Business World

Thursday 29 September 2016

Summer 2016 draws to a close with results due

Week 34

Published 22/08/2016 | 02:30

With the conclusion of the Rio Olympics, it feels like summer is coming to an end. REUTERS/Fabrizio Bensch
With the conclusion of the Rio Olympics, it feels like summer is coming to an end. REUTERS/Fabrizio Bensch

With the conclusion of the Rio Olympics, it feels like summer is coming to an end. A slew of Irish companies report first-half results this week, including insulation maker Kingspan, newly-merged Paddy Power Betfair, CRH, Cairn Homes and Independent News and Media, the publisher of this newspaper.

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It will be a busy week for German Chancellor Angela Merkel, who will meet with a number of European allies in the coming days.

Today, Chancellor Merkel, French President Francois Hollande and Italian Prime Minister Matteo Renzi gather on an aircraft carrier off the Italian island of Ventotene to discuss European economic growth and migration.

On Wednesday, Merkel will be in Tallinn, Estonia, for talks expected to include EU security matters.

Germany and the UK both release economic growth figures for the second quarter this week.

In the US, Volkswagen must provide an update on its efforts to fix 8.5m diesel engines in part of a settlement before US District Judge Charles Breyer. The Thursday deadline comes in the wake of the company's emissions scandal.

Tomorrow sees the release of new US housing data. Sales of new single-family homes probably stayed close to a more than eight-year high, helped by a healthy labour market and low mortgage rates. On Friday, Fed chair Janet Yellen speaks at the Federal Reserve Bank of Kansas City's Monetary Policy Symposium at Jackson Hole, Wyoming.

Investors will be watching her remarks closely to gauge the likelihood of a rate hike in September. Medtronic, WPP and Royal Bank of Canada are among the other companies releasing earnings this week.

Irish Independent

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