UNCLE SAM KEEN TO LEAVE RATES ALONE
The world will be watching anxiously on Wednesday when the US decides if the time has come to raise interest rates.

The Federal Reserve makes its first rate decision of 2004. Despite a weak dollar, a hike would be a big surprise.

The Fed is relaxed about the currency's slide, which is helping the US economic revival ahead of November's elections.

But analysts say a series of rate hikes are inevitable later in the year.

On Wednesday, the US Federal Reserve makes its first interest rate decision of the year. Despite a fragile dollar, a rate hike would be a major surprise.

The Fed is relaxed about the currency's slide, which usefully helps the economy revive ahead of November's elections.

At home, Thursday offers news on how the Great British Public feels about its financial outlook this year.

The GfK consumer confidence index for January is unlikely to show much change after enjoying a brief uplift after the Iraq war but sagging over the second half of last year.

Despite still-low interest rates and low unemployment, the feel-good factor is evidently lacking for many consumers.

The Confederation of British Industry is rarely accused of painting too rosy a picture, but Tuesday's industrial trends survey should be upbeat.

After a rough three years, there are signs the battered manufacturing sector is enjoying some relief.

Last Thursday saw a positive report from the British Chambers of Commerce which said output had grown strongly in the final quarter of 2003.

Full-year results from mortgage lender Northern Rock are a signal that the banks reporting season is underway.

The Newcastle-based group reports on Wednesday and on the back of a buoyant housing market, has already said profits will be at the upper end of forecasts.

This would give Northern, which enjoys lower costs than many of its larger rivals, a figure nearer 378.7m than 356.2m which mark analysts' range.

One-time FTSE 100 member ARM Holdings may have hopes of a future return as the tech sector shows signs of revival.

The chip designer, which issues full-year results on Tuesday, relies on royalty payments for its processors used in mobiles and hand-held computers which are set to rise by 20% this year.

The one major drawback is that about 90% of ARM's earnings are in US dollars and the currency's slide is undermining growth.

Pharmaceuticals giant AstraZeneca issues 2003results on Thursday when the focus will be on new drug launches and those under development.

The Anglo-Swedish group has a constant threat from cheaper, generic rivals but its product pipeline appears strong.

Astra reported a good third quarter in October, which should help it surpass figures for 2002 when pre-tax profits topped 2.5bn on sales of 11.1bn.

A leaner Marconi Corp registered its first quarterly sales rise for 18 months in October and Tuesday's trading update will show if this has continued.

Fourth quarter trading updates from the life assurance sector conclude with figures from Legal & General on Monday and Friends Provident on Friday.

Autonomy Corp, another survivor of tech sector boom-and-bust, could please the City with Thursday's full-year figures.

MONDAY January 26

Finals: Beale.

Interims: Alterian (Q3).

Trading update: Legal & General (Q4).

Engineering turnover and orders (Nov).

TUESDAY January 27

Finals: ARM Holdings, Kensington Group, Porvair.

Interims: Games Workshop, Home Entertainment Corp.

Trading update: Abbeycrest, Kesa Electricals, Marconi Corp.

CBI quarterly industrial trends survey.

WEDNESDAY January 28

Finals: ML Laboratories, Northern Rock.

Interims: Halladale Group, Ryanair (Q3).

US interest rate decision. Institute for Fiscal Studies presents its 2004 Green Budget.

THURSDAY January 29

Finals: AstraZeneca, Autonomy Corp, Crest Nicholson.

Interims: Osmetech.

Trading update: Cable & Wireless (Q3), Gyrus Group, London Stock Exchange (Q3), Sportingbet (Q3).

GfK consumer confidence index (Jan).

FRIDAY January 30

Interims: Whittard of Chelsea.

Trading update: Friends Provident (Q4).

Nationwide house price index (Jan) - unconfirmed.