Fed, BOE Minutes, U.S. Home Sales, EU Vote: Week Ahead May 19-24

The Federal Reserve will release minutes from its April meeting at which the Federal Open Market Committee said it would cut bond buying as the economy picks up after winter weather slowed first-quarter growth.

U.S. existing home sales and purchases of new residences climbed in April, data may show.

The Bank of England’s Monetary Policy Committee publishes the minutes of its May 7-8 meeting.

European Union and U.S. officials begin a fifth round of negotiations over a proposed trade pact.

EU voters start going to the polls in elections for the European Parliament.

JPMorgan Chase & Co. (JPM) holds its annual meeting, while Microsoft Corp. (MSFT) unveils a smaller Surface tablet.

Hewlett-Packard Co. (HPQ), Gap Inc. (GPS), SABMiller Plc (SAB), Tiffany & Co. (TIF) and Vodafone Group Plc (VOD) release earnings.

MONDAY, MAY 19

-The U.S. Financial Stability Oversight Council hosts a conference to discuss the asset-management industry and potential risks it may pose to the broader financial system. FSOC has been studying whether the largest asset managers, such as BlackRock Inc. and Fidelity Investments, could be systemically important and need Federal Reserve supervision. 12:45, Treasury Department, Washington.

-Federal Reserve Board nomination. U.S. Senate leaders may try to bring up a floor vote as early as this week on Stanley Fischer’s nomination for vice chairman. Kentucky Republican Rand Paul has threatened to stall the nomination process unless Senate leaders also schedule a vote on his bill requiring public audits of the Fed.

-Trade ministers from 12 nations negotiating a Pacific-rim pact begin a two-day meeting in Singapore. The talks, aimed at reaching an agreement this year, are down to a “reasonable number” of outstanding issues, U.S. Trade Representative Michael Froman said on May 14. The pact, which doesn’t include China, would link an area with about $28 trillion in annual economic output, or 39 percent of the world’s total. Schedule to be determined.

-North Atlantic Treaty Organization Secretary General Anders Fogh Rasmussen holds his monthly press conference, which is likely to be dominated by events in Ukraine. 14:00 CET (08:00 EDT) in Brussels.

-U.S.-EU talks. The fifth round of negotiations begins for the proposed Trans-Atlantic Trade and Investment Partnership, which would be the largest free-trade agreement in history, linking blocs with a combined $33 trillion in annual economic output. Negotiators plan to discuss issues including digital trade, food-safety standards and energy. In Arlington, Virginia. Times to be determined. Through May 23.

-Defense ministers from the 10-nation Association of Southeast Asian Nations meet against a backdrop of territorial tensions in the South China Sea, after China placed an oil rig in waters also claimed by Vietnam. Anti-China protests broke out in Vietnam while Chinese and Vietnamese ships have clashed in the vicinity of the oil rig. May 19-21 in Naypyidaw, Myanmar.

-U.S. Congress may give final approval this week to the first major U.S. dredging bill since 2007, which would authorize deepening several ports in anticipation of larger freighters built to take advantage of the expansion of the Panama Canal. The House-Senate deal announced May 8 includes flood prevention projects and increased spending for inland waterways.

-Former Federal Reserve Chairman Ben Bernanke is interviewed about the U.S. economy and other topics at the George W. Bush Presidential Center. 11:50 in Dallas (12:50 EDT).

-The Flame conference takes place in Amsterdam, one of the biggest events in the European natural-gas market calendar. Executives from RWE Supply & Trading GmbH, Total SA, OAO Gazprom, BP Plc and Statoil ASA will speak at the four-day event. 08:45 CET (02:45 EDT). Through May 22.

-The Middle East Petrotech conference takes place in Bahrain. Speakers include Khalid al-Falih, CEO of Saudi Arabian Oil Co. 09:00 in Manama (02:00 EDT). Through May 21.

