U.S. Jobs, Modi, AIG, Tankan, ECB: Week Ahead Sept. 27-Oct. 4undefined
U.S. employers accelerated hiring this month and the jobless rate held at 6.1 percent, matching the lowest level since 2008, data in the coming week may show.
Personal spending and manufacturing also expanded in the world’s largest economy as consumer confidence remained near a seven-year high, data may show.
The European Central Bank will announce its decision on monetary policy and the Bank of Japan will release its Tankan business confidence survey.
Indian Prime Minister Narendra Modi visits the U.S. to meet with President Barack Obama, corporate executives and other leaders.
U.K. Prime Minister David Cameron gives the keynote speech at his Conservative Party’s annual conference outlining the Tory platform for the 2015 general election.
Major League Baseball’s postseason begins.
SATURDAY, SEPT. 27
-United Nations 69th General Assembly continues. World leaders address the body today through Sept. 30. Starts at 09:00 each day in New York.
-Modi’s U.S. visit. Indian Prime Minister Modi’s trip will include an address at the UN General Assembly in New York, a speech to the Indian-American community at Madison Square Garden, meetings with U.S. corporate executives, and a two-day visit to Washington to meet with President Obama and administration officials. Through Sept. 30.
-U.K. Independence Party leader Nigel Farage addresses the anti-European Union group’s annual conference in Doncaster, northern England, as it makes a push to win seats in the 2015 general election. Speech starts 15:00 (10:00 EDT).
-South Africa Finance Minister Nhlanhla Nene speaks at the Regent Business School graduation ceremony. Event starts at 10:30 in Durban. (4:30 EDT).
-The Globoil India cooking oils conference takes place in Mumbai. Scheduled speakers include Dorab Mistry, the director of Godrej International Ltd. 10:00 in Mumbai (00:30 EDT). Through Sept. 28.
-ECONOMY: China industrial profits (Aug.)
-Ryder Cup. European golfers attempt to capture the trophy for the third time in a row as the U.S. team plays without Tiger Woods for the first time since 2008, when he was injured. He’s played seven times, but won’t participate due to a back injury. Starts 07:45 in Gleneagles, Scotland (02:45 EDT). Through Sept.
-Premier League. Liverpool takes on crosstown rival Everton at 12:30 (07:30 EDT). Arsenal hosts Tottenham in the north London derby while leader Chelsea meets third-placed Aston Villa.
-U.S. college football. Click here for game schedules.
SUNDAY, SEPT. 28
-Former Federal Reserve Chairman Ben S. Bernanke speaks to the National Association for Business Economics. 11:15 in Chicago (12:15 EDT).
-U.K. Prime Minister Cameron is interviewed on BBC Television’s “Andrew Marr Show” as his Conservative Party gathers for its final annual conference before the 2015 general election. Program starts 09:00 in Birmingham, central England (04:00 EDT).
-Conservative Party Conference. The leader of the House of Commons, William Hague, who’s overseeing plans to give English lawmakers more rights over England-only legislation following the Scottish independence referendum, addresses the conference at 15:30 in Birmingham (10:30 EDT). The Tories’ annual conference runs through Oct. 1.
-The city of Geneva is voting on construction of a tunnel below Lake Geneva to ease traffic congestion. Also, the Swiss hold national referendums on reducing the valued-added tax rate in restaurants and changing the national health-insurance system to a single public provider. Both measures are expected to fail. Results due after 12:00 local time (06:00 EDT).
-Oracle OpenWorld. Oracle Corp. opens its annual U.S. conference in San Francisco. Larry Ellison will give his first speech as the company’s chairman and chief technology officer at 17:00 (20:00 EDT). Through Oct. 2.
-NFL. The Philadelphia Eagles will try to extend their record to 4-0 as they visit the San Francisco 49ers, who are 1-2. (16:25 EDT). The Cincinnati Bengals and Arizona Cardinals are the only other undefeated teams.
MONDAY, SEPT. 29
-U.S. personal spending probably rebounded in August, according to a Bloomberg survey, on the heels of stronger motor-vehicle sales and spurred by job and income growth. The consumer accounts for about 70 percent of the U.S. economy. The Commerce Department will release the figures at 08:30 in Washington.
-Obama-Modi visit. Indian Prime Minister Modi arrives in Washington for two days of meetings with President Obama and administration officials. Times to be announced.
-Maurice “Hank” Greenberg’s Starr International Co. goes to trial over the government bailout of American International Group Inc. in 2008. Starr, then AIG’s biggest investor, is seeking more than $25 billion in damages. The class-action suit will be heard in a trial expected to last six weeks. 09:30, U.S. Court of Federal Claims, Washington.
-Detroit bankruptcy trial on feasibility and fairness of city’s debt-reduction plan resumes before U.S. judge. The city argues it needs to eliminate about $7 billion in liabilities in order to get on its feet. Among unresolved issues is Detroit’s world-class art collection, which the city wants to keep. Bond insurer Financial Guaranty Insurance Co. says the art should be sold to pay creditors. 08:30, U.S. Bankruptcy Court, Detroit.
