Oil to spoil inflation data

Inflation figures for July are expected to come in steady to higher after oil price increases and a weak euro spoiled a traditionally…

Inflation figures for July are expected to come in steady to higher after oil price increases and a weak euro spoiled a traditionally low inflation month.

Estimates for the annual increase in the consumer price index in July ranged from 1.3 per cent to 1.7 per cent after 1.3 per cent in June. Forecasts for the monthly change ranged from a fall of 0.3 per cent to a rise of 0.1 per cent.

Economists said July was likely to mark the low point in inflation before it begins a steep climb to an annual rate as high as 3 per cent by year-end.

Eurostoxx 50: The moment of truth for AIB arrives on Thursday when the new Eurostoxx 50 list is published. AIB is widely expected to be dropped from the list in the first revamp since the index was introduced with the advent of European economic and monetary union last January.

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The index is expected to be composed in terms of company size and a recent analysis showed AIB would be positioned 61st among eligible companies on this basis.

Concern over the list's constituents is heightened by sensitivity that certain members of EMU would have no members in a EMU-wide index. From AIB's point of view, the concern is that failure to retain its position in the index could see a run on its stock as institutional investors who track the index offload their shares in the banking group.

MONDAY

Results: Bankgesellschaft Berlin (H1), Benefon (H1), Cybernet (Q2), Dresdner Bank (H1), Fiskars (H1), Hero Group (H1), International Energy, Realtech (H1), Sherwood Int'l (H1), Silk Industries, WPP Group (H1).

Indicators: Japanese industrial production (Jun); Canadian motor sales (Jun).

Others: Russian Duma to consider the confirmation of Vladimir Putin, President Boris Yeltsin's latest nominee for prime minister.

TUESDAY

Results: Alumasc Group, Arcadis (Q2), Autologic Holdings (H1), Bang & Olufsen, Cannons Group (H1), Ciba (H1), Dell (Q2), Hewlett-Packard (Q3), Hunter Douglas (H1), InternatioMuller (H1), ISS (H1), Kinnevik (H1), Kuoni (H1), Mersey Docks (H1), MoDo (H1), NetCom (H1), Option Int'l (H1), PhotoMe Int'l, SEB (H1), SSAB (H1), Teldafax (H1), Trelleborg (H1), Valtameri (H1).

A.G.M.: Banca Intesa (e.g.m.), Castings, Swan (John).

Indicators: Irish consumer prices (Jul) and wholesale price index (Jul); British retail prices (Jul); US consumer prices (Jul), capacity utilisation (Jul), industrial production (Jul), real earnings (Jul), housing starts (Jul) and permits (Jul).

Others: Results of controversial French bank merger proposals.

WEDNESDAY

Results: Armitage Brothers, Austrian Air (H1), BICC (H1), Bodycote Int'l (H1), Finvest (H1), Industrivarden (H1), Jumbo Int'l (H1), Lemminkainen (H1), NCC (H1), Nedecon (H1), Neomarkka (Q2), NeuroSearch (H1), OKO Bank (Q2), Pioneer (Q2), Rentokil Initial (H1), Superfos (H1), Teitoenator (Q2), UPC (H1), Wegener (H1), Weir (H1).

A.G.M.: Cammel Laird, IG Farben, Storehouse, Valmet-Rauma.

Meetings: Southern African Development Community annual summit (Maputo).

Indicators: EMU labour cost index (Q1); British Treasury releases summary of independent economic forecasts for July and retail sales (Jul).

Others: French appeals court will hear Elf Aquitaine appeal against approval by France's CMF market regulator of rival TotalFina's takeover bid; IG Farben to seek shareholders' approval to set up a compensation fund for Second world war slave labour.

THURSDAY

Results: ABN AMRO (H1), ASR Verzeker (H1), Computacenter (H1), CPH Airports (H1), Danske Bank (H1), Kaufring (H1), Nedlloyd (Q2), NEG Micon (H1), Netvision (Q3), Norske Skog (H1), Norvestia (Q2), Pakhoed (H1), Sponda (Q2), Talentum (Q2), Tamro (Q2), Unidanmark (H1), Van Ommeren (H1), Wiggins Group.

A.G.M.: Amadeus, Gesco.

Indicators: EMU consumer prices (Jul); British building society data (Jul), M4 figures (Jul), motor vehicle production (Jul); US imports/exports (Jun), international trade (Jun) and Philadelphia Federal Survey (Aug); Japanese trade balance (Jul); French trade balance (Jun); Italian consumer prices (Jul).

Others: New Eurostoxx 50 list published; Irish Brokers' Association meets again to consider case of suspended Cork broker Andrew Casey.

FRIDAY

Results: Alandsbanken (Q2), Artwork Systems (Q3), Austria Tabak (H1), Braime (H1), T Clarke (H1), Conventum Bank (Q2), Generali (H1), Kinowelt (Q2), Marimekko (H1), Rabobank (H1), Rieter (H1), Von Roll (H1), Yrityspankki (Q2).

A.G.M.: Auostrade, Intelek, Metallgesellschaft (e.g.m.), Vibroplant.