Week ahead: Hold your fire, Blackrock boss tells the Fed

Central banks would be in focus over the coming week, with the boss of the world's largest asset manager, Blackrock, having recommended to the US central bank that it factor in more the potential impact of US dollar strength in an increasingly tightly-knit world.

The first to be grilled for their policy decisions will be Bank of England governor Mark Carney and three other members of the Monetary Policy Committee.

They will go before the Treasury Select Committee and will likely be asked for their views on the recent turmoil in markets.

Next in importance on the economic agenda is the US Federal Open Market Committee's policy decision and announcement on Wednesday. No press conference is scheduled and changes are certainly not expected in the US central bank's policy settings.

The question remained whether the Fed would in any manner significantly 'tweak' its policy statement or if it will 'hold fire' until March in a bid to gain more time to assess the situation in the global economy and financial markets.

Nevertheless, US rate-setters would be hard-pressed to simply ignore the gyrations in markets and the stark warnings from some observers.

Having said that, it was somewhat questionable whether waiting to raise rates in March would have changed matters much as long as FOMC members were still forecasting four rate hikes in 2016.

To take note of, speaking from the World Economic Forum on Thursday, Barclay's ex-boss Bob Diamond appeared to suggest that excessive financial regulation might have impacted how financial markets priced-in, or did not, the odds of a Fed hike at the end of last year.

On the other side of the debate, and also at Davos, on the following day Blackrock chief Laurence Fink was asked what 'markets were trying to tell us?'. His answer was "nothing", adding that markets were already coming into the new year questioning some of their main assumptions.

Institutional buyers waded back into the market starting on 20 January, Fink pointed out. However, we cannot continue to have that strong US dollar, Fink added.

In the aftermath of the ECB's last policy meeting, investors in the euro area would be closely following the 'flash' Eurozone consumer price figures for January which were set to be released on Friday.

The US earnings seasons was also set to ramp-up, with 134 S&P 500 companies set to publish earnings.

Monday 25 January

INTERIMS
1pm

INTERIM EX-DIVIDEND DATE
Tongaat-Hulett Ltd.

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
IFO Business Climate (GER) (09:00)
IFO Current Assessment (GER) (09:00)
IFO Expectations (GER) (09:00)

FINALS
APC Technology Group, Porvair, SThree

AGMS
Avacta Group, Electra Private Equity, Electra Private Equity ZDP, Elegant Hotels Group , JPMorgan Chinese Inv Trust, Sinclair Pharma

TRADING ANNOUNCEMENTS
Cranswick, Petra Diamonds Ltd.(DI)

FINAL DIVIDEND PAYMENT DATE
Proactis Holdings

Tuesday 26 January

INTERIMS
Purplebricks Group, PZ Cussons

INTERIM DIVIDEND PAYMENT DATE
Premier Farnell Cum Cnv Red Prf (Sterling Coupon), Premier Farnell Cum Conv Red Pref Shs 1(USD Cpn), RPC Group

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Confidence (US) (15:00)
House Price Index (US) (15:00)

GMS
Crimson Tide

FINALS
Crest Nicholson Holdings, Tern

EGMS
Air China Ltd.

AGMS
Applied Graphene Materials , Arcontech Group, Avon Rubber, European Investment Trust, Greencore Group, Infrastrata, Marston's, Redefine International, Servoca, VinaCapital Vietnam Opportunity Fund Ltd.

