- Aviva, Dollar General, Merck, Prudential to release earnings
- Michigan is biggest prize in presidential-nominating contests
The European Central Bank will cut its deposit rate on March 10 and follow it up with more at meetings later this year, pushing down rates even further and weighing on the euro and bond yields, according to money managers surveyed by Bloomberg.
U.S. presidential primaries and caucuses include contests in Michigan, Mississippi, Hawaii, Idaho and Washington, D.C.
President Barack Obama hosts Canadian Prime Minister Justin Trudeau at the White House.
Bank of England Governor Mark Carney testifies to U.K. lawmakers on issues related to Britain’s June 23 referendum on European Union membership.
Canada, Malaysia, Poland and South Korea also make interest-rate decisions.
Syria peace talks are scheduled to resume in Geneva.
Dollar General Corp., E.ON SE, Prudential Plc and Merck KGaA are among companies releasing earnings.
The Geneva International Motor Show continues through March 13. Fiat Chrysler Automobiles NV is exhibiting 10 new or refreshed models as part of its expansion in Europe, including the upscale Maserati Levante sport utility vehicle.
Monday, March 7
-Stanley Fischer, vice chairman of the U.S. Federal Reserve System, delivers the luncheon lecture at the annual policy conference of the National Association for Business Economics. Sri Mulyani Indrawati, managing director and chief operating officer of the World Bank, delivers the keynote address at 08:00 EST. Fischer speaks at 12:30. In Washington, through March 8.
-Deutsche Bank AG hosts the 24th Annual Media, Internet & Telecom Conference. Companies giving keynote presentations include AT&T Inc., CBS Corp., Snapchat Inc., Verizon Communications Inc., T-Mobile US Inc., Walt Disney Co. and Liberty Media Corp. Through March 9 in Palm Beach, Florida. Click here for the schedule.
-Lael Brainard, a member of the U.S. Federal Reserve System’s Board of Governors, addresses the Institute of International Bankers’ annual conference in Washington. 12:00 EST.
-EU leaders hold an emergency summit on the refugee crisis at 15:00 CET in Brussels (09:00 EST).
-Euro-area finance ministers meet to discuss economic adjustment plans for Greece and Cyprus, budgets for 2016 and transparency. 15:00 CET in Brussels (09:00 EST).
-Spain’s Socialists and People’s Party hold executive-committee meetings to analyze their strategies for the approaching talks on forming a coalition government. Press conferences will follow. Timing to be determined.
-International Atomic Energy Agency Director General Yukiya Amano gives a press conference at the United Nations agency’s quarterly meeting. He’ll speak about North Korea’s latest test, the Iran deal and next week’s fifth anniversary of the Fukushima meltdown. 14:30 CET in Vienna (08:30 EST).
-The U.S. Energy Information Administration releases its monthly Drilling Productivity Report, showing estimates for oil and gas output from the biggest shale formations. 14:00 in Washington.
-U.S. government bond auctions, Fed debt purchases. Click here for the schedule.
-U.S. initial public stock offerings. Click here for the schedule.
-CENTRAL BANKS: Israel minutes.
-ECONOMY: U.S. labor market conditions index (Feb.), U.S. consumer credit (Jan.), Taiwan trade data (Feb.), China foreign reserves (Feb.), Euro area sentix investor confidence (March), German factory orders (Jan.), Hungary budget balance (Feb.), South Africa gross and net reserves (Feb.), Israel foreign-currency balance (Feb.), Egypt foreign reserves (Feb.).
-EARNINGS: Urban Outfitters Inc.
Tuesday, March 8
-Bank of England Governor Mark Carney and Deputy Governor for Financial Stability Jon Cunliffe testify to U.K. lawmakers on Britain’s referendum on EU membership. In October, the BOE published a report on the economic implications of EU membership that didn’t consider the impact of a British exit. Timing to be determined.
-EU finance ministers meet to discuss taxation, fiscal sustainability, banking union, the recent G-20 meeting and the coordination of budget policy at 10:00 CET in Brussels (04:00 EST).
-Italian Prime Minister Matteo Renzi and French President Francois Hollande hold a summit meeting. Press conference scheduled for 19:00 CET in Venice (13:00 EST).
-German Chancellor Angela Merkel fields questions about Germany’s role in Europe on a panel with newspaper editors in Baden-Wuerttemberg, one of three German regions holding state elections on March 13. Starts at 19:00 CET in Stuttgart (13:00 EST).
-The Montgomery Summit gathers together dozens of companies and investors to explore innovations in business and technology. Cisco Systems Inc. Chairman John Chambers is the keynote interview. Through March 9 in Santa Monica, California.
-South African President Jacob Zuma makes a state visit to Nigeria. Through March 9.
-Hawaii, Idaho, Michigan and Mississippi hold primaries or caucuses in the U.S. presidential elections. Other contests being held this week include Washington, D.C., and the U.S. Virgin Islands.
-The U.S. Energy Information Administration releases its monthly Short-Term Energy Outlook on oil, gas and power. 12:00 in Washington.
-ECONOMY: NFIB U.S. small-business optimism index (Feb.), China trade surplus, imports, exports (Feb.), Taiwan inflation (Feb.), Japan final GDP (fourth quarter), euro area GDP (fourth quarter), Romania GDP (fourth quarter), Hungary GDP (fourth quarter), Hungary CPI (Feb.), South Africa current-account balance (fourth quarter), Turkey industrial production (Jan.).
-EARNINGS: RWE AG, Merck KGaA.
