Fed Decision, Obama, CFTC, Amazon, Oracle: Week Ahead June 14-21

June 13 (Bloomberg) -- The Federal Open Market Committee will release its policy statement after tapering the size of the Fed’s monthly bond purchases by $10 billion in each of their four previous meetings.

U.S. industrial production probably increased in May for the third time in four months, while housing starts cooled last month, data in the coming week may show.

Amazon.com Inc. is said to be planning the debut of its first smartphone. Companies releasing earnings include Oracle Corp., FedEx Corp., Adobe Systems Inc. and Hennes & Mauritz AB.

Colombia holds a presidential election and a new king will be proclaimed in Spain.

Soccer’s World Cup group matches take place in Brazil and the U.S. Open golf tournament reaches its conclusion.


-U.S. President Barack Obama delivers the commencement address at the University of California at Irvine. 11:30 (14:30 EDT). Obama’s trip includes a stop at a Sioux Indian reservation in North Dakota and a California fundraiser.

-Infosys Ltd. holds its annual general meeting. 15:00 in Bengaluru, India (05:30 EDT).

-World Cup in Brazil. Click here for match schedule.

-PGA Tour. The $8 million U.S. Open, won by England’s Justin Rose in 2013, continues in Pinehurst, North Carolina. Through tomorrow, June 15.

-Rugby Internationals. World champion New Zealand hosts England in Dunedin in the second game of a three-match series. 19:35 local time (03:35 EDT). Australia plays France in Melbourne at 20:00 local time (06:00 EDT).


-Colombia presidential elections. Voters will choose between President Juan Manuel Santos and former Finance Minister Oscar Ivan Zuluaga. Zuluaga, who advocates a tougher line on Marxist rebels, won 29.3 percent of the vote in the first round, nearly four points more than Santos. Polls close at 16:00 (17:00 EDT).

-Indonesia’s presidential candidates face off in the second of five planned televised debates before an election on July 9. Front-runner Joko Widodo from the Indonesian Democratic Party of Struggle meets former general Prabowo Subianto from the Gerindra party. 20:00 in Jakarta (09:00 EDT).

-German Chancellor Angela Merkel and Brazilian President Dilma Rousseff hold talks in Brasilia. A joint news conference is scheduled for 21:10 local time (20:10 EDT). Merkel then travels to Salvador, Brazil, to meet with university students and will attend the Germany-Portugal World Cup soccer game on June 16.

-ECONOMY: Israel CPI (May).

-Soccer World Cup in Brazil. Click here for match schedule.

-NBA finals. The San Antonio Spurs play the Miami Heat in Game 5, if necessary, of the best-of-seven NBA Finals. 20:00 EDT.


-U.S. industrial production probably increased in May for the third time in four months, according to a Bloomberg survey, indicating manufacturing will help lead a second-quarter economic rebound. The Federal Reserve releases the figures at 09:15 in Washington.

-The World Petroleum Congress takes place in Moscow. Delegates from companies including BP Plc, Statoil ASA, Royal Dutch Shell Plc and Total SA will attend, in addition to Russian President Vladimir Putin and ministers from Angola, Nigeria, Qatar, India and Venezuela. 09:00 in Moscow (01:00 EDT). Through 06/19.

-Diplomats from the six world powers begin five days of talks with their Iranian counterparts on the country’s nuclear program, seeking to resolve gridlock over uranium enrichment. The sessions convene daily in Vienna at about 10:00 CET (04:00 EDT).

-German Economy Minister Sigmar Gabriel and French Economy Minister Arnaud Montebourg will brief reporters at Airbus Group NV’s plant in Toulouse, France, before talks on cooperation. 08:00 CET (02:00 EDT).

-Swaps deadline. Swaps trades involving U.S. Treasury securities today must meet U.S. Commodity Futures Trading Commission requirements that the transactions be conducted on new platforms designed to increase market transparency and boost price competition between banks and other financial firms.

-Russian Foreign Minister Sergei Lavrov meets Serbian officials at 11:00 CET in Belgrade (05:00 EDT). The Balkan country is under pressure from the European Union to reconsider its support of the South Stream pipeline backed by Russia.

