U.S. GDP, Housing Data, Nike, Wimbledon: Week Ahead June 23-28

June 23 (Bloomberg) -- The U.S. economy shrank in the first quarter at the fastest pace in five years, data this week may show.

U.S. durable goods probably fell in May while personal spending and home sales rose.

North Atlantic Treaty Organization foreign ministers will meet to discuss topics including Ukraine and relations with Russia.

Ukraine’s new president will sign his country’s association and free-trade agreement with the European Union.

EU leaders commemorate the 100th anniversary of the start of World War I.

Nike Inc., Walgreen Co., Accenture Plc and Monsanto Co. are among companies reporting earnings.

The Wimbledon tennis grand slam starts in London and the soccer World Cup group stage will be completed in Brazil.


-Sales of previously owned U.S. homes probably increased in May to the highest level this year, according to a Bloomberg survey, as lower mortgage rates spurred buyers. The National Association of Realtors releases the data at 10:00 in Washington.

-U.S. Secretary of State John Kerry is among NATO foreign ministers meeting in Brussels to discuss topics including Ukraine, eastern Europe, relations with Russia, Georgian membership and Afghanistan. Closed meetings will be held for the first two days, and a press conference with Secretary General Anders Fogh Rasmussen is scheduled for 17:40 CET (11:40 EDT) on June 25.

-HSBC and Markit announce a preliminary reading of their China manufacturing purchasing managers’ index for June. May’s gauge rose to a four-month high, signaling the economy is stabilizing even as job cuts and weakness in the property market underscore pressure on the government to do more to support growth. 09:45 in Beijing (06/22 21:45 EDT).

-U.S. Congressional hearings on IRS. Internal Revenue Service Commissioner John Koskinen testifies before the House Oversight and Government Reform Committee, which is investigating the loss of more than two years of e-mails belonging to Lois Lerner, a former IRS official at the center of the controversy over the scrutiny of Tea Party groups. 19:00 in Washington.

-Polish Prime Minister Donald Tusk may be forced into early elections amid a political scandal caused by leaked conversations between top officials last week. The future of one of the officials, central bank Governor Marek Belka, is also under threat. Wprost magazine is due to release another recording of the conversations on June 23. Time to be determined.

-U.K. Prime Minister David Cameron holds talks with EU President Herman Van Rompuy in London to underline his opposition to the appointment of former Luxembourg Prime Minister Jean-Claude Juncker as the next head of the European Commission. Time to be determined.

-European Central Bank Vice President Vitor Constancio speaks at a conference in Frankfurt. 09:00 CET. (03:00 EDT)

-ECB Supervisory Chair Daniele Nouy speaks at a conference organized by the Irish Banking Federation. 09:25 in Dublin (04:25 EDT).

-ECB Executive Board member Yves Mersch speaks at a conference organized by the Gdansk Institute for Market Economics. 14:00 CET in Sopot, Poland (08:00 EDT).

-ECB Governing Council member Ewald Nowotny speaks at a conference in Vienna. 17:30 CET (11:30 EDT).

-Bank of Japan Governor Haruhiko Kuroda speaks at the Japan Association of Corporate Executives. 15:00 in Tokyo (02:00 EDT).

-Qatar ruler Sheikh Tamim Bin Hamad Al Thani visits France for talks with President Francois Hollande in Paris. The leaders will discuss Iraq, Syria and potential army contracts. Time to be determined.

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

-U.S. Supreme Court is in session for 2013-14 period. Click this line for the schedule.

-ECONOMY: Chicago National Activity Index (May), Argentina GDP (first quarter), Hong Kong inflation (May), Taiwan unemployment (May), Taiwan industrial production (May), Markit France PMI (June), Germany PMI (June), Croatia unemployment rate (May).

-CENTRAL BANKS: Angola rate decision may come as soon as today.

-EARNINGS: Colruyt SA.

-The Wimbledon tennis tournament begins in southwest London. Andy Murray is seeking to defend his title, while seeded No. 3 behind Novak Djokovic and Rafael Nadal. Serena Williams is the No. 1 seed in the women’s event. Click here for today’s match schedule.

-World Cup in Brazil. Click here for match schedule.

-U.S. baseball. The best-of-three-game College World Series finals begin in Omaha, Nebraska. 20:00 EDT. The final two games are June 24-25 at the same time.


-U.S. consumer confidence. The Conference Board releases its June gauge of consumer confidence. The index rose in May to the second-highest level since 2008 as Americans grew more upbeat about the economy and labor market. 10:00 in New York.

-New home sales in the U.S. probably increased in May to a four-month high, according to a Bloomberg survey, as buyers responded to cheaper borrowing costs. The Commerce Department reports at 10:00 in Washington.

-U.S. home prices in 20 cities probably rose at a slower pace in the year ended April, according to a Bloomberg survey. The S&P/Case-Shiller index is released at 09:00 in Washington.

-U.S. Treasury Secretary Jacob J. Lew testifies before the House Financial Services Committee on the annual report of the Financial Stability Oversight Council. 10:00 in Washington. Lew testifies before the Senate Banking Committee on the same topic tomorrow, June 25, at 10:00.