-The CRU World Aluminium Conference takes place in Hong Kong, with attendees including Oleg Mukhamedshin, deputy CEO of United Co. Rusal Plc; Timothy Reyes, president of Alcoa Materials Management; and Takayoshi Nakano, managing executive officer of UACJ Corp. 08:00 in Hong Kong (05/18 20:00 EDT). Through May 20.

-The African Development Bank will hold its annual meeting in Rwanda’s capital, Kigali, from May 19-23, attended by finance ministers and central bank governors from across the continent. The African Economic Outlook 2014 will be released on May 19, published by the African Development Bank, the Organization for Economic Cooperation and Development and the United Nations Development Program.

-U.S. government bond auctions, Fed debt purchases. Click here for schedule.

-U.S. Supreme Court. Click here for schedule.

-ECONOMY: Japan machine orders (March), Hong Kong unemployment (April), Thai GDP (first quarter), Spain trade balance (March).

-EARNINGS: Gome Electrical Appliances Holding Ltd. (493), Ryanair Holdings Plc. (RYA)

TUESDAY, MAY 20

-Federal Reserve Bank of New York President William C. Dudley speaks at a meeting of the New York Association for Business Economics. 13:00 in New York.

-JPMorgan Chase & Co. annual meeting. The biggest U.S. bank will face a vote on its executive pay plan, which includes a 74 percent pay rise for Chief Executive Officer Jamie Dimon. Proxy-advisory firm Glass, Lewis & Co. recommends investors reject the plan. 10:00 in Tampa, Florida.

-Microsoft Corp. product debut. CEO Satya Nadella will unveil a smaller Surface tablet running a Qualcomm processor as the company seeks to match rivals’ products such as Apple Inc.’s iPad mini and Amazon.com Inc.’s Kindle Fire. The company will also introduce a version of the Surface that uses an Intel Corp. chip, according to people familiar with the company’s plans for the event. 11:00 in New York.

-Frankfurt Finance Summit 2014 - State of the Union. Speakers include European Union Financial Services Commissioner Michel Barnier, European Central Bank Supervisory Board Chair Daniele Nouy, Czech central bank board member Kamil Janacek, Bundesbank board member Andreas Dombret and ECB Governing Board member Luis Linde. From 11:00 CET (05:00 EDT) in Frankfurt.

-Swiss International Finance Forum. Speakers include Swiss National Bank President Thomas Jordan, Credit Suisse Group AG Chairman Urs Rohner, UBS AG Chairman Axel Weber, Swiss Secretary of State for International Financial Issues Jacques de Watteville, Nestle SA Chairman Peter Brabeck-Letmathe. From 08:15 CET (02:15 EDT) in Bern until 18:15.

-Chinese President Xi Jinping and Russian President Vladimir Putin, along with leaders from central and southern Asia and the Middle East, attend the Conference on Interaction and Confidence-Building Measures in Shanghai. Putin will also meet with Xi as part of a two-day state visit to China, and the leaders will seek to close a deal for Russia to supply natural gas to China.

-G2E Asia Conference. Executives from gaming companies including Pansy Ho, co-chairman of MGM China Holdings Ltd. (2282); Grant Bowie, MGM China’s CEO; and Grant Chum, senior vice president of global gaming strategy at Las Vegas Sands Corp. (LVS), are among the attendees at this annual conference to discuss the development of Asia’s casino markets. Through May 22 in Macau.

-U.S. Congressional primaries. In Kentucky, Senate Minority Leader Mitch McConnell is favored to defeat Tea Party-aligned businessman Matt Bevin in the Republican primary and advance to a November matchup with Democrat Alison Lundergan Grimes, Kentucky’s secretary of state. Polls close at 18:00 local time in the state’s eastern and central time zones. There are also primaries in Arkansas, Georgia, Idaho, Oregon and Pennsylvania.

