Dec. 2 (Bloomberg) -- U.S. employers probably added fewer workers to payrolls in November than the 204,000 the previous month, data in the coming week may show, as businesses tempered their outlook for sales growth.
Vice President Joseph Biden will visit Japan, China and South Korea as the U.S. pursues a strategic shift toward the region. British Prime Minister David Cameron also will visit China as London vies to become Europe’s hub for trade in the Chinese currency.
Brazil’s GDP shrank for the first time in two years as high interest rates hampered the largest economy in Latin America, data may show, while China’s purchasing manager’s index fell.
Blackstone Group LP’s Hilton Worldwide Holdings Inc. may set price terms for its initial public offering in the U.S.
Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia and Tesco Plc are among companies releasing results.
MONDAY, DEC. 2
-U.S. manufacturing probably dropped in November for the first time in six months to a pace indicating factories remain a source of strength in the economy, according to a Bloomberg survey. The Institute for Supply Management will report at 10:00 in Washington.
-Cyber Monday marks one of the busiest U.S. online-commerce shopping days of the year as consumers use mobile devices to make purchases whenever they please after the Thanksgiving holiday. Sales today are likely to rise 20 percent to a record $2 billion compared with last year, according to ComScore Inc.
-Blackstone’s Hilton IPO. Hilton Worldwide Holdings Inc., the largest hotel operator, will set price terms for its initial public offering in the U.S. as early as this week, according to people familiar with the matter. Owned by Blackstone Group LP, Hilton plans to seek about $2.25 billion in the offering, topping Twitter Inc.’s $2.1 billion IPO, data compiled by Bloomberg show.
-U.S. Vice President Joseph Biden visits Japan, China and South Korea as the Obama administration presses ahead with a strategic shift toward the Asia-Pacific region. Biden may also seek to ease tensions after China announced an air-defense zone over islands disputed with Japan, sparking a backlash from officials in Seoul, Tokyo and Washington. Biden returns to the U.S. on Dec. 7.
-British Prime Minister David Cameron visits China. Cameron’s trip through Dec. 4 marks an improvement in ties after his 2012 meeting with the Dalai Lama dented relations with China, which claims the Tibetan spiritual leader is seeking independence for the province. The U.K. is vying with Frankfurt and Paris to become Europe’s hub for trade in China’s currency.
-BP oil-spill criminal trial begins. Kurt Mix, a BP engineer at the time of the 2010 Gulf of Mexico oil-rig explosion, faces charges of destroying evidence on the size of the spill. Mix has pleaded not guilty to deleting relevant messages from his mobile phone. 08:30 in New Orleans (9:30 EST).
-U.S. Supreme Court-Amazon.com. The Supreme Court may act on an appeal by Amazon.com Inc. in its challenge to a New York law requiring online retailers to collect sales tax. 09:30 in Washington.
-Bank of Japan Governor Haruhiko Kuroda gives a speech and press conference in Nagoya, central Japan. An advance copy of his prepared text is expected to be available at about 11:30 local time, with the press conference at 13:45 in Nagoya (or 23:45 EST, Dec. 1).
-European Central Bank Vice President Vitor Constancio and Governing Council member Patrick Honohan speak at the IIEA’s Future of Banking in Europe Conference. Conference begins in Dublin at 08:30 (03:30 EST).
-The Carbon Expo looks at how Australia’s new government will meet the country’s climate targets amid a push to eliminate the last government’s signature legislation. 10:00 in Melbourne (18:00 EST, Dec. 1). Through Dec. 4.
-The International Cotton Advisory Committee releases its monthly update on global supply and demand. 15:00 in Washington.
-ECONOMY: Brazil monthly trade (Nov.), South Korea CPI data (Nov.), South Korea HSBC/Markit manufacturing PMI (Nov.), HSBC China purchasing manager’s index (Nov.), euro-area PMI manufacturing (Nov., final), U.K. Hometrack house prices (Nov.), U.K. PMI manufacturing (Nov.), Italian budget balance (Nov.), Swiss PMI manufacturing (Nov.) .
