U.S. Jobs, ECB, Yellen, Climate Talks: Week Ahead Nov. 30-Dec. 5

  • Services data, domestic auto sales to be reported in the U.S.
  • OPEC meets in Vienna to assess the group's oil-output policy

The last U.S. payrolls report before the Federal Reserve’s December policy meeting will probably show the economy added almost 200,000 jobs in November after surging a month earlier by the most this year. The jobless rate is forecast to hold at 5 percent, the lowest since April 2008.

U.S. payrolls data month-over-month net change
U.S. payrolls data month-over-month net change

Growth last month in U.S. service industries, which make up almost 90 percent of the world’s biggest economy, probably cooled in November after expanding a month earlier at the second-fastest pace in a decade, separate data may show.

Federal Reserve Chair Janet Yellen appears before a joint committee of Congress to discuss the U.S. economic outlook.

The European Central Bank sets its key interest rate and may announce more stimulus measures amid an economic recovery that ECB officials called “fragile.”

Canada, India and Australia also set monetary policy.

Automakers report U.S. vehicle sales for November. Bank of Nova Scotia, Royal Bank of Canada and Toronto-Dominion Bank are among Canadian lenders reporting earnings.

Global climate-change talks get under way in Paris.

MONDAY, NOV. 30

-UN COP21 climate-change conference. French President Francois Hollande and UN Secretary-General Ban Ki-Moon will make opening speeches, followed by short statements from all the global leaders taking part. The conference aims to reach an accord on reducing carbon emissions to curb global warming. U.S. President Barack Obama is scheduled to have dinner with Hollande. Click here for the first day’s events and a list of speakers. Starts at 10:00 CET in Paris. Through Dec. 11.

-The U.K. House of Commons may vote this week on a request by Prime Minister David Cameron for approval for the Royal Air Force to join airstrikes against Islamic State in Syria. Cameron has stepped up his push for military action since the terrorist attacks in Paris. Timing to be determined.

-The U.S. Supreme Court may say whether it will hear Puerto Rico’s appeal and consider reinstating a law that would let the island’s debt-ridden public utilities restructure their obligations. A list of orders will be issued at 09:30 in Washington.

-The U.S. Environmental Protection Agency is expected to release its final Renewable Fuel Standard setting biofuel quotas for 2014-2016.

-Bank of Jinzhou Co., a lender in northeastern China, plans to set a final price by today for its Hong Kong initial public offering. Trading in the shares is expected to begin on Dec. 7.

-The International Monetary Fund’s executive board is scheduled to meet in Washington to decide whether it will add China’s yuan to its Special Drawing Rights reserve-currency basket alongside the dollar, euro, British pound and yen.

-The Kurdistan-Iraq Oil & Gas conference takes place in London through Dec. 2. Speakers include Ian MacDonald, a Chevron Corp. vice president, and DNO ASA Executive Chairman Bijan Mossavar-Rahmani. Timings to be determined.

-U.S. Congress returns from its Thanksgiving break with two weeks left to agree on a $1.1 trillion omnibus spending bill to fund the government past Dec. 11.

-Jury deliberations continue in the trial of Donald Blankenship, the former Massey Energy chief executive accused by the U.S. of plotting to ignore safety rules before an April 2010 mine explosion killed 29 workers in the country’s worst mining disaster in more than 30 years. U.S. District Court, Charleston, West Virginia at 09:00 EST.

-The South African Reserve Bank releases its biannual Monetary Policy Review and hosts a monetary policy forum with Governor Lesetja Kganyago. 18:00 in Pretoria (11:00 EST).

-The Energy Information Administration releases its Petroleum Supply Monthly data at an unspecified time in the afternoon.

-The U.S. Commodity Futures Trading Commission releases its weekly report on futures and options positions. 15:30 in Washington.

-The Chief Economist of Australia’s Department of Industry, Science and Innovation releases its biannual report on Resources and Energy Major Projects. Timing to be determined.

-The Energy Information Administration releases its monthly 914 report on natural gas production. 14:00 EST.

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

-Bank of Japan Governor Haruhiko Kuroda gives a speech in Nagoya to local business leaders. Timing to be determined.

