U.S. Home Data, GDP, Nike: Week Ahead Dec. 19-Jan. 2

  • Spanish voters go to polls in watershed national elections
  • Argentina President Macri attends his first Mercosur summit

Sales of existing U.S. homes were little changed in November, while purchases of new dwellings rose to the fastest pace in three months, reports in the coming week probably will show.

The U.S. economy expanded at a 1.9 percent annualized rate in the third quarter, while household spending picked up at the start of the holiday shopping season, separate data may indicate.

Ukraine is likely to default on a $3 billion bond owed to Russia amid deteriorating ties between the former Soviet republics.

Spain, Haiti and the Central African Republic hold national elections, while the Netherlands takes over the rotating presidency of the European Union.

Mercosur heads of state, including Argentina’s new pro-business President Mauricio Macri, meet in Paraguay.

Indian Prime Minister Narendra Modi visits Moscow for a summit with Russian President Vladimir Putin.

Nike Inc. and Micron Technology Inc. are among companies reporting earnings.

Clemson University faces the University of Oklahoma in college football’s Orange Bowl.

SATURDAY, DEC. 19

-Democratic U.S. presidential candidates Hillary Clinton, Bernie Sanders and Martin O’Malley hold their third debate in Manchester, New Hampshire. Live on ABC at 20:00.

-U.S. President Barack Obama and his family will be in Hawaii for their annual Christmas-New Year’s vacation. During much of Obama’s presidency, he has returned to Washington after the Jan. 1 New Year’s Day holiday. No public events are scheduled.

SUNDAY, DEC. 20

-Spain’s incumbent Prime Minister Mariano Rajoy and his People’s Party face Socialist leader Pedro Sanchez and new political rivals, Podemos and Ciudadanos, in general elections. Rajoy looks set to win the most seats, but lose his majority. Voting opens at 09:00 CET (03:00 EST) in Madrid and ends at 20:00 CET, with exit polls released shortly after.

-Ukraine may default on a $3 billion bond payment due to Russia today. The eastern European nation’s offer of a 20 percent principal writedown of the debt, purchased by Russia shortly before the ouster of Ukraine’s then-president Viktor Yanukovych in February 2014, was rejected.

-The 95th meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC) takes place in Cairo. Participants include the Arab members of the Organization of Petroleum Exporting Countries. Timings to be determined.

-Canadian Finance Minister Bill Morneau convenes a two-day meeting of provincial finance chiefs in Ottawa. Bank of Canada Governor Stephen Poloz is scheduled to discuss the country’s monetary policy and the global economy behind closed doors.

MONDAY, DEC. 21

-The heads of state of Mercosur, or the Common Market of the South, convene in Asuncion, Paraguay, where the six-month rotating chair will be passed to Uruguay. Pro-business President Mauricio Macri, elected Argentina’s leader last month, attends his first Mercosur summit as it pursues a free-trade agreement with the European Union.

-The U.S. Department of Commerce is scheduled to issue estimates of anti-dumping duties in a corrosion-resistant steel trade case.

-Owners of civilian drones weighing more than 250 grams (0.55 pounds) must register with the U.S. Federal Aviation Administration starting today as the government seeks to manage increased hobbyist flying of the unmanned craft. The FAA’s planned $5 registration fee won’t be charged in the first 30 days.

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

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

-ECONOMY: Chicago Fed National Activity Index (Nov.), Brazil current account (Nov.), Mexico retail sales (Oct.), Argentina industrial production (Nov.), Taiwan export orders (Nov.), Hong Kong inflation (Nov.), euro-area consumer confidence (Dec.), Georgia GDP (third quarter)

-EARNINGS: Cintas Corp.

TUESDAY, DEC. 22

-The U.S. economy probably expanded at a 1.9 percent annualized rate in the final estimate of third-quarter gross domestic product, according to the median estimate of economists as of Dec. 17. The figure had been put at a 2.1 percent last month, up from an initial estimate of 1.5 percent. The Commerce Department releases data at 08:30 in Washington.

-Sales of existing U.S. homes were probably little changed in November from the prior month as a dearth of affordable homes holds back a steady recovery in residential real estate. The National Association of Realtors releases data at 10:00 in Washington.

-The U.S. Environmental Protection Agency’s finalized Clean Power Plan, which sets greenhouse-gas emissions targets for existing power plants, takes effect, ending a 60-day window for filing lawsuits. The attorneys general of 27 states -- as well as several utilities, unions and industry groups -- have already brought legal actions to overturn the plan.

-Indian Prime Minister Narendra Modi visits Moscow for a summit with Russian President Vladimir Putin. The South Asian country is expected to sign an arms deal with its long-time defense ally.

