Fed Meeting, Clinton, Greece, Golf: Week Ahead June 13-20

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Federal Reserve policy makers convene in Washington, with investors seeing almost no chance that the two-day meeting will culminate in an increase in the benchmark U.S. interest rate.

Japan, Russia and Switzerland also set monetary policy.

U.S. industrial production probably rose in May for the first time in six months, while consumer prices are seen climbing by the most in more than two years, separate reports will show.

Sunday is the informal deadline set by Greece’s creditors to reach a bailout agreement, which expires at the end of June.

Hillary Clinton holds the first rally of her 2016 U.S. presidential campaign in New York, while Republican Jeb Bush is expected to announce his bid for the office.

Yahoo! Inc. Chief Executive Officer Marissa Mayer and Twitter Inc. outgoing CEO Dick Costolo are among speakers at the Bloomberg Technology Conference.

Fitbit Inc. prices shares in an initial public offering expected to value the maker of wearable devices at as much as $3.3 billion. The Paris Air Show begins.

The African Union heads of state summit takes place in Johannesburg. The United Nations holds peace talks in Geneva on the Yemen conflict.

The 115th U.S. Open golf major begins and the National Hockey League and National Basketball Association champions will be decided.


-U.S. Democratic presidential candidate Hillary Clinton holds the first rally of her campaign at Franklin D. Roosevelt Four Freedoms Park on New York’s Roosevelt Island. 11:45 EDT.

-Hockey. Game 5 of the National Hockey League’s Stanley Cup Final has the Chicago Blackhawks at the Tampa Bay Lightning (20:00 EDT). Further games in the best-of-seven series are scheduled for June 15 and 17, if necessary.

-Soccer. The Women’s World Cup group stage continues in Canada with France v. Colombia (13:00 EDT, Moncton), England v. Mexico (16:00 EDT, Moncton), Brazil v. Spain (16:00 EDT, Montreal) and South Korea v. Costa Rica (19:00 EDT, Montreal).


-Greece deadline. Sunday is the informal deadline set by the nation’s creditors to reach a bailout accord that will allow enough time for euro-area parliaments to approve disbursement of funds before the end of June. Greek Prime Minister Alexis Tsipras has until the end of the month to release a payment of as much as 7.2 billion euros ($8.1 billion) from the country’s rescue package before the agreement expires.

-The African Union heads of state summit takes place in Johannesburg through Monday. South African President Jacob Zuma and Zimbabwean President Robert Mugabe will open the assembly, and United Nations Secretary-General Ban Ki-moon is also due to speak. The summit will discuss progress on regional economic integration as well as conflicts in countries such as Burundi and South Sudan. Timings to be determined.

-Basketball. Game 5 of the NBA Finals has the Cleveland Cavaliers at the Golden State Warriors (20:00 EDT). Further games in the best-of-seven series are scheduled for June 16 and 19, if necessary.

-Golf. Players have a final opportunity to qualify for the U.S. Open as the St. Jude Classic ends at TPC Southwind in Memphis, Tenn. Tee times and pairings to be determined.

-Golf. The 61st Women’s PGA Championship concludes at Westchester Country Club in Harrison, N.Y. Tee times and pairings to be determined.


-Yemen talks. The United Nations holds peace negotiations in Geneva amid the conflict between the nation’s pro-Houthi Yemeni rebels and supporters of ousted President Abdurabuh Mansur Hadi. Timing to be determined.

-Industrial production in the U.S. probably rose in May for the first time in six months, economists project the Federal Reserve will report. Factories have been beset by a strong dollar, limited capital spending and weak global markets. 09:15 in Washington.

-Paris Air Show. The 51st edition brings together planemakers led by Boeing Co. and Airbus Group SE along with suppliers, airlines and analysts for briefings on aerospace programs and orders. Le Bourget Airport, through 06/21.

-ECB Governing Council member Ewald Nowotny delivers the opening address at an Austrian central bank conference on “Long-Term Perspectives for Economic Growth.” ECB Executive Board member Peter Praet also speaks. Starts at 09:00 CET in Vienna (03:00 EDT).

-The ECB publishes its weekly update of bond purchases under its quantitative-easing program. 14:45 CET in Frankfurt (08:45 EDT).

-ECB President Mario Draghi speaks on economic and monetary affairs at the European Parliament in Brussels. 15:00 CET (09:00 EDT).

-Saudi Arabia, the world’s biggest exporter of oil, opens its stock market to direct foreign investment.

