U.S. Retail Sales, Yellen, BOE, Japan GDP: Week Ahead May 12-17
May 12 (Bloomberg) -- U.S. retail sales probably increased in April after posting the largest monthly gain since September 2012, data this week may show.
U.S. housing starts may have risen last month at the fastest rate this year as industrial production cooled.
Federal Reserve Chair Janet Yellen will speak to the U.S. Chamber of Commerce and U.S. Small Business Administration.
The Bank of England releases its quarterly Inflation Report, which will contain new estimates for growth and inflation. Gross domestic product figures are published in the euro area and Japan.
Wal-Mart Stores Inc., Hyundai Motor Co. and Cisco Systems Inc. will report earnings.
MONDAY, MAY 12
-The U.S. Treasury Department’s April budget statement probably will show a surplus, according to a Bloomberg survey, aided by revenue from the April 15 deadline for individual tax returns. 14:00 in Washington.
-U.S. TV ad sales. Broadcast and cable TV networks present their 2014-2015 prime-time schedules this week to potential advertisers. Fox introduces its lineup today followed by programmers including ABC, ESPN, Univision, CBS and USA. NBC unveiled its schedule Sunday. Morgan Stanley estimates broadcast networks will get $9.1 billion in advance commitments in the so-called upfront TV ad market while cable programmers win $11.2 billion in commitments. In New York.
-Austria’s central bank holds its 42nd Economics Conference in Vienna. The speakers include European Central Bank Vice President Vitor Constancio, ECB Supervisory Board Chair Daniele Nouy and ECB Governing Council member Ewald Nowotny. 09:00 CET (03:00 EDT).
-Iran nuclear talks begin in Vienna. Diplomats from Iran and the major world powers will try to secure a deal on the country’s nuclear program. The talks start every day at 10:00 CET (04:00 EDT) and may continue all week.
-European Union foreign ministers meet to discuss expanding sanctions on individuals and companies connected with the unrest in Ukraine. In Brussels at 09:30 CET (03:30 EDT).
-The European Commission publishes its agriculture forecast for May. 12:00 CET in Brussels (06:00 EDT).
-U.S. government bond auctions, Fed debt purchases. Click here for weekly schedule
-U.S. Supreme Court. Click here for the weekly schedule.
-ECONOMY: Japan current account data (March), Estonia GDP (first quarter), Kazakhstan GDP (first quarter), Swiss retail sales (March).
-EARNINGS: Sands China Ltd., AirAsia Bhd., SM Prime Holdings Inc., UniCredit SpA, Telecom Italia SpA, Banca Monte dei Paschi di Siena SpA.
TUESDAY, MAY 13
-U.S. retail sales probably increased in April after the biggest gain since September 2012, according to a Bloomberg survey. Faster job growth is helping propel demand at retailers and boosting the economy. The Commerce Department reports at 08:30 in Washington.
-Lew’s China Trip. Treasury Secretary Jacob J. Lew travels to Beijing for talks with government officials on the global economy and China’s efforts to bolster growth. In an interview May 9, Lew said he will press Chinese leaders to let markets determine the value of the yuan and to avoid postponing measures to overhaul their economy even as growth falters.
-Pfizer Inc. Chairman and Chief Executive Officer Ian Read and AstraZeneca Plc CEO Pascal Soriot are questioned by the U.K. House of Commons Business Committee about Pfizer’s proposed takeover of AstraZeneca. The panel starts hearing testimony at 09:30 in London (04:30 EDT). The two CEOs will also appear before the Commons Science Committee on May 14 at 09:15 (04:15 EDT) in London.
-Australia’s budget. Prime Minister Tony Abbott is poised to raise the nation’s pension age and reduce welfare benefits as his Liberal-National coalition delivers its first budget. 19:30 in Canberra (05:30 EDT).
-Global private equity conference in Washington. Speakers include Barney Frank, a former congressman and architect of the 2010 Dodd-Frank Act; Peter Cornelius, managing director at AlpInvest Partners BV; and Somit Varma, managing director at Warburg Pincus LLC. Starts at 08:30. Through May 14.
-U.S. Congressional primaries. In Nebraska, five Republicans are vying to succeed U.S. Senate Republican Mike Johanns, who’s retiring after one six-year term. The main contenders include Sid Dinsdale, president of Pinnacle Bancorp Inc.; Shane Osborn, a former state treasurer; and Ben Sasse, president of Midland University. The winner is favored to prevail in November in a state that President Barack Obama lost by 22 percentage points in the 2012 election. Most polls close at 20:00 (21:00 EDT). West Virginia also holds primaries today.
-The ZEW Center for European Economic Research publishes its May index of German investor confidence, which has declined for the past four months. 11:00 CET (05:00 EDT).