-A U.S. International Trade Commission judge is scheduled to release his findings in a patent-infringement case Samsung Electronics Co. brought against Nvidia Corp. over computer-graphics chips. Samsung brought the case in retaliation for one filed by Nvidia, which Nvidia lost. A determination could come any time during the day in Washington.

-Mexico switches to digital from analog broadcasting, opening up a two-week period during which some 3.1 million households will either have to buy a digital television or converter box in order to avoid tuning into static.

-ECONOMY: FHFA U.S. house price index (Oct.), Richmond Fed manufacturing index (Dec.), Brazil total outstanding loans (Nov.), Taiwan unemployment (Nov.), German consumer confidence (Jan.), U.K. budget data (Nov.)

-CENTRAL BANKS: Turkey rate decision, Morocco rate decision.

-EARNINGS: ConAgra Foods Inc., Paychex Inc., Nike Inc., Micron Technology Inc.

WEDNESDAY, DEC. 23

-U.S. household spending probably picked up at the start of the holiday shopping season, with the median estimate of analysts as of Dec. 17 calling for a 0.3 percent gain in November. The Commerce Department releases figures at 08:30 in Washington.

-Orders for U.S. durable goods -- items meant to last at least three years -- are forecast to shrink 0.7 percent in November, according to the median estimate of economists as of Dec. 17. A decline would follow October’s 2.9 percent gain. The Commerce Department releases data at 08:30 in Washington.

-Sales of new U.S. homes probably rose in November to the fastest pace in three months, a sign of steady demand that is fueling construction and helping the economy grow. The Commerce Department releases data at 10:00 in Washington.

-U.S. consumer confidence probably held in December at the highest level in four months, with the University of Michigan’s final index expected to remain at the preliminary reading of 91.8, according to the median estimate of economists as of Dec. 17. 10:00 EST.

-Canada reports gross domestic product and retail sales for October. 08:30 in Ottawa.

-Bank of Zhengzhou is scheduled to start trading in Hong Kong after an initial public offering of the central China lender was said to raise $656 million.

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

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

-"The Big Short," the Paramount Pictures film based on Michael Lewis’s book about the 2008 financial crisis and nominated for four Golden Globe Awards, goes into wide release in North American theaters.

-ECONOMY: MBA U.S. mortgage applications (weekly), Mexico bi-weekly CPI (Dec. 15), Taiwan industrial production (Nov.), South Africa budget balance (Nov.), Ghana PPI (Nov.), France GDP (third quarter), U.K. GDP (third quarter), Polish unemployment rate (Nov.), Russia weekly CPI

-CENTRAL BANKS: Angola rate decision.

THURSDAY, DEC. 24

-U.S. stock markets close at 13:00 EST and the bond market shuts at 14:00 on Christmas Eve. Many European markets are closed for at least half the day.

-The Bank of Japan releases the minutes from its Nov. 18-19 meeting, at which the central bank kept policy unchanged.

-Bank of Japan Governor Haruhiko Kuroda gives a speech at the Keidanren, Japan’s main business lobby group. 13:00 (12/23 23:00 EST) in Tokyo.

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

-ECONOMY: U.S. initial jobless claims (weekly), U.S. Bloomberg consumer comfort (weekly), Mexico unemployment rate (Nov.), South Korea consumer confidence (Dec.).

FRIDAY, DEC. 25

-U.S. and European markets are closed for the Christmas Day holiday.

-Potential awards contenders, 20th Century Fox’s “The Revenant" and “Joy," and “The Hateful Eight" from Weinstein Co., are among six films debuting in North American theaters. The Christmas holiday weekend is one of the biggest of the year for box-office receipts.

-Taiwan’s three presidential candidates give the first of four televised policy addresses. The Democratic Progressive Party’s Tsai Ing-wen, the Kuomintang’s Eric Chu and the People First Party’s James Soong will each speak at the event starting at 20:00 (07:00 EST).

-ECONOMY: Japan unemployment, job-to-applicant ratio and household spending (Nov.), Japan CPI (Nov.)

SATURDAY, DEC. 26

-No scheduled events.

SUNDAY, DEC. 27

-Haiti Elections. Voters will choose a new leader in a runoff between President Michel Martelly’s hand-picked successor Jovenel Moise and former state construction chief Jude Celestin. Polls open at 06:00 EST and close at 16:00.

-The Central African Republic holds presidential and parliamentary elections. Among the presidential candidates are two former prime ministers, Martin Ziguele and Anicet Dologuele. The Constitutional Court barred former President Francois Bozize, who was ousted in a coup in 2013, from running. Timings to be determined.

