U.S. Home Data, ECB, Clinton: Week Ahead Oct. 17-24

Updated on

Sales of previously owned U.S. homes probably increased in September, the fourth advance in the past five months, as Americans took advantage of cheaper borrowing costs, data in the coming week may show.

U.S. housing starts probably climbed in September for the first time in three months. China releases third-quarter gross domestic product.

The euro region, Brazil and Canada set interest rates.

Democratic presidential candidate Hillary Clinton testifies before a House special committee investigating the 2012 attack on a U.S. diplomatic outpost in Benghazi, Libya.

Canadian Prime Minister Stephen Harper seeks to become the first leader in more than a century to win a fourth straight term as the country holds federal elections.

Amazon.com Inc., Boeing Co., Credit Suisse Group AG, Daimler AG, General Motors Co. and Microsoft Corp. are among companies reporting earnings.

The Rugby World Cup reaches the quarterfinal stage.

SATURDAY, OCT. 17

-American Airlines Group Inc. completes the last major step in combining its namesake carrier with US Airways Group by shifting to a single reservation system.

-Scottish First Minister Nicola Sturgeon makes the keynote speech at the end of the annual conference of her Scottish National Party, stepping up campaigning for the May 2016 Scottish Parliament elections. 15:15 in Aberdeen (10:15 EDT).

-Addyi, the pink pill known as the “female Viagra,” may become available in the U.S. with a doctor’s prescription. The U.S. Food and Drug Administration had rejected the drug, made by Sprout Pharmaceuticals Inc., in 2010 and 2013 before approving it in August.

-Taiwan’s ruling Kuomintang party will meet to replace its presidential candidate, Hung Hsiu-chu, with Taipei Mayor Eric Chu. Timing to be determined.

-Chateau Margaux wines dating back to 1900 will be sold at a Sotheby’s auction expected to fetch as much as $1.4 million. In New York.

-The Rugby World Cup quarterfinals take place on Saturday and Sunday in London and Cardiff. For the event details and schedule, click here. Through 10/31.

SUNDAY, OCT. 18

-Traders, refiners and mining companies meet for the London Bullion Market Association and London Platinum and Palladium Market’s Precious Metals Conference. Opens at 15:30 CET (09:30 EDT) in Vienna. Through 10/20.

-The July 14 agreement between Iran and world powers to limit the Persian Gulf nation’s nuclear program reaches a milestone today, its “Adoption Day.” This is when parties must begin meeting their commitments under the accord, with an eye to “Implementation Day” late this year or early next year, when oil sanctions would be lifted.

-Turkish President Recep Tayyip Erdogan and German Chancellor Angela Merkel meet to discuss the Syrian war and ways Turkey can stem the stream of refugees to Europe. Merkel also meets Turkish Prime Minister Ahmet Davutoglu. Timings in Istanbul to be determined.

-ECONOMY: Israel GDP (second quarter)

MONDAY, OCT. 19

-Canadian federal elections. The Liberal Party’s Justin Trudeau and the New Democratic Party’s Tom Mulcair seek to unseat Conservative Party Prime Minister Stephen Harper after the collapse in oil prices led to a first-half contraction and projections for lackluster growth. Harper hopes to become the first Canadian leader in more than a century to win a fourth straight term. The first polls open at 08:30 (07:00 EDT) in Newfoundland and Labrador, and the last close at 19:00 (22:00 EDT) in British Columbia. Early results are expected at about 22:30 EDT, though ballot counting could stretch into the night.

-U.S. Commodity Futures Trading Commission Chairman Timothy Massad speaks at the World Federation of Exchanges conference. In Doha, Qatar, through 10/21. Click here for program.

-U.S. and European Union trade negotiators meet in Miami on the proposed Transatlantic Trade and Investment Partnership. France has said it will seek to end the talks should gridlock extend into 2016. Through 10/23.