-The World Rubber Summit 2014 takes place in Singapore, gathering producers, consumers and traders, organized by the International Rubber Study Group. Speakers include Sheela Thomas, chairman of the Rubber Board of India; Robert Simmons, head of rubber and tire research at LMC International Ltd.; Michael Coleman, managing director of Aisling Analytics Pte; and Stephen Evans, secretary general of the International Rubber Study Group. 09:00 in Singapore (05/19 21:00 EDT). Through May 21.

-Italian President Giorgio Napolitano travels to Switzerland with Foreign Minister Federica Mogherini for a state visit that will include talks on taxation. Through May 22.

-Bloomberg CFO Conference. Click here for agenda and here for speakers. 08:30, Bloomberg headquarters, New York.

-ECONOMY: Singapore GDP (SGDPQOQ) (first quarter, final), Taiwan export orders (April), U.K. CPI (UKRPCJYR) (April), U.K. ONS house prices (March).

-CENTRAL BANKS: Sri Lanka rate decision, Nigeria rate decision.

-EARNINGS: Home Depot Inc. (HD), Salesforce.com Inc. (CRM), Staples Inc. (SPLS), Galaxy Entertainment Group Ltd. (27), Vodafone Group Plc, Marks & Spencer Group Plc. (MKS)

-U.S. National Basketball Association draft lottery. The worst-performing teams in the NBA regular season find out who will get the first pick in the June draft. With a league-worst record, the Milwaukee Bucks have the best chance. In New York.

-The judge in the South African murder trial of Oscar Pistorius will give details of a mental-health assessment for the Paralympian athlete.

WEDNESDAY, MAY 21

-Fed minutes. The Federal Reserve releases minutes from the April 29-30 meeting of Federal Open Market Committee. Fed officials on April 30 announced a cut in bond buying for the fourth consecutive meeting. Yellen said in May 7 testimony to the Joint Economic Committee that the central bank will probably end bond buying in the fall if the labor market continues to improve. 14:00 in Washington.

-Bank of England minutes. The Monetary Policy Committee publishes minutes of its May 7-8 meeting, when it held the key interest rate at a record-low 0.5 percent. The minutes may provide insight into divisions over the amount of spare capacity in the economy after the BOE said the MPC has a range of opinions on what is a key measure for the panel. 09:30 in London (04:30 EDT).

-Bretton Woods Committee annual meeting. Speakers include International Monetary Fund Managing Director Christine Lagarde; World Bank President Jim Yong Kim; Mohamed El-Erian, chief economic adviser at Allianz SE; and former Federal Reserve Chairman Paul Volcker. 09:00 in Washington.

-Japan announces trade data for April. Imports rose in prior months, partly as consumers increased spending on imported electrical goods like televisions ahead of the April 1 increase in the nation’s sales tax. 08:50 in Tokyo (05/20 19:50 EDT).

-The Bank of Japan announces its policy decision after a two-day meeting, followed by a press conference with Governor Haruhiko Kuroda. Usually about 12:00 in Tokyo (05/20 23:00 EDT).

-Federal Reserve Chair Janet Yellen speaks at the commencement of ceremonies for New York University at Yankee Stadium and will receive an honorary degree. 11:00 in New York.

-U.S. IPO. JD.com Inc., the Chinese retailing website backed by Tencent Holdings Ltd., is seeking to raise as much as $1.7 billion in a U.S. initial public offering. At the top end of the range, JD.com would be valued at $24.6 billion, data compiled by Bloomberg show. The company plans to list its shares on the Nasdaq Stock Market under the symbol JD and the stock will start trading on May 22. JD.com also plans to sell shares in a private placement that will provide additional net proceeds of $1.2 billion.

-U.S. defense spending. The House may begin debate as soon as today on the annual defense policy bill, which would authorize $496 billion in discretionary spending for the fiscal year ending in October and an additional $79.4 billion for war operations. The proposal rejects many of Defense Secretary Chuck Hagel’s budget-cutting initiatives. The Senate’s armed services panel is working on its version this week.

