U.S. Economy, Bernanke, China, Boeing: Week Ahead Dec. 30-Jan. 4

Dec. 30 (Bloomberg) -- U.S. consumer confidence probably rose to a three-month high as manufacturing expanded and home prices jumped, providing momentum for the largest economy, data in the coming week will show.

Federal Reserve Chairman Ben S. Bernanke will address an economic conference as he approaches the end of his eight-year tenure on Jan. 31.

China’s Purchasing Managers’ Index, a gauge of manufacturing strength, may decline, while Argentina will impose price controls on consumer goods as inflation accelerates.

Latvia will become the 18th country to adopt the euro.

Democrat Bill de Blasio will be inaugurated as the 109th mayor of New York, the nation’s most populous city, on New Year’s Day.

The world welcomes 2014 with celebrations from Sydney to New York.


-The U.K. government publishes the New Year’s honors list, one of two issued each year, announcing awards granted by Queen Elizabeth II for achievements in fields ranging from business and the economy to sports and the arts. 22:30 in London (17:30 EST).

-Statistics Korea reports industrial production data for November after stronger exports lifted the figure by a more-than-estimated 3 percent in October. 08:00 in Sejong (12/29 18:00 EST).

-ECONOMY: U.S. pending home sales (Nov.), Hong Kong trade data (Nov.), Italian business confidence (Dec.), U.K. Hometrack house prices (Dec.), South Africa budget balance (Nov.).

-Day five of the fourth cricket Test between Australia and England at Melbourne. 10:30 local time (12/29 18:30 EST).


-U.S. consumer confidence rose to a three-month high in December, according to a Bloomberg survey of economists, bolstered by job and income growth that will provide momentum for the economy entering 2014. The Conference Board reports at 10:00 in New York.

-U.S. home prices in 20 U.S. cities probably climbed in the year ended October by the most since February 2006, according to Bloomberg survey of economists, a sign of the housing market’s continued strength even as mortgage rates climbed. The S&P/Case-Shiller gauge is released at 09:00 in Washington.

-The New York Stock Exchange is open during regular hours, and the U.S. bond market closes at 14:00 EST. European markets are all closed for either half the day or the whole session.

-U.S. tax breaks may expire. The House-Senate budget agreement this month has left more than 50 tax breaks to lapse today, including the maximum monthly pretax spending on mass-transit commuting and a tax credit for research and development used by companies such as Intel Corp. While some lapses will have an immediate effect, Congress may extend many of these breaks retroactively sometime in 2014.

-U.S. amnesty deadline for Swiss banks. Swiss banks have until today to join a U.S. disclosure program for cracking down on untaxed assets abroad. At least 35 banks as of Dec. 23 announced they’re ready to join some form of the Justice Department’s program in order to forgo prosecution for helping Americans evade taxes. Switzerland is the largest cross-border financial center with $2.2 trillion of assets.

-Prime Minister Lee Hsien Loong will probably give an estimate of Singapore’s 2013 growth in his New Year’s Eve message. Time to be determined.

-Statistics Korea reports consumer price index for December after revising the gauge’s weighting and base year this month. 08:00 in Sejong (12/30 18:00 EST).

-ECONOMY: Chicago purchasing manager index (Dec.), U.K. Nationwide house prices (Dec.; released Dec. 30 or Dec. 31), Israel unemployment (Nov.), Israel gross domestic product (third quarter), Kenya consumer price inflation (Dec.), South Africa M3 money supply (Nov.), South Africa private sector credit (Nov.), South Africa trade balance (Nov.), Turkey trade balance (Nov.)


-China’s manufacturing Purchasing Managers’ Index may fall in December, according to a Bloomberg survey. The index was 51.4 in November, indicating the nation’s economic recovery is sustaining momentum amid government efforts to rein in credit growth. 09:00 Beijing time (12/31 20:00 EST).

-New Year’s Day. U.S. stock and bond markets are closed. Nymex floor trading is closed, with electronic trading resuming at 18:00 EST. All European and many Asian markets will be closed.

-New York’s new mayor. Democrat Bill de Blasio, 52, becomes the 109th mayor of the most populous U.S. city. De Blasio’s challenges include deterring gun violence, while limiting the police practice of stop-and-frisk and fulfilling his pledge to tax income above $500,000 to fund universal pre-kindergarten programs. De Blasio follows three-term Mayor Michael Bloomberg, 71, founder and majority owner of Bloomberg News parent Bloomberg LP. The inauguration is at 12:00.

-Latvia adopts the euro. The Baltic country becomes the 18th member of the single-currency region after winning the European Commission’s endorsement in June. Latvia’s central bank governor, Ilmars Rimsevics, will join the European Central Bank’s Governing Council as a voting member.

