U.S. Home Sales, Apple, Facebook, Russia: Week Ahead April 21-26
General Motors Co. (GM) may post its first quarterly net loss since 2009 amid product recalls and congressional probes.
U.S. President Barack Obama arrives in Tokyo on the first leg of a four-nation Asia trip.
The Boston Marathon will take place amid heavy security after last year’s bombings.
MONDAY, APRIL 21
-Vice President Joe Biden visits Kiev today and tomorrow and will meet with government leaders in a show of U.S. support amid Ukraine’s crisis with Russia. Times to be announced.
-Bank of Japan’s loan-demand survey for April. 08:50 in Tokyo (04/20 19:50 EDT).
-Bank of Korea Governor Lee Ju Yeol will attend a parliamentary session and take questions from lawmakers on the economy for the first time since taking office on April 1. The bank’s board kept the policy rate unchanged at 2.5 percent on April 10. Time to be determined.
-U.S. Supreme Court Argentine bond-subpoena case. Justices will hear oral arguments on an Argentine government appeal seeking to void a court order that two U.S. banks give billionaire Paul Singer’s NML Capital Ltd. information about the country’s assets. Singer wants the information as he and other investors try to collect more than $1.6 billion won in court judgments related to defaulted Argentine bonds. 10:00 in Washington.
-EARNINGS: Netflix Inc. (NFLX)
-The 118th Boston Marathon will be run amid tight security after two bombs were set off near the finish line last year, killing three and injuring more than 260. The 26.2-mile race begins at 08:50 for mobility impaired participants, 09:32 for elite women runners and 10:00 for the elite men.
TUESDAY, APRIL 22
-U.S. existing home sales, also called sales of previously owned homes, probably held close to the lowest level since July 2012 last month, according to a Bloomberg survey. Existing home sales account for about 90 percent of the housing market and the figures reflect closings on purchase agreements signed a month or two earlier, when parts of the U.S. suffered from severe weather. The National Association of Realtors reports at 10:00 in Washington.
-U.S. Supreme Court and Barry Diller’s Aereo Inc. Broadcasters including CBS Corp., Walt Disney Co.’s ABC and Comcast Corp. (CMCSA)’s NBCUniversal say Aereo violates their copyright when it picks up broadcast signals without paying fees and distributes the programs online. Oral arguments begin at 10:00 in Washington.
-Active-Passive Investor Summit. Speakers and panel participants include Jeffrey Ubben, chief executive officer at ValueAct Capital, Scott Ostfeld, partner at Jana Partners LLC, Jesse Cohn, portfolio manager at Elliott Management Corp., and Carl Icahn, chairman of Icahn Enterprises LP. Starts 08:10 in New York.
WEDNESDAY, APRIL 23
-Obama’s Asia trip. President Barack Obama arrives in Tokyo on the first leg of his four-nation trip. Obama and Prime Minister Shinzo Abe meet April 24 to discuss topics including the proposed Trans-Pacific Partnership free-trade accord and Japan’s dispute with China over islands in the South China Sea. On April 25, Obama flies to Seoul for meetings with President Park Geun Hye. Obama then travels to Kuala Lumpur and Manila before returning to Washington on April 29. Times to be announced.
-Apple Inc. earnings. The world’s largest company by market value will probably report fiscal second-quarter net income declined and sales were flat, according to a Bloomberg survey as of April 17. Apple has been hurt by an absence of new products and stiffening competition from Samsung Electronics Co. and other companies. CEO Tim Cook may give further details regarding Apple’s dividend and buyback plans amid pressure from Carl Icahn. After 13:30 in Cupertino, California (16:30 EDT).
-Facebook Inc. The world’s largest social-media network will probably announce that first-quarter earnings per share rose, according to a Bloomberg survey as of April 17, amid increasing advertising revenue on mobile phones. CEO Mark Zuckerberg will probably give more details about Facebook’s strategy after agreeing to acquire WhatsApp Inc. and Oculus VR Inc. After 13:00 in Menlo Park, California. (16:00 EDT).
-U.S. new home sales probably picked up in March after dropping to a five-month low in February, according to a Bloomberg survey, a sign the industry has begun to stabilize. The Commerce Department reports at 10:00 in Washington.
-The Bank of England’s Monetary Policy Committee publishes the minutes of its April decision at 09:30 (04:30 EDT).
-The HSBC and Markit China manufacturing purchasing managers’ index may improve in a preliminary April reading as the government speeds construction spending to support growth. March’s gauge fell to 48, the lowest level in eight months. 09:45 in Beijing (4/22 21:45 EDT).
-Australia’s core inflation probably approached the top of the central bank’s band of 2 percent to 3 percent in the first three months of 2014. 11:30 in Sydney (4/22 21:30 EDT).
-Bank of Japan Deputy Governor Hiroshi Nakaso gives a speech in Kyoto at a meeting of the International Association of Deposit Insurers. 09:25 in Kyoto (04/22 20:25 EDT).
-ECONOMY: Mexico retail sales (Feb.), Taiwan industrial production (March), South Africa consumer-price inflation (March), Euro-area preliminary PMIs (April), Euro-area government debt-to-GDP ratio (2013), U.K. public finances (March), U.K. CBI manufacturing (April).
