Davos, IMF Outlook, China GDP, Microsoft: Week Ahead Jan. 20-25
Jan. 20 (Bloomberg) -- The World Economic Forum begins in Davos, Switzerland, this week with more than 1,600 executives and policy makers attending, including Japanese Prime Minister Shinzo Abe and Brazilian President Dilma Rousseff.
The International Monetary Fund will give its outlook for the world economy. Managing Director Christine Lagarde indicated this month that the IMF may forecast faster expansion in 2014 than predicted in October.
China may say economic growth slowed to 7.6 percent in the fourth quarter, while the Bank of Japan will give its projections for growth and prices for the three years through March 2016.
Companies releasing earnings include Microsoft Corp., International Business Machines Corp., Unilever NV, McDonald’s Corp. and Hyundai Motor Co.
U.S. markets will close Jan. 20 for a holiday celebrating civil rights leader Martin Luther King Jr.
MONDAY, JAN. 20
-U.S. public holiday. Martin Luther King Jr.’s birthday. U.S. equity and bond markets are closed.
-China may say economic growth in the fourth quarter slowed to 7.6 percent, according to a Bloomberg survey, as the government seeks to curb lending to control record levels of debt. 10:00 in Beijing (01/19 21:00 EST).
-China will announce industrial production and retail sales data for December. November’s output slowed, signaling a cooling of the country’s economic expansion. 10:00 in Beijing (01/19 21:00 EST).
-China will release data on the country’s output of crude, natural gas and oil products, agricultural goods and precious and industrial metals in December. 10:00 in Beijing (01/19 21:00 EST).
-The World Future Energy Summit takes place in Abu Dhabi. Speakers include the United Arab Emirates’ energy minister, International Energy Agency Executive Director Maria van der Hoeven and officials from major oil companies. 08:00 in Abu Dhabi (01/19, 23:00 EST). Through 01/22.
-French President Francois Hollande visits the Netherlands for talks on economic ties. Hollande’s schedule includes meetings with Dutch Prime Minister Mark Rutte and business leaders from both countries. Starts at 09:35 (03:35 EST) in The Hague, with a press conference planned in Amsterdam at 12:40 (06:40 EST).
-Turkish Prime Minister Recep Tayyip Erdogan travels to Brussels to meet European Union officials. Agenda not given.
-ECONOMY: Taiwan export orders (Dec.), Hong Kong unemployment (Dec.), U.K. Rightmove house prices (Jan.).
-EARNINGS: PSA Peugeot Citroen (sales).
TUESDAY, JAN. 21
-IMF World Economic Outlook update. International Monetary Fund Managing Director Christine Lagarde indicated Jan. 15 that the report may forecast faster expansion of the world economy in 2014 than predicted in October. The IMF on Oct. 8 forecast global growth would accelerate to 3.6 percent this year from 2.9 percent growth in 2013. IMF chief economist Olivier Blanchard will discuss the report at a press conference at 09:30 in Washington.
-LightSquared bankruptcy plan. A federal bankruptcy judge will consider whether to confirm a final plan to reorganize Philip Falcone’s LightSquared Inc. The company has proposed exiting bankruptcy as a stand-alone company that would receive $2.5 billion in financing backed by Fortress Investment Group LLC, JPMorgan Chase & Co. and other parties. The plan needs approval from regulators. 10:00, U.S. Bankruptcy Court, New York.
-Christie inaugural. New Jersey Governor Chris Christie, 51, is sworn in for his second term and gives his inaugural address after winning election in November by 22 percentage points. The Republican governor’s approval ratings plunged this month as he faced state and federal inquiries into politically motivated traffic jams and his use of Hurricane Sandy relief money. 11:30 in Trenton, New Jersey.
-CFTC and swaps. The U.S. Commodity Futures Trading Commission will hold a meeting of its technology advisory council. The panel, comprised of financial industry representatives, will review the agency’s oversight of swap volume and price data. The panel also may discuss the agency’s preliminary efforts to devise new rules for high-frequency trading. 10:00 in Washington.
-European Central Bank Governing Council member Ewald Nowotny speaks to the Austrian business journalists’ club at 10:00 in Vienna (04:00 EST).
