- Bank of America, Morgan Stanley, Goldman, IBM release earnings
- The World Economic Forum takes place in Davos, Switzerland
Policy makers, world leaders and senior executives will congregate in Davos, Switzerland, for the World Economic Forum to discuss a range of economic issues and current affairs.
U.S. sales of previously owned homes increased in December for the first time in three months, data in the coming week probably will show. Housing starts in the world’s biggest economy also probably rose in December.
China releases its 2015 and fourth-quarter gross domestic product data. Taiwan holds an election for a new president.
International sanctions imposed on Iran over its nuclear program may be lifted.
The European Central Bank, Canada, Turkey and Brazil make decisions on monetary policy.
Companies releasing earnings include General Electric Co., International Business Machines Corp., Morgan Stanley, Goldman Sachs Group Inc. and Unilever.
U.S. President Barack Obama visits the Detroit auto show.
The Australian Open tennis tournament, one of the sport’s so-called Grand Slam events, begins in Melbourne.
SATURDAY, JAN. 16
-International sanctions imposed on Iran over its nuclear program may be lifted over the weekend as the July accord with world powers is fully implemented. The International Atomic Energy Agency in Vienna could announce it’s satisfied with Iranian compliance, the final step for sanctions relief. The lifting of sanctions would probably be announced jointly by Iran and Federica Mogherini, the European Union’s foreign-policy chief.
-China’s President Xi Jinping and Premier Li Keqiang speak at the opening ceremony of the Asian Infrastructure Investment Bank. China hopes to use the AIIB to counter the World Bank and promote its own investment initiatives, including the “One Belt, One Road” plan to improve ports and infrastructure across Asia. 09:00 in Beijing (01/15 20:00 EST).
-Taiwan voters choose a new president to succeed Ma Ying-jeou, who has been in office since 2008. Democratic Progressive Party Chairwoman Tsai Ing-wen is widely expected to win and her party may capture a legislative majority for the first time, raising concerns over the island’s ties with China. Timings to be determined.
-The 6th IRENA Assembly will be held in Abu Dhabi. The aim of the International Renewable Energy Agency is to help move the Paris Agreement on global warming to the next phase of action and implementation. Through Jan. 17.
-The National Football League holds divisional playoffs this weekend. On Saturday, the Kansas City Chiefs face the New England Patriots, and the Green Bay Packers play the Arizona Cardinals. On Sunday, the Seattle Seahawks face the Carolina Panthers and the Pittsburgh Steelers play the Denver Broncos. The final contest is Super Bowl 50, which will be played Feb. 7 in Santa Clara, California.
-The North American International Auto Show in Detroit opens to the public. Click here for the schedule. Through Jan. 24.
SUNDAY, JAN. 17
-The new series “Billions” premieres on Showtime. The main character in this Wall Street drama is an aggressive New York attorney who deals exclusively with hedge-fund billionaires. It stars Damian Lewis and Paul Giamatti. Click here for the Bloomberg News review.
-The last Democratic presidential debate before the primary voting season begins is presented by NBC News and YouTube. Hillary Clinton, Bernie Sanders and Martin O’Malley are set to participate. 21:00 EST in Charleston, South Carolina.
-ECONOMY: Israel GDP (third quarter).
MONDAY, JAN. 18
-U.S. public holiday marking the late civil rights leader Martin Luther King Jr.’s birthday. U.S. equity and bond markets are closed.
-Officials from the European Central Bank, the European Commission and the International Monetary Fund, the institutions representing Greece’s creditors, are expected to visit the country this week to discuss a review of its bailout program with government ministers. Timing in Athens to be determined.
-Australian Prime Minister Malcolm Turnbull will start his first official visit to the U.S. and meet with President Barack Obama. The two-day trip is aimed at deepening ties between the allies; Australia is a member of the U.S.-led coalition against Islamic State and backs Obama’s Asia-Pacific pivot to counter China’s growing militarization in the region.
-Bank of Japan Governor Haruhiko Kuroda will make a speech at the BOJ’s branch manager meeting. The central bank will also release the Sakura Report on the strength of domestic regional economies. This is the equivalent of the U.S. Federal Reserve’s Beige Book. 09:30 in Tokyo (01/17 19:30 EST).