TUESDAY, DEC. 3
-Detroit bankruptcy ruling. The U.S. Bankruptcy Court judge presiding over the case said he’ll rule today on whether the nation’s biggest bankruptcy filing is legal. Under federal law, the city must show that it tried to reach an agreement with creditors before it filed or that talks were impractical. The city cited time pressures and said unions were unwilling to negotiate on pensions. 09:00 in Detroit.
-Brazil GDP. The Latin American nation’s economy shrank for the first time in two years in the third quarter, according a Bloomberg survey, as policy makers boost interest-rates by the most of any nation in the world in an effort to tame inflation. 09:00 in Rio de Janeiro (06:00 EST).
-The Bank of England publishes the record of its Financial Policy Committee meeting held on Nov. 20. 10:30 in London (05:30 EST).
-Portugal sets the share price of postal operator CTT in an initial public offering. Time to be determined. Shares may start trading Dec. 5.
-NATO. Foreign ministers representing members of the North Atlantic Treaty Organization gather for a two-day meeting led by Secretary General Anders Fogh Rasmussen at the alliance’s Brussels headquarters. Syria, Iran and Afghanistan are among possible topics for discussion. After the meeting, U.S. Secretary of State John Kerry will travel to Moldova and later meet with Israeli and Palestinian leaders in Jerusalem and Ramallah in a bid to advance peace talks.
-National Association of State Treasurers opens a three-day meeting in New York to discuss debt, credit ratings and pensions. Speakers include Larry Fink, chairman of BlackRock Inc., the world’s largest asset manager, at 11:15 on Dec. 4. State retirement systems had 69 percent of funds needed to meet promised benefits in 2012, data compiled by Bloomberg show. Through Dec. 5.
-The Reserve Bank of Australia will weigh rising property prices against an elevated currency in its final scheduled interest-rate decision of the year. 14:30 in Sydney (12/2 22:30 EST).
-European Union’s Economic and Monetary Affairs Commissioner Olli Rehn speaks at the Lisbon Council in Brussels. 10:00 CET (04:00 EST).
-U.S.-Colombia. President Barack Obama hosts Colombian President Juan Manuel Santos at the White House, where the two probably will discuss human rights and trade. In Washington. Time to be determined.
-Illinois pension vote. The state’s House holds a special session to vote on a bill that would restructure a pension system saddled with $100 billion of unfunded liabilities. The state’s Senate also will vote on the measure sometime this week. 11:00 in Springfield (12:00 EST).
-The Global AgInvesting conference in London will cover investments in farmland, commodities and other agricultural products. Panelists during the three-day event include World Bank lead economist Klaus Deininger, Ruth Rawling of Cargill Inc., John Finn of the World Trade Organization, James Govan of Baring Asset Management and David Hemming of Hermes Fund Managers. Through Dec. 5.
-The Australian Bureau of Agricultural and Resource Economics and Sciences publishes a report on production and exports of wheat, barley and canola. 10:00 in Melbourne (18:00 EST, Dec. 2).
-The Futures Industry Association holds a conference in Singapore. Chief executive officers who will speak during the event include Magnus Boecker of the Singapore Exchange, Phupinder Gill of CME Group and Charles Li of Hong Kong Exchanges and Clearing. Through Dec. 5.
-ECONOMY: U.S. vehicle sales (Nov.), China non-manufacturing PMI (Nov.), Turkish inflation (Nov.), South Africa current-account balance (third quarter), euro-area producer prices (Oct.), U.K. PMI construction (Nov.).
-CENTRAL BANKS: Uganda interest rate.
-EARNINGS: Bank of Montreal.
WEDNESDAY, DEC. 4
-The Organization of Petroleum Exporting Countries, which pumps 40 percent of the world’s oil, decides whether to alter crude production targets amid a backdrop of loosening sanctions on Iran, unrest in Libya and surging shale-oil supply in the U.S. 16:00 in Vienna (10:00 EST).