-Ex-Deutsche Bank executive’s police-brutality suit. Federal court jury selection starts in Los Angeles as former Deutsche Bank AG executive Brian Mulligan alleges in a civil lawsuit that two L.A. policemen beat him in May 2012 while he was in a neighborhood to visit a medical marijuana dispensary. 10:00 in Los Angeles (13:00 EST).
-Serbian Prime Minister Ivica Dacic visits Brussels for the formal start of the country’s European Union membership talks, almost 15 years after NATO bombed the capital, Belgrade. 09:00 in Brussels (03:00 EST).
-Hungary’s central bank will cut its benchmark interest rate to a record-low 2.9 percent from 3 percent, according to 11 of 15 economists in a Bloomberg survey. Four of the economists are predicting a bigger cut. The announcement is due at 14:00 in Budapest (08:00 EST).
-China’s customs department will release data on the nation’s imports and exports of oil products, natural gas and coal for December. 14:30 in Beijing (01:30 EST).
-The IEA publishes its Monthly Oil Market Report. 09:00 in London (04:00 EST).
-U.S. Supreme Court is in session for 2013-14 period. Click this line for weekly schedule.
-ECONOMY: New Zealand CPI (4Q), Hong Kong inflation (Dec.), German ZEW survey (Jan.), U.K. CBI factory orders (Jan.).
-CENTRAL BANKS: Turkey rate decision, Nigeria rate decision.
-EARNINGS: International Business Machines Corp., Johnson & Johnson, Verizon Communications Inc., Texas Instruments Inc., Unilever NV, SAP AG.
WEDNESDAY, JAN. 22
-The World Economic Forum begins in Davos, Switzerland. More than 1,600 executives and policy makers will descend on the Swiss resort to discuss global economic, political and financial issues. The gathering, which includes Japan’s Prime Minister Shinzo Abe and Brazilian President Dilma Rousseff, runs through Jan. 25.
-FCC Airwaves auction. The U.S. Federal Communications Commission begins its first major airwaves auction since 2008, selling licenses nationwide for frequencies suited for use by smartphones and tablets. Dish Network Corp. has pledged to bid at least $1.56 billion to ensure the sale’s success and in return gets flexibility to use airwaves it already owns. Lynch 3G Communications Corp., a company controlled by Gamco Investors Inc. Chief Executive Officer Mario Gabelli, is among 23 bidders.
-The U.K. unemployment rate for the three months through November and jobless-claims figures for December will be released. The unemployment rate fell to 7.4 percent in the three months through October, moving closer to the 7 percent threshold that Bank of England Governor Mark Carney has set for considering interest-rate increases. 09:30 in London (04:30 EST).
-Bank of England minutes. The BOE publishes the minutes of the Monetary Policy Committee’s January meeting, when it left the benchmark interest rate at a record low of 0.5 percent and kept its asset-purchase program on hold. London 09:30 (04:30 EST).
-The Bank of Canada’s interest-rate announcement and policy report. Governor Stephen Poloz dropped his bias toward raising interest rates in the central bank’s last policy report in October. The bank has kept its benchmark rate at 1 percent since 2010. 10:00 in Ottawa, with a press conference at 11:15.
-Bazaarvoice and PowerReviews antitrust case. A U.S. federal judge may decide whether to order product-review software maker Bazaarvoice Inc. to divest PowerReviews Inc. The judge concluded in a trial brought by the U.S. that the 2012 merger will reduce competition and raise prices in the market for product rating and review software. 09:00 in San Francisco (12:00 EST).
-The Bank of Japan ends its two-day policy meeting at which board members will give their projections for growth and prices for the three years through March 2016. The bank’s board will maintain its pledge to expand the monetary base by an annual 60 trillion yen ($573 billion) to 70 trillion yen, according to all 36 economists in a Bloomberg News survey. Time to be determined, usually at about 12:00 in Tokyo (01/21, 22:00 EST). Governor Haruhiko Kuroda will hold a press conference after the decision at 15:30 (01:30 EST).
-European short-selling court case. The European Union’s Court of Justice will rule on the U.K.’s challenge to the European Securities and Markets Authority’s power to ban short selling across the bloc. 09:30 in Luxembourg (03:30 EST).
-German Chancellor Angela Merkel hosts two days of meetings with her Christian Democrat and Social Democrat coalition cabinet ministers at the official government compound near Berlin. The main topics for discussion will be revamping Germany’s renewable energy laws and changes to the state pension system. Starts at 11:00 CET (05:00 EST). There will be a press conference on Jan. 23 at a time to be determined.
