IMF Meeting, Fed, China, Ally: Week Ahead April 7-12
(Corrects value of 30-year U.S. bond auction in April 8 item.)
(See BCAL <GO> for updates to Global Top Events.)
By Heather Langan, Greg Miles and Jim McDonald
April 7 (Bloomberg) -- The International Monetary Fund and World Bank will hold their spring meetings in Washington as finance ministers and central bankers from the Group of 20 plan a parallel gathering.
China’s exports may have rebounded after the biggest drop since 2009, data this week may show.
The Federal Reserve will release minutes of its March 18-19 meeting in which policy makers dropped a link between the benchmark U.S. interest rate and the unemployment rate.
European Union foreign policy chief Catherine Ashton and Iranian Foreign Minister Mohammad Javad Zarif resume nuclear talks. Irish President Michael Higgins travels to London for the first state visit to the U.K. by an Irish head of state.
Ally Financial Inc. will seek as much as $2.7 billion in an initial public offering. JPMorgan Chase & Co., Wells Fargo & Co. and Alcoa Inc. are among companies reporting earnings.
MONDAY, APRIL 7
-Ukraine’s acting president, Oleksandr Turchynov, participates in a meeting of parliamentary leaders from Moldova, Georgia, Armenia and Azerbaijan to discuss the European Union’s role in eastern Europe as part of the EU’s Eastern Partnership program. European Parliament President Martin Schulz also will attend. 15:45 in Vilnius, Lithuania (08:45 EDT).
-European Central Bank speakers. Executive Board member Yves Mersch speaks on regulation at a Clearstream event in London at 09:00 (04:00 EDT). Governing Council member Ewald Nowotny takes part in a panel discussion during a conference on EU sentiment in Austria and France, in Vienna at 11:30 (05:30 EDT). Jens Weidmann delivers a lecture in Amsterdam at 12:30 (06:30 EDT) on developments in the monetary union and joins fellow Governing Council member Klaas Knot in a follow-up discussion.
-ECB Vice President Vitor Constancio presents the central bank’s annual report at the European Parliament in Brussels at 15:00 (09:00 EDT).
-Cesco copper industry conference. Chief executives of the world’s biggest copper mining companies will speak, including Codelco’s Thomas Keller and Antofagasta Plc’s Diego Hernandez. Slowing demand from China, the world’s biggest metal consumer, has pushed down copper prices. Starts at 08:45 in Santiago, Chile (07:45 EDT). Through April 11.
-The second day of the Dubai Precious Metals Conference takes place, with a debate on the price outlook for gold, silver, platinum and palladium on the agenda. 09:00 in Dubai (01:00 EDT).
-Quebec, Canada’s second-largest province by population, elects a new government. Pauline Marois, leader of the Parti Quebecois, which advocates separating from Canada, is trailing the Liberal Party, led by Philippe Couillard, in the latest poll from April 2. Voting ends at 20:00.
-Bloomberg BNEF Summit 2014: The Future of Energy. Participants in the three-day summit include General Electric Co. Chief Executive Officer Jeffrey Immelt, U.S. Energy Secretary Ernest Moniz and UN Secretary-General Ban Ki-moon. 13:00, Grand Hytatt Hotel, New York. Through April 9.
-U.S. Supreme Court. Click this line for the weekly schedule.
-ECONOMY: U.S. consumer credit (Feb.), Taiwan inflation (March), Taiwan trade data (March), German industrial production (Feb.), Swiss inflation (March), Sentix investor confidence (April).
-National Collegiate Athletic Association men’s basketball championship game. 20:10 in Arlington, Texas. (21:10 EDT).
TUESDAY, APRIL 8
-The International Monetary Fund releases its biannual World Economic Outlook in advance of the IMF and World Bank’s spring meetings in the U.S. capital. The report gives forecasts for the major developed and emerging economies. Press conference hosted by IMF chief economist Olivier Blanchard. 09:00 in Washington.
-The Bank of Japan announces monetary policy on the second day of a two-day meeting. All economists but one surveyed by Bloomberg News expect the central bank to keep policy unchanged. Time not set; policy announcement has recently come at about noon local time (4/7 23:00 EDT). Followed by a live press conference by Governor Haruhiko Kuroda, probably starting at 15:30 local time.
-U.S. bond auctions. The Treasury Department is scheduled to sell $30 billion in three-year notes today, $21 billion in 10-year notes tomorrow and $13 billion in 30-year bonds on April 10.
-European Union foreign policy chief Catherine Ashton and Iranian Foreign Minister Mohammad Javad Zarif begin two days of nuclear talks, part of negotiations between Iran and six world powers aimed at reaching a permanent accord before an interim deal expires in July. 10:00 in Vienna (04:00 EDT).