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

-ECONOMY: U.S. MNI Chicago purchasing managers index (Nov.), U.S. pending home sales (Oct.), Dallas Fed manufacturing index (Nov.), Canada current account balance (third quarter), Brazil primary budget balance (Oct.), Argentina industrial production (Oct.), Korea business confidence (Dec.), Korea industrial output (Oct.), Japan industrial output (Oct.), Japan retail trade (Oct.), India GDP (third quarter), Sweden GDP (third quarter), Turkey trade balance (Oct.), South Africa M3 money supply and private-sector credit (Oct.), South Africa trade balance (Oct.), Kenya CPI (Nov.), Nigeria trade balance (third quarter), German inflation (Nov.), Poland GDP (third quarter), Poland CPI (Nov.), Latvia GDP (third quarter).

-CENTRAL BANKS: Bulgaria rate decision, Angola rate decision.

TUESDAY, DEC. 1

-The Bank of England publishes the results of its latest round of stress tests of U.K. lenders alongside its Financial Stability Report. The report will be released at 07:00 in London (02:00 EST) and Governor Mark Carney will hold a press conference at 08:00.

-Brazil GDP. Latin America’s largest economy probably shrank by the most since at least 1996 in the third quarter. Analysts surveyed by the central bank expect gross domestic product to shrink 3.15 percent in 2015 and 2 percent next year. 09:00 in Rio de Janeiro (06:00 EST).

-U.S. manufacturing probably barely expanded in November as factories struggled with weaker export markets and domestic customers’ elevated inventories. The Institute for Supply Management’s index will be issued at 10:00 in Washington.

-Automakers report U.S. vehicle sales. Analysts are projecting the best November ever, setting up the industry to possibly break the full-year record set in 2000. Fiat Chrysler Automobiles NV usually reports at about 08:30 EST, followed by Ford Motor Co. at 09:15 and General Motors Co. about 09:30.

-Canadian output is set to expand again after contractions in the first two quarters of 2015. Statistics Canada reports third-quarter gross domestic product at 08:30 in Ottawa.

-Puerto Rico’s Government Development Bank faces a $354 million principal and interest payment due today, with $267 million of that guaranteed by the commonwealth. Moody’s Investors Service says the island is likely to default on at least a portion of the GDB bonds.

-LinkedIn Corp. Chief Executive Officer Steve Sordello, VMware Inc. CEO Pat Gelsinger and HP Inc. CEO Dion Weisler are among scheduled participants at the Credit Suisse Technology, Media & Telecom Conference in Scottsdale, Arizona. Through 12/03.

-Federal Reserve Bank of Chicago President Charles Evans discusses the U.S. economic outlook and monetary policy at the Lansing Regional Chamber of Commerce. 12:45 in East Lansing, Michigan.

-Raytheon Co. CEO Tom Kennedy, L-3 Communications Holdings Inc. CEO Michael Strianese and Rockwell Collins Inc. CEO Kelly Ortberg are among speakers at the Credit Suisse Global Industrials Conference in Palm Beach, Florida. Lockheed Martin Corp. Chief Financial Officer Bruce Tanner, Canadian Pacific Railway Ltd. Chief Operating Officer Keith Creel, XPO Logistics Inc. CEO Bradley Jacobs and General Electric Co. CEO of Oil & Gas Lorenzo Simonelli are among participants on Wednesday. Through 12/03.

-Chain restaurants in New York City will begin adding an icon of a salt shaker to identify menu items with more than 2,300 milligrams of sodium, the recommended daily limit. The warning-label requirement was passed by the city’s Board of Health in September and affects establishments with at least 15 locations nationwide.

-BHP Billiton Ltd. hosts a three-day analyst tour of its Chile copper assets. A presentation by Daniel Malchuk, the company’s copper president, will be released to the London and Australian exchanges at about 11:00 in London (06:00 EST).

-International Grains Forum in Argentina. Speakers include Seth Meyer, chairman of the U.S. Department of Agriculture’s World Agricultural Outlook Board. Timings to be determined.

-MarkWest Energy Partners LP has a unitholder vote on an $8.6 billion takeover by Marathon’s MLPX to form fourth-largest MLP and largest Marcellus-Utica gas processor. 11:00 EST.

-Japan reports third-quarter capital spending data, which will be used to revise GDP figures for the period. The economy contracted in the second and third quarters.
08:50 in Tokyo (11/30 18:50 EST).

