U.S. CPI, BOJ, U.K. Parliament, Minutes: Week Ahead May 16-23

Core U.S. consumer prices probably gained in April in a sign that companies are starting to test their pricing power, a report in the coming week will show.

U.S. housing starts and sales of previously owned homes probably increased last month, separate reports may indicate.

The U.K. parliament meets for the first time since David Cameron’s Conservative Party won a surprise majority in the May 7 general election.

The Bank of Japan announces monetary policy. The Federal Reserve Bank and Bank of England release minutes of their most recent policy-setting meetings, while the European Central Bank also publishes an account of its Governing Council’s April 15 meeting.

JPMorgan Chase & Co., Morgan Stanley and Goldman Sachs Group Inc. hold annual shareholder meetings.

Home Depot Inc., Wal-Mart Stores Inc., Salesforce.com Inc. and Hewlett-Packard Co. are among companies reporting earnings.

The Republic of Ireland, where the majority of the population identifies as Roman Catholic, votes on marriage equality for same-sex couples.

The Preakness Stakes, the second leg of thoroughbred horse racing’s Triple Crown, is run at Pimlico Race Course in Baltimore.


-Kerry in Asia. U.S. Secretary of State John Kerry is in Beijing for two days of meetings ahead of a planned September visit to the U.S. by President Xi Jinping. On the evening of May 17 and on May 18, Kerry will be in Seoul to meet with President Park Geun Hye and other officials.

-Iowa dinner. Republican presidential hopefuls, including but not limited to Jeb Bush and Scott Walker, speak at the Iowa GOP Lincoln Dinner in Des Moines. 17:30 (18:30 EDT).

-Horse Racing. Kentucky Derby winner American Pharoah seeks to cross the finish line first in the 140th running of the Preakness Stakes, the second leg of thoroughbred racing’s Triple Crown. Post time 18:18 at Pimlico Race Course, Baltimore.

-NHL playoffs. The New York Rangers host the Tampa Bay Lighting in Game 1 of their best-of-seven National Hockey League playoff series. 13:00 EDT.


-ECONOMY: Israel GDP (first quarter)

-Jeppe Hein’s “Please Touch the Art,” opens in Brooklyn Bridge Park. Brooklyn, N.Y.

-Basketball. The Chicago Bulls are at the Cleveland Cavaliers for Game 7 of their Eastern Conference National Basketball Association playoff semifinal, if necessary. In the Western Conference, the Golden State Warriors host the Memphis Grizzlies and the Houston Rockets host the Los Angeles Clippers in Game 7, if necessary. Times to be determined.

-NHL playoffs. The Anaheim Ducks host the Chicago Blackhawks in Game 1 of their best-of-seven National Hockey League playoff series. 15:00 EDT.


-The Asia Oil & Gas Conference takes place in Kuala Lumpur. Energy industry officials including Ryan Lance, chairman and chief executive officer of ConocoPhillips, Paal Kibsgaard, CEO of Schlumberger Ltd., and Wan Zulkiflee Wan Ariffin, president and group CEO of Petroliam Nasional Bhd., will gather for the three-day event. 09:00 in Singapore (05/17 21:00 EDT). Through 05/19.

-ITRI China holds its International Tin Forum in Shanghai. 14:00 (02:00 EDT). Through 05/20.

-Swedbank Global Outlook Seminar. Chicago Federal Reserve Bank President Charles Evans, a voting member of the Federal Open Market Committee this year, discusses the economy and monetary policy at 08:00 (02:00 EDT) in Stockholm; Riksbank Governor Stefan Ingves and European Central Bank Executive Board member Yves Mersch are also among speakers.

-South African Finance Minister Nhlanhla Nene addresses the Foreign Correspondents Association at Bloomberg offices in Johannesburg. 08:00 in (02:00 EDT).

-European Union foreign ministers meet to approve plans for a naval mission off the coast of Libya, as well as review the situation in Ukraine and discuss the Middle East peace process. 11:00 in Brussels (05:00 EDT).

-European Union Economic Commissioner Pierre Moscovici holds a news conference on the Commission’s May 13 country report on Germany. He’s expected to comment on reforms needed in Europe’s biggest economy. 13:00 in Berlin (07:00 EDT).