-Gay marriage at U.S. Supreme Court. The justices may take up same-sex marriage appeals from Utah, Virginia and Oklahoma, among other cases, at a private conference held a week before the start of the 2014-15 term. The court may announce later in the week its decision on whether to accept the cases. In Washington.
-U.K. Chancellor of the Exchequer George Osborne addresses the Conservative Party Conference, setting out details of the economic policy he hopes will return his party to power in the May 2015 general election. 12:00 in Birmingham (07:00 EDT).
-Spanish Budget Minister Cristobal Montoro is expected to present the government’s 2015 budget in Parliament today or tomorrow. Timing to be determined.
-Finnish Prime Minister Alexander Stubb meets with German Chancellor Angela Merkel at 15:45 in Berlin (11:45 EDT).
-Russian President Vladimir Putin, Azeri President Ilham Aliyev, Iranian President Hassan Rouhani, Kazakh President Nursultan Nazarbayev and Turkmen President Gurbanguly Berdymukhammedov take part in the fourth Caspian summit in Astrakhan. Timing to be determined.
-United Nations 69th General Assembly continues. World leaders address the body today through Sept. 30. Starts at 09:00 each day in New York.
-U.S. government bond auctions, Fed debt purchases. Click here for weekly schedule.
-ECONOMY: U.S. pending home sales (Aug.), euro-area economic confidence (Sept.), euro-area consumer confidence (Sept.), Spain CPI (Sept.), U.K. Mortgage Approvals (Aug.) German CPI (Sept.), Brazil IGP-M inflation index (Sept.), Hong Kong retail sales (Aug.), S. Korea current account (Aug.)
-CENTRAL BANKS: National Bank of Angola Policy Rate
TUESDAY, SEPT. 30
-U.S. consumer confidence in September probably held close to an almost seven-year high, according to a Bloomberg survey, reinforcing signs of an improved U.S. economic outlook. The Conference Board’s report will be issued at 10:00 in New York.
-Japan reports industrial output for August after a weaker-than-expected result in July. Production has recently shown weakness, according to the Bank of Japan, due to April’s sales tax increase and lackluster overseas demand. 08:50 in Tokyo (09/29 19:50 EDT).
-Argentina faces payment deadline on government bonds. A U.S. federal court has blocked distribution of Argentina’s foreign debt payments until the nation settles with a group of holdout creditors. Argentina plans to deposit the funds in a new trustee account locally to avoid the funds being blocked again.
-Microsoft Corp. Chief Executive Officer Satya Nadella is in India to make a “strategic announcement.” 11:20 in New Delhi (01:50 EDT).
-South Korea’s government extends invitations to bid for a controlling stake in Woori Bank, the biggest part of a financial group it’s selling to recoup public funds spent on a 2001 bailout. Time to be determined.
-ECB Executive Board member Sabine Lautenschlaeger, ECB Governing Council member Ewald Nowotny, and ECB SSM Director Jukka Vesala speak at an Austrian conference on bank regulation. 08:00 in London (03:00 EDT).
-London Mayor Boris Johnson, the favorite to succeed Prime Minister Cameron as Conservative Party leader and who’s aiming to return to Parliament in the 2015 general election, addresses the Tories’ annual conference. 11:50 in Birmingham, central England (06:50 EDT).
-Swedish parliament opens for the first time after voters ousted the government of Prime Minister Fredrik Reinfeldt in Sept. 14 elections. 14:00 local time (08:00 EDT)
-Russian President Putin travels to Kazakhstan on the invitation of President Nazarbayev to attend a Russian-Kazakh business forum. Timing to be determined.
-Bank of Portugal Vice Governor Pedro Duarte Neves and Portuguese Economy Minister Antonio Pires de Lima are scheduled to speak at “The Portugal Conference,” organized by Euromoney. Millennium Hotel Mayfair, London. 09:15 (04:15 EDT).
-ECB Governing Council member and Slovak central-bank head Jozef Makuch holds press conference on revised economic forecasts at 12:00 London time (07:00 EDT).
-Bloomberg Canadian Fixed Income Conference. Speakers include Joe Oliver, Canadian finance minister; Ed Devlin, managing director at Pacific Investment Management Co.; and Geof Marshall, vice president of portfolio management at CI Investments Inc. Click here for speakers and full agenda. 08:30, Bloomberg headquarters, New York.
-ECONOMY: S&P/Case-Shiller Home Price Index (July), Chicago purchasing managers index (Sept.), euro-area unemployment (Aug.), euro-area CPI (Sept.), U.K. GDP (second quarter), U.K. Nationwide House Prices, Russia current account (second-quarter), Germany unemployment (Sept.), HSBC China Manufacturing PMI (Sept.), Hong Kong money supply (Aug.), South Korea industrial production (Aug.), Japan unemployment, household spending (Aug.), Japan retail sales (Aug.)