-Jeb Bush, the former governor of Florida, is expected to announce his bid for the 2016 Republican nomination for U.S. president. 15:00 in Miami.

-The Boston Consulting Group Global Wealth Report. BCG releases its 15th annual study on the size and growth of major wealth markets, including countries with the highest number of millionaire and ultra-high-net-worth households in 2014. Noon in New York.

-California’s Democratic-controlled legislature must pass a budget by today for the fiscal year beginning July 1 or forfeit their pay. They have drafted a plan that relies on rosier revenue projections to justify additional spending on health and welfare programs than what Governor Jerry Brown proposed in a record $115 billion budget in May.

-Rent regulations for 2 million New York City residents are set to expire today, along with a property-tax abatement program for developers who build affordable housing, unless New York Governor Andrew Cuomo and state lawmakers agree on an extension.

-The International Energy Agency publishes its World Energy Outlook 2015 Special Report on Energy and Climate Change. The report will analyze national climate pledges in the context of the recent decline in fossil-fuel prices. Executive Director Maria van der Hoeven will speak at the event. 10:00 in London (05:00 EDT).

-EIA Energy Conference. U.S. Energy Secretary Ernest Moniz, Mexican Energy Secretary Pedro Joaquin Coldwell, Continental Resources Inc. CEO Harold Hamm, and BNSF Railway Co. Executive Chairman Matthew Rose are among speakers. In Washington through 06/16.

-New York Energy Week. Sunita Satyapal, director of Fuel Cell Technologies at the U.S. Department of Energy, and CleanTech San Diego CEO Jason Anderson are among speakers at the third annual gathering of utilities, energy providers and government officials. 17:30. Through 06/19.

-The deadline passes for nominations for the leadership of the U.K.’s opposition Labour Party. It’s unclear whether Jeremy Corbyn and Mary Creagh will gain support from the necessary 35 lawmakers to enable them to challenge the favorites, health spokesman Andy Burnham, home-affairs spokeswoman Yvette Cooper and social-care spokeswoman Liz Kendall. 12:00 in London (07:00 EDT).

-Belgian Finance Minister Johan Van Overtveldt gives a speech on the Greek debt crisis and the euro’s future. 11:00 CET in Berlin (05:00 EDT).

-French President Francois Hollande visits Algiers to meet Algerian President Abdelaziz Bouteflika. Timing to be determined.

-OAS General Assembly. The Organization of American States holds its 45th regular session in Washington. 09:00. Through 06/16.

-The U.S.-China Economic and Security Review Commission holds a public hearing on “Commercial Espionage and Barriers to Digital Trade in China.” 09:00 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 is scheduled to issue orders at 09:30 and decisions at 10:00 in Washington.

-ECONOMY: Empire State manufacturing (June), NAHB homebuilder confidence (June), Net foreign purchases of U.S. securities (April), Canada manufacturing sales (April), Canada existing home sales (May), Argentina national urban CPI (May), Turkey unemployment (March), Israel CPI (May), U.K. Rightmove house prices (June), Poland CPI (May), Russia GDP (first quarter).

-CENTRAL BANKS: Russia rate decision.


-FOMC meets. The Federal Reserve’s policy-setting Federal Open Market Committee meets in Washington for a two-day gathering to review the state of the U.S. economy and debate the timing of its first interest-rate increase since 2006. Investors see almost no chance of a rate increase at this month’s meeting and a 53 percent chance of a rise at the September meeting, according to bets in interest-rate futures markets.

-New housing starts in the U.S. probably cooled in May after surging a month earlier to the highest level in seven years, economists forecast the Commerce Department to report. An improving labor market and mortgage rates close to multi-year lows are helping revive construction. 08:30 in Washington.

-The European Court of Justice will deliver its ruling on the legality of the European Central Bank’s bond-buying plan. Announcement at 09:30 CET in Luxembourg (03:30 EDT). ECB Executive Board member Yves Mersch will speak on the case at a time to be determined.

-The Congressional Budget Office, which provides nonpartisan analysis for members of Congress, releases its annual long-term budget projections. 10:00 in Washington.

-TV personality and businessman Donald Trump will announced whether he’s seeking the 2016 Republican nomination for U.S. president. 11:00 in New York.

-Republican Jeb Bush holds his first official event as a U.S. presidential candidate in Derry, New Hampshire. 11:30 EDT.

