IMF, Home Sales, Apple, Facebook, Ifo: Week Ahead July 21-26James Amott, Greg Miles and Jim McDonald
The International Monetary Fund issues its updated global economic outlook after Managing Director Christine Lagarde earlier this month signaled growth forecasts may be cut amid risks in the U.S and weak investment.
Sales of previously owned U.S. homes probably climbed to an eight-month high in June, while new home sales likely retreated from the highest level since May 2008.
Germany’s Ifo business climate index and U.K. gross domestic product figures are also released.
Apple Inc. and Facebook Inc. will probably report increases in quarterly profits.
Boeing Co., Coca-Cola Co., Credit Suisse Group AG and Microsoft Corp. are also among companies releasing earnings.
European Union foreign ministers meet to decide on further sanctions against Russia amid instability in Ukraine.
MONDAY, JULY 21
-Detroit will announce whether workers voted to accept the bankrupt city’s debt-adjustment plan. Current and retired employees, as well as investors, would be forced to take less than the $10.4 billion they are owed. U.S. Bankruptcy Judge Steven Rhodes will take the voting into account when he decides whether to approve the city’s plan later this year. 10:00 in Detroit.
-The Pension Bridge’s Private Equity Exclusive conference. Speakers include Luca Salvato, partner at Coller Capital; Jacques Chappuis, a managing director at Carlyle Group LP, and A. Richard Caputo Jr., co-chief executive officer at The Jordan Company. Starts 15:30 in Chicago (16:30 EDT). Through July 22.
-President Barack Obama gives the Medal of Honor to former U.S. Army Staff Sgt. Ryan Pitts for conspicuous gallantry while serving in Afghanistan in 2008. At the White House in Washington, time to be announced.
-Polish Prime Minister Donald Tusk’s economic advisers meet with Finance Minister Mateusz Szczurek to discuss changes to central-banking laws after the country’s recent eavesdropping scandal. Time to be determined.
-U.S. government bond auctions, Fed debt purchases. Click here for weekly schedule
-ECONOMY: Chicago National Activity Index (June), China crude oil, gas and LNG data (June), U.K. Rightmove house prices (July).
-EARNINGS: Netflix Inc., Texas Instruments Inc., America Movil SAB, Julius Baer Group Ltd., Koninklijke Philips NV.
TUESDAY, JULY 22
-Apple earnings. The world’s largest company by market value will probably report fiscal third-quarter profit rose, according to a Bloomberg survey as of July 17. Apple’s stock has outperformed the S&P 500 Index this year on investor optimism about new products on the horizon. Sales may have risen to $37.8 billion, fueled by steady demand for the iPhone, which accounts for about half the company’s revenue. Pent-up demand for bigger-screen iPhones may lead to record sales later this year. 13:30 in Cupertino, California. (16:30 EDT).
-Sales of previously owned U.S. homes probably climbed to an eight-month high in June, showing the real estate market is regaining its footing after faltering earlier this year. Previously owned home sales account for about 90 percent of the U.S. market. The National Association of Realtors releases the numbers at 10:00 in Washington.
-Consumer prices in the U.S. probably increased in June as Americans paid more for food and fuel, keeping inflation close to the Federal Reserve’s goal. The Labor Department releases the data at 08:30 in Washington.
-EU foreign ministers meet in Brussels to decide on further sanctions against Russia over the instability in Ukraine. Starts at 09:30 CET (03:30 EDT).
-Tax hearing. The Senate’s Permanent Subcommittee on Investigations holds a hearing on hedge funds’ use of options to convert short-term trading profits into lower-taxed, long-term capital gains. Renaissance Technologies LLC, Barclays Plc and Deutsche Bank AG are among the businesses under scrutiny. 09:30 in Washington.
-Georgia U.S. Senate Republican runoff. Businessman David Perdue and Representative Jack Kingston seek their party’s nomination for the seat of retiring Republican Senator Saxby Chambliss. The U.S. Chamber of Commerce is backing Kingston. The winner will face Democrat Michelle Nunn in November. There are also Republican runoffs in three Georgia U.S. House districts. Polls close at 19:00 EDT.
