U.S. Retail Sales, Bank Earnings, Yellen: Week Ahead April 14-19James Amott, Greg Miles and Jim McDonald
U.S. retail sales and housing starts probably rose in March while inflation remained below the Federal Reserve’s 2 percent goal, data this week may show.
Fed Chair Janet Yellen will speak at two events, while China may say first-quarter growth fell as the government seeks to curb lending to control record levels of debt.
Companies releasing earnings include Citigroup Inc., Coca-Cola Co., Credit Suisse Group AG, General Electric Co., Goldman Sachs Group Inc., Google Inc. and Morgan Stanley.
Markets in many countries, including the U.S., U.K. and Germany, will be closed on April 18 for the Good Friday holiday.
MONDAY, APRIL 14
-U.S. retail sales probably accelerated in March, according to a Bloomberg survey, boosted by car purchases that indicate demand is recovering from a winter-led slowdown earlier this year. Consumer spending accounts for about 70 percent of the economy. The Commerce Department reports at 08:30 in Washington.
-European Union foreign ministers meet for talks that will focus on the bloc’s response to events in Ukraine and relations with Russia. They will also discuss steps taken by Moldova and Georgia toward accession to the EU. 12:30 CET in Luxembourg (06:30 EDT).
-The Middle East Petroleum and Gas Conference takes place in Dubai. The regional heads of Chevron Corp., Lukoil OAO and BP Plc will attend, along with the chief executive officer of Kuwait Petroleum Corp. and Iran’s deputy oil minister. 09:00 in Dubai (01:00 EDT). Through 04/15.
-The Kuwait Oil & Gas Summit starts in Kuwait City. Attendees include the head of Kuwait Petroleum Corp. and regional executives from Royal Dutch Shell Plc and Total SA. 09:00 in Kuwait (02:00 EDT). Through 04/15.
-The WETEX Water, Energy, Technology and Environment Exhibition takes place in Dubai. The conference will cover the modernization of regional electricity grids, energy efficiency, renewable energy and how to increase the use of gas for domestic energy. Executives from Royal Dutch Shell Plc, Total SA, Alstom SA, Siemens AG and General Electric Co. will make presentations. 10:00 in Dubai (02:00 EDT). Through 04/16.
-Bank of France Governor Christian Noyer speaks at the Europlace International Financial Forum at the New York Stock Exchange. 12:45 in New York.
-Monetary Authority of Singapore to release its semiannual monetary policy statement. 08:00 in Singapore. (04/13 20:00 EDT).
-Chow Tai Fook Jewellery Group Ltd. Chairman Henry Cheng and Managing Director Kent Wong hold a luncheon to celebrate the 85th anniversary of the world’s largest jewelry chain. 12:30 in Hong Kong (00:30 EDT).
-The European Commission publishes its monthly agriculture forecast. 13:00 CET in Brussels (07:00 EDT).
-The U.S. Department of Agriculture releases its weekly update on crop conditions. 16:00 in Washington.
-U.S. Supreme Court. Click here for spring schedule.
-The murder trial of Paralympian Oscar Pistorius resumes and is expected to continue all week. High Court, Pretoria, South Africa.
-ECONOMY: U.S. business inventories (Feb.), Singapore GDP (first quarter), Israel CPI (March), Euro-area industrial production (Feb.), Italian inflation (March).
-EARNINGS: Citigroup Inc., Kuehne + Nagel International AG.
TUESDAY, APRIL 15
-Federal Reserve Chair Janet Yellen delivers opening remarks via videoconference to the 2014 Financial Markets Conference sponsored by the Atlanta Federal Reserve. 08:45. Stone Mountain, Georgia.
-The U.S. cost of living remained tame in March, according to a Bloomberg survey. Compared with a year earlier, the gauge will probably show inflation is holding below the Federal Reserve’s 2 percent goal. 08:30 in Washington.
-U.S. IPO. Moelis & Co., the investment bank founded seven years ago by former UBS AG investment banker Kenneth Moelis, seeks to raise as much as $212 million in an initial public offering. At the top end of its marketed range, Moelis would be valued at $1.58 billion if bankers exercise their option to buy more stock, data compiled by Bloomberg show. Moelis will list on the New York Stock Exchange under the symbol MC. Shares will begin trading April 16.
-Russian Prime Minister Dmitry Medvedev is scheduled to meet his Kazakh and Belarusian counterparts to discuss the Eurasian Economic Union. Starts at 14:30 in Moscow (06:30 EDT).
-Taxes. Deadline for Americans to file individual tax returns with the U.S. Internal Revenue Service.
-ECONOMY: Empire manufacturing (April), U.S. capital flows (Feb.), Brazil retail sales (Feb.), U.K. inflation (March), German ZEW survey (April), Russia industrial production (March), Polish inflation (March).
-CENTRAL BANKS: RBA Minutes (April).
-EARNINGS: Yahoo! Inc., Intel Corp., Coca-Cola Co., Johnson & Johnson, Infosys Ltd., Publicis Groupe SA, Galp Energia SGPS SA (trading update).
WEDNESDAY, APRIL 16
-U.S. housing starts rose in March for the first time in four months, according to a Bloomberg survey, indicating home construction has begun to stabilize. The Commerce Department releases data at 08:30 in Washington.
