U.S. GDP, Housing Data, Jackson Hole, F1: Week Ahead Aug. 22-29

The U.S. economy probably grew at a faster pace in the second quarter than first reported, data coming less than a month before a meeting of Federal Reserve policy makers will show.

The U.K. also publishes second-quarter GDP figures.

Purchases of new U.S. homes and pending sales of existing homes likely rebounded in July, while consumer confidence is forecast to gain in August, separate reports will indicate.

Central bankers, economists and market participants gather in Jackson Hole, Wyoming, for the Federal Reserve Bank of Kansas City’s annual symposium.

German Chancellor Angela Merkel, French President Francois Hollande and Ukrainian President Petro Poroshenko hold talks on the deteriorating situation in eastern Ukraine.

Mylan NV shareholders vote on the generic drugmaker’s unsolicited $33 billion offer for rival Perrigo Co.

Best Buy Co., Toronto-Dominion Bank and Dollar General Corp. are among companies reporting earnings.

The track and field World Championships begin in Beijing and the Belgian Grand Prix Formula One race takes place.


-Republican U.S. presidential candidates Chris Christie and Bobby Jindal speak at 11:00 (noon EDT) and 12:00, respectively, at the Des Moines Register’s Soapbox at the Iowa State Fair. Des Moines, Iowa.

-Republican U.S. presidential candidates Marco Rubio, Rick Perry and Ted Cruz participate on the second day of the Americans for Prosperity’s “Defending the American Dream Summit” in Columbus, Ohio.

-Kentucky’s Republican Party will decide whether to allow Rand Paul to run simultaneously for U.S. president and the Senate in


-The 15th IAAF World Championships for track and field start in Beijing. Through 08/30.

-Major League Baseball’s New York Yankees retire the uniform numbers of catcher Jorge Posada (No. 20) today and pitcher Andy Pettitte (No. 46) tomorrow in ceremonies before the 13:05 games at Yankee Stadium.


-Belgian Grand Prix. The Formula One race takes place at the Spa-Francorchamps circuit at 14:00 CET (08:00 EDT).


-U.S. President Barack Obama delivers remarks at the eighth annual National Clean Energy Summit in Las Vegas, kicking off a campaign to promote his climate agenda ahead of United Nations-sponsored negotiations in December.

-India is set to issue a statement on how it plans to reduce carbon emissions as part of its pledge to the United Nations before December’s conference. China, the U.S. and the European Union, the top three producers of greenhouse gases, have already pledged significant reductions. India, the fourth biggest, has yet to do so, and early indications suggest the developing nation won’t be as aggressive. Expected by 18:00 in New Delhi (08:30 EDT).

-German Chancellor Angela Merkel, French President Francois Hollande and Ukrainian President Petro Poroshenko hold talks on the deteriorating situation in eastern Ukraine. Merkel and Hollande meet at 17:00 CET in Berlin (11:00 EDT), followed by a three-way meeting. A joint news conference is scheduled for about 18:45.

-U.S. and African trade officials meet in Gabon for a forum on the African Growth and Opportunity Act, a preferential trade agreement between the U.S. and Africa. Through 08/27. Details and timings here.

-Federal Reserve Bank of Atlanta President Dennis Lockhart addresses the 2015 Public Pension Funding Forum. 12:55 (15:55 EDT) in Berkeley, California.

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

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

-ECONOMY: Chicago Fed National Activity Index (July), Bloomberg Nanos Canadian Confidence Index (weekly), Mexico bi-weekly CPI (Aug. 15), Taiwan industrial production (July), Israel unemployment rate (July)

-CENTRAL BANKS: Israel rate decision.

-EARNINGS: Fortescue Metals Group Ltd., Caltex Australia Ltd.


-Home prices in 20 U.S. cities probably climbed at a faster pace in the year ended in June amid a pickup in demand, economists project an S&P/Case-Shiller index will show. 09:00 in Washington.

-Purchases of new U.S. homes probably rebounded in July after unexpectedly retreating in June. The Commerce Department reports data at 10:00 in Washington.

-U.S. consumer confidence likely gained this month after slumping in July by the most in almost four years. The New York-based Conference Board reports data at 10:00.

-The U.S. Congressional Budget Office releases “An Update to the Budget and Economic Outlook: 2015-2025” on its website at 10:00 EDT. Keith Hall, director of the nonpartisan agency, holds a press briefing at 11:00 in Washington.

-The International Atomic Energy Agency’s board of governors meets in an extraordinary session to learn details of how the organization will monitor the July 14 nuclear accord signed between Iran and world powers. 10:00 CET (04:00 EDT) in Vienna, followed by a press conference at 14:00.

