Iran Talks, Merkel in China, Sun Valley: Week Ahead July 7-12
July 7 (Bloomberg) -- Diplomats from Iran and six world powers will hold talks to push for an accord on limiting Iran’s nuclear work before an interim deal expires on July 20.
German Chancellor Angela Merkel visits China and will meet with Prime Minister Li Keqiang and President Xi Jinping. Secretary of State John Kerry attends the U.S.-China Strategic and Economic Dialogue in Beijing. Japanese Prime Minister Shinzo Abe will sign a Japan-Australia Economic Partnership Agreement.
Voters in Indonesia cast ballots for their next president in a race pollsters say is too close to call.
Dealmakers and chief executives will gather at the annual Sun Valley, Idaho, conference hosted by Allen & Co.
Alcoa Inc. and Wells Fargo & Co. are among companies reporting results.
Soccer’s World Cup semifinal matches will be played in Brazil.
MONDAY, JULY 7
-German Chancellor Merkel continues three-day visit to China. The leader today holds talks in Beijing with Prime Minister Li, followed by a joint news conference at 10:30 (07/06, 22:30 EDT). She is scheduled to have dinner with President Xi. Tomorrow, Merkel makes a speech to students in Beijing before returning to Berlin.
-Japanese Prime Minister Shinzo Abe visits Australia, where he will sign the Japan-Australia Economic Partnership Agreement and address a joint sitting of the Houses of Parliament. Japan is Australia’s second-largest trading partner with two-way shipments worth almost A$70 billion ($66 billion) in 2012-13.
-Argentina will send a delegation to New York to meet with a court-appointed mediator as it tries to resolve a conflict with defaulted bondholders that blocked it from paying debt on June 30. The country has a 30-day grace period to reach a settlement or win a delay from U.S. courts before it defaults again.
-Diplomats from Iran and six world powers continue a push to reach an agreement on limiting work on Iran’s nuclear program before an interim deal expires July 20. Negotiators are set to meet daily throughout the week in Vienna, starting at about 09:00 CET (03:00 EDT).
-Russian President Vladimir Putin meets with Serbian Prime Minister Aleksandar Vucic in Moscow. Time TBA.
-The permanent secretary to the U.K. Treasury, Nicholas Macpherson, speaks at a lunchtime event in London hosted by the Official Monetary and Financial Institutions Forum on “The future of Britain in Europe - political and economic considerations.”
-ECB Governing Council member Ewald Nowotny presents the Austrian financial stability report. 09:00 CET (03:00 EDT).
-Swedish Riksbank Governor Stefan Ingves speaks on the Basel III banking regulations at the London School of Economics. 18:30 in London (13:30 EDT).
-Euro-area finance ministers begin a two-day meeting in Brussels.
-Polish Deputy Prime Minister Janusz Piechocinski speaks at a business conference in Warsaw. Time TBA.
-U.S. government bond auctions, Fed debt purchases. Click here for weekly schedule.
-Bank of Japan Governor Haruhiko Kuroda addresses quarterly branch managers meeting. 09:30 in Tokyo (07/06 20:30 EDT).
-ECONOMY: Taiwan inflation (June), Taiwan trade data (June), South Africa gross reserves and net reserves (June), Czech industrial output (May), Ukraine CPI (June), German industrial production (May), Spain industrial production (May), Swiss unemployment rate (June), Swiss foreign currency reserves (June).
-CENTRAL BANKS: Poland quarterly inflation report.
-EARNINGS: Alimentation Couche-Tarde Inc.
TUESDAY, JULY 8
-Consumer borrowing in the U.S. probably rose at a slower pace in May after Americans boosted their April credit-card use by the most since November 2007. The Federal Reserve issues the figures on revolving loans, such as credit cards, and non-revolving borrowing that includes auto loans. At 15:00 in Washington.
-U.S. President Barack Obama travels to Denver to help raise money for Senator Mark Udall, a fellow Democrat who’s seeking re-election. From Denver, Obama flies to Texas for events in Dallas and Austin, including additional fundraising, before returning to Washington July 10. Time TBA.