-ECB Executive Board member Sabine Lautenschlaeger and ECB Governing Council member Jens Weidmann speak at an event marking Lautenschlaeger’s departure from the Bundesbank. 11:00 CET (05:00 EDT) in Frankfurt.
-Japan’s constitution and self-defense. Japanese Prime Minister Shinzo Abe will receive a report from a panel of experts on whether the country’s pacifist constitution can be reinterpreted to allow the country to come to the aid of allies. Abe’s government will then announce its own position on the issue of collective self-defense later in the week.
-Bloomberg LINK Canada Economic Summit in Toronto. The speakers include Russ Girling, CEO of TransCanada Corp.; Ontario Premier Kathleen Wynne; Tom Mulcair, federal opposition leader and head of the New Democratic Party; Alberta Investment Management Corp. CEO Leo de Bever. At the Lightbox at 09:00 EDT.
-Medal of Honor. U.S. President Barack Obama presents the Medal of Honor to Kyle J. White, a former active-duty army sergeant, for his courageous actions while serving as a platoon radio telephone operator in Afghanistan in 2007. In Washington, at a time to be announced.
-China central bank. People’s Bank of China adviser Chen Yulu speaks at a forum on how Chinese companies can employ best practices and cut down on corruption overseas. 10:00 in Beijing (05/12 22:00 EDT).
-ECONOMY: U.S. business inventories (March), China industrial production (April), China retail sales (April), Portugal inflation (April), Turkey current account balance (March), South Africa mining production (March), South Africa gold production (March), Russia budget balance (April)
-EARNINGS: Hon Hai Precision Industry Co. (estimated), Korean Air Lines Co., ThyssenKrupp AG, E.ON SE.
WEDNESDAY, MAY 14
-Bank of England Inflation Report. The BOE will publish new estimates for growth and inflation in its quarterly report, which may give clues about policy in the coming months. 10:30 in London (05:30 EDT).
-President Barack Obama will speak in New York City on the economy and later attend a fundraiser at the home of Blair Effron, co-founder of investment bank Centerview Partners LLC. On May 15, Obama will deliver remarks at the dedication ceremony for the National September 11 Memorial & Museum before returning to Washington.
-Bloomberg government conference on reshaping global trade. U.S. Trade Representative Michael Froman and former Under Secretary of State Robert Hormats discuss current trade talks with nations in Asia and Europe. 15:00 in New York.
-The European Bank for Reconstruction and Development holds its annual shareholder meeting over two days in Warsaw. Participants include Poland’s Prime Minister Donald Tusk and central bank President Marek Belka, and Ukraine’s Finance Minister Oleksandr Shlapak and central bank Governor Stepan Kubiv.
-Casino conference. Executives from casino operators including Wynn Resorts Ltd., MGM Resorts International and Las Vegas Sands Corp. join Japanese gambling industry researchers, investors and political leaders associated with proposals to legalize casinos in Japan for a three-day event at Tokyo’s Conrad Hotel.
-ECB Executive Board member Yves Mersch speaks at the WELT Currency Conference. 09:30 CET (03:30 EDT) in Berlin.
-The U.S. Energy Information Administration releases its weekly oil supply report. 10:30 in Washington.
-ECONOMY: U.S. producer price index (April), South Korea unemployment data (April), South Africa retail sales (March), U.K. Unemployment (March), German inflation (April), French consumer price index (April), Credit Suisse ZEW Survey (May), Spain CPI (April).
-EARNINGS: Cisco Systems Inc., Deere & Co., Macy’s Inc., Gol Linhas Aereas Inteligentes SA, JBS SA, Oi SA, Galaxy Entertainment Group Ltd., Tencent Holdings Ltd., RWE AG.
THURSDAY, MAY 15
-Federal Reserve Chair Janet Yellen speaks to the U.S. Chamber of Commerce and U.S. Small Business Administration as part of National Small Business Week. Fed policy makers on April 30 trimmed stimulus for the fourth consecutive meeting, saying the economy has strengthened after winter weather slowed growth to a 0.1 percent annual pace in the first quarter. 19:00 in Washington.
-U.S. consumer prices probably picked up in April, according to a Bloomberg survey, bringing inflation closer to the goal of Federal Reserve policy makers. The Labor Department reports at 08:30 in Washington.
-Euro-area first-quarter GDP. The euro-zone economy probably expanded 0.3 percent in the quarter, according to a Bloomberg News survey of 28 economists. 11:00 CET (05:00 EDT).
-Japan’s economy probably grew more than an annualized 4 percent in the first quarter, boosted by extra consumption ahead of a sales-tax increase that took effect on April 1. 08:50 in Tokyo (05/14 19:50 EDT).