-Chinese President Xi Jinping starts a five-day visit to the U.K. that includes meetings with Queen Elizabeth II, Prime Minister David Cameron and Chancellor of the Exchequer George Osborne, and a speech to Parliament. China’s Commerce Ministry said “huge” investment deals are expected to be signed on high-speed rail, nuclear energy and telecommunications. Timing to be determined.

-China releases third-quarter GDP data along with retail sales, industrial production and fixed-asset investment. Recent data, including inflation and factory-gate receipts, indicate the economy is slowing at a faster pace than the government wants, and that the country may face difficulty in reaching its year-end GDP growth target of 7 percent. 10:00 (10/18 22:00 EDT).

-WSJDLive. Apple Inc. Chief Executive Officer Tim Cook, IBM CEO Virginia Rometty and Xiaomi Corp. President Bin Lin are among participants at the Wall Street Journal-hosted technology conference. Laguna Beach, California, through 10/21. Click here for schedule.

-The Iran Petroleum & Energy Club Congress and Exhibition opens in Tehran, where Rainer Seele, chief executive officer of OMV AG, Linde AG CEO Wolfgang Buechele, and Bijan Namdar, Iran’s Minister of Petroleum, will be among the speakers. The opening session begins at 09:00 (01:30 EDT). Through 10/21.

-Aetna Inc. and Humana Inc. shareholders vote on Aetna’s proposed $35 billion acquisition of rival health insurer Humana. Aetna investors gather at 13:30 in Glastonbury, Connecticut, and Humana holders meet at 15:30 in New York.

-U.S. Department of Housing and Urban Development Secretary Julian Castro, U.S. Consumer Financial Protection Bureau Director Richard Cordray, Freddie Mac Chief Executive Officer Donald Layton and Fannie Mae CEO Timothy Mayopoulos are among the speakers at the Mortgage Bankers Association annual convention. In San Diego through 10/21.

-German Chancellor Angela Merkel gives a speech at a maritime conference. 13:20 in Bremerhaven, northwest Germany (07:20 EDT).

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

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

-ECONOMY: NAHB U.S. housing market index (Oct.), Hong Kong unemployment rate (Sept.), Poland industrial output, PPI, retail sales (Sept.), Russia retail sales, unemployment (Sept.), Ukraine industrial production (Sept.)

-EARNINGS: Halliburton Co., Hasbro Inc., Morgan Stanley, International Business Machines Corp., Zions Bancorp, America Movil SAB de CV, Genuine Parts Co.

TUESDAY, OCT. 20

-U.S. housing starts probably climbed in September for the first time in three months, underscoring the gradual improvement in residential construction. The Commerce Department will issue the data at 08:30 in Washington.

-Federal Reserve Bank of New York President William Dudley and Fed Governor Jerome Powell give opening remarks at the two-day “The Evolving Structure of the U.S. Treasury Market” conference hosted by the New York Fed. 09:00 in New York.

-ECB Governing Council member Ewald Nowotny speaks on a panel discussion on “Sense and Nonsense in Economic Forecasts.” 17:00 CET in Vienna (11:00 EDT).

-The Hungarian central bank sets monetary policy, with economists predicting the main rate will stay at 1.35 percent. The central bank may also introduce new measures to boost lending after free funding failed to channel more credit to companies. 14:00 CET (08:00 EDT).

-The International Atomic Energy Agency releases a study arguing that nuclear power is just as cost-competitive as wind and solar energy. 10:30 CET in Vienna (04:30 EDT)

-The U.S. International Trade Commission is scheduled to release its final decision in a patent-infringement case Magna International Inc.’s Magna Electronics filed against TRW Automotive over driver-assistance cameras. A trade judge had earlier said there was no violation of Magna’s patent rights. A decision is scheduled to be released at 17:00 in Washington.

-ECONOMY: ECB current account (Aug.)