-Bank of Canada Deputy Governor Lawrence Schembri will discuss international house prices at the Canadian Association for Business Economics’ summer conference in Kingston, Ontario. His remarks will be published on the bank’s website at 12:25 EDT, ahead of the 12:40 EDT speech.

-German Chancellor Angela Merkel discusses policy issues and how to ensure the nation’s prosperity at a town hall-style event. 13:00 CET in Duisburg, Germany (07:00 EDT).

-Italian Prime Minister Matteo Renzi speaks at a Catholic festival. 13:00 CET in Rimini, Italy (07:00 EDT).

-ECB Vice President Vitor Constancio speaks on monetary policy at the European Economic Association. 12:40 CET in Mannheim, Germany (06:40 EDT).

-The finance ministers of Germany, Austria, Luxembourg, Switzerland and Liechtenstein hold talks. 08:30 CET in Salzburg, Austria (02:30 EDT), followed by a joint news conference at 14:30.

-Egyptian President Abdel-Fattah El-Sisi visits Russia for talks with President Vladimir Putin on bilateral ties. In Moscow, timing to be determined. Through 08/27.

-ECONOMY: FHFA U.S. home price index (June), Markit U.S. services PMI (Aug. preliminary), Richmond Fed manufacturing index (Aug.), Brazil current account balance (July), Conference Board China Leading Economic Index (July), Hong Kong exports, imports, trade balance (July), South Africa GDP (second quarter), South Africa mining production (June), Turkey capacity utilization (Aug.), German GDP (second quarter), Ifo German business confidence (Aug.), Czech business and consumer confidence (Aug.), Poland unemployment rate (July)

-CENTRAL BANKS: Hungary rate decision

-EARNINGS: Best Buy Co., Bank of Montreal, Antofagasta Plc, BHP Billiton Plc, Huaneng Power International Inc., CK Hutchison Holdings Ltd., China Merchants Bank Co.


-ECB Executive Board member Peter Praet speaks on the euro crisis at the European Economic Association. 12:40 CET in Mannheim, Germany (06:40 EDT).

-Orders for U.S. durable goods probably fell in July after rebounding in June on demand for commercial aircraft. The U.S. Commerce Department reports data at 08:30 in Washington.

-Federal Reserve Bank of New York President William C. Dudley will answer questions following a 10:00 EDT press briefing on the local and regional economy.

-ConocoPhillips, Shell Energy Holdings Australia Ltd. and HSBC Bank Australia Ltd. are among companies scheduled to participate in the South East Asia Australia Offshore & Onshore Conference. Through 08/27 in Darwin, Australia. Click here for agenda.

-Newmont Mining Corp., Glencore Australia Holdings Pty Ltd. and HSBC Bank Australia Ltd. are among companies participating in the 9th annual Mining the Territory Conference in Darwin, Australia. Through 08/27.

-The Americas Society/Council of the Americas holds its annual conference in Buenos Aires with speakers including Argentine presidential candidates Mauricio Macri, Daniel Scioli and Sergio Massa, as well as Central Bank President Alejandro Vanoli and executives from Barrick Gold Corp. and Facebook Inc. 09:00 (08:00 EDT).

-Under Armour Inc. shareholders vote on founder and Chief Executive Officer Kevin Plank’s proposal to change the maker of workout gear’s charter to issue a third class of shares, or non-voting C shares. 10:00 in Baltimore.

-Turkey’s telecommunications regulator BTK holds a 4G auction. Timing to be determined.

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

-ECONOMY: MBA U.S. mortgage applications (weekly), Brazil total outstanding loans (July), U.K. CBI retail sales (Aug.)

-EARNINGS: Royal Bank of Canada, Brown-Forman Corp., PVH Corp., Avago Technologies Ltd., PetroChina Co., Cnooc Ltd., China Petroleum and Chemical Corp., Sinopec Oilfield Service Corp.


-U.S. gross domestic product probably grew at a faster annualized rate in the second quarter, according to the median estimate of economists ahead of the Commerce Department’s revised data. 08:30 in Washington.

-Pending sales of existing U.S. homes likely gained in July after unexpectedly falling for the first time this year in June. The National Association of Realtors releases figures at 10:00 in Washington.

-The Federal Reserve Bank of Kansas City hosts central bankers, finance ministers, academics and market participants at its annual economic symposium in Jackson Hole, Wyoming. The theme of the gathering is “Inflation Dynamics and Monetary Policy.” Fed Chair Janet Yellen won’t attend this year’s event, which falls three weeks before the U.S. central bank’s September policy meeting. Through 08/29.

