THE WEEK AHEAD

TODAY

Companies

Interims: Abtrust Scotland Inv, BI Group, GT Japan Inv Trust, Heritage Bathrooms, John Menzies, J Saville Gordon.

Finals: Creos International, London Scottish Bank.

AGMs: Avon Rubber, Berisford, Cosalt, Creston Land & Estates, MEPC, Toy Options.

EGMs: Ashquay Group, Creston Land & Estates.

Economics

The flash estimate of national output in the fourth quarter is expected to show growth of 0.4 per cent, the same as in the third quarter, bringing the annual rate of growth down still further to 1.8 per cent. If the economy continues to stutter along at this quarterly rate in the first three months of 1996, it will then have to pick up speed to 0.9 per cent a quarter in the rest of the year if the Government is to achieve its forecast of 3 per cent growth in 1996.

European finance ministers gather in Brussels for their first meeting under the Italian presidency. Kenneth Clarke will be pushing for progress on the study of the relationship between countries in and outside European monetary union agreed at Madrid.

TOMORROW

Companies

Domino Printing Sciences had a bad year, with ink supply problems, underperforming acquisitions, two profit warnings, three profit downgrades and a 38 per cent relative underperformance to the market. NatWest reckons pre-tax profits will be about pounds 5m, compared with pounds 13m last year. The good news: there is probably no more downside after a disastrous 1995. The bad news: there may not be any short-term upside, either.

Granada's pounds 3.9bn hostile bid for Forte, the hotels and restaurants group, closes today. Most analysts are recommending acceptance of Granada's cash- and-shares offer, worth about 386p. Granada already holds 9.9 per cent of Forte's shares.

Interims: Colefax & Fowler, Daejan Holdings, Scottish National Trust, Surrey Group.

Finals: Central Motor Auctions, Derby Trust, Everards Brewery, First Philippine Inv, Masthead Insurance, Shandwick Group, Shani Group, Watson & Philip.

AGMs: Dunedin Smaller Cos, Formscan, Leeds Group, YJ Lovell (Holdings), Whessoe.

EGMs: Gadek (Malaysia), Southern Electric.

Economics

The CBI industral trends survey for the first quarter will provide an important clue to the health of manufacturing, where output stalled towards the end of 1995. The overall optimism of manufacturers, which fell sharply in the fourth quarter, will provide the best single indicator, but the markets will also be looking at export order books to gauge the effect of the economic slowdown in Europe and the answers on stocks to see what action is being taken to run down inventories.

The Bank of England will also release provisional data on broad money in December, which is expected in the markets to show a further increase the annual rate of growth to 9.4 per cent. The City will also be scrutinising the figures for mortgage lending approvals to see whether hopes for a housing market recovery will materialise. The Bank will also release details for the gilt auction at the end of the month.

WEDNESDAY

Companies

W H Smith Group releases interim results today, with the consensus forecast calling for a halving of pre-tax profits to just pounds 19m from pounds 45m last time, following restructuring charges associated with the company's refurbishment programme.

Granada shareholders meet for their annual meeting, one day after the bid for Forte officially closes. They are likely to be congratulating their chief executive, Gerry Robinson, on his victory.

Interims: Dunedin Japan Inv, Media Business Group, Menvier-Swain Group, Murray Income Trust, Surrey Free Inns, Wiggins Group.

Finals: Prospect Industries.

AGMs: Scottish Oriental Trust, Toronto-Dominion Bank, Widney.

Economics

The non-EU trade deficit for December will show whether November's improvement was a flash in the pan or whether it marked a turning point in the recent deterioration. The market is expecting a deficit of just over pounds 800m after November's deficit of pounds 500m and the record pounds 1.2bn trade gap in October.

In the US, industrial production is expected to rise by 0.2 per cent in December, bringing the annual rate of growth down from 2.1 to 1.1 per cent. New home sales will be watched closely to see if they fall again in November, The market expectation is 675,000.

THURSDAY

Companies

Shareholders in Airtours will get a chance to question management about last week's announcement of co-operation talks with Carnival, the US cruise operator, at the company's AGM today. Carnival could take up to a 30 per cent stake, at a cost of about pounds 130m. Airtours recently reported its first profits decline in eight years, dropping 22 per cent to pounds 59m after a profits warning in August.

The company faces a critical three months in the post-Christmas booking period.

Meanwhile, Unitech is poised to unveil half-year profits up 25 per cent, on the strength of strong third-quarter demand for power supplies, according to NatWest Securities.

In the medium term, recovery in the Far East, which represents 38 per cent of sales, is likely to underpin performance.

Interims: Barbour Index, Churchbury Estates, Goodhead Group, Jasmin, John D Wood.

Finals: Murray Intl Trust, Witan Inv Co

FRIDAY

Companies

Interims: Aim Group, Caledonian Media, Rubicon Group, Stavert Zigomala.

Finals: Aukett Associates, Partridge Fine Arts.

Economics

US third-quarter GDP, final release, US fourth-quarter GDP, advance release.