-Christie’s budget. New Jersey Treasurer Andrew Sidamon-Eristoff will testify today and tomorrow, May 22, before state lawmakers about how Republican Governor Chris Christie plans to address an $807 million budget gap for the fiscal year ending June 30. New Jersey’s debt has been downgraded six times under Christie, a potential candidate for U.S. president, amid concern about over-optimistic revenue projections and pension obligations. Sessions at 10:00 and 14:00 on both days. In Trenton, New Jersey.

-Brazil’s highest court will rule on lawsuits filed by bank depositors demanding reimbursement for losses stemming from government policies during the 1980s and 1990s to fight hyperinflation, including limits on interest rates paid on savings accounts. Brazil’s central bank estimates reimbursements could cost banks as much as $154 billion. 14:00 in Sao Paulo (13:00 EDT).

-Kerry’s Mexico visit. U.S. Secretary of State John Kerry begins a two-day visit to Mexico City to discuss bilateral relations including trade, higher education collaboration and security cooperation. Times to be determined.

-Mexico central bank’s inflation report. Banco de Mexico will publish its quarterly inflation report and new economic projections ahead of its June monetary policy meeting. Bank Governor Agustin Carstens will discuss the report at a news conference. 09:00 in Mexico City (10:00 EDT).

-Panasonic Corp. (6752) Investor Relations Day. Company executives including Chief Financial Officer Hideaki Kawai will discuss the electronics maker’s business plan for the fiscal year that started April 1. 10:00 in Tokyo (05/20 21:00 EDT).

-South African lawmakers will meet in Cape Town to elect Jacob Zuma as president for a second term.

-The U.S. Energy Information Administration releases its weekly oil supply report. 10:30 in Washington.

-ECONOMY: Brazil IPCA-15 (BZPIIPMO) (May), South Africa inflation (April), Morocco inflation (April), Euro-area consumer confidence (May), U.K. retail sales (April).

-EARNINGS: Target Corp. (TGT), Tiffany & Co., Lowe’s Cos. (LOW), Lenovo Group Ltd. (992), L Brands Inc. (LB), Burberry Group Plc (BRBY), AP Moeller-Maersk A/S. (MAERSKB)

THURSDAY, MAY 22

-European elections. Voters in the U.K. and Netherlands go to the polls in elections to the European Parliament, three days before most of the rest of the 28-nation bloc. Groups opposed to the European Union, the U.K. Independence Party and the Freedom Party in the Netherlands, are challenging for first place in each country. Polling in Britain will provide an indication of whether Prime Minister David Cameron’s Conservatives can retain power in next year’s general election as the economy improves. Results won’t be known until polling has ended across the continent on May 25.

-U.S. existing home sales, also called sales of previously owned homes, probably climbed in April to the highest level of the year, according to a Bloomberg survey, showing the residential real estate market was stabilizing. The National Association of Realtors reports at 10:00 in Washington.

-The St. Petersburg International Economic Forum begins, with speakers including OAO Rosneft (ROSN) Chairman Igor Sechin, Rostelecom OJSC President Sergey Kalugin, Economy Minister Alexei Ulyukayev and VTB Bank OJSC (VTBR) Chairman Andrey Kostin. Starts at 09:30 in St. Petersburg (01:30 EST). Through May 24.

-HSBC and Markit announce a preliminary reading of their China manufacturing purchasing managers’ index for May. April’s gauge rose to 48.1, signaling a contraction. 09:45 in Beijing (05/21 21:45 EDT).

-South Korea releases department-store sales data for April after the government said consumption has weakened since the ferry Sewol sank on April 16. 06:00 in Seoul (05/21 17:00 EDT).

-Energy Future Holdings Corp. bankruptcy. A judge starts a two-day hearing on whether the Texas power company’s bankruptcy case should be moved to Dallas, where it’s based, or stay in Wilmington, Delaware, which is closer for most creditors and advisers in the bankruptcy. Wilmington Savings Fund Society FSB, a trustee for Energy Future’s junior noteholders, asked for a change of location, saying the Delaware court would favor management. 09:30, U.S. Bankruptcy Court, Wilmington.

