group Media (H1), Public Recruitment, Television Corp (H1), Triplearc (H1), Tullow Oil (H1), Volvere (H1).

A.G.M.: Dwyka Diamonds (e.g.m.), Galleon Holdings (e.g.m.).

Meetings: British Trades Union Congress annual conference (Brighton - to Thurs); Elan addresses Bear Stearns annual healthcare conference.

Indicators: US manufacturers' profits (Q2) and federal budget (Aug); British house prices (Jul) and producer prices (Aug); German wholesale prices (Aug); French industrial production (Jul).

Others: ECB publishes long-term interest rate statistics; National Pensions Awareness Week; ECB President Jean-Claude Trichet holds the Group of 10 news conference on the outlook for the global economy (Basel); Traffic figures from Iberia.

Tuesday

Results: Advanced Medical Solutions (H1), Caffe Nero, Catlin (H1), Chelford (H1), Clinical Computing (H1), Cobham (H1), Compel, French Connection (H1), Future Network (H1), Glisten, Gresham Computing (H1), Hiscox (H1), Interior Services, Litho Supplies (H1), Moneybox (H1), Next (H1), Office2Office (H1), Oracle (Q1), Redrow, Regent Inns, Spectris (H1), Vivendi Universal (H1).

A.G.M.: Celtic Resources, Colefax, Eureka Mining, Luxottica Group (plus e.g.m.), Stanley Leisure, Zyzygy (e.g.m.).

Meetings: Seminar on review of radio licensing with address by Minister for Communications, Marine and Natural Resources Mr Ahern (Hodson Bay Hotel, Athlone); PwC/AIIM Info Ireland 2004 Ireland (Burlington Hotel, Dublin - to Wed); Bord Bia brand forum on "Engaging with the Customer"; 13th annual Europe-US Investment Funds Forum (Luxembourg - to Wed).

Indicators: Irish overseas travel (Jul); US retail sales (Aug), consumer sentiment (Sep) and current account (Q2); British consumer prices (Aug); German ZEW forecast (Sep); Italian consumer prices (Aug); Japanese industrial production (Jul) and bankruptcies (Aug).

Others: Launch of cross-border waste campaign (Manor House Hotel, Fermanagh); Bank of Japan monetary policy committee publishes minutes of August meeting.

Wednesday

Results: Axa (Q2), Canterbury Foods (H1), Corac (H1), JC Decaux (H1), Eidos, Etam (H1), HotGroup (H1), Huntleigh Technology (H1), Independent News & Media (H1), LVMH (H1), Omega International (H1), Parity (H1), Restaurant Group (H1), Skyepharma (H1), Sportech (H1), Unite (H1), Wireless Group (H1), Xaar (H1).

A.G.M.: Finmatica (plus e.g.m.), L'Oréal, Thomson.

Meetings: Oireachtas Joint Committee on Finance and the Public Service receives presentation from Association of Chief Executives of State Agencies on decentralisation.

Indicators: US business inventories (Jul) and industrial production (Aug); British unemployment (Aug) and average earnings (Jul); Italian industrial production (Jul).

Others: Northern Ireland finals of the British Small Business Champions Awards 2004 (Parliament Building, Belfast); UN releases State of the World's Cities report 2004-05; Trading statement from Daily Mail.

Thursday

Results: 3Com (Q1), Aggreko (H1), Antisoma, Capital & Regional (H1), Codascisys (H1), Corus (H1), Cox Insurance Holdings (H1), Danisco (Q1), Dassault Aviation (H1), Geest (H1), Havas Advertising (H1), Hermes (H1), Isotron, Kier, Kingfisher (H1), Premier Oil (H1), Richemont (H1), Thales (H1), Thorpe, Trafficmaster (H1), TT Electronics (H1), Ultimate Leisure, Wilmington.

A.G.M.: Henderson Elec & Gen, Xansa.

Meetings: ECB Governing and General Council meeting and meeting of all EU central bankers (Frankfurt); (Asia-Europe ministerial meeting (Rotterdam).

Indicators: Euro-zone consumer prices (Aug); US consumer prices (Aug), real earnings (Aug) and capital net flows (Jul); British retail sales (Aug); French payrolls (Q2).

Others: Organisation of Petroleum Exporting Countries publishes monthly oil market report.

Friday

Results: Provalis, SVB (H1), Veolia Environmental (H1), Vernalis (H1), UKbetting (H1).

A.G.M.: LEM.

Meetings: Institute of Directors lunch with Ulster Bank group chief executive Mr Cormac McCarthy (Westin Hotel, Dublin).

Indicators: Euro-zone industrial production (Jul); Irish retail sales (Jul), industrial employment (Q2) and industrial earnings and hours worked (Q2); US Michigan sentiment survey (Sep prelim); German producer prices (Sep).