Aug. 25 (Bloomberg) -- Gains in U.S. consumer spending and business investment helped the economy rebound last quarter, the Commerce Department’s second estimate of gross domestic product will probably show.
Sales of new U.S. houses rebounded in July, while home prices in 20 cities increased at a slower pace in the 12 months ended in June, separate reports may indicate.
Ukraine President Petro Poroshenko meets with Russian President Vladimir Putin during trade talks in the Belarussian capital of Minsk.
Companies releasing earnings include Hermes International SCA, Malaysian Airline System Bhd., Tiffany & Co., Vivendi SA and WPP Plc.
The U.S. Open tennis Grand Slam starts in New York.
MONDAY, AUG. 25
-Sales of new U.S. homes probably rebounded in July, showing gradual progress in the housing market amid cheaper borrowing costs. The Commerce Department’s figures will be released at 10:00 in Washington.
-Germany’s Merkel holds a news conference with Spanish Prime Minister Mariano Rajoy in Santiago de Compostela in northern Spain. Timing to be determined.
-Zimbabwe President Robert Mugabe meets China’s President Xi Jinping in Beijing as he seeks Chinese funding to help build infrastructure for the Southern African Development Community. Chinese trade with Africa has topped $160 billion annually. 16:00 in Beijing (04:00 EDT).
-The ONS Conference starts in Stavanger, Norway. Speakers include Saudi Aramco Chief Executive Officer Khalid Al-Falih, Statoil ASA CEO Helge Lund and International Energy Agency Director Maria van der Hoven. Through Aug. 28.
-Scottish First Minister Alex Salmond holds his second televised debate in the run-up to Scotland’s Sept. 18 referendum on independence with the leader of the ‘no’ campaign, former U.K. Chancellor of the Exchequer Alistair Darling. Polls show a majority are against independence. 20:30 in Glasgow (15:30 EDT).
-U.S. government bond auctions, Fed debt purchases weekly schedule.
-ECONOMY: Taiwan commercial sales (July), Taiwan industrial production (July) Taiwan money supply (July), Hong Kong trade data (July), German Ifo business confidence (August), Israel unemployment (July).
-CENTRAL BANKS: Angola rate decision, Israel rate decision.
-EARNINGS: Qihoo 360 Technology Co.
-The 66th Emmy Awards. The National Academy of Television Arts & Sciences presents TV’s highest honors in Los Angeles. “Game of Thrones,” the HBO series about noble families fighting over a mythical land, is nominated for 19 awards, including top drama. Live on NBC from 20:00 EDT.
-Tennis. The U.S. Open, the last tennis Grand Slam of the year, begins at the National Tennis Center in New York. Rafael Nadal won’t defend his title because of a wrist injury, while Serena Williams goes for her sixth. Through Sept. 8.
TUESDAY, AUG. 26
-U.S. durable goods orders probably increased in July, propelled by a jump in bookings for commercial aircraft. Orders for business equipment are projected to fall, indicating a lack of momentum in capital spending. The Commerce Department will issue the data at 08:30 in Washington.
-Home prices in 20 U.S. cities probably rose at a slower pace in the 12 months ended in June as cooler demand limited appreciation, an index from S&P/Case-Shiller is projected to show. 09:00 in Washington.
-Russia’s Putin and his Belarussian and Kazakh counterparts, leaders in the Customs Union between the former Soviet republics, are scheduled to meet with Ukraine’s Poroshenko and European Commission representatives in Minsk. Timing to be determined.
-Brazilian presidential election debate. President Dilma Rousseff, Senator Aecio Neves, former Environment Minister Marina Silva and four other candidates meet for their first televised debate before the Oct. 5 election. An Aug. 14-15 Datafolha poll showed Rousseff leading Silva 36 percent to 21 percent in a first-round ballot. 22:00 in Sao Paulo (21:00 EDT).
-Denmark releases 2015 budget proposals at 10:00 CET in Copenhagen (04:00 EDT).
-ECONOMY: South Africa GDP (second quarter), South Africa leading indicator (June), Poland retail sales (July), Poland unemployment rate (July).
-CENTRAL BANKS: Hungary rate decision.
-EARNINGS: Best Buy Co., Agricultural Bank of China Ltd., Bank of Novia Scotia, Bank of Montreal, National Bank of Canada, Air China Ltd., WPP Plc.
WEDNESDAY, AUG. 27
-The Asia International Sugar Conference takes place in Indonesia. Speakers include Lindsay Jolly, senior economist at the International Sugar Organization. 09:20 in Yogyakarta, Indonesia. (08/26 22:20 EDT). Through Aug. 28.
-ECONOMY: German retail sales (July), French business confidence (August), French jobless claims (July), Italy consumer confidence (August), Swiss UBS Consumption Indicator (July), Hungary unemployment rate (July).
-CENTRAL BANKS: Turkey rate decision.
-EARNINGS: Tiffany & Co., China Mengniu Dairy Co., China Telecom Corp.
THURSDAY, AUG. 28
-U.S. GDP. Gains in consumer spending and business investment helped the U.S. economy rebound in the second quarter. The Commerce Department’s second estimate of gross domestic product for the three-month period will probably show an increase that’s similar to the 4 percent annualized pace of growth that was reported last month. 08:30 in Washington.