-Irish President Michael Higgins arrives in London for a four-day state visit to the U.K., the first by an Irish head of state. It follows Queen Elizabeth II’s visit to Ireland in 2011, the first by a British monarch since Irish independence in the 1920s. London, time TBA.
-Chinese Premier Li Keqiang will attend the annual Boao Forum, a four-day conference of business and political leaders modeled on the World Economic Forum and held on the Chinese resort island of Hainan. This year’s theme is “Asia’s New Future: Identifying New Growth Drivers.” Probable attendees include Australian Prime Minister Tony Abbott, NetJets Chairman Jordan Hansell and Volvo AB CEO Olof Persson.
-La Quinta IPO. La Quinta Holdings Inc., the mid-priced hotel chain backed by Blackstone Group LP, is seeking to raise as much as $781 million in an initial public offering as the private-equity firm capitalizes on a recovery in real-estate values. La Quinta could be valued as high as $2.57 billion, data compiled by Bloomberg show. The company plans to list on the New York Stock Exchange under the symbol LQ. La Quinta’s stock will start trading April 9.
-The Spanish Parliament is due to discuss Catalonia’s request to hold a referendum on independence. Lawmakers will reject the plan, ratcheting up the tension over Catalonia’s separatist bid. Madrid 16:00 (10:00 EDT).
-ECB Governing Council member and Bundesbank President Jens Weidmann speaks at the 20th German Banking Congress, Berlin. 18:30 (12:30 EDT).
-Israeli Finance Minister Yair Lapid speaks at a Tel Aviv real estate conference. 09:30 (02:30 EDT).
-The Kingsman EU Sugar Seminar will be held in Geneva with a focus on the outlook for sugar, which had its biggest gain in three years in the first quarter. Speakers include Benoit Boisleux of Louis Dreyfus Investment Group. 09:00 in Geneva (03:00 EST).
-Federal Communications Commission Chairman Tom Wheeler speaks at the National Association of Broadcasters convention. Wheeler, a Democrat, on March 31 led FCC commissioners in approving a tightening of TV-station ownership rules over broadcasters’ opposition. 09:00 in Las Vegas (12:00 EDT).
-Civil Rights Summit. The LBJ Presidential Library in Austin, Texas, hosts a three-day meeting to mark the 50th anniversary of the Civil Rights Act of 1964. President Barack Obama will speak at 11:30 (12:30 EDT) on Thursday, April 10. Other speakers during the summit include former presidents Jimmy Carter (4/8 19:00 EDT), Bill Clinton (4/9 19:00 EDT), and George W. Bush (4/10 18:30 EDT).
-Indonesia’s central bank will set its benchmark interest rate, with all four economists surveyed by Bloomberg forecasting the rate will be left unchanged at 7.5 percent after the rupiah climbed and inflation slowed. Time to be determined, in Jakarta.
-The Philippine Supreme Court is due to rule on President Benigno Aquino’s Reproductive Health Act that would provide free contraceptives for the poor in the predominantly Catholic country. Time to be determined.
-ECONOMY: JOLTs U.S. job openings (Feb.), Japan current account balance (Feb.), U.K. industrial production (Feb.); Swiss unemployment (March); Niesr U.K. GDP estimate (March).
-EARNINGS: Alcoa Inc.
-Women’s NCAA basketball tournament title game in Nashville, Tennessee, at 19:30 (20:30 EDT).
WEDNESDAY, APRIL 9
-The International Monetary Fund Global Financial Stability Report is released in advance of the IMF and World Bank’s spring meetings this week. Jose Vinals, director of the IMF’s monetary and capital markets department, discusses the report at a press conference at 09:00 in Washington.
-Fed minutes. The Federal Reserve releases minutes of its March 18-19 meeting at which the Federal Open Market Committee dropped a link between the benchmark U.S. interest rate and a specific level of employment. The committee instead said it will look at a “wide range of information,” including labor market conditions, inflation expectations and financial markets, according to Fed Chair Janet Yellen. 14:00 in Washington.
-Oracle Corp. Chief Executive Officer Larry Ellison will give the keynote speech at the New Economy Summit. Other speakers during the two-day event include Rakuten Inc. Chairman Hiroshi Mikitani and AirAsia Group CEO Tony Fernandes. 11:00 in Tokyo (4/8 22:00 EDT).
-Federal Reserve Governor Daniel Tarullo speaks at the Hyman P. Minsky Conference on “Stabilizing Financial Systems for Growth and Full Employment.” 19:00 in Washington.