-Republican U.S. presidential candidate Ben Carson is scheduled to leave for a trip to Africa. His campaign says he’ll be visiting three nations. Details to be determined.

-ECONOMY: China industrial profits (Nov.)

MONDAY, DEC. 28

-U.K. stock and bond markets are closed for the Boxing Day holiday.

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

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

-ECONOMY: Dallas Fed manufacturing activity (Dec.), Hong Kong exports/imports (Nov.), Japan industrial output (Nov.), Japan retail sales (Nov.), Egypt GDP (third quarter)

-CENTRAL BANKS: Israel rate decision

TUESDAY, DEC. 29

-The S&P/Case-Shiller index will show whether the pace of home-price appreciation in 20 U.S. cities eased or quickened in the year to October. The gauge in the 12 months to September rose a more-than-forecast 5.5 percent, the biggest year-over-year gain since August 2014. 09:00 in Washington.

-The Conference Board’s index of U.S. consumer confidence for December will be issued at 10:00 in Washington. November’s gauge unexpectedly declined to the lowest level in more than a year amid concerns about the labor market.

-ECONOMY: U.S. advance goods trade balance (Nov.), Brazil IGP-M inflation (Dec.), Brazil primary budget balance (Nov.), Argentina economic activity index (Oct.), Croatia industrial output (Nov.)

WEDNESDAY, DEC. 30

-German Chancellor Angela Merkel delivers her address for the new year. Timing in Berlin to be determined.

-Britain announces its New Year’s honors list of awards including knighthoods and medals to people who’ve distinguished themselves in business, sports, entertainment and other areas of society. Published at about 22:30 in London (17:30 EST).

-Chesapeake Energy Corp. bondholders have until today to agree to swap their unsecured debt for a longer maturity as the second-largest U.S. natural gas producer grapples with tumbling prices for the commodity amid mild weather in the eastern U.S.

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

-ECONOMY: MBA U.S. mortgage applications (weekly), pending U.S. home sales (Nov.), South Korea business confidence survey (Jan.), South Korea industrial output (Nov.), South Africa trade balance (Nov.), Portugal industrial production (Nov.), Spain inflation (Dec.), Russia PMI (Dec.), Russia GDP (third quarter), Slovenia CPI (Dec.), Serbia industrial output (Nov.)

-CENTRAL BANKS: Bulgaria rate decision, Colombia meeting minutes.

THURSDAY, DEC. 31

-U.S. bond markets close at 14:00 for New Year’s Eve, while stock markets remain open. Most European markets are closed for at least half the day.

-French President Francois Hollande makes a televised address to the nation after a year that saw Paris targeted by Islamist terrorist attacks. 20:00 CET in Paris (14:00 EST).

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

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

-Clemson University faces the University of Oklahoma in college football’s Orange Bowl, with the winner advancing to the National Championship game on Jan. 11. 16:00 in Miami Gardens, Florida.

-ECONOMY: U.S. jobless claims (weekly), ISM Milwaukee (Dec.), U.S. MNI Chicago purchasing managers index (Dec.), U.S. Bloomberg consumer comfort (weekly), South Korea CPI (Dec.), South Africa M3 money supply (Nov.), Kenya CPI (Dec.), Kenya GDP (third quarter), Portugal retail sales (Nov.), Israel GDP (third quarter), Turkey trade balance (Nov.), Russia services PMI (Dec.), Poland CPI (Dec.)

-CENTRAL BANKS: Mexico meeting minutes

FRIDAY, JAN. 1

-China will announce its official manufacturing purchasing managers’ index for December. Investors will be waiting to see whether the gauge falls again after slipping to the weakest level in more than three years in November as the economic slowdown deepened. The nation’s statistics bureau will also announce non-manufacturing PMI data at the same time. 09:00 in Beijing (12/30 20:00 EST).

-U.S. and European markets are closed for the New Year’s Day holiday.

-The Netherlands takes over the rotating presidency of the European Union today.

-Puerto Rico faces $957 million of interest payments on commonwealth and agency debt. The island has until late Monday, Jan. 4, to make the payments because Jan. 1 is a holiday. The territory has been urging U.S. Congress to grant it bankruptcy powers, a measure that some bondholders have opposed because it may force creditors to take losses.

-The Delhi state government’s license plate-based driving bans, aimed at limiting the number of cars on the road amid a surge in respiratory disease, begin today.

-ECONOMY: South Korea trade (Dec.)

SATURDAY, JAN. 2

-No scheduled events.

(Corrects story published on Dec. 17 to say the Baker Hughes rig count is on Dec. 23.)
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