-Polish President Andrzej Duda meets with European Union officials after the European Commission took a first step last week toward disciplining Poland’s new ruling party for seizing heightened control over the state. Timing in Brussels to be determined.
-European Union foreign ministers meet to discuss matters including peace efforts in Syria and the Middle East, the diplomatic crisis in Saudi Arabia and Iran, and the situation in Ukraine. Starts at 10:00 CET in Brussels (04:00 EST).
-Italian Prime Minister Matteo Renzi speaks at a meeting of the leadership of his Democratic Party. Timing in Rome to be determined.
-The U.K. House of Commons debates a petition signed by more than 500,000 voters to block U.S. Republican presidential candidate Donald Trump from entering Britain. There’s no vote at the end of the debate, which will be held in an annex rather than the plenary chamber, and Parliament has no say over such matters. 16:30 in London (11:30 EST).
-The 7th Gulf Intelligence U.A.E. Energy Forum 2016 will be held in Abu Dhabi. Suhail Al Mazrouei, the minister of energy for the United Arab Emirates, is among the main speakers. Click here for agenda and times.
-The Bank of Japan releases the results of a survey of senior loan officers at domestic banks, gauging loan demand. 08:50 in Tokyo (01/17 18:50 EST).
-OPEC releases its monthly oil-market report. The publication provides detailed analysis of supply and demand, as well as trends in the world economy. 12:45 CET in Vienna (06:45 EST).
-ICE Futures Europe releases its Commitments of Traders report on net speculative positions in Brent crude futures at about 12:45 CET (06:45 EST).
-Sweden’s Riksbank releases the minutes from its Jan. 4 extraordinary meeting on currency interventions. 09:30 CET (03:30 EST).
-Republican presidential candidate Donald Trump speaks at Liberty University in Lynchburg, Virginia, the school where Senator Ted Cruz kicked off his campaign. 10:30.
-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: China property prices (Dec.), U.K. Rightmove house prices (Jan.), Czech PPI (Dec.), Poland core CPI (Dec.), Russia current account (fourth quarter).
-The Australian Open tennis tournament, the first Grand Slam of the year, starts in Melbourne and runs through Jan. 31.
TUESDAY, JAN. 19
-China releases its 2015 and fourth-quarter gross domestic product data, with economists predicting 6.9 percent growth in both cases. Recent figures, including better-than-estimated trade data, suggest the economy is stabilizing following a boost in government spending and monetary easing. 10:00 in Beijing (1/18 21:00 EST).
-The U.S. Congressional Budget Office releases a summary of its annual Budget and Economic Outlook. This report provides the agency’s projection of the federal deficit over the next decade, from 2016 to 2026, as well as its projections for economic growth. 11:00 from Washington.
-Italian Foreign Minister Paolo Gentiloni hosts a meeting of his counterparts from the EU’s founding member states -- Italy, Germany, France, the Netherlands, Belgium and Luxembourg -- on the future of the bloc. Time in Rome to be determined.
-Euromoney’s Central & Eastern European Forum 2016 conference takes place in Vienna, featuring the central bank governors of Austria, the Czech Republic, Albania, the Republic of Macedonia, Croatia and Lithuania as well as the finance ministers of Austria, Romania and Serbia, bankers, investors and corporate leaders. Click here for the website and schedule.
-The Canadian Club of Ottawa and the Institute of Corporate Directors host Tiff Macklem, dean of the Rotman School of Management and former senior deputy governor of the Bank of Canada, and Professor David Beatty, Conway Chair of the Clarkson Center for Business Ethics & Board Effectiveness, to discuss Canada’s business future. Event details here. 12:00 in Ottawa.
-The Handelsblatt Energy Conference in Berlin will include speeches from the chief executive officers of Wintershall AG and Wingas GmbH, and German Environment Minister Barbara Hendricks.
-The external evaluation of policy at Sweden’s Riksbank by former Bank of England Governor Mervyn King and Professor Marvin Goodfriend is released at 10:30 CET (04:30 EST) in Stockholm, followed by a press conference at 11:30 CET.
