Markets Will Be Watching For Gop Convention Surprises

Wall Street will be watching events unfold in San Diego this week, as the Republican Party holds its national convention and formally picks its presidential candidate.

While former Senate Majority Leader Bob Dole has the GOP nomination locked up, and Dole is considered friendly to business, skittish markets could be swayed by any surprises during the week-long gathering.

Analysts will scour the party platform looking for signs that might directly or indirectly affect business and thus the financial markets. And edgy investors will watch for reasons to pad their portfolios or bail out of the market.

Events in San Diego will serve as a prelude to next week’s meeting of the Federal Open Market Committee, the arm of the Federal Reserve Bank which has the power to set interest rates. Fed policy-makers meet Aug. 20. A rate hike was considered a sure thing a few weeks ago, but recent signs of slower economic growth have persuaded many experts that the Fed will wait before taking any action.

The market’s recent rebound from July’s sharp drop is based largely on that expectation.

The GOP convention begins Monday. Dole takes the podium Thursday evening to deliver a speech considered critical to his political future.

In other events this week:

Monday

The Washington Restaurant Association holds its summer board meeting at the Rosario Resort, Eastsound, Wash. Call 1-800-225-7166.

Tuesday

Labor Department releases July consumer prices; Commerce Department releases July retail sales.

Bay Networks presents a free seminar on “Remote Access and Migrating to Fast Ethernet” at 8:30 a.m. at Cavanaugh’s Inn at the Park, 303 W. North River Drive. Call 922-4600.

The Community Colleges of Spokane open a two-day surplus sale in Building 18 at Spokane Community College, 1810 N. Greene. Items ranging from ping pong tables to copy machines to cabinets will be available for viewing from 9 a.m. to 4 p.m. Tuesday and Wednesday. Bids will be opened at 8 a.m. Thursday.

Wednesday

Commerce Department releases June business inventories; Labor Department releases second quarter productivity.

Thursday

The Spokane Area Chamber of Commerce holds “Business After Hours” at 7 p.m. at Sunny Creek, 1111 W. Qualchan Road. Call 459-4111.

The community colleges’ Small Business Development Center presents an introductory seminar on basic tax issues for the small business at 10 a.m. at the Spokane Intercollegiate Research and Technology Institute, 665 N. Riverpoint Blvd. Cost: $20. Call 358-7544.

Labor Department releases weekly jobless claims; Federal Reserve releases July industrial production.

Friday

Commerce Department releases July housing starts.

Saturday

Washington Vocational Association holds its state convention with 1,500 delegates at the Red Lion Hotel in downtown Spokane. , DataTimes ILLUSTRATION: Graphic: Measuring the Economy - Aluminum prices

MEMO: This sidebar appeared with the story: ON THE SHELF Business Week, Aug. 12: With the next millennium less than four years away, computer systems that manage billions of financial transactions must be reprogrammed to ensure that dates beginning in the year 2000 are properly recorded. Kiplinger’s, August: As new car prices creep toward an average of $21,000, sticker shock has hit middle-class motorists.

Cheap seats United Airlines was the most generous airline in redeeming frequent flier miles in 1994, allowing 9.1 percent of its seats to be filled by non-paying customers according to a survey by Inside Flyer magazine. Here’s how other airlines with frequent-flyer programs stack up: American - 8.5 percent. Delta and USAir (tie) - 7 percent. Northwest - 6.5 percent. TWA - 6.3 percent.