-Fed Beige Book. The U.S. central bank provides anecdotal reports on the economy from its 12 districts two weeks before the Federal Open Market Committee gathers to consider changes to its record stimulus, including $85 billion in monthly bond purchases. Fed officials said at their Oct. 29-30 meeting that they may taper bond buying in the coming months if the economy improves as anticipated. The housing market and job growth have improved even as the U.S. government partially shut down in October. 14:00 in Washington.
-U.S. service industries cooled in November, indicating a pause in the momentum of the biggest part of the economy, according to a Bloomberg survey. The Institute for Supply Management releases its index at 10:00 in Washington. The ISM gauge represents industries including utilities, retail, health care and finance.
-U.S. new home sales probably grew in October at an annualized pace in line with the year’s average, according to a Bloomberg survey. The Commerce Department reports at 10:00 in Washington. The agency will also issue new-home sales figures for September, which were delayed by the partial government shutdown.
-Canada rate decision. Bank of Canada Governor Stephen Poloz probably won’t raise the benchmark rate, now at 1 percent, until the first quarter of 2015 at the earliest, according to a Bloomberg survey. Poloz lowered economic growth forecasts in October and dropped language about a possible rate increase as the country grapples with low inflation. 10:00 EST in Ottawa.
-Australia releases gross domestic product data for the quarter ended Sept. 30, after growth unexpectedly accelerated in the previous three months. 11:30 in Sydney (12/3 19:30 EST).
-Oracle versus Google. Oracle Corp., the world’s largest database-software maker, will ask a U.S. appeals court to revive claims that Google Inc. improperly built its Android operating system using copied code. Oracle claims that Google was unable to develop an operating system from scratch so it copied key parts of the Java programming language without paying for it. 10:00 in Washington.
-Results of local elections in five regions of India will shed light on the prospects for the ruling Congress Party-led federal coalition and its main opposition Bharatiya Janata Party in national elections due by May. Exit polls from 17:30 in India (07:00 EST).
-Portugal aid program review. Officials from the International Monetary Fund, the European Commission and the European Central Bank begin the 10th review of Portugal’s financial aid program.
-ECONOMY: U.S. trade balance (Oct.), U.S. ADP employment (Nov.), Brazil industrial production (Oct.), China HSBC/Markit services PMI (Nov.), euro-area PMI services (Nov., final), euro-area GDP (third quarter, second reading), euro-area retail sales (Oct.), U.K. PMI services (Nov.), Swiss industrial output (third quarter)
-EARNINGS: National Bank of Canada, Tesco Plc.
THURSDAY, DEC. 5
-The U.S. economy probably expanded in the third quarter at a faster pace than initially estimated, mostly reflecting a buildup in inventories. The Commerce Department’s first tally of third-quarter gross domestic product on Nov. 7 showed a 2.8 percent annualized pace of growth. The agency reports its second tally at 08:30 in Washington.
-Bank of America Corp. and the U.S. government will argue before a judge over the amount of damages the bank should pay in a lawsuit against its Countrywide unit related to bad loans sold to Fannie Mae and Freddie Mac. The U.S. has proposed a penalty of $863 million. The bank has said the maximum should be $1.1 million. 10:00 in Manhattan.
-European Central Bank rate decision. ECB officials hold their first policy meeting after cutting the benchmark rate to a record low of 0.25 percent in November. 13:45 in Frankfurt (07:45 EST). ECB President Mario Draghi is to present staff predictions on the economy when he gives a press conference at 14:30 in Frankfurt.
-U.K. Chancellor of the Exchequer George Osborne announces new economic forecasts during his Autumn Statement in the House of Commons in London. For the first time since 2010, his fiscal watchdog, the Office for Budget Responsibility, is on course to raise rather than lower its growth predictions. Stronger-than-expected tax receipts will allow the Treasury to scale back the amount of gilts it needs to sell this year to cover government spending. Time TBC.
-Bank of England rate decision. The BOE is likely to leave its benchmark interest rate unchanged at a record-low 0.5 percent, in line with its forward guidance that officials won’t consider raising borrowing costs at least until unemployment falls to 7 percent. Policy makers will probably also keep the size of their asset-purchase facility at 375 billion pounds ($610 billion). In London at 12:00 (07:00 EST).