-The Bank of Portugal releases a report on recent developments in the banking system. Time to be determined.

-Turkish central bank Governor Erdem Basci speaks on monetary policy. 10:00 in Turkey’s Anatolian province of Konya (03:00 EDT).

-The International Criminal Court’s trial of Kenya Deputy President William Ruto resumes in The Hague, the Netherlands.

-U.S. government bond auctions, Fed debt purchases. Click here for schedule.

-U.S. Supreme Court. Click here for schedule.

-ECONOMY: U.S. capital flows (April), Empire manufacturing (June), euro-area CPI (May), U.K. Rightmove house prices (June), Croatia CPI (May), Slovakia CPI (May), Russia GDP (first quarter, preliminary), Turkey unemployment rate (March), Israel GDP (first quarter, preliminary), Nigeria CPI (May).

-CENTRAL BANKS: Russia rate decision.

-World Cup in Brazil. Click here for match schedule.

-NHL Stanley Cup finals. The New York Rangers play the Los Angeles Kings, if needed, in Game 6 of the best-of-seven series. 20:00 EDT.


-U.S. housing starts probably cooled last month, according to a Bloomberg survey, after climbing to a five-month high in April as builders started work on fewer apartments and other multifamily dwellings. The Commerce Department releases the data at 08:30 in Washington.

-The U.S. cost of living probably increased in May from a month earlier as Americans paid more for food and rent. Compared with May 2013, the projected increase in the consumer-price index is close to the Federal Reserve’s inflation goal of 2 percent, indicating policy makers will continue trimming monetary stimulus. The Labor Department reports at 08:30 in Washington.

-U.S. Congress high-speed trading hearing. The Senate Permanent Subcommittee on Investigations will hold a hearing on high-frequency trading in U.S. stock markets and examine evidence of conflicts of interest, according to committee Chairman Carl Levin. 09:30 in Washington.

-Rengan Rajaratnam trial. The former Galleon Group LLC fund manager is accused of conspiring with his brother, imprisoned insider trader Raj Rajaratnam, to trade on nonpublic information about Clearwire Corp. and Advanced Micro Devices Inc. He faces as long as 20 years in prison if convicted of the most serious of the three charges. 09:30 in U.S. District Court, Manhattan.

-Canada Northern Gateway decision. Prime Minister Stephen Harper’s cabinet must decide whether to permit Enbridge Inc.’s proposed C$6.5 billion ($6 billion) project, which would ship crude oil through British Columbia to the Pacific Coast for export to Asia. A Bloomberg-Nanos poll published June 3 showed a majority of British Columbians want Harper to reject or delay the project amid concerns about spills. In Ottawa.

-U.K. Prime Minister David Cameron meets visiting Chinese Premier Li Keqiang. Time to be confirmed.

-Russian Economy Minister Alexei Ulyukayev speaks at a conference on EU-Russia relations at 09:00 in Moscow (01:00 EDT).

-European Central Bank Governing Council member Ewald Nowotny takes part in a panel discussion on the U.S. economy. 09:00 CET in Vienna (03:00 EDT).

-South African President Jacob Zuma delivers the state of the nation address to Parliament in Cape Town after he was re-elected for a second term. 18:30 local time (12:30 EDT).

-Toyota Motor Corp. AGM. 10:00 in Aichi, Japan (06/16 21:00 EDT).

-ECONOMY: U.S. building permits (May), European Union car registrations (May), German ZEW survey of investor confidence (June), U.K. CPI (May), U.K. ONS house prices (April), Italian trade balance (April), Spanish labor costs (first quarter), Swiss government June economic forecast, Swiss producer & import prices (May).

-CENTRAL BANKS: Australia minutes of June meeting.

-EARNINGS: Adobe Systems Inc., Chow Tai Fook Jewellery Group Ltd.

-World Cup in Brazil. Click here for match schedule.


-Fed policy decision. The Federal Open Market Committee releases its statement on monetary policy. The Fed has tapered the size of bond purchases by $10 billion in each of the four previous meetings and is on track to halt $45 billion in monthly buying by the end of 2014. Fed policy makers are also considering when to begin raising the benchmark interest rate for the first time since 2006. The statement will be released at 14:00, along with economic projections and FOMC policy makers’ forecasts for the benchmark rate. Fed Chair Janet Yellen holds a press conference at 14:30. In Washington.