-Argentina price controls. The Argentine government will impose price limits for the next 12 months on 200 consumer products as accelerating inflation fuels wage demands that have led to strikes by police. Consumer prices surged 26.8 percent in November from the year earlier, according to private estimates.

-ECONOMY: South Korea trade (Dec.).

-College football bowls include fifth-ranked Stanford University, which faces No. 4 Michigan State University in the Rose Bowl in Pasadena (17:10 EST).

-NHL. The Toronto Maple Leafs face the Detroit Red Wings in the National Hockey League’s Winter Classic. The game at University of Michigan’s 110,000-seat football stadium may set a record for attendance at a hockey game (13:00 EST).


-U.S. manufacturing probably expanded in December at the second-fastest rate since April 2011, according to a Bloomberg survey. The Institute for Supply Management reports at 10:00 in Washington.

-Turkey will report gold imports for December, probably showing 2013 had the highest annual figure since at least 1995. 09:00 in London (04:00 EST).

-The Russian energy ministry’s CDU-TEK unit will give oil production data for the previous month. 09:00 in Moscow (00:00 EST).

-Macau’s Gaming Inspection and Coordination Bureau releases casino-industry revenue figures for the year. Casino revenue in the city rose 19 percent to about $41 billion in the first 11 months, already exceeding the $38 billion for the whole of 2012. About 12:00 in Macau (1/1 23:00 EST).

-ECONOMY: U.S. initial jobless claims (weekly), Brazil monthly trade (Dec.), HSBC China Purchasing Managers’ Index (Dec.), Hong Kong retail sales (Nov.), Euro-area final manufacturing PMI (Dec.), U.K. PMI manufacturing (Dec.), Italian budget balance (Dec.), South Africa manufacturing purchasing managers’ index (Dec.), South Africa new vehicle sales (Dec.), Singapore GDP (fourth quarter).

-College football bowls. No. 3 University of Alabama, the national champion in three of the past four years, plays No. 11 University of Oklahoma in the Sugar Bowl in New Orleans (20:30 EST).


-Federal Reserve Chairman Ben S. Bernanke addresses the American Economic Association annual meeting. Bernanke, who has led the central bank during its record monetary stimulus, will speak four weeks before the end of his eight-year tenure on Jan. 31. 14:30 in Philadelphia.

-The U.K.’s National Archives releases previously secret government files from 1984, covering issues including then-Prime Minister Margaret Thatcher’s relations with other world leaders, the coalminers’ strike and the murder of a policewoman outside the Libyan Embassy in London. Files published at 00:01 in London (19:01 EST 01/02).

-Detroit bankruptcy hearing on swap settlement. A U.S. judge will hear arguments related to several issues in Detroit’s bankruptcy, including on a settlement to terminate interest-rate swap contracts with UBS AG and Bank of America Corp. The proposed deal would cut the cost of ending the contract to about $165 million from $230 million. In U.S. Bankruptcy Court in Detroit, 09:00 EST.

-Boeing Co. machinists vote on a contract that includes benefit cuts in exchange for a guarantee to build the new 777X jet in the company’s Seattle-area manufacturing hub. Union leaders in November rejected an eight-year contract that froze and then eliminated pensions, prompting Boeing to seek bids from 22 states competing for the work. Polls close at 18:00 in Seattle, with results due as early as 21:00 local time (midnight EST).

-ECONOMY: U.S. vehicle sales (Dec.), China non-manufacturing PMI (Dec.), Turkey consumer price inflation (Dec.)

-CENTRAL BANKS: Colombia meeting minutes, Uganda interest-rate decision

-College football bowls. No.8 University of Missouri plays 13th-ranked Oklahoma State University in the Cotton Bowl in Arlington, Texas (19:30 EST), and No. 7 Ohio State University plays No. 12 Clemson University in the Orange Bowl in Miami.


-Federal Reserve Bank of New York President William Dudley speaks on a panel, “Economics at the Federal Reserve Banks,” at the American Economic Association annual meeting in Philadelphia. Minneapolis Fed President Narayana Kocherlakota, Philadelphia’s Charles Plosser and Boston’s Eric Rosengren are also scheduled to speak on the panel. 10:15.

-NFL playoffs. The National Football League postseason begins with wild-card games today and tomorrow. Teams and times to be determined.

Note to our readers: Click on blue ECONOMY headline at bottom of each day for access to Bloomberg’s complete global economic calendar.

-Editors: Nancy Moran, Andy Davidson

To contact the reporters on this story: Greg Miles in New York at +1-212-617-5877 or gmiles1@bloomberg.net; James Amott in London at +44-20-3216-4206 or jamott@bloomberg.net; Jim McDonald in Tokyo at +81-3-3201-3190 or jmcdonald8@bloomberg.net

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