-China may say first-quarter economic growth fell to about 7.3 percent from 7.7 percent in the previous quarter, according to a Bloomberg survey, as the government seeks to curb lending to control record levels of debt. 10:00 in Beijing (04/15 22:00 EDT).
-China will announce fixed-asset investment, industrial production and retail sales data for March. Industrial output, investment and retail-sales growth cooled in the first two months of the year, signaling a slowdown in Asia’s biggest economy as leaders seek to meet this year’s expansion targets. 10:00 in Beijing (04/15 22:00 EDT).
-Federal Reserve Chair Janet Yellen speaks to the Economic Club of New York. 12:15 in New York.
-Bank of Japan Governor Haruhiko Kuroda speaks at a conference in Tokyo. 15:15 in Tokyo (02:15 EDT).
-Fed Beige Book. The Federal Reserve releases its Beige Book report, an analysis of economic conditions in the 12 districts of the Fed system, two weeks before an April 29-30 meeting of the policy-setting Federal Open Market Committee. Fed officials are counting on an improving outlook for growth and jobs to warrant sticking to a plan to trim monthly bond purchases to zero by late this year. 14:00 in Washington.
-Bank of Canada rate decision and monetary policy report. Economists in a Bloomberg survey predict Governor Stephen Poloz will leave the rate at 1 percent through at least the middle of
2015. 10:00 in Ottawa.
-U.S. IPO. Sabre Corp., the provider of travel data and reservation software whose businesses include Travelocity, is seeking to raise as much as $895 million in an IPO. The company, backed by TPG Capital and Silver Lake Management LLC, is targeting a market value as high as $4.91 billion, data compiled by Bloomberg show. Sabre plans to list on the Nasdaq Stock Market under the symbol SABR. The stock will start trading on April 17.
-U.S. IPO. Weibo Corp., the Chinese microblogging service, seeks to raise as much as $380 million in an initial public offering. Weibo is owned by Sina Corp. and Alibaba Group Holding Ltd. At the top end of its marketed range, Weibo would be valued at $3.9 billion in the sale. Weibo plans to list on the Nasdaq Stock Market under the symbol WB. The shares begin trading April 17.
-Telecom Italia SpA’s annual shareholder meeting. Shareholders will vote on a new chairman and confirm tenure for Chief Executive Officer Marco Patuano.
-Czech central bank Governor Miroslav Singer will speak on the economy. 17:00 CET in Prague (11:00 EDT).
-ECONOMY: U.S. building permits (March), U.S. industrial production (March), South Africa retail sales (Feb.), euro-area inflation (March, final), U.K. unemployment (Feb.), Swiss ZEW survey (April).
-CENTRAL BANKS: Mozambique rate decision.
-EARNINGS: Google Inc., Bank of America Corp., American Express Co., International Business Machines Corp., Credit Suisse Group AG, Tesco Plc, ASML Holding NV.
-National Hockey League. The 16-team Stanley Cup playoffs begin, contested over the best of seven games. Times to be determined.
THURSDAY, APRIL 17
-Detroit bankruptcy hearing on disclosure statement. The court will hear arguments on the approval of the official description of Detroit’s reorganization plan, called the disclosure statement, which calls for cutting 32,000 public worker pensions and some bond payments in the biggest U.S. municipal bankruptcy. 09:00, U.S. Bankruptcy Court, Detroit.
-Bank of Japan Governor Haruhiko Kuroda speaks at the quarterly meeting of the central bank’s branch managers. 09:00 in Tokyo (04/16 20:00 EDT).
-Japanese Prime Minister Shinzo Abe and Economy Minister Akira Amari speak at a conference in Tokyo. From 09:00 (04/16 20:00 EDT).
-U.S. bond auction. The Treasury Department is scheduled to sell $18 billion in five-year inflation-indexed bonds.
-Russian President Vladimir Putin holds his annual televised question-and-answer session with the public. 12:00 in Moscow (04:00 EDT).
-Algeria to hold presidential elections, with President Abdelaziz Bouteflika seeking a fourth term.
-The National Confectioners Association issues its quarterly report on North American cocoa grindings. 16:00 in Washington.
-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), Philadelphia Fed survey (April), Brazil mid-month inflation (April), Nigeria CPI (March).
-CENTRAL BANKS: Chile rate decision, Egypt rate decision, Serbia rate decision.
-EARNINGS: Goldman Sachs Group Inc., Morgan Stanley, BlackRock Inc., UnitedHealth Group Inc., General Electric Co., PepsiCo Inc.. Taiwan Semiconductor Manufacturing Co., Akzo Nobel NV, SAP AG, Actelion Ltd., Sodexo.
-PGA tour. The Heritage tournament begins at Harbour Town Golf Links on Hilton Head Island, South Carolina. Graeme McDowell won last year. Tee times to be determined. Through April 20.
FRIDAY, APRIL 18
-China will announce March property prices after growth in new-home prices in its four top-tier cities slowed in February amid tighter credit and individual city measures to curb prices. 09:30 in Beijing (04/17 21:30 EDT).
-Good Friday holiday. The Friday before Easter Sunday is a holiday in many nations including the U.S., U.K. and Germany. U.S. equity and bond markets are closed. U.S. bond markets also close at 14:00 on Thursday, April 17.
-ECONOMY: Italian industrial orders (Feb.).
SATURDAY, APRIL 19
-National Basketball Association. The 16-team NBA playoffs begin, contested over the best of seven games. Times to be determined.
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