-ECONOMY: Markit U.S. manufacturing PMI (Nov.), U.S. construction spending (Oct.), Korea consumer prices (Nov.), Korea trade (Nov.), Markit Turkey manufacturing PMI (Nov.), South Africa manufacturing PMI (Nov.), euro-area unemployment (Oct.), Markit/CIPS U.K. Manufacturing PMI (Nov.), Swiss GDP (third quarter), Italian unemployment (Oct.), German unemployment (Nov.), Russia manufacturing PMI (Nov.), Poland manufacturing PMI (Nov.), Czech manufacturing PMI (Nov.), Kazakhstan CPI (Nov.)

-CENTRAL BANKS: Australia rate decision, India rate decision.

-EARNINGS: Bank of Nova Scotia, Bank of Montreal.

WEDNESDAY, DEC. 2

-Federal Reserve Chair Janet Yellen make a speech to the Economic Club of Washington. 11:00.

-Federal Reserve Bank of San Francisco President John Williams, a voting member of the Federal Open Market Committee this year, discusses the outlook for the U.S. economy in Portland, Oregon. 12:40 (15:40 EST).

-Federal Reserve Bank of Atlanta President Dennis Lockhart addresses the Broward Workshop in Fort Lauderdale, Florida. 08:10.

-Bank of Canada Governor Stephen Poloz will probably keep his country’s key interest rate at 0.5 percent, according to the median estimates of economists as of Nov. 24. 10:00 in Ottawa.

-The World LNG Summit takes place in Rome. Click here for a list of speakers. Starts at about 08:45 CET (02:45 EST).

-Former Bank of England Deputy Governor Charlie Bean will publish an interim report of his Independent Review into U.K. economic statistics. Time in London to be determined.

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

-ECONOMY: MBA U.S. mortgage applications (weekly), U.S. ADP employment (Nov.), U.S. productivity and labor costs (third quarter, final), Korea current account (Oct.), Japan monetary base (Nov.), Australian GDP (third quarter), euro-area inflation (Nov.), Russia weekly CPI (to Nov. 30).

-CENTRAL BANKS: Poland rate decision, Fed Beige Book.

-EARNINGS: Brown-Forman Corp., PVH Corp., Avago Technologies Ltd., Royal Bank of Canada, National Bank of Canada.

THURSDAY, DEC. 3

-The European Central Bank sets interest rates. President Mario Draghi will outline the 19-nation euro region’s monetary-policy stance and may announce more stimulus measures amid an economic recovery that ECB officials have termed “fragile.” Rate decision at 13:45 CET in Frankfurt (07:45 EST), followed by a press conference at 14:30.

-Federal Reserve Chair Janet Yellen discusses the U.S. economic outlook in an annual appearance before the congressional Joint Economic Committee. Her comments come 12 days before the two-day policy-setting Federal Open Market Committee convenes in Washington. 10:00.

-U.S. service industries probably cooled in November after expanding a month earlier at the second-fastest pace in a decade, economists forecast the Institute for Supply Management to report. 10:00 in Washington.

-Brazilian President Dilma Rousseff begins a two-day visit to Japan as part of a broader trip to Asia. At home she faces possible impeachment and her approval rating remains at record lows amid a deepening recession and an expanding corruption scandal.

-The Canadian parliament reopens after the Oct. 19 election, and Justin Trudeau’s new Liberal Party government lays out its agenda in a Throne Speech on Friday.

-Federal Reserve Bank of Cleveland President Loretta Mester opens the Washington conference, “Financial Stability: Policy Analysis and Data Needs," co-hosted by her bank and the Treasury’s Office of Financial Research. 08:40.

-Federal Reserve Vice Chair Stanley Fischer gives the keynote speech at the Washington conference, “Financial Stability: Policy Analysis and Data Needs," hosted by the Federal Reserve Bank of Cleveland and the Treasury’s Office of Financial Research. 13:15.

-A panel of seven judges will decide whether to combine cases in Volkswagen AG’s diesel emissions-cheating scandal, as well as which judge will oversee the lawsuits. Over 400 class actions have been filed in the U.S. since the emissions cheating became public, prompting wrangling between lawyers over turf and who gets to be lead counsel. 9:30 in New Orleans (10:30 EST).

-Orbital ATK Inc. sends its first cargo capsule to the International Space Station since one of its rockets exploded above a Virginia launch pad last year. If successful, the mission would be the first U.S. resupply flight to the orbiting lab since a SpaceX rocket exploded in June. A 30-minute launch window begins at 17:55 in Cape Canaveral, Florida.