-ECB Vice President Vitor Constancio delivers the keynote address at the 2014 Asia Europe Economic Forum in Berlin. 09:10 CET (03:10 EDT).
-Bank of Japan Governor Haruhiko Kuroda gives a speech at an event in Tokyo organized by Columbia Business School. Peterson Institute President Adam Posen and Standard & Poor’s Global Chief Economist Paul Sheard will also speak. 13:25 in Tokyo (00:25 EDT).
-U.S. industrial production probably cooled in April, according to a Bloomberg survey, as warmer temperatures limited demand from utilities and manufacturing softened. The Federal Reserve releases the data at 09:15 in Washington.
-FCC auction restrictions. The U.S. Federal Communications Commission will decide whether to restrict bidding by top wireless providers Verizon Communications Inc. and AT&T Inc. at an auction next year of airwaves to feed growing smartphone traffic. Smaller Sprint Corp. and T-Mobile US Inc. support the restrictions. 10:30 in Washington.
-Russia may report GDP data for the first quarter. The economy may have grown 0.8 percent from a year earlier, according to a Bloomberg survey, after expanding 2 percent in the fourth quarter. Timing to be decided.
-The International Energy Forum takes place in Moscow. Organization of Petroleum Exporting Countries Secretary-General Abdalla El-Badri, Saudi Arabian Oil Minister Ali al-Naimi and Algerian Energy Minister Youcef Yousfi are among officials scheduled to attend. 09:00 in Moscow (01:00 EDT). Through May 16.
-U.K. Foreign Secretary William Hague hosts a meeting with his counterparts from countries including the U.S. and Turkey to discuss how to step up support for the Syrian opposition. Timing to be determined.
-The 6th Indonesian International Cocoa Conference takes place in Bali. Speakers include Nicko Debenham, chairman of the cocoa division at Armajaro Trading Ltd., Jean-Marc Anga, executive director of the International Cocoa Organization, and Frank Mars, president of Mars Symbioscience. 09:00 in Jakarta (05/14 22:00 EDT). Through 05/16.
-Mexico as a Global Player conference. Speakers include Mexican Foreign Affairs Minister Jose Antonio Meade, Antonio Carrillo Rule, CEO of Mexichem SAB, and Luis Robles Miaja, chairman of BBVA Bancomer. 09:00 in New York.
-Hedge fund ownership 13-F filings. Disclosures will be made by hedge funds and other money managers who oversee more than $100 million in U.S. equities as well as options and convertible debt.
-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), U.S. capital flows (March), Empire manufacturing (May), Philadelphia Fed survey (May), Argentina consumer prices (April), Brazil retail sales (March), Israel consumer price index (April), Turkey unemployment (Feb.), Russian foreign-exchange and gold reserves (May), Czech Republic GDP (first quarter), Hungary GDP (first quarter), Poland GDP (first quarter), German GDP (first quarter), Italian GDP (first quarter), France GDP (first quarter).
-EARNINGS: Wal-Mart Stores Inc., Applied Materials Inc., Nordstrom Inc., Hyundai Motor Co., SK Hynix Inc., Zurich Insurance Group AG, Aegon NV, Vivendi SA, KBC Groep NV, Intesa Sanpaolo SpA, Merck KGaA, National Grid Plc.
FRIDAY, MAY 16
-U.S. housing starts probably increased in April at the fastest rate this year, according to a Bloomberg survey, as warmer weather allowed builders to get projects under way. The Commerce Department reports at 08:30 in Washington.
-Swaps deadline. Certain kinds of swap transactions must move to trading platforms operated by firms including ICAP Plc, GFI Group Inc. and Cie. Financiere Tradition SA starting today under new U.S. Commodity Future Trading Commission rules. The regulations are designed to boost price competition between banks and other financial firms.
-ECONOMY: U.S. building permits (April), University of Michigan U.S. consumer confidence (May, preliminary), Malaysia GDP (first quarter), Hong Kong GDP (first quarter).
-EARNINGS: NCSoft Corp., United Spirits Ltd.
-SOVEREIGN RATING UPDATES: Belgium (Fitch), Botswana (S&P), Czech Republic (Fitch), Egypt (S&P), Finland (DBRS), Ghana (S&P), Ireland (Moody’s), Kazakhstan (Moody’s), Montenegro (S&P), Morocco (S&P), Mozambique (Fitch), Poland (Moody’s), Romania (S&P).
SATURDAY, MAY 17
-Horse Racing. Thoroughbred racing’s attention turns to Pimlico Race Course in Baltimore for the 139th Preakness Stakes. Kentucky Derby winner California Chrome has the chance to become the first horse since Affirmed in 1978 to win the Derby, Preakness and Belmont Stakes in the same year. Post time is about 18:18 EDT.
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