-James Clark, the U.S. Treasury Department’s deputy assistant secretary for federal finance, speaks on floating-rate notes at the Crane’s Money Fund Symposium. 11:55 in Boston.

-AT&T Inc.-DirecTV merger. AT&T Chief Executive Officer Randall Stephenson and DirecTV CEO Michael White testify before the House Subcommittee on Regulatory Reform, Commercial and Antitrust Law on their proposed $48.5 billion merger. 10:30 in Washington. At 14:30, the Senate Subcommittee on Antitrust, Competition Policy and Consumer Rights also holds a hearing on the combination.

-U.S. Congressional primaries. In Mississippi, six-term Senator Thad Cochran is in danger of losing a Republican runoff to state Senator Chris McDaniel, after trailing by half of a percentage point in the June 3 primary. In New York’s 13th District, which includes parts of Manhattan and the Bronx, 22-term Democratic Representative Charles Rangel faces state Senator Adriano Espaillat. There are also primaries in Colorado, Maryland, Oklahoma and Utah. For all poll closing times click here.

-Bank of England Governor Mark Carney and officials Charlie Bean, David Miles and Ian McCafferty testify on the central bank’s May Inflation Report. 09:30 in London (04:30 EDT).

-Italian Prime Minister Matteo Renzi briefs both houses of parliament on his government’s plans for its six-month European Union presidency. Starts at 09:30 CET in Rome (03:30 EDT).

-Former Luxembourg Prime Minister Jean-Claude Juncker speaks on Europe’s global role at a conference in Berlin, a few days before EU leaders meet to consider proposing him as the next European Commission president. Starts at 11:15 CET (05:15 EDT).

-The ECB holds a public hearing on supervisory fees. 10:00 CET in Frankfurt (04:00 EDT).

-ECB Governing Council member Ewald Nowotny speaks to the Austrian parliament. 14:00 CET in Vienna (08:00 EDT).

-ECB Executive Board member Benoit Coeure speaks at a conference in Frankfurt. 15:50 CET (09:50).

-Hungarian Prime Minister Viktor Orban hosts a meeting with his Czech, Polish and Slovakian counterparts and EU Commission President Jose Barroso in Budapest starting at 10:00 CET (04:00 EDT).

-Portugal’s Finance Ministry releases the government’s year-to-date budget report. Time to be determined.

-Asiana Airlines Inc. crash. U.S. National Transportation Safety Board will rule on the probable cause of last July’s crash of an Asiana jetliner at San Francisco International Airport, in which three people died and 180 were injured. (09:30 EDT).

-ECONOMY: Brazil current account balance (May), U.K. BBA loans approved for house purchases (May), Swiss exports (May), German Ifo business confidence (June), Turkey capacity utilization (June).

-CENTRAL BANKS: Hungary rate decision, Turkey rate decision.

-EARNINGS: Walgreen Co.

-World Cup in Brazil. Click here for match schedule.

-Wimbledon tennis. Click here for today’s match schedule.


-U.S. GDP. The economy shrank in the first quarter at the fastest pace in five years, the Commerce Department’s third estimate of GDP may show. Economists marked down their latest estimate from a previously reported 1 percent contraction after a survey of services showed Americans spent less on health care than the government had assumed. 08:30 in Washington.

-Orders for U.S. durable goods probably declined in May for the first time in four months as demand for military equipment slowed. Bookings excluding transportation equipment are projected to increase, showing manufacturing is helping the economy bounce back from a first-quarter slowdown. The Commerce Department reports at 08:30 in Washington.

-U.S. IPO. GoPro Inc., the maker of equipment such a cameras used by surfers, skiers and sky divers, is seeking to raise as much as $427 million in an initial public offering. At the top end of the range, GoPro would be valued at $3 billion, data compiled by Bloomberg show. The company will list its shares on the Nasdaq Stock Market under the symbol GPRO. The stock will start trading on June 26.

-Obama-Peres White House meeting. Israeli President Shimon Peres, who is set to leave office in July, has lunch meeting with President Barack Obama to discuss the Middle East peace process and U.S.-Israeli relations. In Washington. Time to be announced.

-Google developers conference. Google Inc.’s annual conference will provide tools and advice to software makers on how to design programs for new products such as wearable devices. 09:00 in San Francisco (12:00 EDT). Through June 26.

-The London Bullion Market Association holds a seminar in Singapore. The speakers include LBMA CEO Ruth Crowell, David Gornall, LBMA chairman and global head of precious metals trading at Natixis SA, and Jeremy East, global head of metals trading at Standard Chartered Plc. 09:00 in Singapore (06/24 21:00 EDT).

-Australia’s Bureau of Resources and Energy Economics issues its quarterly report with price, production and export forecasts for iron ore, gold, nickel and bauxite. Australia is the world’s biggest exporter of iron ore, second-biggest gold producer and largest supplier of bauxite to China. 09:30 in Canberra (06/24 19:30 EDT).