-Congressional hearing on GM. General Motors Co. Chief Executive Officer Mary Barra testifies before the U.S. House Subcommittee on Oversight and Investigations on the automaker’s faulty ignition switches. This is Barra’s second appearance before the panel, which is investigating why the company waited years before recalling 2.59 million vehicles. She also testified before House and Senate committees in April. Anton Valukas, who lead an internal GM probe into the events leading to the recall, will also testify. 10:00 in Washington.

-China will announce May property prices after April new-home prices rose at a slower pace in more cities as developers offered discounts and the economy slowed, prompting the easing of property curbs in some places. 09:30 in Beijing (06/17 21:30 EDT).

-Amazon.com smartphone. Amazon.com Inc. Chief Executive Officer Jeff Bezos is said to plan the debut of the company’s first smartphone, competing against rivals such as Apple Inc. and Samsung Electronics Co. in the $338 billion global market. The company’s devices already include the Kindle e-reader, Kindle Fire tablets and a $99 TV box for watching digitally delivered shows and movies, called Fire TV. In Seattle. Time to be determined.

-U.S. IPO. Markit Ltd., the provider of financial information that forms the basis for much of the global derivatives and bond markets, is seeking to raise $1.14 billion in an initial public offering. At the top end of the range, Markit would be valued at $4.47 billion, data compiled by Bloomberg show. The company plans to list its shares on the Nasdaq Stock Market under the symbol MRKT and will start trading on June 19. Markit competes with Bloomberg News parent Bloomberg LP.

-The Bank of England’s Monetary Policy Committee publishes the minutes of its June 5 decision. 09:30 in London (04:30 EDT).

-The Energy Trading Central & South Eastern Europe conference takes place in Budapest. 09:30 CET (03:30 EDT). Through 06/19.

-Spain’s King Juan Carlos, who announced his abdication earlier this month, authorizes the proclamation of his son, Prince Felipe, as the country’s next monarch in a preliminary ceremony in Madrid. Time to be determined.

-The U.S. Energy Information Administration releases its weekly oil supply report. 10:30 in Washington.

-ECONOMY: Brazil mid-month inflation (June), Japan trade data (May), Swiss Credit Suisse ZEW Survey (June), Ukraine industrial production (May), Russia industrial production (May), South Africa current-account balance (first quarter), South Africa CPI (May), South Africa retail sales (April).

-CENTRAL BANKS: Thailand rate decision, Sri Lanka rate decision

-EARNINGS: FedEx Corp., Hennes & Mauritz AB.

-World Cup in Brazil. Click here for match schedule.


-U.S. climate hearing. A House Energy and Commerce panel meets on the Obama administration’s plan to cut carbon dioxide emissions from power plants by 30 percent from 2005 levels. Ed Whitfield, chairman of the Energy and Power Subcommittee and a Republican from Kentucky, a major coal producer, has criticized the proposal as a threat to the economy and jobs. Democrats broadly support the climate plan. 10:00 in Washington.

-The U.S. Commodity Futures Trading Commission will hold a public discussion of position limits for physical-commodity derivatives. In November, the agency approved a proposal that would cap the number of contracts a company can hold in 28 commodities. The round table will focus on hedges made by banks, energy companies, proprietary traders and other parties. 09:30 in Washington.

-Swiss National Bank monetary policy decision. The SNB’s three-member governing board will announce its policy decision at 09:30 CET (03:30 EDT) and hold a briefing at 10:00 in Bern. The bank’s benchmark interest rate is close to zero and economists expect the SNB to reaffirm its franc ceiling.

-German Chancellor Angela Merkel holds talks with Danish Prime Minister Helle Thorning-Schmidt as EU leaders seek agreement on the next European Commission president. The Dane may be an alternative to Merkel’s favored candidate, former Luxembourg Prime Minister Jean-Claude Juncker. 12:00 CET in Berlin (06:00 EDT).