-Obama’s West Coast trip. President Barack Obama travels to Washington and California to raise money for Democratic candidates for the 2014 midterm elections, including to Seattle, San Francisco and Los Angeles. While in Los Angeles on Thursday, July 24th, he’ll visit a community college for a speech on job training.
-Indonesia will report the official results of its presidential election. Jakarta Governor Joko Widodo was ahead of former general Prabowo Subianto with more than three-quarters of the votes counted, according to unofficial websites tallying the results. Time to be determined.
-Reserve Bank of Australia Governor Glenn Stevens gives a speech in Sydney. Time to be determined.
-ECONOMY: Brazil mid-month inflation (July), Mexico retail sales (May), U.K. public finances data (June).
-CENTRAL BANKS: Hungary rate decision, Nigeria rate decision.
-EARNINGS: Microsoft Corp., McDonald’s Corp., Coca-Cola Co., Verizon Communications Inc., Comcast Corp., Credit Suisse Group AG, Publicis Groupe SA, Arm Holdings Plc.
WEDNESDAY, JULY 23
-Facebook Inc. earnings. The world’s largest social network will probably say second-quarter earnings per share rose, according to a Bloomberg survey as of July 17, after increasing advertising revenue on mobile phones. New Chief Financial Officer David Wehner will probably speak on the call for the first time. After 13:00 in Menlo Park, California. (16:00 EDT).
-The Bank of England publishes the minutes of its July policy meeting. The Monetary Policy Committee voted to keep the key rate at 0.5 percent and maintained the size of its asset-purchase program at 375 billion pounds ($641 billion). 09:30 in London (04:30 EDT).
-U.S. money-market mutual fund rules. The Securities and Exchange Commission votes today on rules for the riskiest money-market mutual funds. These funds would have to let their share prices fluctuate and charge investors withdrawal fees during times of stress under tougher proposed rules, according to a person familiar with the proposal. 10:00 in Washington.
-Iraq terrorism hearing. The U.S. House Foreign Affairs Committee will question Brett McGurk, deputy assistant secretary of state for Iraq and Iran, about the advance of the Islamic State extremists who have taken over portions of Iraq and Syria. 10:00 in Washington.
-Ex-Jefferies & Co. manager Jesse Litvak, convicted of fraud, will be sentenced. During mortgage-backed securities sale negotiations, he lied to buyers and sellers, falsifying prices and keeping the difference for his company, the U.S. said. Prosecutors asked for a nine-year sentence. He’s seeking 14 months at most. 10:00, federal court in New Haven, Connecticut.
-Euro-area consumer confidence for July. Consumer confidence unexpectedly fell in June, indicating the region still faces a difficult economic recovery. 16:00 CET (12:00 EDT) in Brussels.
-BOE Governor Mark Carney speaks at the Commonwealth Games Business Conference. 12:45 in Glasgow, Scotland (07:45 EDT).
-Polish Central Bank Governor Marek Belka will address the country’s parliament, his first appearance since the opposition called on him to step down after illegal recordings published in the local press showed him discussing "bypassing" the Monetary Policy Council. Time to be determined.
-Lithuania will get the final go-ahead to adopt the euro in 2015 at a Brussels meeting of European affairs ministers starting at 10:00 CET (04:00 EDT).
-Bank of Japan Deputy Governor Hiroshi Nakaso gives a speech at 10:30 in Shizuoka, Japan (07/22 21:30 EDT).
-ECONOMY: Australia consumer prices (second quarter), Poland retail sales (June), Poland unemployment rate (June), South Africa CPI (June), U.K. BBA mortgage data (June).
-CENTRAL BANKS: China to sell 26 billion yuan of 30-year bonds.
-EARNINGS: Boeing Co., AT&T Inc., PepsiCo Inc., Qualcomm Inc., Wal-Mart de Mexico SAB, Fibria Celulose SA. Tiger Airways Holdings Ltd., Baidu Inc., Akzo Nobel NV, ABB Ltd., Telenor ASA, Syngenta AG, Daimler AG, Abertis Infraestructuras SA, GlaxoSmithKline Plc, Iberdrola SA.
THURSDAY, JULY 24
-World Economic Outlook. The IMF gives its updated outlook for the global economy with Chief Economist Olivier Blanchard holding a press conference in Mexico City. Earlier this month, Managing Director Christine Lagarde signaled a cut in the institution’s global growth forecasts, saying investment is still weak and risks remain in the U.S. The IMF predicted April 8 that the global economy would expand 3.6 percent this year and
3.9 percent in 2015. 10:00 local time (11:00 EDT).