-Shareholders of Anthem Inc. and Cigna Corp. meet to vote on Anthem’s proposed acquisition of Cigna for about $48 billion in cash and stock. Anthem investors will meet at 08:00 in Indianapolis, while Cigna shareholders will meet at 08:00 (09:00 EST) in Rosemont, Illinois.

-Afghan President Ashraf Ghani gives a speech in Berlin on the challenges faced by his country. 15:00 CET (09:00 EST).

-Britain’s main opposition Labour Party faces a challenge from the U.K. Independence Party in a House of Commons special election in Oldham West, northwest England, a seat held by Labour for all but two years since World War II. It’s the first electoral test for new Labour leader Jeremy Corbyn. Polls are open from 07:00 (02:00 EST) to 22:00, with the result due early Friday morning.

-Indonesia Finance Minister Bambang Brodjonegoro, Philippines Finance Minister Cesar Purisima and Thai Industry Minister Atchaka Sibunruang are among the speakers at Bloomberg’s Asean Business Summit 2015. In Bangkok through 12/04. Click here for the agenda and timings.

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

-OceanaGold CEO Michael Wilkes gives speech to Melbourne Mining Club, Melbourne 12:30 (12/2, 20:30 EST).

-Teco Energy shareholders vote on $6.5 billion cash takeover by Emera Inc. 14:00 EST.

-ECONOMY: Challenger U.S. job-cut announcements (Nov.), U.S. initial jobless claims (weekly), Markit U.S. services index (Nov., final), Bloomberg Consumer Comfort Index (weekly), U.S. factory orders (Oct.), Brazil industrial production (Oct.), Korea GDP (third quarter), Turkey CPI (Nov.), Romania GDP (third quarter).

-CENTRAL BANKS: Brazil minutes (Nov.).

-EARNINGS: Dollar General Corp., Medtronic Plc, Kroger Co., Canadian Imperial Bank of Commerce, Toronto-Dominion Bank.

FRIDAY, DEC. 4

-Employers in the U.S. probably added close to 200,000 jobs in November, a month after taking on the most workers this year, economists project the Labor Department will report. The jobless rate is forecast to hold at 5 percent, the lowest level in more than seven years, and hourly earnings probably rose at a slower pace than in October. The Labor Department’s report, the last before the Federal Reserve’s final policy meeting of the year, is due at 08:30 in Washington.

-Chinese President Xi Jinping chairs the two-day China-Africa Forum in Johannesburg, the first such top-level gathering since he came to power and the first held on the continent. Xi is expected to affirm China’s economic and security commitment to Africa’s long-term development. Timings to be determined.

-The Organization of Petroleum Exporting Countries meets in Vienna to assess the producer group’s output policy amid a global supply glut that has pushed crude prices down by 45 percent in the last 12 months to a six-year low. Timing to be determined.

-Federal Reserve Bank of Minneapolis President Narayana Kocherlakota discusses monetary policy re-normalization at the Philadelphia Fed Policy Forum. 16:00.

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

-The Commodities Futures Trading Commission publishes its weekly report on futures and options positions for oil and natural gas. 15:30 EST in Washington.

-Bank of Japan policy board member Takahide Kiuchi makes a speech in Tokyo to financial market participants. Timing to be determined.

-ECONOMY: U.S. trade deficit (Oct.), Canada unemployment (Nov.), Canada merchandise trade (Oct.), Japan wages (Oct.), Markit euro-zone retail PMI (Nov.), Hungary GDP (third quarter), Bulgaria GDP (third quarter), Croatia GDP (third quarter).

-SOVEREIGN RATING UPDATES: Albania (Moody’s), Angola (Moody’s), Azerbaijan (Moody’s), Bahrain (Fitch), Bulgaria (Fitch), Burkina Faso (S&P), Cyprus (DBRS), Ethiopia (Moody’s), Ireland (S&P), Kenya (Moody’s), Kuwait (Fitch & Moody’s), Qatar (Moody’s), San Marino (Fitch), South Africa (Fitch & S&P), Sweden (DBRS & Moody’s), Turkey (Moody’s).

SATURDAY, DEC. 5

-ECONOMY: Colombia inflation (Nov.)

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