-Spanish Economy Minister Luis de Guindos gives a speech in Madrid at 09:00 (03:00 EDT).

-The U.K. Parliament meets for the first time since Prime Minister David Cameron’s Conservative Party won a surprise majority in the May 7 general election. The House of Commons first elects a speaker; it’s unclear if the incumbent, John Bercow, will be challenged. Chamber convenes at 14:30 in London (09:30 EDT).

-Sustainable Energy for All Forum. The second annual United Nations forum takes place in New York under the theme of “Financing Sustainable Energy for All.” The first-ever Global Energy Ministerial Dialogue will be held at the world body’s headquarters as part of the four-day gathering. Through 05/21.

-President Barack Obama will meet with local law-enforcement officers and young people in Camden, New Jersey, to discuss their attempts to build trust as part of his effort to draw attention to tensions fueled by racial differences and poverty. Time TBD.

-The U.S. Senate plans this week to consider amendments to legislation that would give President Barack Obama fast-track authority to send trade agreements to Congress for an up-or-down vote. The House will consider the measure after a week-long Memorial Day break.

-U.S. Congress plans to complete legislation this week to reauthorize three intelligence-gathering authorities and end bulk data collection by the National Security Agency. The House passed the measure last week. The House and Senate also plan to vote on a short-term bill to continue sending federal highway construction funds to states past the scheduled May 31 expiration.

-The U.S. House of Representatives is expected to vote this week on legislation to make permanent the research and development tax credit.

-JPMorgan Global Technology, Media and Telecom Conference. AT&T Inc. Chief Executive Officer Randall Stephenson (08:00 EDT on 05/18), JPMorgan Chase & Co. Chairman and CEO Jamie Dimon (Noon EDT on 05/18 via satellite) and Yahoo! Inc. CEO Marissa Mayer (08:40 EDT on 05/19) are among scheduled speakers at the 43rd annual conference. In Boston, through 05/20.

-UBS Global Healthcare Conference. Mylan NV, Gilead Sciences Inc. and CVS Health Corp. are among companies scheduled to participate. 08:00 in New York. Through 05/20.

-Electrical Products Group Conference. Honeywell International Inc. Chief Executive Officer David Cote (07:30 EDT today), Trian Fund Management CEO Nelson Peltz (08:15 EDT on 05/19) and General Electric Co. CEO Jeffrey Immelt (11:30 EDT on 05/20) are among scheduled speakers at this year’s gathering in Longboat Key, Florida. Conference starts at 07:30 EDT each day through 05/20.

-Indian Prime Minister Narendra Modi begins a two-day visit to South Korea where he’ll meet with President Park Geun Hye.

-Chinese Premier Li Keqiang starts a tour of Latin America, during which he’ll visit Brazil, Colombia, Peru and Chile.

-Taiwan’s ruling Kuomintang party closes applications for candidacy in the January presidential election. Party Chairman Eric Chu and Legislative Speaker Wang Jin-pyng have been considered potential contenders. 16:00 in Taipei (04:00 EDT).

-U.S. Department of Agriculture issues its monthly “Livestock, Dairy, and Poultry Outlook.” Noon in Washington.

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

-U.S. initial public stock offerings. Click here for schedule.

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

-ECONOMY: NAHB Housing Market Index (May), Japan machine orders (March), Thailand GDP (first quarter), China property prices (April)

-EARNINGS: Urban Outfitters Inc., Agilent Technologies Inc., Kabel Deutschland Holding AG, OMV AG, Vodacom Group Ltd., Elbit Systems Ltd., Babcock International Group Plc

-Basketball. The National Basketball Association playoffs continue with the Atlanta Hawks hosting the Washington Wizards, if necessary, in Game 7 of their Eastern Conference semifinal series.


-IHS Inc. holds its 14th annual European Coal Outlook Conference in Nice, France. Speakers include executives and traders from EON SE and Marex Spectron Group Ltd., among others. 09:00 in Nice (03:00 EDT). Through 05/20.