-The U.S. Senate Banking Committee holds a hearing on the “Role of Regulation in Shaping Equity Market Structure and Electronic Trading.” Witnesses include Intercontinental Exchange Inc. Chairman Jeffrey Sprecher. At 10:00 in Washington.
-Bank of Japan Deputy Governor Hiroshi Nakaso speaks in Tokyo. 12:00 in Tokyo (07/07 23:00 EDT).
-European Central Bank Governing Council member Luis Maria Linde speaks at an event in Madrid. 09:00 CET (03:00 EDT).
-Bank of France Governor Christian Noyer speaks at the Europlace forum in Paris; 08:30 CET (02:30 EDT). Russian central bank First Deputy Chairman Sergei Shvetsov takes part in a round-table discussion at the forum; 09:00 CET (03:00 EDT).
-The Haaretz Israel Conference on Peace takes place in Tel Aviv. Israeli Justice Minister Tzipi Livni, Economy Minister Naftali Bennett and Labor party head Isaac Herzog will speak, as will Palestinian negotiator Saeb Erekat. An interview with Palestinian President Mahmoud Abbas will be broadcast at the event.
-The U.S. Energy Information Administration publishes its short-term energy outlook for oil and gas. 12:00 in Washington.
-ECONOMY: Japan current account data (May), Brazil IPCA inflation index (June), Chile inflation (June), South Africa business confidence (June), Turkish industrial production data (May), U.K. industrial production (May), German trade and current account balance (May), Swiss inflation (June), Swiss retail sales (May), French trade balance (May), French budget balance (May).
-CENTRAL BANKS: Kenya interest rate; Bank of Portugal data on Portuguese banks, including European Central Bank financing.
-World Cup in Brazil. Click here for match schedule. First semifinal is played. Winner of this game advances to the final on Sunday while the loser plays for the third-place position on Saturday.
EARNINGS: Alcoa Inc.
WEDNESDAY, JULY 9
-The Federal Reserve releases minutes from the June 17-18 meeting of the Federal Open Market Committee. Policy makers trimmed bond purchases by $10 billion for the fifth consecutive gathering and said economic growth is rebounding and the job market improving. Fed officials are debating the timing for the first increase in the main interest rate since 2006. At a June 18 press conference, Chair Janet Yellen affirmed a plan by the FOMC to hold the benchmark rate near zero for a “considerable time” after $35 billion in monthly bond purchases end. At 14:00 in Washington.
-Chinese inflation may have eased in June from a month earlier as food price gains slowed after helping consumer prices in May accelerate to the fastest pace in four months. 09:30 in Beijing (07/08 21:30 EDT).
-Voters in Indonesia, the world’s third-largest democracy, head to the polls to elect their next president. Prabowo Subianto, an ex-general in the special forces with ties to former dictator Suharto, is vying with Joko Widodo, the Jakarta governor whose background and reputation as a reformer appeals to those looking for change. Closing times at polls yet to be determined.
-Polish lawmakers hold a no-confidence vote against the government of Prime Minister Donald Tusk, proposed by the largest opposition party, Law & Justice. Time TBA.
-U.S. and China begin annual two-day Strategic and Economic Dialogue in Beijing as the world’s biggest economies face off over President Xi’s increased assertiveness in the South China Sea. A planned discussion on cyber issues was canceled after the U.S. indicted Chinese military officers for cyber spying. The talks are co-chaired by U.S. Secretary of State Kerry and Secretary of the Treasury Jack Lew, and Chinese Vice Premier Wang Yang and State Councilor Yang Jiechi.
-Sun Valley conference. Billionaires, chief executive officers and leaders from the technology, media, and finance industries gather at the Idaho mountain resort conference hosted by investment banking firm Allen & Co. Major media deals have been hatched at Sun Valley, including last year’s sale of the Washington Post to Amazon.com Inc. founder Jeff Bezos. Through July 13.
