Companies reporting next week

WITH the City winding down for Christmas, few major announcements are expected next week. However, briefings from

Following disappointing announcements from Cap Gemini and Logica in recent days, software group Misys' trading statement on Monday should carry added interest for those who follow the tech sector.

The group's most recent update - at its October annual general meeting - provided the market with a better-than-expected outlook although there were concerns about its largest division, banking and securities. Andrew Fisher, of fund manager Gerrard, said: 'There were still indications that the group was seeing large orders taking longer to close in banking and securities and we continue to fear that current economic uncertainty could cause further delays in order closure.'

Oil giant Shell's strategy will be in focus on Monday when new chief executive Philip Watts and his team brief analysts. Shell's spirits took a dent last month when a run of strong profits growth was ended by lower oil and gas prices. Analysts will be particularly interested in Shell's production targets, which have been downgraded in recent months to reflect the lower demand.

John Menzies is best known for its newspaper distribution business but investors will focus on its aviation services division when it reports interims on Tuesday. Chairman Gavin Reed told shareholders that aviation work had suffered from falling cargo volumes - and that was before 11 September. He said at the end of the September that profits for the division were likely to be down on last year.

Smartcard firm ID Data should post interim figures on Thursday buoyed by its big ticket deals of recent months. It has signed contracts with Vodafone and Barclays as well as securing a £1.7m deal to supply Tesco club cards. ID is forecast to post interim losses of about £1m, from last year's £1.6m and to break even in the second half.

The City will gain an insight into whether the Bank of England's Monetary Policy Committee may cut interest rates in January when the minutes of its meeting last week are published on Wednesday. The MPC left the cost of borrowing on hold at 4% but there may have been calls for a quarter-point cut, especially from arch-dove Sushil Wadhwani, who considered a three-quarter point reduction in November.

Any concerns in the minutes about the strength of retail sales will have been overtaken by figures out on Thursday that showed the largest monthly rise since January 2000.

Analysts predict consumer borrowing remained high in November - expected to be confirmed when the British Bankers' Association and Council of Mortgage Lenders unveil lending figures on Thursday. Despite household debt to income ratios now at record levels, strong retail sales during the month suggest consumers are still spending. Halifax and Nationwide reported strong gains in house prices.