As predicted, interest rates were increased by 25 basis points to 3.75 per cent at the conclusion of the Bank of England's Monetary Policy Committee Meeting of 5th and 6th November. Tomorrow sees the eagerly awaited publication of the minutes to the meeting. This will provide us with the voting record of the nine members of the committee, and it will be interesting to see how the votes were split, if at all.

The detailed economic notes in the minutes will provide a steer as to whether or not the reversal of July's cut in rates was merely a follow up to verbal warnings to the indebted, or the first of a series of reversals to cuts in rates made over the last 21 months.

The FTSE 100 Index took positively to the rate rise, and broke through the 4,400 level last week, showing a gain of over a third from the low in March. With generally positive company results coming through, analysts are having to revise their end of year FTSE forecasts.

Friday sees results from a profitable dot.com. What? Lastminute.com, the butt of so many cruel jokes since its high profile flotation in March 2000, is expected to announce its first profit. Consensus indicates £8m, which is not enormous for a company valued in excess of £900m, but a profit nonetheless. It is important to note, however, that the share price has already increased in the region of 180 per cent in the last six months.

EasyJet reports full year profits today, having encountered some turbulence last year, with rising fuel costs and competition intensifying. Despite weaker numbers, the company is expected to supply a confident statement, giving ground clearance to profits taking off in the next few years.

Tomorrow sees half-year results being announced by Sainsbury's. "Et tu City", may well be the thoughts of the current chief executive and prospective future chairman, Sir Peter Davis, as the institutional knives are plunged in following figures expected to be something of a limp lettuce. The big concern for the group will be the continued loss of market share to Tesco and Asda.

Asda's US owner, Wal-Mart Stores, posted disappointing third quarter results in the US recently, but the UK arm, trading as Asda, continues to rack up increasing same-store food sales. Tesco, last week, stretched its presence to an 11th country, after a deal was sewn up with Kipa, the Turkish hypermarket chain.

Also due to report interim results this week is Safeway. The figures will be largely academic, and will mainly be used to assess whether or not Wm Morrison is in line to snap up a bargain or a basket case.

There are now only 37 shopping days to Christmas, and attention will fall on the prospect for general retailers over the festive period. Marks and Spencer will be hoping for a better time of things, having suffered in line with others due to an unseasonably warm autumn. They, for one, will be hoping for a cold snap to help sell their winter woollies.

There are risks that the recent increase in interest rates may reign back high street spending, but so far indications are that this is not the case.

Like the stock market, there are bargains available, if buyers look hard enough.

For investment advice contact Anthony Platts on 01642 608855.

Published: 18/11/2003