-Riksbank Governor Stefan Ingves, Swedish National Debt Office Director-General Hans Lindblad, Swedish Financial Supervisory Authority acting Director-General Martin Noreus and Nordea Bank AB Chief Executive Officer Christian Clausen are among speakers at the Financial Safety Net Conference, organized by the Swedish National Debt Office, in Stockholm. 13:00 (07:00 EDT). Conference runs through 05/20.

-Housing starts probably increased in April as U.S. builders began making progress on a backlog of projects that were delayed because of winter weather. The Commerce Department releases data at 08:30 in Washington.

-U.S. Treasury Secretary Jacob J. Lew (08:30 EDT) and International Monetary Fund Managing Director Christine Lagarde (10:00 EDT) speak at the Bretton Woods Committee annual meeting in Washington.

-Morgan Stanley shareholders will vote on executive pay at the bank’s annual meeting after Chief Executive Officer James Gorman received his second straight annual raise. Gorman may also provide more details on his plan for higher returns. 09:00 EDT in Purchase, New York.

-JPMorgan Chase & Co. holds its annual shareholder meeting in Detroit, site of a recent pledge to invest $100 million for urban revival. Proxy advisory firm Institutional Shareholder Services recommended that shareholders vote against Chief Executive Officer Jamie Dimon’s pay package. 10:00 EDT.

-Reserve Bank of India Governor Raghuram Rajan speaks at an Economic Club of New York luncheon, where he may signal if he’ll build on the central bank’s two interest-rate cuts this year. 12:15 EDT.

-Bank of Canada Governor Stephen Poloz speaks before the Greater Charlottetown Area Chamber of Commerce at 12:45 (11:45 EDT) in Charlottetown, Prince Edward Island. The text of his remarks will be published on the bank’s website at 12:30 (11:30 EDT), and a press conference will follow at 14:00 (13:00 EDT).

-Bank of Italy Governor Ignazio Visco discusses euro-area monetary policy at a symposium dinner co-hosted by the National Association for Business Economics and Deutsche Bundesbank in Munich, Germany. 18:30 (12:30 EDT).

-Criminal trial of former Thailand Prime Minister Yingluck Shinawatra begins. Yingluck is charged with dereliction of duty and abuse of authority under the 1999 Counter Corruption Act. 09:30 in Bangkok (5/18 22:30 EDT).

-Swiss National Bank Vice President Jean-Pierre Danthine discusses “Swiss Monetary Policy Facts...and Fictions” at the Swiss Finance Institute in Geneva. 18:00 (Noon EDT).

-The Financial Stability Oversight Council, the panel of regulators led by U.S. Treasury Secretary Jacob J. Lew, meets in an open session to discuss its 2015 annual report. The document will cover the council’s view of potential risks to the financial system. The FSOC also will meet in a closed session to hear from regulators on resolution plans for bank-holding companies. 14:30 in Washington.

-UBS Global Oil & Gas Conference. Devon Energy Corp., Occidental Petroleum Corp. and Anadarko Petroleum Corp. are among companies participating in the forum, where more than 60 of the world’s leading oil and gas companies will be in attendance. Through 05/21 in Austin, Texas.

-Ontario Premier Kathleen Wynne addresses the Permanent Council of the Organization of American States in Washington, followed by a lunchtime speech at the Woodrow Wilson Center’s Canada Institute. Wynne’s trip to the U.S., which included stops in New York, precedes the Canadian province’s hosting of the Climate Summit of the Americas this July.

-ECONOMY: U.S. building permits (April), U.K. CPI (April), U.K. retail price index (April), U.K. PPI (April), Euro-area trade balance (March), Germany ZEW survey (May), Euro-area CPI (April), South Africa unemployment (first quarter)

-CENTRAL BANKS: Nigeria interest rate, Indonesia rate decision

-EARNINGS: Home Depot Inc., Wal-Mart Stores Inc., TJX Cos., Analog Devices Inc., Autodesk Inc., Computer Sciences Corp., Vodafone Group Plc, Merck KGaA, Deutsche Postbank AG, United Internet AG, ICAP Plc

-"Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future,’’ written by Bloomberg’s Ashlee Vance, is due out today from Ecco, an imprint of HarperCollins.

-NBA Draft Lottery. The National Basketball Association holds its lottery to determine the first 14 picks of the 2015 draft. Barclays Center in Brooklyn, N.Y.