-Bloomberg Technology Conference. Yahoo! Inc. CEO Marissa Mayer and Twitter Inc. CEO Dick Costolo are among speakers at the conference entitled “Code and the Corner Office.” 08:45 (11:45 EDT) in San Francisco. Click here for agenda.

-Bio International Convention. National Institutes of Health Director Francis Collins, Vertex Pharmaceuticals Inc. founder Joshua Boger, and Luciana Borio, acting chief scientist at the U.S. Food and Drug Administration, are among scheduled speakers. In Philadelphia through 06/18. Click here for the agenda.

-Toyota Motor Corp. shareholders will vote on a plan to sell convertible shares that have debt-like qualities and can’t be sold for five years. Toyota says the stock will improve corporate governance by locking in patient owners. Critics including proxy adviser Institutional Shareholder Services and the California State Teachers’ Retirement System argue that the stock, available only in Japan, would shield buyers from risk yet give them the same voting rights as holders of common stock, who don’t enjoy that protection. 10:00 in Toyota City. (06/15 21:00 EDT).

-An Egyptian court is due to sentence former President Mohamed Mursi, who was convicted last month in connection with fatal riots outside his Cairo palace in 2012 as well as a prison-break case. The court’s preliminary verdict was a death sentence, a ruling that has to be verified by the country’s top religious official. The sentence will be subject to a further appeal. Timing to be determined.

-European Union justice ministers debate proposed quotas for dispersing political refugees across the continent. Starts at 10:00 CET in Luxembourg (04:00 EDT).

-Greek Prime Minister Alexis Tsipras begins a three-day visit to St. Petersburg, Russia. He may meet with President Vladimir Putin. Timing to be determined.

-ECONOMY: Brazil retail sales (April), Israel GDP (first quarter), U.K. inflation (May), German ZEW survey (June), Russia may report industrial production (May).

-CENTRAL BANKS: Australia minutes, Morocco rate decision, Uganda rate decision.

-EARNINGS: Adobe Systems Inc., Jefferies Group LLC

-Art Basel, the world’s largest modern and contemporary art fair, opens to invited guests. This year’s edition includes 284 leading galleries from 33 countries showing works by 4,000 artists. The Basel, Switzerland, exhibition opens to the general public on June 18. Through 06/21.


-FOMC rate decision. The Federal Open Market Committee releases its latest policy statement and revised forecasts for U.S. economic growth, the labor market and inflation at 14:00 in Washington. Federal Reserve Chair Janet Yellen holds a press conference starting at 14:30.

-Bank of England minutes. The BOE releases the minutes of the Monetary Policy Committee’s June meeting, when it left its benchmark interest rate at a record-low 0.5 percent. While the nine members voted unanimously in May, the decision was “finely balanced” for two of them. 09:30 in London (04:30 EDT).

-Fitbit Inc. IPO pricing. The San Francisco-based maker of wearable devices is expected to price its initial public offering, according to data compiled by Bloomberg. At the high end of the $14-to-$16 a share offering range, Fitbit would be valued at about $3.3 billion.

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

-PJM Grid Conference. Members of largest U.S. grid meet to discuss gas- and power-market coordination. FERC Commissioner Philip Moeller and PJM Interconnection LLC Chief Executive Officer Terry Boston are among speakers. 09:00 in Valley Forge, Pa.

-Hong Kong Chief Executive Leung Chun-ying presents a China-backed election plan to the legislature. Pro-democratic lawmakers say they will vote down the proposal to have candidates for the city’s 2017 election approved by a committee that opponents say will guarantee pro-Beijing candidates. Time to be determined.

-The candidates for the leadership of the U.K.’s opposition Labour Party hold a televised debate. Starts at 19:00 (14:00 CET).

-Honda Motor Co.’s annual general meeting takes place at 10:00 in Tokyo. (06/16 21:00 EDT).

-ECONOMY: Canada wholesale sales (April), U.S. MBA mortgage applications (weekly), New Zealand current account (first quarter), Japan trade balance (May), U.K. unemployment (April), euro-area inflation (May), South Africa CPI (May), South Africa retail sales (April), Russia may report industrial production (May).

-CENTRAL BANKS: Georgia rate decision

-EARNINGS: FedEx Corp., Oracle Corp.


-Consumer prices probably climbed in May by the most in more than two years as Americans paid more for gasoline, indicating inflation is moving toward the Federal Reserve’s goal. The Labor Department will issue the figures at 08:30 in Washington.

