EARNINGS SEASON is in full flow this week and markets will be paying particularly close attention on Thursday and Friday when US banks Merrill Lynch, JP Morgan and Citigroup release their earnings. Inflation concerns will also be high on the US agenda this week, with both PPI and CPI figures due out.
Monday
Results: Genentech, MT Bank, Novellus.
Indicators: EU industrial production (May); UK PPI Input (June).
Other: Tánaiste and Minister for Enterprise, Trade and Employment Mary Coughlan will launch the Shannon Development 2007 annual report and make a jobs announcement for the Shannon Free Zone; shortlist for 2008 President's Awards for Corporate Social Responsibility to be announced; "Motivation for Entrepreneurs - Keeping Your Energy Levels Up" event run by Dublin City Enterprise Network for Women (Mont Clare Hotel, Dublin 2).
Tuesday
Results: Intel, Johnson Johnson, State Street.
Meetings: Barnardos annual review (Chester Beatty Library, Dublin Castle); British Airways agm.
Indicators: Irish Retail Sales (May); US Empire State Index (July), PPI (June), retail sales (June) and business inventories (May); UK BRC retail sales survey (June); German ZEW Index (July); Italian CPI (June Final); Bank of Japan monthly report; OPEC's monthly oil market report.
Other: Friends First quarterly economic outlook, "Is the Irish Consumer Spent?", to be presented by Friends First chief economist Jim Power (Merrion Hotel, Dublin 2); Tánaiste and Minister for Enterprise, Trade Employment Mary Coughlan to launch "Six Steps to Reducing your Mailing Carbon Footprint" (Shelbourne Hotel, Dublin 2); Bank of Canada rate announcement; trading update from Premier Foods and Burburry; Federal Reserve chairman Ben Bernanke delivers his semi-annual report to Congress.
Wednesday
Results: Abbott, Delta Air Lines, eBay, Wells Fargo, Xilinx
Indicators: EU HICP (June); US CPI (June), real earnings (June), TIC's bet capital inflows (May), industrial production (June), NAHB housing index (July) and FOMC June 24th/25th meeting minutes.
Other: Launch of MUZU TV, a new website for the music industry (MUZU HQ, 19 South William Street, Dublin 2); "Virtualisation and How It Can Make Your Business Even More Competitive" seminar (Guinness Storehouse, Dublin 8); senior IMF official Jaime Caruana appears before European Parliament economy committee to discuss regulatory approach to the financial markets crisis (Brussels).
Thursday
Results: Capital One Financial, CIT, Coca-Cola, Continental Airline, Electrolux, Google, JP Morgan, Merrill Lynch, Microsoft, Nokia, Novartis.
Meetings: Zamano agm (Conrad Hotel, Earlsfort Terrace); ECB Governing Council meeting (Frankfurt).
Indicators: US initial jobless claims (w/e 12th July), housing starts (June) and Philly Fed Business Index (July).
Other: EU economic affairs commissioner Joaquin Almunia and enlargement commissioner Olli Rehn speak about economic challenges facing the European Union (Helsinki, Finland).
Friday
Results: Citigroup
Meetings: DCC agm (Four Seasons Hotel, Ballsbridge)
Indicators: EU external trade balance (May); Irish industrial stocks (Q1), capital assets in industry (Q1) and index of employment in construction (May); UK PSNCR (June); German PPI (June); Italian industrial orders (May); minutes from Bank of Japan's June policy meeting.
