Jackson Hole, Yellen, Draghi, Fed Minutes: Week Ahead Aug. 18-23

Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi are among the speakers at the Federal Reserve Bank of Kansas City’s conference on the economy and monetary policy in Jackson Hole, Wyoming.

The Fed releases the minutes of its July 29-30 meeting of the Federal Open Market Committee and the Bank of England publishes its minutes from August.

U.S. sales of previously owned homes probably held near an eight-month high in July, a report in the coming week may show. The U.S. consumer-price index probably rose at the slowest pace in five months.

Congressional primaries take place in Alaska and Wyoming.

Companies releasing earnings include BHP Billiton Plc, Carlsberg A/S, Heineken NV, Hewlett-Packard Co., Home Depot Inc. and Target Corp.


-German Chancellor Angela Merkel visits Latvia for talks on the Ukraine crisis with Prime Minister Laimdota Straujuma. Latvia, which borders Russia, joined the euro area this year. News conference scheduled for 16:30 in Riga (09:30 EDT).

-Nigerian government spokesman Mike Omeri, defense spokesman Chris Olukolade, state security spokeswoman Marilyn Ogar and police spokesman Frank Mba give an update on security in the country’s northeast. 13:00 in Abuja (08:00 EDT).

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

-ECONOMY: Chile GDP (second quarter), China home prices (July), Hong Kong unemployment (July), Thailand GDP (second quarter), U.K. Rightmove house prices (Aug.), euro-area trade balance (June), Bloomberg monthly euro-area survey of economists, Nigeria CPI (July), Czech PPI (July), Ukraine industrial output (July).


-The beginning of U.S. home construction, also called housing starts, probably rebounded in July from a month earlier when they slumped to a nine-month low, according to a Bloomberg survey. Building permits also may increase, signaling residential construction is on the mend. The Commerce Department reports at 08:30 in Washington.

-The U.S. consumer-price index probably rose in July at the slowest pace in five months as prices at the gas pump eased, according a Bloomberg survey. Higher rents may have pushed up core inflation, which excludes food and fuel. The Labor Department reports at 08:30 in Washington.

-U.S. Congressional primaries in Alaska and Wyoming. In Alaska, several Republicans seek to unseat Democratic Senator Mark Begich, including former state attorney general Dan Sullivan, Lieutenant Governor Mead Treadwell and attorney Joe Miller. Click here for the times polls close.

-New Zealand’s Treasury publishes a pre-election fiscal update. 10:00 in Wellington (08/18 18:00 EDT).

-ECONOMY: U.S. building permits (July), U.K. inflation (July), ECB current account (June), Slovenia unemployment rate (June), Russia retail sales (July), Russia unemployment rate (July), Poland gross wages (July).

-CENTRAL BANKS: Australia meeting minutes.

-EARNINGS: Home Depot Inc., Bank of China Ltd., Galaxy Entertainment Group Ltd., BHP Billiton Plc, Lindt & Spruengli AG, A.P. Moeller-Maersk A/S.


-Fed minutes. The Federal Reserve releases minutes of the July 29-30 meeting of its policy-setting FOMC. The panel decided to reduce monthly bond buying by $10 billion for the sixth straight time, staying on pace to end the purchase program in October. Fed officials led by Chair Janet Yellen are weighing when to raise interest rates for the first time since 2006 as unemployment falls faster than expected and inflation picks up toward their 2 percent goal. 14:00 in Washington.

-Bank of England minutes. The BOE publishes the minutes of its Monetary Policy Committee’s August meeting, when the benchmark interest rate was held at a record-low 0.5 percent. The central bank said on Aug. 13 that the committee has a "wide range of views" on the level of slack in the economy, a focal point of its policy assessment. 10:30 in London (05:30 EDT).

-Japan reports July trade data with the balance on course for a 25th straight monthly deficit after reaching minus 523.6 billion yen ($5.1 billion) for the first 20 days of the month. 08:50 in Tokyo (08/19 19:50 EDT).

-Norway’s sovereign wealth fund presents second-quarter investment returns. The results at 10:00 CET (04:00 EDT) in Oslo will be follow by a press conference with Chief Executive Officer Yngve Slyngstad.

-Hong Kong’s government may announce the results of its latest land auction today, after existing home prices reached a record last week. Housing sales in the city are on the rise as low interest rates lure buyers deterred by government curbs last year. 16:00 in Hong Kong (04:00 EDT).