-Euro-area finance ministers meet in their capacity as the European Stability Mechanism’s Board of Governors to discuss topics including the direct recapitalization of banks. 13:30 CET in Luxembourg (07:30 EDT). A press conference is scheduled for about 14:30.

-Euro-area finance ministers meet to discuss Lithuania’s bid to adopt the euro, EU recommendations to member states on fiscal and economic policy and Cyprus’s progress on its aid program. 15:00 CET in Luxembourg (09:00 EDT).

-ECB Vice President Vitor Constancio speaks at a symposium on banking union, monetary policy and economic growth in Athens. 14:15 local time (07:15 EDT).

-Medal of Honor. President Barack Obama gives the Medal of Honor to retired Marine Corporal William “Kyle” Carpenter for his heroic actions in Afghanistan. At the White House. Time to be determined.

-The Arab Economic Forum takes place in Beirut. Topics for discussion include regional banking and the economic outlook.

-Prince Felipe will be proclaimed King Felipe VI of Spain at a ceremony in Madrid. Time to be determined.

-The U.S. Energy Information Administration releases its weekly natural gas supply report. 10:30 in Washington.

-Bank of Japan Board Member Yoshihisa Morimoto speaks in Akita, northern Japan. Time to be determined.

-Sony Corp. AGM. 10:00 in Tokyo (06/18 21:00 EDT).

-ECONOMY: U.S. initial jobless claims (weekly), U.S. consumer comfort (weekly), U.S. leading indicators (May), Philadelphia Fed survey (June), New Zealand GDP (first quarter), Colombia GDP (first quarter), U.K. retail sales (May), Dutch unemployment rate (May), Georgia GDP (first quarter), Russia gold and foreign currency reserves (weekly).

-CENTRAL BANKS: Philippines rate decision, Norway rate decision.

-EARNINGS: Oracle Corp.

-World Cup in Brazil. Click here for match schedule.

-The U.S. Women’s Open golf tournament begins at Pinehurst Resort and Country Club in North Carolina. Tee times and pairings to be determined. Through June 22.


-Obama-Key White House meeting. New Zealand Prime Minister John Key meets with President Barack Obama. The two are likely to discuss the proposed Trans-Pacific Partnership free-trade agreement, climate change and military cooperation. In Washington. Time to be determined.

-European Union finance ministers discuss the draft 2015 EU budget and other issues. 09:00 CET in Luxembourg (03:00 EDT).

-Bank of Japan Governor Haruhiko Kuroda speaks at an event. 15:30 in Tokyo (02:30 EDT).

-ECB Executive Board member Yves Mersch takes part in a panel discussion in Brussels. 10:15 CET (04:15 EDT).

-ECONOMY: Mexico retail sales (April), Taiwan export orders (May), euro-area consumer confidence (June), U.K. public finances (May), Italian industrial orders (April), Greek current account (April), Dutch consumer spending (April), Dutch consumer confidence (June), Dutch house prices (May), central and eastern European ZEW investor confidence indicator (June).

-CENTRAL BANKS: Colombia rate decision, Mexico meeting minutes, Polish central bank meeting minutes.

-SOVEREIGN RATING UPDATES: Bahrain (Fitch), Czech Republic (Moody’s), Kuwait (Fitch), Latvia (Fitch), Montenegro (Moody’s), Norway (Moody’s), Senegal (S&P), Spain (Moody’s).

-World Cup in Brazil. Click here for match schedule.


-The two-day World Peace Forum organized by Tsinghua University in coordination with the Chinese People’s Institute of Foreign Affairs opens in Beijing at a time of heightened territorial tensions between China and Japan over islands both claim in the East China Sea.

-World Cup in Brazil. Click here for match schedule.

To contact the reporters on this story: James Amott in London at +44-20-3216-4206 or jamott@bloomberg.net; Greg Miles in New York at +1-212-617-5877 or gmiles1@bloomberg.net; Jim McDonald in Tokyo at +81-3-3201-3190 or jmcdonald8@bloomberg.net To contact the editors responsible for this story: Andy Davidson at +1-212-617-8977 or adavidson@bloomberg.net Nancy Moran, Tal Barak Harif

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