- US: US markets stabilised last week as the latest economic data eased investor concern about inflation risk. Yet the focus should be on earnings growth, expected to slow as the economy slows. Oil prices remain at high levels. Stocks from the utilities, real estate and health care equipment gain most, benefiting, for the first two, from lower long term yields. Caution should prevail as the current bounce could be short lived.

- EUROPE: European markets failed to bounce with Wall Street apart from the FTSE. Stocks from the insurance, auto and chemical sector were the most under pressure. There will be few earnings reports to look at this week and the BoE and ECB meetings on Thursday should be the key events. The market is looking for a 25bp hike from the ECB, ignoring the recent appreciation of the euro against the dollar. On the index side, the risk is still for further downside with 1-2% maximum upside.

Ryanair reports its 4Q and FY results on Tuesday. The company expected to post a 25% drop in 4Q net income to E24m while revenue for the quarter is expected to rise 18%. FY net income is seen rising 13% to E302m on revenue up 27% to E1.69bln.

That same day Severn Trent publishes its FY results. FY pretax profit is expected to rise by 34% to £314m. The company may reveal plans to sell its laboratory and services operations and to invest more in its water business.

On Wednesday H&R Block posts its earnings. The market is looking for an EPS of $1.80, a drop from the $1.86 posted same time last year on revenue which is expected to have increased 6% to $2.5bln.

On Thursday Bouygues reports its results. Net income is expected to rise by 22% to E1.01bln. Bouygues' road-building division Colas announced last week it had booked a number of contracts worth a total of E570m.

And finally on the same day National Semiconductor reports its 4Q results. EPS is expected at $0.38, down from $0.42 same time last year on revenue of $563m, up from $467m.

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