-Syrian peace conference opened by United Nations Secretary General Ban Ki-Moon in Montreux, Switzerland. The meeting will explore ways of ending the Syrian civil war, with U.S. Secretary of State John Kerry among those scheduled to attend. Delegations will move to Geneva the following day, where talks between the Syrian government, represented by Foreign Minister Walid al-Muallem, and the opposition will take place through UN intermediaries.
-The Bank of Thailand is expected to cut its benchmark interest rate to 2 percent, economists surveyed by Bloomberg forecast, as anti-government protests threaten confidence and dent demand. 14:30 in Bangkok (02:30 EST).
-The U.S. Energy Information Administration releases its weekly oil supply report. 10:30 in Washington.
-ECONOMY: Australia CPI (4Q), Taiwan unemployment (Dec.), South Africa consumer price inflation (Dec.), U.K. budget balance (Dec.), Swiss ZEW survey (Jan.)
-EARNINGS: Netflix Inc., EBay Inc.
THURSDAY, JAN. 23
-U.S. existing home sales probably rose in December to cap the best year for the real-estate market since 2007, according to a Bloomberg survey. The National Association of Realtors reports at 10:00 in Washington.
-The Conference Board’s U.S. index of leading indicators was probably little changed in December, according to a Bloomberg survey, even as the report may also show a pickup in factory orders and higher stock prices that indicate sustained economic growth over the next three to six months. 10:00 in New York.
-U.S. IPO. Santander Consumer USA Holdings Inc., the car-finance company owned by Spain’s Banco Santander SA, plans to raise as much as $1.56 billon in an initial public offering. The company’s backers, including KKR & Co. and Warburg Pincus LLC, will receive all the proceeds from the sale, which values the company at as much as $8.3 billion. Banco Santander will own 61 percent after the IPO. The shares are expected to list on the New York Stock Exchange.
-HSBC and Markit announce a preliminary reading of the China manufacturing purchasing managers’ index for January. The index showed manufacturing expanded at a slower pace in December as the nation’s leaders aim to restructure the economy for more sustainable long-term growth. 09:45 in Beijing (1/22 20:45 EST)
-U.S. bond auction. The Treasury Department is scheduled to sell $15 billion in 10-year inflation-indexed notes today.
-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. house price index (Nov.), Bloomberg consumer comfort (weekly), Chicago Fed National Activity Index (Dec.), Brazil mid-month inflation (Jan.)., Mexico bi-weekly inflation (Jan.), Taiwan industrial production (Dec.), South Korea GDP (4Q), euro-area manufacturing, services PMIs (Jan.), euro-area consumer confidence (Jan.), U.K. CBI retail sales (Jan.), French business confidence (Jan.), Spanish unemployment (fourth quarter)
-CENTRAL BANKS: Brazil meeting minutes.
-EARNINGS: McDonald’s Corp., Microsoft Corp., Starbucks Corp., Hyundai Motor Co., Nokia Oyj
FRIDAY, JAN. 24
-Ericsson-Samsung patent decision. The U.S. International Trade Commission is scheduled to release its findings in a patent-infringement case Ericsson AB filed against Samsung Electronics Co. over wireless technology for smartphones and tablets. The case is part of broader dispute between the companies after they were unable to agree on the terms of a licensing agreement. In Washington. Time to be determined.
-Japan’s parliament opens for a six-month session. Debate is expected to focus on Prime Minister Shinzo Abe’s growth strategy and the nation’s interpretation of the constitution on security and defense issues. Time to be determined.
-United Nations nuclear inspectors convene in Vienna for a special meeting on Iran. Inspectors are seeking to ensure Iran is complying with an accord signed with international powers last year to limit its nuclear program. Starts at 10:00 (04:00 EST).
-The U.S. Department of Agriculture releases its cattle-on-feed report at 15:00 in Washington.
-ECONOMY: Canada inflation (Dec.), Mexico retail sales (Nov.), Argentina industrial production (Dec.)
-EARNINGS: Bristol-Myers Squibb Co., Procter & Gamble Co.
SATURDAY, JAN. 25
-Egypt marks the anniversary of the 2011 uprising that toppled Hosni Mubarak. Rival demonstrations by the Muslim Brotherhood and supporters of the military-backed government are possible.
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