-German Chancellor Angela Merkel gives the keynote speech at a conference of Nobel-laureate economists in Lindau on Lake Constance at 14:00 CET (08:00 EDT).

-Reserve Bank of Australia Governor Glenn Stevens gives semi-annual testimony. 09:30 in Brisbane (08/19 19:30 EDT).

-Nigeria’s government gives a further update on security in the northeast. 13:00 in Abuja (08:00 EDT).

-ECONOMY: Brazil IBGE Inflation IPCA-15 (August), Taiwan Export Orders (July), U.K. factory orders (Aug.), euro-area construction output (June), Netherlands consumer confidence (Aug.), South Africa CPI (July), Poland industrial output (July), Poland PPI (July).

-CENTRAL BANKS: Iceland rate decision.

-EARNINGS: Hewlett-Packard Co., Target Corp., Staples Inc., Lowe’s Cos., Coca-Cola Amatil Ltd., Treasury Wine Estates Ltd., Heineken NV, Carlsberg A/S, Swisscom AG.


-Fed Jackson Hole, Wyoming, conference. The Federal Reserve Bank of Kansas City hosts its annual symposium, this year titled "Re-Evaluating Labor Market Dynamics." The conference brings together Fed officials, the nation’s leading economists and international central bankers to discuss the outlook for the economy and monetary policy. Chair Janet Yellen will give the keynote speech. Click here for schedule and details as they are announced. Through Aug. 23.

-U.S. sales of previously owned homes, also known as existing home sales, probably held near an eight-month high in July, indicating the market is improving in fits and starts. Historically low interest rates, smaller price increases and steady job growth are helping bring homeownership within reach for more Americans. The National Association of Realtors releases the data at 10:00 in Washington.

-Indonesia’s Constitutional Court will rule on whether to overturn the result of the July 9 election that saw Jakarta Governor Joko Widodo defeat Prabowo Subianto by a margin of 6 percentage points. The court is ruling on a request by Prabowo, who has alleged election fraud. Time to be determined.

-German Chancellor Angela Merkel holds the first campaign rally in her Christian Democratic party’s bid to retain power in Saxony, where state elections are scheduled for Aug. 31. 16:00 CET (10:00 EDT) at Grimma, near Leipzig.

-ECONOMY: U.S. initial jobless claims (weekly), Bloomberg U.S. consumer comfort (weekly), Philadelphia Fed survey (Aug.), U.S. leading indicators (July), Mexico GDP (second quarter). HSBC China Manufacturing PMI (Aug.), Hong Kong CPI (July), Markit/JMMA Japan Manufacturing PMI (Aug.), Swiss exports (July), German PMI (Aug.), French PMI (Aug.) U.K. retail sales (July), U.K. public finances (July), euro-area consumer confidence (August), Netherlands unemployment rate (July), euro-area PMI (Aug.), Norway GDP (second quarter), Slovakia unemployment rate (July), Lithuania industrial output (July), Latvia PPI (July).

-CENTRAL BANKS: Poland minutes.

-EARNINGS: Gap Inc., Salesforce.com Inc., Bank of Communications Co., China Resources Enterprise Ltd., Li & Fung Ltd., Koninklijke Ahold NV.


-ECB President Mario Draghi speaks at the Federal Reserve Bank of Kansas City’s economic symposium in Jackson Hole. 12:30 local time (14:30 EDT).

-Ukrainian President Petro Poroshenko may call early parliamentary elections following last month’s collapse of the governing coalition. The ballot is likely to be held within two months.

-Thailand’s junta-appointed National Legislative Assembly will select the country’s next prime minister, who along with the junta will be tasked with overseeing the government until elections are held late next year at the earliest. The assembly is expected to select Prayuth Chan-Ocha, the army chief who led the May 22 coup. Time to be determined.

-Nigeria’s government gives a further update on security in the northeast. 13:00 in Abuja (08:00 EDT).

-ECONOMY: Canada inflation (July), Mexico bi-weekly CPI. (Aug.15), Netherlands consumer spending (June), Croatia unemployment rate (July).


-SOVEREIGN RATING UPDATES: Botswana (Moody’s), Congo (S&P), Denmark (Fitch), Georgia (Moody’s), Mozambique (Moody’s), Romania (Moody’s), Slovakia (Fitch), Ukraine (Fitch).


-No major events scheduled.