TRADING ANNOUNCEMENTS
Intermediate Capital Group

Wednesday 27 January

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
FOMC Interest Rate (US) (19:00)
GFK Consumer Confidence (GER) (07:00)
MBA Mortgage Applications (US) (12:00)
New Homes Sales (US) (15:00)

Q3
Wizz Air Holdings

FINALS
Ediston Property Investment Company, Staffline Group

EGMS
Fondul Proprietatea S.A. GDR (Reg S), Societatea Nationala De Gaze Naturale Romgaz S.A. GDR (Reg S)

AGMS
Alternative Networks, Britvic, Henderson Alternative Strategies Trust , Invesco Perpetual Enhanced Income Limited, John Lewis of Hungerford, JPMorgan Indian Investment Trust, Octopus VCT 3, Octopus VCT 4, Patisserie Holdings , Polar Capital Global Healthcare Growth & Income Trust, Renew Holdings, WH Smith

TRADING ANNOUNCEMENTS
Aberdeen Asset Management, Antofagasta, Britvic, Ebiquity

UK ECONOMIC ANNOUNCEMENTS
BBA Mortgage Lending Figures (09:30)

FINAL DIVIDEND PAYMENT DATE
Diploma, Majedie Investments

Thursday 28 January

INTERIMS
Diageo, Renishaw

INTERIM DIVIDEND PAYMENT DATE
Dairy Crest Group

INTERIM EX-DIVIDEND DATE
Blue Capital Global Reinsurance Fund Ltd (DI), NCC Group, Pennon Group, red24

QUARTERLY EX-DIVIDEND DATE
City of London Inv Trust, Merchants Trust

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
Durable Goods Orders (US) (13:30)
Durable Goods Orders (US) (13:32)
Initial Jobless Claims (US) (13:30)
Pending Homes Sales (US) (15:00)

GMS
ADVFN, BG Group, Downing Two VCT 'C' Shs, Investment Company

FINALS
Aukett Swanke Group

IMSS
Euromoney Institutional Investor

SPECIAL EX-DIVIDEND PAYMENT DATE
Independent Inv Trust, Octopus Eclipse VCT 1

AGMS
Arria NLG, Edinburgh Worldwide Inv Trust, Equatorial Palm Oil, Euromoney Institutional Investor, Henderson European Focus Trust, ITE Group, Lonmin, Mitchells & Butlers, Schroder Asia Pacific Fund, Topps Tiles

TRADING ANNOUNCEMENTS
Anglo American, Daily Mail and General Trust A (Non.V), FirstGroup, Kaz Minerals , Lonmin, RPC Group

UK ECONOMIC ANNOUNCEMENTS
GDP (Preliminary) (09:30)
Index of Services (09:30)

FINAL EX-DIVIDEND DATE
Blackrock Frontiers Investment Trust, Cardiff Property, Chrysalis VCT, Fenner, Renew Holdings, RWS Holdings, Titon Holdings, Tracsis, Unicorn AIM VCT , XLMedia

Friday 29 January

INTERIMS
BT Group, Rank Group

INTERIM DIVIDEND PAYMENT DATE
Aberdeen New Dawn Investment Trust, Amedeo Air Four Plus Limited, Auto Trader Group , Aveva Group, Cranswick, Ediston Property Investment Company, Ensor Holdings, F&C Commercial Property Trust Ltd., F&C Global Smaller Companies, Latham (James), Marwyn Value Investors Limited, Monks Inv Trust, Northern 2 VCT, Northern 3 VCT, Poundland Group , Speedy Hire

QUARTERLY PAYMENT DATE
BlackRock Income Strategies Trust , Caledonia Mining Corporation, Middlefield Canadian Income PCC, Schroder Income Growth Fund, Twentyfour Income Fund Limited Ord Red

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Chicago PMI (US) (14:45)
International Reserves (EU) (11:00)
M3 Money Supply (EU) (09:00)

FINALS
Entu (UK) , Kcell Joint Stock Co GDR (Reg S)

SPECIAL DIVIDEND PAYMENT DATE
European Investment Trust

AGMS
Boxhill Technologies , Focusrite, Inspirit Energy Holdings, Ixico, JPMorgan Asian Inv Trust, MXC Capital, Ranger Direct Lending Fund, Scottish Inv Trust, Weatherly International, Weatherly International

TRADING ANNOUNCEMENTS
Vedanta Resources

FINAL DIVIDEND PAYMENT DATE
Alternative Networks, Character Group, DotDigital Group, European Investment Trust, Lowland Investment Co, Standard Life European Private Equity Trust