-British polling organizations announce the preliminary results of an inquiry into why polls failed to predict last year’s general-election victory for the Conservatives. Event starts at 14:00 in London (09:00 EST).
-CENTRAL BANKS: Turkey rate decision.
-ECONOMY: U.S. NAHB homebuilder optimism index (Jan.), U.S. Treasury’s net foreign securities purchases (Nov.), China industrial production, retail sales, fixed asset investment (Dec.), Hong Kong unemployment rate (Dec.), German ZEW (Jan.), U.K. inflation (Dec.), U.K. ONS house-price balance (Nov.).
-EARNINGS: Charles Schwab Corp., UnitedHealth Group Inc., Bank of America Corp., Morgan Stanley, Netflix Inc., International Business Machines Corp., Interactive Brokers Group, Inc., Unilever, Delta Air Lines Inc.
WEDNESDAY, JAN. 20
-The annual World Economic Forum takes place in Davos, Switzerland. Co-chairs of the summit will be Mary Barra, CEO of General Motors Co.; Sharan Burrow, general secretary of the International Trade Union Confederation; Satya Nadella, CEO of Microsoft Corp.; Hiroaki Nakanishi, CEO of Hitachi Ltd.; and Tidjane Thiam, CEO of Credit Suisse Group AG. Through Jan. 23. Click here for the website and agenda.
- U.S. consumer prices were probably little changed in December, underscoring limited inflation that explains why Federal Reserve policy makers can be deliberate in raising interest rates. The core consumer-price index, which excludes food and fuel, is projected to rise, boosted in part by higher rents. The Labor Department will issue the figures at 08:30 in Washington.
-U.S. housing starts are forecast to increase in December, economists project the Commerce Department to report, indicating construction gains are helping underpin the economy. 08:30 in Washington.
-The U.S. Senate will try to take up a House-passed bill, H.R. 4038, that would suspend the Syrian refugee admittance program until various national security conditions are satisfied. A procedural vote is scheduled for 14:30 in Washington.
-Bank of Canada rate decision. The central bank is expected to keep its benchmark rate at 0.5 percent. The Governing Council will present the bank’s base-case projection for inflation and growth in the Canadian economy and its assessment of risks in its quarterly policy report. 10:00 in Ottawa. Bank of Canada Governor Stephen S. Poloz will speak after the announcement at 11:15 in Ottawa.
-The Italian Senate votes on changes designed to curtail its powers and give the country a more stable government. If approved, the lower house will vote on the measure in April. Time in Rome to be determined.
-German Chancellor Angela Merkel and Finance Minister Wolfgang Schaeuble attend a meeting of her party’s Bavarian affiliate, which is pressing Merkel to close the border to refugees. Statement at 15:15 CET (09:15 EST) in Kreuth, Germany.
-Vietnam’s Communist Party Congress begins a meeting to pick new party leaders. Prime Minister Nguyen Tan Dung is in the running for general secretary, and is up against incumbent Nguyen Phu Trong. Nominees for other positions, such as prime minister, will be made and the National Assembly will vote on them in June.
-Brazil rate decision. The Banco Central do Brasil may raise borrowing costs for the first time since July, pushing the key rate up a half-point to 14.75 percent. Annual inflation accelerated to a 12-year high of 10.67 percent last month, more than double the official target. 19:00 in Brasilia (16:00 EST).
-President Barack Obama visits the Detroit auto show to highlight the recovery of the U.S. auto industry since his bailout of General Motors and Chrysler shortly after taking office. Time to be determined.
-Thomas Hoenig, vice chairman of the Federal Deposit Insurance Corp., will speak at the Peterson Institute about the policy implications of various strategies for addressing the resiliency of large, interconnected banking firms. 12:15 in Washington.
-Ghanaian President John Dramani Mahama speaks at a conference on the nation’s economic outlook and business strategy. 09:00 in Accra (04:00 EST).
-The U.S. Department of Agriculture releases its annual estimate for world citrus crops at 15:00 EST. The data probably will give further clarity on the decline in Florida’s output owing to citrus greening disease.
-BHP Billiton Ltd. issues its fourth-quarter production report, which will outline the impact of the Samarco mine dam breach in Brazil. 08:30 Sydney time (01/19 16:30 EST).