-Ally Financial IPO. Ally Financial Inc., the auto lender rescued by the U.S. government during the 2008 financial crisis, is helping the Treasury Department divest part of its stake by seeking as much as $2.7 billion in an initial public offering. At the high end of the marketed range, Ally would have a market value of $13.48 billion, data compiled by Bloomberg show. Ally will list its shares on the New York Stock Exchange under the ticker symbol ALLY. The stock will start trading on April 10.
-Senate hearing on Comcast-Time Warner Cable merger. Comcast Corp. Executive Vice President David Cohen will testify before the Senate Judiciary Committee on the cable provider’s proposed $45 billion purchase of Time Warner Cable Inc. The deal needs clearance from the Justice Department and the Federal Communications Commission. 10:00 in Washington.
-ECB Executive Board members speak. Sabine Lautenschlaeger participates in a panel on banking, fiscal and political union at the 20th German Banking Congress in Berlin at 11:45 (05:45 EDT). Benoit Coeure takes part in a seminar hosted by Johns Hopkins University’s Paul H. Nitze School of Advanced International Studies in Washington (10:00 EDT) and joins a panel discussion at an IMF event on “Fund Surveillance in an Interconnected World.” (14:00 EDT).
-The U.S. Department of Agriculture releases its monthly estimates for supply and demand of major domestic and global crops. 12:00 in Washington.
-U.S. Mortgage Bankers Association National Advocacy Conference. Speakers include Carol Galante, commissioner of the Federal Housing Administration, at 15:30 in Washington.
-Boston bombings hearing. The House Homeland Security Committee is scheduled to hold a hearing on the 2013 Boston Marathon bombings. The panel issued a report on March 26 summarizing its findings. 10:00 in Washington.
-ECONOMY: U.S. wholesale inventories (Feb.), Brazil inflation (March), Mexico inflation (March), South Korea unemployment data (March), German trade balance (Feb.); U.K. trade balance (Feb.)
-CENTRAL BANKS: Sweden rate decision. Poland rate decision.
-EARNINGS: Bed Bath & Beyond Inc.
THURSDAY, APRIL 10
-China’s exports may have rebounded in March after the biggest drop since 2009 in February, according to a Bloomberg News economists’ survey. Import growth may have slowed. 10:00 in Beijing (04/09 22:00 EDT).
-International Monetary Fund Managing Director Christine Lagarde hosts a press briefing in Washington as part of the IMF and World Bank spring meetings. Lagarde has cautioned that more needs to be done to help the 200 million people worldwide who still need jobs, and to ensure that emerging markets have safeguards against asset bubbles and rising debt. 08:45 in Washington. World Bank President Jim Yong Kim gives a press conference at 09:30.
-Bank of England decision. The Monetary Policy Committee will keep its benchmark interest rate at 0.5 percent, a record low, according to a survey of economists. It will make the decision in the context of Governor Mark Carney’s forward guidance, under which the panel has said it won’t tighten policy as long as unemployment remains above 7 percent. The most recent data put the jobless rate at 7.2 percent. 12:00 London (07:00 EDT).
-Reserve Bank of India Governor Raghuram Rajan will provide introductory remarks at a Brookings Institution panel discussion on global monetary policy and emerging markets. The panel includes Charles Evans, president of the Federal Reserve Bank of Chicago; Vitor Constancio, vice president of the European Central Bank, and Alexandre Tombini, governor of the Central Bank of Brazil. 11:30 in Washington.
-SAC Capital Advisors sentencing decision. A U.S. District Court judge will decide whether to approve SAC Capital Advisors LP’s record $1.8 billion insider-trading settlement with the U.S. government. The hedge fund company owned by billionaire Steven A. Cohen reached an agreement with the government in November to settle civil and criminal cases. It pleaded guilty in the criminal case to five counts of insider trading and has agreed to close its advisory business. 10:30, Manhattan.
-ECB Executive Board member Peter Praet speaks at the 23rd Annual Hyman P. Minsky Conference, “Stabilizing Financial Systems for Growth and Full Employment.” 09:00 EDT in Washington. ECB Vice President Vitor Constancio will address the conference at 14:00 EDT.
-Bank of Korea decides its benchmark interest rate at the first meeting for new Governor Lee Ju Yeol. Lee and Finance Minister Hyun Oh Seok last week agreed to support stable growth by harmonizing monetary policy and other economic policies. 10:00 in Seoul (04/09 21:00 EDT).
-Australia will release jobs data for March after unemployment held at a 10-year high a month earlier, even as employers added the most full-time workers since 1991. 11:30 in Sydney (04/09 21:30 EDT).