Wednesday, March 9
-Syria peace talks are set to resume in Geneva, with UN envoy Staffan De Mistura hoping a fragile, partial cease-fire backed by the U.S. and Russia will help to move forward broader negotiations to end the war. Timing to be determined.
-Norway’s sovereign wealth fund releases a report on its investments in 2015 at 10:00 CET (04:00 EST) in Oslo. A press conference will follow.
-Junior doctors in state-run National Health Service hospitals in England stage a 48-hour strike in opposition to U.K. Health Secretary Jeremy Hunt’s decision to impose a new contract that cuts payments for weekend and evening work. Starts at 08:00 in London (03:00 EST).
-Marcelo Rebelo de Sousa is scheduled to be sworn in as Portugal’s president. 09:00 in Lisbon (04:00 EST).
-The U.S. Energy Information Administration releases its oil inventory report. 10:30 in Washington.
-CENTRAL BANKS: Rate decisions in Canada, Malaysia, Georgia.
-ECONOMY: U.S. MBA mortgage applications (weekly), U.S. wholesale inventories (Jan.), World Agricultural and Demand Estimate WASDE report (Feb.), Brazil IPCA inflation (Feb.), Mexico inflation (Feb.), U.K. industrial production (Jan.), U.K. manufacturing production (Jan.), U.K. NIESR GDP estimate (Feb.), Czech CPI (Feb.), Ukraine CPI (Feb.), Nigeria GDP (fourth quarter).
-EARNINGS: Square Inc., Box Inc., FuelCell Energy Inc., Cathay Pacific Airways Ltd., Adecco SA, Deutsche Post AG, E.ON SE, Prudential Plc, Casino Guichard-Perrachon SA.
Thursday, March 10
-The European Central Bank’s Governing Council meets to review interest rates and stimulus programs. President Mario Draghi gives a press conference 45 minutes after the 13:45 CET rate decision (07:45 EST).
-U.S. President Barack Obama hosts a state dinner for Justin Trudeau at the White House, the first Canadian prime minister so honored in 19 years.
-Oral arguments begin in the Barclays market manipulation case. The U.S. Federal Energy Regulatory Commission imposed civil penalties of $488 million against Barclays for alleged manipulative trading. The case at the U.S. District Court for the Eastern District of California is FERC v. Barclays Bank Plc in Sacramento. Timing to be determined.
-Bank of Canada Governor Stephen Poloz gives introductory remarks at the Canadian Institute for Advanced Research conference in Ottawa. 16:15 EST.
-Myanmar’s new parliament will announce the three candidates vying to become the nation’s next president, revealing the identity of the person Aung Sang Suu Kyi has chosen as her proxy. Suu Kyi, a Nobel Peace Prize winner, is constitutionally barred from holding the office. Time to be determined.
-Brazil’s central bank uses its website to post the minutes from its latest rate-setting meeting on March 1-2, at 08:30 in Brasilia (06:30 EST).
-The U.S. Energy Information Administration releases its weekly natural gas inventory report. 10:30 in Washington.
-CENTRAL BANKS: Rate decisions in Peru, New Zealand, South Korea.
-ECONOMY: U.S. jobless claims (weekly), U.S. Bloomberg consumer comfort (weekly), U.S. quarterly services survey (4Q), U.S. household net worth (4Q), U.S. budget statement (Feb.), Brazil retail sales (Jan.), Colombia GDP (4Q), China inflation (Feb.), China new lending, money supply (Feb.) anytime March 10-15, Germany trade data (Jan.), Estonia GDP (fourth quarter), Portugal CPI (Feb.), South Africa manufacturing production (Jan.), Israel GDP(fourth quarter), Egypt CPI (Feb.), Turkey current-account balance (Jan.).
-EARNINGS: Dollar General Corp., Linde AG, Aviva Plc, Carrefour SA, SandRidge Energy Inc.
Friday, March 11
-PJM Interconnection LLC, operator of the largest U.S. power grid, will announce the results of an electricity capacity auction. The results may show the impact of recent plant retirements and PJM’s cuts to its long-term demand growth forecasts. Results are expected after 16:00 EST from Audubon, Pennsylvania.
-The U.S. Commodity Futures Trading Commission issues its weekly report on futures and options positions for oil. 15:30 EST in Washington.
-The Baker Hughes U.S. oil-and-gas rig count is released. 12:00 local time in Houston. (13:00 EST).
-CENTRAL BANKS: Poland rate decision.
-ECONOMY: U.S. import-price index (Feb.), Canada unemployment (Feb.), Mexico industrial production (Jan.), U.K. trade report (Jan.), U.K. construction output (Jan.), Romania CPI (Feb.), Serbia CPI (Feb.), Russian weekly CPI (March 9), Portugal trade balance (Jan.).
-EARNINGS: Pampa Energia SA, Old Mutual Plc.
-SOVEREIGN RATING UPDATES: Andorra (Fitch), Bosnia & Herzegovina (S&P), Croatia (Moody’s), EU (Moody’s), Finland (DBRS & Fitch), Greece (Fitch), Ireland (DBRS), Kazakhstan (S&P), Rwanda (S&P), Switzerland (Moody’s).
Saturday, March 12
-NCAA college basketball conference tournaments are held to decide who plays in the March Madness final tournament. Conference championships include the Atlantic Coast in Washington, D.C.; the Big East in New York; the Big 12 in Kansas City, Missouri; and the Pacific-12 in Las Vegas. Final selection for March Madness spots happens on March 13.
-ECONOMY: China industrial production, retail sales (Feb.)