-Russia may report November inflation figures after the pace of price increases unexpectedly accelerated to 6.3 percent from a year earlier in October, contributing to the central bank keeping its benchmark one-week auction rate unchanged at 5.5 percent. Time TBA.
-India’s parliament opens its winter session, the last full sitting before a general election due by May. The session offers the ruling Congress Party one of its final opportunities to complete pending reforms to bolster a struggling economy. 11:00 in New Delhi (00:30 EST).
-The United Nations Food & Agriculture Organization publishes its monthly Food Price Index. Prices rose last month for the first time since April. 09:00 in London (04:00 EST).
-The Indonesia Oil & Gas 2014 Outlook Conference takes place, with speakers including Edi Hermantoro, director general of oil and gas at the Ministry of Energy and Mineral Resources, as well as Johanes Widjanarko, head of SKK Migas, and Karen Agustiawan, president director of PT Pertamina. 09:00 in Jakarta (21:00 EST, Dec. 4.)
-ECONOMY: U.S. initial jobless claims (weekly); U.S. Challenger job cuts (Nov.), U.S. factory orders (Oct.), South Korea GDP (third quarter, revised), Taiwan inflation (Nov.), French unemployment (third quarter) .
-CENTRAL BANKS: Brazil minutes (Nov.), Norway interest rates and economic forecasts, Egypt interest rates.
-EARNINGS: Dollar General Corp., Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank.
-Golf. Tiger Woods’s World Challenge begins at Sherwood Country Club. 09:30 in Thousand Oaks, California (12:30 EST). The 18-player U.S. PGA Tour event runs through Dec. 8.
-The second five-day Ashes cricket Test between host Australia and England starts in Adelaide. Australia will be seeking a second straight win, while England is aiming for a fourth consecutive series victory. 10:30 local time (19:00 EST).
FRIDAY, DEC. 6
-U.S. jobs report. Employers probably added fewer workers to payrolls in November than the 204,000 a month earlier. The projected slowdown indicates businesses tempered their outlook for sales growth and hiring plans. The unemployment rate probably declined to 7.2 percent from 7.3 percent as furloughed government employees returned to work after the end of the partial federal shutdown. The Labor Department reports at 08:30 in Washington.
-Former Federal Reserve Chairman Alan Greenspan speaks on the “The Challenges of Monetary Policy” at a one-day forum on the history of U.S. central banking hosted by the Federal Reserve Bank of Philadelphia. 16:10 in Philadelphia. Other speakers include former Fed Vice Chairman Donald Kohn and Philadelphia Fed President Charles Plosser.
-Eurogroup Chairman Jeroen Dijsselbloem speaks on the future of Europe at the German Economic Forum in Frankfurt. The conference starts at 09:30 CET (03:30 EST).
-European Central Bank Executive Board member Joerg Asmussen speaks in Berlin. 14:20 CET (08:20 EST).
-The draw for next year’s soccer World Cup takes place in Brazil. It will determine the composition of the eight four-team groups at the tournament. 13:00 in Costa do Sauipe (11:00 EST).
-ECONOMY: U.S. personal spending (Oct.), University of Michigan U.S. consumer confidence (Dec.- preliminary), U.S. consumer credit (Oct.), Brazil monthly inflation (Nov.), French trade balance (Oct.), German factory orders (Oct.), Swiss foreign currency reserves (Nov.), Swiss CPI (Nov.), Bank of England GfK U.K. inflation expectation survey (Nov.) .
-CENTRAL BANKS: Mexico rate decision.
-EARNINGS: Bank of Nova Scotia.
SATURDAY, DEC. 7
-Hagel visits Bahrain. U.S. Defense Secretary Chuck Hagel will meet with regional counterparts and speak at the Manama Dialogue, a conference sponsored by the International Institute for Strategic Studies. Conference topics will include the war in Syria, the government in Egypt and the role of political Islam.
-Bank of Japan Governor Haruhiko Kuroda speaks at Tokyo University on “Public Policy Research and Monetary Policy Conduct.” 11:00 in Tokyo (12/06 21:00 EST).
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