-Sony Corp., which unexpectedly forecast a full-year loss on May 14, will hold a briefing on its midterm business strategy, led by President Kazuo Hirai. 16:00 in Tokyo (03:00 EDT).

-U.S. Securities and Exchange Commission Chairman Mary Jo White speaks at the Investment Company Institute’s General Membership Meeting. 08:00 in Washington. Other speakers include BlackRock Inc. Chairman Laurence Fink.

-Toshiba Corp. (6502) CEO Hisao Tanaka will lead a briefing on the company’s strategy under its midterm business plan. 13:30 in Tokyo (00:30 EDT).

-J. Crew Group Inc. CEO Mickey Drexler will open the retail chain’s first standalone store in China, in Hong Kong’s IFC Mall. 09:00 (05/21, 21:00 EDT).

-China Mobile Ltd. (941) holds its annual general meeting. 10:00 in Hong Kong (05/21, 22:00 EDT).

-The U.S. Energy Information Administration releases its weekly natural gas supply report. 10:30 in Washington.

-ECONOMY: U.S. initial jobless claims (weekly), U.S. leading indicators (April), U.S. consumer comfort (weekly), Chicago National Activity Index (CFNAI) (April), Brazil unemployment (April), Mexico unemployment (April), Mexico bi-weekly consumer prices (May 15), Taiwan unemployment (April), Hong Kong inflation (April), Euro-area PMIs (May), U.K. GDP (UKGRABIQ) (first quarter, second reading), U.K. budget data (April).

-CENTRAL BANKS: South Africa rate decision, Turkey rate decision.

-EARNINGS: Hewlett-Packard Co., Gap Inc., Dollar Tree Inc. (DLTR), Best Buy Co. (BBY), Raiffeisen Bank International AG (RBI), SABMiller Plc, Royal Mail Plc. (RMG)

FRIDAY, MAY 23

-Purchases of new U.S. homes increased in April for the first time in three months as mortgage rates began to ease and the labor market improved, according to a Bloomberg survey. The Commerce Department reports at 10:00 in Washington.

-The Bloomberg Industries and CME Group Precious Metals Forum takes place in London. Delegates include Harriet Hunnable, managing director of metals at CME Group Inc., and Edel Tully of UBS AG. 08:00 in London (03:00 EDT).

-Mexico’s GDP. (MXGCTOT) Latin America’s second-biggest economy probably rebounded in the first quarter, according to economists surveyed by Bloomberg. Last year, Mexico posted its slowest annual growth since 2009. 09:00 in Mexico City (10:00 EDT).

-Spanish Finance Minister Luis de Guindos speaks in Madrid. 13:30 (07:30 EDT).

-ECONOMY: Taiwan GDP (TWGDCONY) (first quarter, final), Taiwan industrial production (April), Brazil current account balance (April), German Ifo business climate (May).

-SOVEREIGN RATING UPDATES: France (Moody’s), Georgia (S&P), Greece (Fitch), Israel (Fitch), Netherlands (S&P), Portugal (DBRS), Republic of Congo (Moody’s), Slovenia (Moody’s), Spain (S&P), Switzerland (S&P), Turkey (S&P), United Kingdom (Moody’s).

SATURDAY, MAY 24

-Nine-time European champion Real Madrid plays Atletico Madrid in Lisbon in the final of soccer’s Champions League. It’s the first time two teams from the same city have appeared in the competition’s final. 20:45 local time (15:45 EDT).

-Defending champion Toulon of France plays England’s Saracens in Cardiff in the final of European rugby’s Heineken Cup. 17:00 local time (12:00 EDT).

To contact the reporters on this story: James Amott in London at jamott@bloomberg.net; Greg Miles in New York at gmiles1@bloomberg.net; Jim McDonald in Tokyo at jmcdonald8@bloomberg.net

To contact the editors responsible for this story: Andy Davidson at adavidson@bloomberg.net Nancy Moran, Tal Barak Harif

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