-The London Metal Exchange holds its LME Week Asia event in Hong Kong. Speakers at the commodities seminar include Charles Li, the chief executive officer of Hong Kong Exchanges and Clearing Ltd., Garry Jones, CEO of the LME, and Robin Bhar, head of metals research at Societe Generale SA. 09:00 (05/19 21:00 EDT).

-Michael Lewis, global head of commodities research at Deutsche Bank AG, will discuss the outlook for the oil market at the bank’s dbAccess Asia Conference in Singapore. 12:30 (00:30 EDT).

-Abdullah Nasser Al Suwaidi, the director general of Abu Dhabi National Oil Co., will speak at the CCPS Middle East Process Safety Conference in Abu Dhabi. 08:30 (00:30 EDT). Through 05/21.

-KPMG LLP holds its Global Energy Conference in Houston, attended by senior industry executives. 09:00 (10:00 EDT). Through 05/21.

-Chicago Federal Reserve Bank President Charles Evans is among scheduled speakers on the final day of a symposium co-hosted by the National Association for Business Economics and Deutsche Bundesbank in Munich, Germany. 09:00 (03:00 EDT).

-Japan reports first-quarter growth data after the economy expanded a weaker-than-expected 1.5 percent in the final three months of 2014. The International Monetary Fund forecast the Japanese economy will grow 1 percent this year after contracting last year. 08:50 in Tokyo (05/19 19:50 EDT).

-The Bank of England releases minutes of its Monetary Policy Committee’s May 7-8 meeting, at which policy makers decided to keep the benchmark rate at 0.5 percent. The announcement was delayed until May 11 because of the U.K. general election. 09:30 (04:30 EDT).

-French President Francois Hollande gives a keynote speech on the first day of a two-day climate conference attended by the chief executives of companies including Unilever NV, Total SA, L’Oreal SA, GDF Suez, Peugeot SA and RWE AG. Hollande speaks during a session starting at 15:30 in Paris (09:30 EDT).

-The Federal Reserve releases minutes of its April 28-29 meeting, at which the Federal Open Market Committee repeated it will raise interest rates when it sees further labor-market improvement and is “reasonably confident” inflation will move back to its 2 percent goal over time. 14:00 in Washington.

-Portuguese Prime Minister Pedro Passos Coelho speaks at a debate in parliament. 15:00 (10:00 EDT).

-European Union Competition Commissioner Margrethe Vestager will speak at a conference in Madrid at 09:00 (03:00 EDT).

-RadioShack Corp. customer-data sale goes before court. The bankrupt electronics retailer proposes selling data, including physical and e-mail addresses without credit or debit card information, over the objections of states and the U.S. Trustee. The outcome of mediation and conclusions of a “consumer privacy ombudsman,” will be reported to the court earlier. 09:30 in Wilmington, Delaware.

-The U.S. Energy Information Administration releases its weekly crude oil inventory report, as well as data on refinery utilization, gasoline and fuel ethanol supplies. 10:30 in Washington.

-ECONOMY: MBA mortgage applications (week ended May 15), Canada wholesale sales (March), Germany PPI (April), Sweden unemployment rate (April), Norway GDP (first quarter), Russia may report industrial production (April), South Africa CPI (April), South Africa retail sales (March)

-CENTRAL BANKS: Turkey benchmark rate

-EARNINGS: Target Corp., Hormel Foods Corp., Lowe’s Cos., NetApp Inc., Salesforce.com Inc., Staples Inc., L Brands Inc., Burberry Group Plc, Marks & Spencer Group Plc, Bank Hapoalim Ltd.

-David Letterman wraps up his 33 years on late-night TV with the final edition of the “Late Show with David Letterman” on CBS. Letterman, 68, began his night-time TV career on NBC in February 1982 and moved to CBS in 1993 after he was passed over to succeed Johnny Carson on “The Tonight Show.” Stephen Colbert will take over hosting CBS’s “Late Show” in September.


-The European Central Bank publishes an official account of its most recent monetary-policy meeting on April 15, during which its 25-member Governing Council left the main refinancing rate at a record-low 0.05 percent. 13:30 (07:30 EDT) in Frankfurt.