-CENTRAL BANKS: Kenya rate decision.
-ECONOMY: U.S. MBA mortgage applications (weekly), Taiwan export orders (Dec.), U.K. unemployment rate (Nov.), Poland wages (Dec.), Russia weekly CPI, Ukraine retail trade (Dec.), South Africa CPI (Dec.), South Africa retail sales (Nov.).
-EARNINGS: Northern Trust Corp., Goldman Sachs Group Inc., Kinder Morgan Inc., ASML Holding NV.
THURSDAY, JAN. 21
-European Central Bank rate decision. ECB officials gathering for their first policy meeting of the year will probably keep interest rates unchanged after increasing stimulus at the end of 2015. With inflation weaker than anticipated after a renewed slump in oil prices and forecasts published in December probably already out of date, all eyes are on President Mario Draghi for hints on whether more action will be needed in the coming months. Rate decision at 13:45 CET in Frankfurt (07:45 EST), followed by a press conference at 14:30 CET.
-Amarjeet Sohi, Canada’s minister of infrastructure and communities, will deliver his inaugural address to Canada business leaders. The minister will discuss his plan for the federal government to double infrastructure spending over the next 10 years. 12:00 in Toronto.
-The U.S. Securities and Exchange Commission holds a meeting of its Dodd-Frank Investor Advisory Committee at 10:00 in Washington.
-Quarterly cocoa-grindings data from the National Confectioners Association. 16:00 in Washington.
-The U.S. Energy Department’s natural gas inventory report may show supplies declined last week. 10:30 in Washington.
-The U.S. Energy Information Administration releases its U.S. oil inventory report. 11:00 in Washington.
-ECONOMY: U.S. Philadelphia Fed manufacturing index (Jan.), U.S. jobless claims (weekly), U.S. Bloomberg consumer comfort (weekly, Jan. expectations), Hong Kong CPI composite (Dec.), euro-area inflation rate (Dec.), euro-area consumer confidence (Jan.), U.K. RICS house price balance (Dec.), French manufacturing confidence (Jan.), Turkey consumer confidence (Jan.), Russia reserves, Poland PPI(Dec.), Poland retail sales (Dec.), Ukraine industrial production (Dec.).
-EARNINGS: Verizon Communications Inc., American Express Co., Travelers Cos., Starbucks Corp., Union Pacific Corp., United Continental Holdings Inc., Canadian Pacific Railway Ltd., Schlumberger Ltd.
FRIDAY, JAN. 22
-U.S. sales of previously owned homes probably increased in December for the first time in three months, capping the best year for residential real estate since 2006, economists project the National Association of Home Builders to report. 10:00 in Washington.
-German and Turkish government leaders meet for a joint cabinet meeting. Turkey is a key ally in Europe’s effort to reduce the influx of refugees, most of whom go to Germany. Timing in Berlin to be determined.
-The Baker Hughes Rig Count for oil and gas rigs in the U.S. 12:00 in Houston (13:00 EST).
-The U.S. Commodity Futures Trading Commission releases its weekly report on futures and options positions for oil. 15:30 in Washington.
-The ECB survey of professional forecasters. 10:00 CET in Frankfurt (04:00 EST).
-ECONOMY: U.S. Chicago Fed national activity index (Dec.), U.S. Markit manufacturing PMI (Jan. prelim.), U.S. leading economic indicators (Dec.), Brazil IPCA-15 Inflation index (Jan.), Mexico bi-weekly CPI (Jan. 15), Taiwan industrial production (Dec.), Taiwan unemployment rate (Dec.), euro-area PMIs (Jan.), U.K. retail sales (Dec.), U.K. public sector net debt (Dec.), Lithuania industrial production (Dec.), Croatia unemployment (Dec.), Latvia PPI (Dec.).
-EARNINGS: General Electric Co., SAP SE.
-SOVEREIGN RATING UPDATES: Armenia (Fitch), Belgium (Fitch), Czech Republic (S&P),
France (Moody’s), Greece (S&P), Ireland (Moody’s), Romania (Fitch), Slovenia (Moody’s).
SATURDAY, JAN. 23