-CENTRAL BANKS: Uganda rate decision

-EARNINGS: Harley-Davidson Inc., United Technologies Corp., Lockheed Martin Corp., Bank of New York Mellon Corp., Travelers Cos., Verizon Communications Inc., Chipotle Mexican Grill Inc., Ace Ltd., Yahoo! Inc., Discover Financial Services, Navient Corp., Illumina Inc., Intuitive Surgical Inc., Swedbank AB, TeliaSonera AB

WEDNESDAY, OCT. 21

-The Bank of Canada sets its benchmark interest rate, with economists surveyed by Bloomberg forecasting it will remain at 0.5 percent. 10:00 in Ottawa. Governor Stephen Poloz also releases a new quarterly economic forecast and holds a press conference at 11:15.

-Former Federal Reserve Chairman Ben Bernanke discusses global interest rates as the keynote speaker at the Global Investment Diamond Summit. Starts at noon in New York.

-Brazil rate decision. Policy makers may keep their key rate unchanged at 14.25 percent for a second month. Central bank President Alexandre Tombini has pledged to bring inflation to the bank’s 4.5 percent target by the end of 2016 from the current 9.49 percent. 19:00 in Brasilia (17:00 EDT).

-The Organization of Petroleum Exporting Countries will meet with technical experts from eight non-member countries, including Russia and Mexico. In Vienna. Timing to be determined.

-The U.S. Nuclear Regulatory Commission and the Federal Energy Regulatory Commission will hold a joint meeting to discuss the reliability of the nation’s power grids. 09:00 in Washington.

-U.S. Treasury Secretary Jacob J. Lew, Secretary of Commerce Penny Pritzker and former Treasury chief Lawrence Summers are among speakers at the Center for American Progress’s half-day conference, “Creating Long-Term Value: Business Leaders on Shared Prosperity, Innovation and Investment.” The conference begins at 08:30 in Washington.

-The Bank of England will publish a paper on its approach to stress testing the U.K. banking system. 10:30 in London (05:30 EDT).

-South African Finance Minister Nhlanhla Nene presents the medium-term budget policy statement to lawmakers. 14:00 in Cape Town (8:00 EDT).

-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 IPCA-15 inflation (Oct.), Mexico retail sales (Aug.), Japan trade balance (Sept.), U.K. public finances (Sept.), South Africa CPI (Sept.), South Africa retail sales (Aug.), Russia weekly CPI

-CENTRAL BANKS: Namibia rate decision, Turkey rate decision

-EARNINGS: Abbott Laboratories, Baker Hughes Inc., Boeing Co., Coca-Cola Co., Kimberly-Clark Corp., Biogen Inc., EMC Corp., General Motors Co., Texas Instruments Inc., American Express Co., EBay Inc., Nordea Bank AB, Credit Suisse Group AG, Svenska Handelsbanken AB, Sky Plc, ABB Ltd., Iberdrola SA, ARM Holdings Plc

THURSDAY, OCT. 22

-The European Central Bank sets interest rates. President Mario Draghi then holds a press conference at which he’ll outline the ECB’s monetary-policy stance. Decision at 13:45 CET in Frankfurt (07:45 EDT) and press conference at 14:30 CET.

-Sales of previously owned U.S. homes probably increased in September, the fourth advance in the past five months, as Americans took advantage of cheaper borrowing costs. The National Association of Realtors’ report is due at 10:00 in Washington.

-Pakistan’s Prime Minister Mohammad Sharif meets with U.S. President Barack Obama at the White House to discuss peace talks with the Taliban and countering extremists.

-Democratic presidential candidate Hillary Clinton is expected to testify in a public hearing before the House Select Committee on Benghazi. The panel is investigating the 2012 attack on a U.S. diplomatic compound in Libya during Clinton’s tenure as U.S. secretary of state and has raised the issue of her use of a private e-mail server. Time to be determined in Washington.

-Ace Ltd. and Chubb Corp. shareholders vote on the insurers’ planned merger. Ace investors gather at 14:45 CET (08:45 EDT) in Zurich, while Chubb’s meet at 08:00 in Warren, New Jersey.

-Cheryl LaFleur, Commissioner of the U.S. Federal Energy Regulatory Commission, Pacific Power Chief Executive Officer Stefan Bird and Statnett SF CEO Auke Lont are among the scheduled speakers at the California Independent System Operator’s 2015 Stakeholder Symposium. In Sacramento through 10/23. Click here for agenda.