-U.S. Supreme Court is scheduled to issue decisions at 10:00 in Washington.

-Euro-region finance ministers gather in Luxembourg with Greece’s bid for financial aid coming down to the wire. Ministers are due to arrive for talks at about 12:00 CET (06:00 EDT).

-Swiss National Bank policy decision. The SNB announces its quarterly interest-rate decision at 09:30 CET in Zurich (03:30 EDT) and President Thomas Jordan will hold a press conference in Bern 30 minutes later. The SNB is likely to keep its key rate and deposit rate at record lows to counter the strength of the franc, and will also probably reiterate its willingness to purchase foreign currencies if needed.

-China will release residential property prices for May. Home prices dropped in fewer cities in April as demand received a boost from three interest-rate cuts since November and the removal of property curbs. 09:30 in Beijing (06/17 21:30 EDT).

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

-The five-member Federal Communications Commission is expected to vote on the U.S. regulator’s proposal to subsidize broadband Internet connections for the poor, in a broadening of the $1.6 billion Lifeline program.

-Polish Prime Minister Ewa Kopacz speaks at a capital markets conference in Warsaw from 11:00 CET (05:00 EDT).

-U.S. President Barack Obama attends fundraisers for the Democratic National Committee in Los Angeles. Time TBA.

-ECONOMY: U.S. jobless claims (weekly), U.S. current account balance (first quarter), Bloomberg U.S. consumer comfort (weekly), Philadelphia Fed manufacturing (June), U.S. leading economic indicators (May), New Zealand GDP (first quarter), Hong Kong unemployment (May), U.K. retail sales (May), Nigeria CPI (May), Polish industrial output (May), Poland retail sales (May), Russia retail sales (May), Ukraine industrial production (May).

-CENTRAL BANKS: Poland minutes

-EARNINGS: Red Hat Inc., Kroger Co.

-Ramadan. Islam’s month-long period of fasting and reflection is expected to begin today in most Muslim countries in the Middle East and Asia, depending on the visibility of the new moon.

-Golf. The 115th U.S. Open, the second major championship of the year, begins at Chambers Bay Golf Course in University Place, Washington. Tee times and pairings to be determined. Through 06/21.


-The Bank of Japan ends a two-day meeting to set monetary policy after Governor Haruhiko Kuroda last week said there was no reason for the yen to weaken further, raising a potential hurdle to additional easing as the bank seeks to boost stalling inflation. Decision at about 12:00 in Tokyo (06/18 23:00 EDT).

-Non-euro region European finance chiefs join ministers from the currency bloc for the second day of their meeting on Greece. Timing of the final press conference to be determined.

-President Barack Obama addresses the U.S. Conference of Mayors at their annual meeting in San Francisco. He also will attend fundraisers for the Democratic National Committee and the Democratic Congressional Campaign Committee in the city. Time TBA.

-Federal Reserve Bank of Cleveland President Loretta Mester delivers closing remarks at the 2015 Policy Summit on Housing, Human Capital, and Inequality in Pittsburgh, Pa. 12:15.

-Russian First Deputy Prime Minister Igor Shuvalov and Economy Minister Alexei Ulyukayev speak at the St. Petersburg International Economic Forum from 08:00 (01:00 EDT).

-SoftBank Corp.’s annual general meeting takes place at 10:00 in Tokyo. (06/18 21:00 EDT).

-The U.S. Department of Agriculture releases its semi-annual update on world coffee supply and demand. The report will include the agency’s first official estimates for the 2015-2016 season. 15:00 in Washington.

-Indian Finance Minister Arun Jaitley speaks at the American Enterprise Institute. 17:30 in Washington.

-ECONOMY: Canada CPI (May), Canada retail sales (April), Brazil IPCA-15 inflation (June), S. Korea purchasing price index (May), Turkey monthly survey of expectations, U.K. public finances (May), Ukraine GDP (first quarter), Georgia GDP (first quarter).

-EARNINGS: CarMax Inc.

-SOVEREIGN RATING UPDATES: Bulgaria (Fitch), Czech Republic (Moody’s), Egypt (Fitch), Kuwait (Fitch), Norway (DBRS), San Marino (Fitch), Senegal (S&P), Slovenia (S&P), Spain (Moody’s).


-Soccer. The Women’s World Cup in Canada reaches the round of 16 with games in Ottawa (16:00 EDT) and Edmonton (19:30 EDT). Teams to be determined.

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