-U.S. President Barack Obama travels to New Orleans on the 10th anniversary of Hurricane Katrina to deliver remarks and meet with the city’s mayor and residents of neighborhoods that have been rebuilt since the storm.

-The U.S. Food and Drug Administration will decide by today on whether to grant marketing approval for Amgen Inc.’s Repatha cholestrol-lowering drug. The decision would follow the agency’s July approval of the similar Praluent, manufactured by Sanofi and Regeneron Pharmaceuticals Inc.

-German Chancellor Angela Merkel attends the annual Western Balkans summit hosted by Austrian Chancellor Werner Faymann. Government leaders from the former Yugoslavia and southeastern Europe are attending the talks designed to reinforce the region’s ties with the European Union. 11:00 CET in Vienna (05:00 EDT), followed by a joint news conference at 14:30.

-South African President Jacob Zuma meets with Chief Justice Mogoeng Mogoeng to discuss the judiciary’s concerns about relations with the executive government. Mogoeng requested the meeting following criticism of the judiciary by the government and the ruling African National Congress. Timing to be determined.

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

-ECONOMY: U.S. jobless claims (weekly), Bloomberg U.S. consumer comfort (weekly), Kansas City Fed manufacturing (Aug.), Philippines GDP (second quarter), South Africa PPI (July), Turkey foreign tourist arrivals (July), euro-area M3 (July), French manufacturing confidence (Aug.), U.K. Nationwide house prices (Aug.), Russia gold and forex reserves (Aug. 21)

-EARNINGS: Toronto-Dominion Bank, Canadian Imperial Bank of Commerce, Signet Jewelers Ltd., GameStop Corp., JM Smucker Co., Tiffany & Co., Autodesk Inc., Dollar General Corp., Air China Ltd., Pernod Ricard SA, Bouygues SA, Bollore SA, Industrial & Commercial Bank of China Ltd., Agricultural Bank of China Ltd., Bank of Communications Co.

-The Barclays golf tournament begins at Plainfield Country Club in Edison, New Jersey. Through 08/30.


-Japan releases consumer price index data for July, with economists projecting a decline of 0.2 percent for the central bank’s core measure for inflation. 08:30 in Tokyo (08/27 19:30 EDT).

-The U.K. Office for National Statistics publishes its second estimate of second-quarter gross domestic product, which is based on revised output figures, together with some expenditure and income data. It will contain information on consumer and government spending, exports and imports, capital formation, and business investment. 09:30 in London (04:30 EDT).

-Brazil’s economy probably contracted in the second quarter on government austerity measures and the highest interest rates in nine years. Analysts see GDP declining 2 percent this year and

0.15 percent in 2016, which would be Brazil’s longest recession since 1931. 09:00 in Rio de Janeiro (08:00 EDT).

-U.S. households probably continued spending in July, with the median estimate of economists calling for a 0.4 percent gain in expenditures. The Commerce Department will also report personal income data for that month. 08:30 in Washington.

-Confidence among U.S. consumers was probably little changed in August from a month earlier, with the University of Michigan’s final index expected to register 93.2 after July’s 93.1. 10:00 in Washington.

-Mylan NV shareholders vote on the generic drugmaker’s unsolicited $33 billion offer for rival Perrigo Co., which has rejected the bid as undervaluing the company. Advisory firm Institutional Shareholder Services recommended that investors vote against the proposal. 13:00 CET (07:00 EDT) in Amsterdam.

-The U.S. International Trade Commission is due to issue a final decision by today in an eight-year case in which InterDigital Inc. has accused Microsoft Corp. and Nokia Oyj of infringing patents related to 3G mobile-phone technology.

-Baker Hughes rig count for oil and gas rigs in the U.S. 13:00 EDT.

-Representatives from 19 Arab countries and Turkey meet in Beirut to discuss international banking regulations and the regional economy. Timing to be determined.

-ECONOMY: Canada raw material prices (July), Brazil IGP-M inflation index (Aug.), Mexico unemployment rate (July), China industrial profits (July), Portugal retail sales (July), Portugal industrial production (July), German inflation (Aug.), Spanish inflation (Aug.), Italian consumer and business confidence (Aug.), U.K. GfK consumer confidence (Aug.), Hungary unemployment rate (July), Czech GDP (second quarter), Polish GDP (second quarter)

-EARNINGS: Bank of Nova Scotia, Angang Steel Co., Zijin Mining Group Co., Yanzhou Coal Mining Co., Hermes International, Bank of China Ltd.

-SOVEREIGN RATING UPDATES: Azerbaijan (Fitch), Cape Verde (Fitch), Namibia (Moody’s), Oman (Moody’s), Qatar (Fitch), Ukraine (S&P).


-No scheduled events


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