-CENTRAL BANKS: Thailand interest-rate decision.
-EARNINGS: Boeing Co., Procter & Gamble Co., Qualcomm Inc. (QCOM), Texas Instruments Inc. (TXN), Zynga Inc. (ZNGA), Controladora Comercial Mexicana SAB (COMERUBC), TeliaSonera AB (TLSN), Kone OYJ (KNEBV), Associated British Foods Plc. (ABF)
THURSDAY, APRIL 24
-U.S. durable goods orders probably increased in March, helped by a pickup in vehicle demand, according to a Bloomberg survey. The orders, for goods meant to last at least three years, will indicate whether capital spending on equipment rebounded after falling in February. The Department of Commerce reports at 08:30 in Washington.
-ECB President Mario Draghi and Governing Council member Klaas Knot speak at the Dutch Central Bank conference in Amsterdam. 11:00 CET (05:00 EDT).
-South Korea reports its preliminary estimate for first-quarter gross domestic product, with the economy forecast to grow at about the same rate as in the previous quarter. The Bank of Korea forecast the economy will grow 4 percent this year. 08:00 in Seoul (04/23 19:00 EDT).
-General Motors Co. earnings. The automaker’s first-quarter earnings per share probably fell by more than half, according to a Bloomberg survey as of April 17. While sales are up in China, GM’s biggest market, the company has lost U.S. share as it favors price discipline over sales growth. It may be the automaker’s first quarterly net loss since 2009 as it takes $1.3 billion in charges for recall-related costs, and $400 million for swings in Venezuela’s currency. 07:30 in Detroit.
-LME Week Asia will be held in Hong Kong, where metals industry executives will gather and discuss commodities markets and the London Metal Exchange’s expansion in Asia since it was bought by Hong Kong Exchanges and Clearing Ltd. 09:00 in Hong Kong (04/23 21:00 EDT). Through 04/25.
-The Benchmarking Market Integrity and Transparency in Energy Trading conference will take place in London. Compliance and legal officials from companies including Vitol SA, Hess Corp. and BP Plc will attend. 09:00 (04:00 EDT). Through 04/25.
-The Reserve Bank of New Zealand will probably raise its official cash rate by a quarter of a percentage point to 3 percent, according to all 15 economists surveyed by Bloomberg News. 09:00 in Wellington (4/23 17:00 EDT).
-The U.S. Energy Information Administration releases its weekly natural gas supply report. 10:30 in Washington.
-ECONOMY: U.S. initial jobless claims (weekly), U.S. consumer comfort (weekly), Mexico bi-weekly inflation (April), German Ifo business confidence (April), France business confidence (April), U.K. CBI retail sales (April).
-EARNINGS: Amazon.com Inc. (AMZN), Microsoft Corp., Starbucks Corp. (SBUX), Visa Inc. (V), Verizon Communications Inc. (VZ), Caterpillar Inc. (CAT), PulteGroup Inc. (PHM), Time Warner Cable Inc. (TWC), KKR & Co. LP (KKR), Usinas Siderurgicas de Minas Gerais SA, Banco Bradesco SA, Canon Inc. (7751), AstraZeneca Plc (AZN), Novartis AG (NOVN), Heineken NV. (HEIA)
FRIDAY, APRIL 25
-S&P is scheduled to publish a sovereign-rating outlook update on Russia amid the crisis in Ukraine. The ratings company cut the outlook to negative from stable on March 21 because of the economic impact of U.S. and European Union sanctions. Timing to be announced.
-German Chancellor Angela Merkel and Polish Prime Minister Donald Tusk meet in Berlin to discuss the crisis in Ukraine.
-Japan reports March national inflation after core consumer prices rose 1.3 percent in February. Tokyo CPI for April, the first month after a sales tax increase, will also be reported. 08:30 in Tokyo (04/24 19:30 EDT).
-Russia’s central bank will leave the benchmark one-week auction rate unchanged at 7 percent, according to all 17 economists in a Bloomberg News survey. 13:30 in Moscow (05:30 EDT).
-Mexico rate decision. Banco de Mexico will probably keep its benchmark rate unchanged at a record-low 3.5 percent. After their March 21 meeting, policy makers said faster inflation is temporary and the economy has failed to show clear signs of recovery. 09:00 in Mexico City (10:00 EST).
-Swiss National Bank President Thomas Jordan speaks at the central bank’s annual general meeting in Bern. 10:00 CET (04:00 EDT).
-ECB Supervisory Board Chair Daniele Nouy speaks at the Dutch Central Bank conference in Amsterdam. 10:30 CET (04:30 EST).
-CENTRAL BANKS: Colombia rate decision.
-SOVEREIGN RATING UPDATES: Botswana (Moody’s), Cyprus (Fitch, S&P), European Financial Stability Facility (S&P), France (S&P), Georgia (Moody’s), Italy (Fitch), Morocco (Fitch), Mozambique (Moody’s), Netherlands (DBRS), Romania (Moody’s), Spain (Fitch), Tunisia (Fitch).
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