-Bank of Japan board member Ryuzo Miyao gives speech and press conference in Okayama, western Japan. Time to be determined.
-Chinese new yuan lending and aggregate financing probably rose in March from the previous month, according to a Bloomberg survey of economists, as leaders encouraged credit to counter an economic slowdown. February new loans fell to 644.5 billion yuan, while aggregate finance declined to 938.7 billion yuan. Date/time to be determined, between March 10-15.
-The U.S. Energy Information Administration releases its weekly natural-gas supply report. 10:30 in Washington.
-The European Cocoa Association publishes data for first-quarter 2014 cocoa processing in Europe. 08:00 in Brussels (02:00 EST).
-ECONOMY: U.S. initial jobless claims (weekly), U.S. monthly budget statement (March), U.S. consumer comfort (weekly), Japan machine orders (Feb.), South Africa manufacturing production (Feb.), Egypt CPI (March), U.K. RICS house-price index (March), French industrial production (Feb.), Italian industrial production (Feb.).
-CENTRAL BANKS: Brazil meeting minutes, Peru rate decision.
-EARNINGS: Family Dollar Stores Inc.
-PGA Tour. The Masters Tournament gets under way at the Augusta National Golf Club in Augusta, Georgia. Adam Scott won last year. Tee times to be determined. Through April 13.
FRIDAY, APRIL 11
-Greek Prime Minister Antonis Samaras and German Chancellor Angela Merkel meet for talks on the euro as Greece seeks to return to financial markets as the end of its bailouts approaches. Athens, timing TBA.
-The International Energy Agency releases its monthly report on world oil supply and demand. 10:00 in Paris (04:00 EDT).
-International Monetary Fund and World Bank spring meetings begin in Washington through April 13. Finance ministers and central bankers from G-20 nations will hold a parallel meeting to discuss the global economy and risks including Russia’s annexation of Crimea. Russia remains a member of the IMF and G-20. Time to be determined.
-JPMorgan earnings and conference call. JPMorgan Chase & Co., the biggest U.S. bank by assets, probably will report that lower fixed-income trading revenue fueled a drop in first-quarter net income, according to a Bloomberg survey as of April 1. Chief Executive Officer Jamie Dimon said Feb. 25 that trading revenue was about 15 percent lower compared with the year-earlier period. Earnings released at 07:00 in New York. Conference call is at 08:30.
-U.S. producer prices probably increased in March after unexpectedly declining a month earlier, when the cost of services fell the most in almost a year. The figures underscore a lack of inflationary pressure that’s allowing Federal Reserve policy makers to keep interest rates low. 08:30 in Washington.
-Chinese inflation may have accelerated in March, according to a Bloomberg survey, as food prices picked up following the Lunar New Year holiday in February. The consumer price index rose in February at the slowest pace in 13 months. 09:30 in Beijing (04/10 21:30 EDT).
-President Barack Obama addresses the annual convention of the National Action Network, which promotes civil rights. Participants also include New York Governor Andrew Cuomo and New York City Mayor Bill de Blasio.
-ECONOMY: University of Michigan U.S. consumer confidence (April-preliminary), U.K. construction output (Feb.), German inflation (March, final).
-CENTRAL BANKS: Bank of Japan minutes of March policy meeting.
-EARNINGS: Wells Fargo & Co.
-SOVEREIGN RATING UPDATES: Albania (S&P), Andorra (S&P), Angola (Moody’s and Fitch), Azerbaijan (Moody’s), Belarus (S&P), Denmark (S&P), Finland (S&P), Germany (DBRS), Italy (DBRS), Lebanon (S&P), Lithuania (S&P), Nigeria (Fitch), Portugal (Fitch), Serbia (S&P), Spain (DBRS), Sweden (Moody’s), Turkey (Moody’s).
SATURDAY, APRIL 12
-European Central Bank President Mario Draghi gives a news conference in Washington at 12:00.
-International Monetary Fund, World Bank spring meetings. IMF Managing Director Christine Lagarde and Tharman Shanmugaratnam, the finance minister of Singapore, hold a news conference at 13:00 in Washington. A second press conference takes place at 17:30 with Lagarde, World Bank President Jim Yong Kim and Marek Belka, the governor of Poland’s central bank.
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To contact the reporters on this story: Heather Langan in London at +44-20-7673-2897 or email@example.com; Greg Miles in New York at +1-212-617-5877 or firstname.lastname@example.org; Jim McDonald in Tokyo at +81-3-3201-3190 or email@example.com To contact the editors responsible for this story: Andy Davidson at +1-212-617-8977 or firstname.lastname@example.org Nancy Moran
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