-German Chancellor Angela Merkel gives a foreign-policy speech to parliament ahead of the European Union’s summit with eastern European leaders in Riga, and before Germany hosts the Group of Seven summit in June. Topics are likely to include Russia, Ukraine and the global economy. Merkel speaks at 09:00 in Berlin (03:00 EDT).

-European Union holds a summit in Riga, Latvia, with leaders of eastern European countries including Ukraine. Event starts about 18:00 (11:00 EDT) and ends at 14:00 (07:00 EDT) Friday.

-Sales of previously owned U.S. homes probably climbed in April for a third straight month as buyers took advantage of cheap borrowing costs at the start of the busy spring selling season, economists project the National Association of Realtors to report. 10:00 in Washington.

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

-Goldman Sachs Group Inc. holds its annual shareholder meeting in San Francisco for the first time. One vote will be on a shareholder proposal calling for a report on the vesting of deferred stock for employees who leave for government service. 08:30 (11:30 EDT).

-European Central Bank President Mario Draghi and Federal Reserve Vice Chairman Stanley Fischer are among speakers at the ECB Forum on Central Banking. 18:30 (13:30 EDT). Through 05/23 in Sintra, Portugal.

-San Francisco Federal Reserve President John Williams, a voting member of the Federal Open Market Committee this year, joins a panel discussion on central bank governance at Stanford University. 16:00 in Stanford, Calif. (19:00 EDT)

-The U.S. Senate Banking Committee is scheduled to mark up the Financial Regulatory Improvement Act of 2015, which would revise the 2010 Dodd-Frank law passed after the 2008 financial crisis.

-The Fight for $15 campaign, which is pushing for wages of at least $15 an hour, plans to protest at McDonald’s Corp.’s annual shareholder meeting in Oak Brook, Ill.

-ECONOMY: U.S. initial jobless claims (weekly), Bloomberg Consumer Comfort Index (weekly), U.S. leading indicators (April), Markit U.S. Manufacturing PMI (May), Philadelphia Fed manufacturing (May), Kansas City Fed manufacturing (May) Brazil unemployment rate (April), Mexico GDP (first quarter), Markit Eurozone Composite PMI (May), ECB Euro-area current account (March), U.K. retail sales (April), Euro-area consumer confidence (May), Turkey consumer confidence (May)

-CENTRAL BANKS: South Africa benchmark rate, Bank of Japan policy meeting

-EARNINGS: Best Buy Co., Gap Inc., Ross Stores Inc., Dollar Tree Inc., Hewlett-Packard Co., Intuit Inc., National Grid Plc, ISS A/S, United Utilities Group Plc, Royal Mail Plc, Lenovo Group Ltd.


-The Bank of Japan announces monetary policy after a 2-day meeting ends around noon. The bank last month held policy unchanged even as it lowered its inflation estimates and pushed back its forecast for reaching a 2 percent inflation target. Governor Haruhiko Kuroda will hold a press conference at about 15:30 in Tokyo (02:30 EDT).

-U.S. consumer prices probably rose in April at a slower pace than a month earlier as the cost of food remained weak, a Labor Department report is projected to show. The core consumer-price index, which excludes food and fuel, is also projected to increase and show companies are beginning to test their pricing power. 08:30 in Washington.

-Gay marriage in Ireland. The Republic of Ireland, where the majority of the population identifies as Roman Catholic, votes on marriage equality for same-sex couples in a referendum supported by Prime Minister Enda Kenny.

-The Havana Biennial, the contemporary art show founded in 1984, opens today in the Cuban capital.

-ECONOMY: Canada CPI (April), Brazil IPCA-15 Inflation (May), Mexico bi-weekly CPI (May 15), Germany GDP (first quarter), France business confidence (May), Germany Ifo business confidence (May), U.K. public sector finances (April)

-CENTRAL BANKS: Colombia benchmark rate

-EARNINGS: Deere & Co., Campbell Soup Co., Cie. Financiere Richemont SA, Severn Trent Plc

-SOVEREIGN RATING UPDATES: Estonia (Fitch), France (Moody’s), Hungary (Fitch), Netherlands (S&P), Oman (S&P), Slovenia (Moody’s), Switzerland (S&P), U.K. (Moody’s)


-No scheduled events.


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