This week could prove pivotal in efforts to tackle the crisis of confidence and bad debt in Asia, particularly in Japan, and in Russia. The more general problems in Asia have been a significant factor in the growing woes of Russia's President Yeltsin and his latest government. Faced with a mountain of short-term debt and an absence of nervous foreign investors, the Russian leader spent the weekend in intensive diplomatic efforts with western leaders to gain support for his country's troubled economy and latest reform programme. In addition, IMF officials arrived to discuss plans for its involvement in a proposed $15 billion loan to ease the country's severe economic crisis, which is threatening to spill over into social unrest. The coming week should give some indication of President Yeltsin success or otherwise in easing a crisis which some analysts warn could have a far greater impact on Europe than the ongoing Asian blues.
Japan may not be anywhere near as unstable as Russia, but its government faced a critical confidence vote yesterday in national elections for the upper house of parliament. The poll has become a virtual referendum on Prime Minister, Mr Ryutaro Hashimoto and his handling of the recession-hit economy.
A poor showing by the ruling Liberal Democratic Party could force Mr Hashimoto out and the government into a coalition, throwing economic revival plans into doubt. Markets will be closely watching the announcement of results today.
Monday
Results: Ashtead Group, Border Television, Druck Holdings, Ellis & Everard, Olim Convertible Trust (H1), Skillsgroup (H1).
A.G.M.: Ensor Holdings, Exmoor Dual Inv Trust (e.g.m.), Hartstone Group (e.g.m.), Powergen.
Meetings: Russian Prime Minister Sergei Kiriyenko arrives for talks with Prime Minister Ryutaro Hashimoto and other cabinet members (to Tues); European Parliament plenary session (Strasbourg to Fri).
Indicators: British producer prices (Jun); Japanese machinery orders (May).
Others: Coca Cola beverages takes London listing.
Tuesday
Results: Aberforth Smaller Co (H1), Goode Durrant, Lorien (H1), Seagate, Trifast, Zetters Group.
A.G.M.: Airflow Streamlines, Ann St Brewery Co (e.g.m.), British Airways, A Cohen & Sons, German Smaller Co IT, Golf Club Holdings (e.g.m.), Great Portland Estates, Johnson Matthey, Thomas Locker, Martin Currie Smaller, Westbury.
Meetings: The heads of Japan's leading 19 banks and senior officials from the Financial Supervisory Agency (FSA) meet to exchange opinions (Tokyo); Russian Prime Minister Sergei Kiriyenko visits China for talks on trade and other issues.
Indicators: British retail prices (Jun) and retail consortium sales data (Jun); US consumer prices, retail sales (Jun) real earnings (Jun) and Atlanta Federal Index (Jun).
Wednesday
Results: Bullough (H1), First Technology, Scot American Inv Co (H1), Stockbourne.
A.G.M.: BT, Just Group (e.g.m.), Mid Kent Holdings, Murray Ventures (e.g.m.), Plysu, Thorn.
Meetings: Japan's foreign minister, Mr Keizo Obuchi, visits China amid strains in their relationship caused by the Asian financial crisis (to Sun).
Indicators: Irish industrial production (Jun) and wholesale price index (Jun); Reuters monthly survey of forecasts for European Central Bank repurchase rate; British unemployment (Jun) and average earnings (Jun); US business inventories (May) and import/export prices (Jun); Japanese industrial production (Jun) and trade balance (Jun).
Thursday
Results: Ciba Specialty Chemicals, Hi-Tec Sports, Sidney C Banks, David Smith Holdings, Novartis (H1), Reliance Security, WH Smith, Vega Group.
A.G.M.: Ashquay Group, Filofax Group, Gartmore Shared Equity, Govett American Smaller (e.g.m.), Healthcare Reform (e.g.m.), IOC International (e.g.m.), Lonrho (e.g.m.), Marks & Spencer, Sketchley (e.g.m.), Tanjong.
Indicators: Irish national income and expenditure figures 1997 and total external trade; British Chambers of Commerce third quarter economic survey and British PSBR (May); Reuters survey of longterm forecasts for the US economy, US capacity utilisation (Jun), Philadelphia Federal Survey (Jul) and weekly jobless claims and monetary data.
Friday
Results: Britannia Smaller Cos IT (H1).
A.G.M.: British Land, City of London PR, First Ireland, Jove Investment Trust, Powell Duffryn, Romtec, Sears, Syndicate Capital Tr (e.g.m.), Telemetrix (e.g.m.).
Meetings: EU budget ministers meet to discuss 1999 budget (Brussels).
Indicators: Irish industrial turnover index (Mar); US international trade (May)