-Sales of new U.S. homes probably retreated in June from the highest level since May 2008, according to a Bloomberg survey. Even with the decline, the estimated pace would indicate buyers are still responding to a recent drop in mortgage rates. The Commerce Department reports at 10:00 in Washington.
-The China Trustee Association may issue second-quarter industry data after trust assets expanded to a record in the previous three months, signaling that demand for high-yield investment remains high despite a government crackdown on shadow banking. Time to be determined.
-The Bank of Korea releases preliminary GDP figures for the second quarter after a 0.9 percent expansion three months earlier. 08:00 in Seoul (07/23 19:00 EDT).
-Japanese trade figures will probably show exports rose in June after declining in May for the first time in 15 months. 08:50 in Tokyo (07/23 19:50 EDT).
-The U.S. Department of Agriculture releases its outlook for world orange supply and demand. 15:00 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), HSBC China flash manufacturing PMI (July), Bloomberg U.S. consumer comfort (weekly), Mexico bi-weekly inflation (July 15), U.K. retail sales (June), euro-area flash composite PMI (July).
-CENTRAL BANKS: Brazil meeting minutes, New Zealand rates decision, Turkey’s quarterly inflation report.
-EARNINGS: Amazon.com Inc., General Motors Co., Ford Motor Co., PulteGroup Inc., Caterpillar Inc., Eli Lilly & Co., Visa Inc., Starbucks Corp., Bristol-Myers Squibb Co., Usinas Siderurgicas de Minas Gerais SA, LG Electronics Inc., Canon Inc., BASF SE, Unilever, Repsol SA, Roche Holding AG, Gas Natural SDG SA, Nokia Oyj, LVMH Moet Hennessy Louis Vuitton SA, Reed Elsevier NV, Danske Bank A/S, Dassault Systemes SA.
FRIDAY, JULY 25
-Obama-Central American leaders. President Obama meets with President Otto Perez Molina of Guatemala, President Juan Orlando Hernandez of Honduras, and President Salvador Sanchez Ceren of El Salvador to discuss ways to reduce the flow of immigrants from Central America to the U.S. In Washington, time to be announced.
-U.K. second-quarter GDP, first estimate. The British economy expanded 3.1 percent in the second quarter, according to the median forecast of 56 economists in a Bloomberg survey. 09:30 in London (04:30 EDT).
-Japan will probably report core inflation slowed to 3.3 percent in June, from 3.4 percent a month earlier. 08:30 in Tokyo (07/24 19:30 EDT).
-Japanese Prime Minister Shinzo Abe visits Mexico, Trinidad and Tobago, Colombia, Chile and Brazil, meeting the leaders of each country in a trip that runs to Aug. 2. He heads to Latin America just as Chinese President Xi Jinping returns from a visit to the region, as the two Asian nations vie for influence on the global stage amid ongoing disputes over territory and the legacy of World War II. Timings to be determined.
-ECONOMY: U.S. durable goods orders (June), South Korea consumer confidence (July), Brazil current account (June), U.K. Hometrack house-price data (July), German Ifo business confidence (July), German GfK consumer confidence (August).
-CENTRAL BANKS: Russia rate decision.
-EARNINGS: Fomento Economico Mexicano SAB, Lafarge SA, Statoil ASA, Air France-KLM, Christian Dior SA, Pearson Plc, Danone, British Sky Broadcasting Group Plc, Anglo American Plc.
-SOVEREIGN RATING UPDATES: Belgium (S&P), Croatia (S&P), Czech Republic (S&P), Denmark (DBRS & Moody’s), Estonia (Moody’s), Kenya (Fitch), Russia (Fitch & Moody’s), Rwanda (Fitch), Uganda (Moody’s).
SATURDAY, JULY 26
-Song Guoqing, a member of People’s Bank of China’s monetary policy advisory committee, speaks on growth prospects at the China Macroeconomic Research Center forum. Figures released on July 16 showed the economy grew 7.5% in the second quarter. 13:30 in Beijing (01:30 EDT).
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