-ECB Governing Council member Jens Weidmann speaks in Halle, Germany. 15:00 CET (09:00 EDT).

-ECB Governing Council Member Luis Maria Linde, also governor of the Bank of Spain, speaks at an event in Valencia. 14:00 CET (08:00 EDT).

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

-ECONOMY: Brazil total outstanding loans (May), South Korea consumer confidence (June), U.K. CBI retail sales (June), Italy retail sales (April), Italy consumer confidence (June), Swiss UBS consumption indicator (May), German GfK consumer confidence (July), Netherlands GDP (first quarter, final), Spain producer prices (May), Russian weekly CPI, Ghana GDP (first quarter), Ghana producer-price inflation (May).

-EARNINGS: Monsanto Co., General Mills Inc., Bed Bath & Beyond Inc.

-World Cup in Brazil. Click here for match schedule.

-Wimbledon tennis. Click here for today’s match schedule.


-U.S. personal spending probably rebounded in May as job growth stoked wage gains, according to a Bloomberg survey, indicating consumers will provide a push for the economy in the second quarter. The Commerce Department will issue the statistics at 08:30 in Washington.

-The Bank of England publishes recommendations from the June 17 meeting of its Financial Policy Committee, which may include measures to cool the housing market. Governor Mark Carney holds a press conference in London with the publication of the semi-annual Financial Stability Review. 10:30 in London (05:30 EDT).

-The International Grains Council publishes its monthly supply and demand report for wheat, corn, rice and soybeans. 15:00 in London (10:00 EDT).

-EU leaders commemorate the 100th anniversary of the start of World War I and hold a dinner meeting in Ypres, Belgium. 17:00 CET (11:00 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. consumer comfort (weekly), Brazil unemployment (May), Hong Kong trade data (May), France consumer confidence (June), Poland retail sales (May), Poland unemployment rate (May), South Africa PPI (May).

-CENTRAL BANKS: Czech rate decision.

-EARNINGS: Nike Inc., Lennar Corp., Accenture Plc.

-NBA draft. For the third time in four seasons, the Cleveland Cavaliers have the top pick in the National Basketball Association draft. 19:00 at the Barclays Center in Brooklyn.

-World Cup in Brazil. Click here for match schedule.

-Wimbledon tennis. Click here for today’s match schedule.


-Ukrainian President Petro Poroshenko is due to sign his country’s association and free-trade agreement with the EU, the rejection of which by ex-President Viktor Yanukovych triggered the street protests that overthrew him. Time to be determined.

-EU leaders meet in Brussels to discuss who will be the next president of the European Commission. They will also discuss Lithuania’s bid to adopt the euro and proposed 2030 climate and energy policies. Leaders also plan to sign association agreements with Georgia and Moldova. 09:00 CET (03:00 EDT).

-Japan reports May national consumer prices and Tokyo CPI for June. Core prices rose 3.2 percent from a year earlier in April after the sales tax was raised 3 percentage points to 8 percent. 08:30 in Tokyo (06/26 19:30 EDT).

-Bitcoin auction. The U.S. Marshals Service auctions 29,656 bitcoins the federal government seized last year in the illicit Silk Road marketplace. The sale starts online at 06:00 and the winner will be notified on June 30. The U.S. has seized a total of about 144,341 bitcoins worth about $86 million at current prices. The rest of the bitcoins will be auctioned at a later date.

-Portugal’s National Statistics Institute publishes its first-quarter report on GDP by institutional sector, which includes budget deficit figures. Timing to be confirmed.

-ECONOMY: University of Michigan U.S. consumer confidence (June, final), Japan jobless rate (May), Japan retail trade (May), China industrial profits (May), South Korea current account (May), South Korea industrial production (May), Brazil IGP-M inflation index (June), U.K. GDP (first quarter, final), U.K. GfK consumer confidence indicator (June), Italy business confidence (June), France GDP (first quarter, final), France producer prices (May), German EU harmonized CPI (June), Spain retail sales (May), Spain CPI (June).

-SOVEREIGN RATING UPDATES: Austria (Moody’s), Cyprus (DBRS), Egypt (Fitch), Germany (Moody’s), Luxembourg (Moody’s), Slovenia (S&P).

-NHL draft. The Florida Panthers won the National Hockey League lottery, giving the team the right to choose first. 19:00 at the Wells Fargo Center in Philadelphia. Through June 28.

-Wimbledon tennis. Click here for today’s match schedule.


-World Cup in Brazil. Click here for match schedule.

-Wimbledon tennis. Click here for today’s match schedule.

To contact the reporters on this story: Greg Miles in New York at +1-212-617-5877 or gmiles1@bloomberg.net; James Amott in London at +44-20-3216-4206 or jamott@bloomberg.net; Jim McDonald in Tokyo at +81-3-3201-3190 or jmcdonald8@bloomberg.net To contact the editors responsible for this story: Andy Davidson at +1-212-617-8977 or adavidson@bloomberg.net Nancy Moran, Tal Barak Harif



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