-ECB Governing Council member Erkki Liikanen gives keynote speech on banking at the European Forum Alpbach. 16:30 CET (10:30 EDT) in Alpbach, Austria. Polish central bank Governor Marek Belka also speaks on European financial-market decentralization.
-Germany’s Merkel hosts a conference of leaders from Albania and the former Yugoslavia in Berlin on promoting cooperation. Time to be determined.
-French Finance Minister Michel Sapin and his German counterpart Wolfgang Schaeuble meet for talks in Paris. Time to be determined.
-South Korea will announce its current account balance for July, after a surplus of $7.9 billion in June. The Bank of Korea last month raised its estimate for the full-year surplus to a record $84 billion. 08:00 in Seoul (08/27 19:00 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), Brazil IGP-M inflation index (Aug.), Philippine GDP (second quarter), Australian private capital expenditure (second quarter), China industrial profits (July), Hong Kong retail sales (July), euro-area economic confidence (August), euro-area M3 growth (July), German inflation (August), German unemployment (August), Italy retail sales (June), Italy business confidence (August), Italy hourly wages (July), Spanish inflation (August), Spanish GDP (second quarter), U.K. CBI retail sales (August), South Africa PPI (July), Slovakia PPI (July), Turkey consumer confidence index (Aug.).
-CENTRAL BANKS: Canada current account balance.
-EARNINGS: Dollar General Corp., Industrial & Commercial Bank of China Ltd., Toronto-Dominion Bank, Canadian Imperial Bank of Commerce, Qantas Airways Ltd., Billabong International Ltd., Malaysian Airline System Bhd., Vivendi SA, Pernod Ricard SA.
FRIDAY, AUG. 29
-U.S. personal spending probably rose in July at the slowest pace in three months as demand for motor vehicles cooled. Incomes are projected to advance, helped in part by a stronger labor market. The Commerce Department’s figures will be released at 08:30 in Washington.
-Detroit bankruptcy arguments. U.S. Bankruptcy Judge Steven Rhodes will hear arguments on the city’s plan to exit the largest U.S. municipal bankruptcy. Detroit says the plan is vital to restoring city services, while lenders and insurers say it treats debt holders unfairly. 08:30 at the U.S. Bankruptcy Court, Detroit.
-European Union foreign ministers begin a two-day meeting, with Ukraine, Iraq and Gaza among topics that may be discussed. Ministers arrive for talks at 12:30 CET in Milan (06:30 EDT).
-The International Monetary Fund’s board is scheduled to decide on the disbursement of the second tranche of Ukraine’s rescue package approved in May.
-Japan announces national inflation data for July, after core prices increased 3.3% on the year in June, and Tokyo inflation data for August. 08:30 in Tokyo (08/28 19:30 EDT).
-Canada GDP. Economists and policy makers including Bank of Canada Governor Stephen Poloz see the country’s economic growth rate more than doubling in the second quarter from the first. 08:30 in Ottawa.
-Brazil GDP. Latin America’s biggest economy probably contracted in the second quarter as the highest borrowing costs since 2012 and inflation at the top of policy makers’ target range erode investment, output and consumer demand. 09:00 in Rio de Janeiro (8:00 EDT).
-Germany’s Merkel concludes campaigning in Saxony, where her Christian Democratic Union seeks to retain the state premier’s office in elections on Aug. 31. Rally in Annaberg-Buchholz at 18:00 CET (12:00 EDT).
-Russian Energy Minister Alexander Novak is scheduled to meet with European Union representatives for talks on natural gas shipments in Moscow. Time to be determined.
-The International Grains Council publishes its monthly production report. 15:00 in London. (10:00 EDT).
-ECONOMY: Japan industrial output (July), South Korea industrial output (July), euro-area inflation (August), euro-area unemployment (July), French producer prices (July), Italy unemployment (July), Italy CPI (August), Italy GDP (second quarter), Greek retail sales (June), U.K. Hometrack house prices (August), U.K. GfK consumer confidence (August), South Africa M3 money supply (July), South Africa trade balance (July), Czech Republic GDP (second quarter), Poland GDP (second quarter), Slovenia CPI (Aug.), Croatia GDP (second quarter), Serbia industrial output (July).
-CENTRAL BANKS: Colombia rate decision, Bulgaria rate decision.
-EARNINGS: Virgin Australia Holdings Ltd., Woolworths Ltd., Hermes International SCA.
-Golf. The Deutsche Bank Championship begins at TPC Boston in Norton, Massachusetts. The top 70 players in the FedEx Cup standings at the end of the tournament advance to the third round of the U.S. PGA Tour playoffs. The points leader after the fourth playoff collects a $10 million bonus. Through Sept. 1. Tee times and pairings to be determined.
SATURDAY, AUG. 30
-College Football. Top-ranked Florida State University starts the defense of its national title (20:00 EDT). Second-ranked Auburn University, which lost to the Seminoles in January’s Bowl Championship Series title game, opens the season at home against the University of Arkansas (16:00 EDT).