-South African Reserve Bank Governor Lesetja Kganyago addresses the Bureau for Economic Research conference near Cape Town on monetary policy and exchange rates in South Africa. 08:40 in Stellenbosch (02:40 EDT).

-The U.S. Senate Energy and Natural Resources Committee holds a hearing on Puerto Rico’s economy and debt. 10:00 in Washington.

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

-ECONOMY: U.S. initial jobless (weekly), FHFA U.S. house price index (Aug.), Bloomberg U.S. consumer comfort (weekly), U.S. leading economic indicators (Sept.), Kansas City Fed manufacturing activity (Oct.), Canada retail sales (Aug.), Brazil unemployment rate (Sept.), Mexico bi-weekly CPI (Oct.15, South Korea GDP (third quarter), Hong Kong CPI (Sept.), Taiwan unemployment rate (Sept.), euro-area consumer confidence (Oct.), U.K. retail sales (Sept.), French manufacturing confidence (Oct.), Turkey consumer confidence (Oct.), Spanish unemployment (third quarter).

-CENTRAL BANKS: Poland minutes

-EARNINGS: Dow Chemical Co., Freeport-McMoRan Inc., Eli Lilly & Co., Danaher Corp., Sirius XM Holdings Inc., American Electric Power Co., Raytheon Co., Nasdaq Inc., Under Armour Inc., Caterpillar Inc., 3M Co., United Continental Holdings Inc., McDonald’s Corp., Capital One Financial Corp., Microsoft Corp., Stryker Corp., Amazon.com Inc., Southwest Airlines Co., AT&T Inc., Union Pacific Corp., Akzo Nobel NV, Daimler AG, DNB ASA, Kone Oyj, Dassault Systemes

FRIDAY, OCT. 23

-German Finance Minister Wolfgang Schaeuble fields questions at a town-hall event in his home region. Timing in Offenburg, southwest Germany, to be determined.

-Malaysian Prime Minister Najib Razak, also the country’s finance minister, will present the annual budget for 2016 to parliament. Timing to be determined.

-The European Central Bank may publish its Survey of Professional Forecasters at 10:00 CET in Frankfurt (04:00 EDT).

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

-Universal Pictures’ “Steve Jobs,” the biopic of Apple Inc.’s late co-founder starring Michael Fassbender and Seth Rogen, expands nationwide after opening in New York and Los Angeles.

-ECONOMY: Markit U.S. manufacturing PMI (Oct.), Canada CPI (Sept.), Brazil current account balance (Sept.), Taiwan industrial production (Sept.), China property prices (Sept.), euro-area PMIs (Oct.), Polish unemployment (Sept.)

-EARNINGS: Procter & Gamble Co., State Street Corp., LyondellBasell Industries NV, VF Corp., American Airlines Group Inc., Volvo AB, Banco Sabadell SA, Investor AB, CaixaBank SA

-SOVEREIGN RATING UPDATES: Austria (Moody’s), Bosnia and Herzegovina (Moody’s), Cameroon (S&P), Cape Verde (S&P), Cyprus (Fitch), Germany (Moody’s), Ghana (S&P), Italy (Fitch), Jordan (S&P), Lesotho (Fitch), Luxembourg (Moody’s), Morocco (Fitch), Norway (S&P), Spain (Fitch).

SATURDAY, OCT. 24

-Louisiana voters decide on the replacement for term-limited Governor Bobby Jindal, who is running for U.S. president. The state has a winner-take-all system in which candidates all run in one election, regardless of party affiliation. If a candidate gets more than 50 percent of the vote, they become the next governor. Polls however suggest that there will be a Nov. 21 runoff election between Democratic State Representative John Bel Edwards and Republican U.S. Senator David Vitter.

-Rugby World Cup. The first semifinal takes place. For the event details and schedule, click here. Through 10/31.

(Corrects to show Spain reported third quarter unemployment on Oct. 22, not Oct. 23.)
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