-European Central Bank Executive Board member Peter Praet speaks at Europlace as the conference continues in Paris. 09:00 CET (03:00 EDT).
-European Central Bank President Mario Draghi delivers the Tommaso Padoa-Schioppa Memorial Lecture at the Tate Modern art museum in London at 19:30 (14:30 EDT).
-Markets in Argentina and in Brazil’s Sao Paulo state, where the main exchange is based, will be closed for a holiday.
-ECONOMY: Mexico inflation (June), South Korea money supply (May), South Korea bank lending to households (June), Ghana consumer-price inflation (June), Czech CPI (June), Spain house transactions (May).
-CENTRAL BANKS: Ghana interest rate.
-World Cup in Brazil. Second semifinal is played. Click here for match schedule.
THURSDAY, JULY 10
-China’s customs authority may say imports rose in June, helping to cushion a slowdown in the world’s second-biggest economy. 10:00 in Beijing (07/09 22:00 EDT).
-Bank of England policy decision. The Monetary Policy Committee will probably keep the benchmark interest rate at a record-low 0.5 percent after its two-day meeting concludes. Governor Mark Carney is among officials who have said in the past month that a rate increase may happen sooner than investors expect as the economic recovery strengthens. 12:00 in London (07:00 EDT).
-Bank of Korea holds July monetary policy meeting after leaving its benchmark interest rate unchanged at 2.5 percent for a 13th straight month in June. 10:00 in Seoul (07/09 21:00 EDT).
-China new bank lending may have increased in June as the government loosens credit to support growth. The central bank will also announce money supply data. Date and time TBA by July 15.
-European Central Bank Governing Council member Ewald Nowotny delivers the keynote address at the annual summer party of the Official Monetary and Financial Institutions Forum in London. Time TBA.
-Andrew Bailey, the top banking supervisor at the Bank of England, speaks at the Bloomberg auditorium in London at 08:30 (03:30 EDT).
-Teachers, firefighters and civil servants are among U.K. public-sector workers who will hold a one-day strike to push for increases in pay after their wages were capped under the government’s austerity program.
-The European Cocoa Association publishes its grind report for the second quarter. 07:00 in London (02:00 EDT).
-The U.S. Energy Information Administration releases its weekly natural gas supply report. 10:30 in Washington.
-ECONOMY: U.S. initial jobless claims, Australia employment (June), Portugal inflation (June), Portugal trade balance (May), South Africa mining production (May), South Africa manufacturing production (May), Romania CPI (June), U.K. RICS house-price index (June), U.K. trade balance (May), French industrial production (May), French inflation (June), Italian industrial production (May).
-CENTRAL BANKS: Peru rate decision, Malaysia rate decision, Indonesia rate decision, Serbia rate-setting meeting, Russia publishes weekly gold and currency reserves.
-EARNINGS: Progressive Corp.
FRIDAY, JULY 11
-U.S. Commerce Department expected to issue decision on penalty duties for imports of steel pipe from nine nations including Korea.
-Global Mobile Internet Conference. Scheduled speakers include Takeshi Idezawa, chief operating officer of Line Corp., and Jafco Investment Asia Pacific Ltd. President and CEO Yoshiyuki Shibusawa. Registration starts at 09:00 in Tokyo (6/10 20:00 EDT).
-The International Energy Agency publishes its monthly oil market report. 09:00 in London (04:00 EDT).
-ECONOMY: Canada unemployment, Serbia CPI (June), Romania industrial output (May), Turkish current account deficit (May), U.K. construction output (May), German inflation (June, final), Spain inflation (June), French current account (May).
-CENTRAL BANKS: Mexico rate decision, Mozambique rate decision.
-SOVEREIGN RATING UPDATES: Germany (S&P), EU (Moody’s), Netherlands (Fitch), Switzerland (Moody’s), Ukraine (S&P).
-EARNINGS: Wells Fargo & Co., Fastenal Co.
SATURDAY, JULY 12
-World Cup in Brazil, playoff for third place. Final is played on Sunday July 13. Click here for match schedule.
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