-CENTRAL BANKS: Romania key interest rate announcement, Bulgaria base interest rate.
-EARNINGS: Walgreen Co., Wolseley Plc.
-Major League Baseball playoffs. The postseason begins with the wild card game between the two teams in the American League with the best record who didn’t win their divisions. The National League plays its wild card game tomorrow. Time, teams and location to be determined. The World Series begins Oct. 21. Click here for postseason schedule.
WEDNESDAY, OCT. 1
-U.S. manufacturing probably expanded in September near a three-year high, according to a Bloomberg survey, showing American factories are helping power the expansion. The Institute for Supply Management reports at 10:00 in Washington.
-Bank of Japan releases its Tankan business confidence survey for September after the June report showed a decline to 12 in large manufacturers’ conditions. The outlook in that survey was for the index to rise to 15 in September. 08:50 in Tokyo (09/30 19:50 EDT).
-Obama-Netanyahu. Israeli Prime Minister Benjamin Netanyahu meets with President Obama at the White House to discuss topics including the Iran nuclear talks, the Gaza conflict and the U.S.-led operation against Islamic State in Syria and Iraq. Time to be announced.
-U.K. Prime Minister Cameron gives the keynote speech at the end of his Conservative Party’s annual conference, setting out the platform for the 2015 general election. 11:30 in Birmingham, central England (06:30 EDT).
-German Chancellor Merkel speaks at the annual conference of the BGA association of exporters and wholesalers and is likely to comment on the state of the economy. 14:15 in Berlin (08:15 EDT).
-German Covered Bond Group Congress on Infrastructure Finance/ABS holds two-day conference focused on using covered bonds in infrastructure financing. 10:00 in Berlin (04:00 EDT). Through Oct. 2.
-Lawmakers in the European Parliament’s economic and monetary affairs committee in Brussels quiz Jonathan Hill, the U.K.’s nominee to be its member of the next European Commission and who has been lined up to hold the commission’s financial-regulation portfolio. From 13:30 (07:30 EDT).
-Moody’s Investors Service holds one-day conference in Warsaw from 09:00 local time (03:00 EDT) to assess developments in Polish capital markets and the country’s safe-haven status within eastern Europe.
-Hong Kong national holiday. The protest group Occupy Central with Love and Peace may begin a sit-in aimed at paralyzing the city’s financial district in a demand for broader voting rights in the city’s 2017 leadership election. Schedule yet to be determined.
-ECONOMY: ADP U.S. employment (Sept.), U.S. vehicle sales (Sept.), Markit euro-area PMI (Sept.), Markit U.K. PMI (Sept.), HSBC Turkey PMI (Sept.), China Manufacturing PMI (Sept.), HSBC Taiwan Manufacturing PMI (Sept.), S. Korea trade data (Sept.), S. Korea consumer price index (Sept.).
THURSDAY, OCT. 2
-European Central Bank monetary policy decision. The Governing Council meets in Naples, Italy, and will probably keep all key rates unchanged. Decision at 13:45 (07:45 EDT). ECB President Mario Draghi holds a press conference in Naples at 14:30 (08:30 EDT).
-BOE’s Financial Policy Committee publishes statement following its September meeting. Officials took action in June to prevent an unsustainable buildup of debt. 09:30 in London (04:30 EDT).
-The Paris Motor Show. The biggest auto-industry event in Europe this year kicks off as the market’s recovery from a two-decade low is slowing. Carmakers are set to unveil their latest vehicles such as the Mercedes GT, Volvo XC90 and Jaguar XE. Starts at 07:30 in Paris (01:30 EDT).
-Hearings with nominated European commissioners continue in the European Parliament in Brussels. Ex-French Finance Minister Pierre Moscovici will be questioned from 09:00 (03:00 EDT) on how he would deal with countries with excessive debt and deficit levels. Lawmakers are scheduled to question Margrethe Vestager, nominated for competition commissioner from 18:00 (12:00 EDT).
-Hungarian central bank Vice President Adam Balog and Managing Director Marton Nagy speak at a conference on the outlook for the economy and banking sector from 09:55 in Budapest (03:55 EDT).
-Bank of Japan announces companies’ inflation forecasts, part of its Tankan survey of business sentiment. Time to be determined.
-The U.S. Energy Information Administration releases its weekly natural gas supply report. 10:30 in Washington.
-ECONOMY: U.S. initial jobless claims (weekly), Bloomberg U.S. consumer comfort (weekly), Challenger U.S. job cuts (Sept.), U.S. factory orders (Aug.) Brazil industrial production (Aug.).
-CENTRAL BANKS: Japan monetary base (Sept.).
-EARNINGS: Seven & I Holdings Co.
FRIDAY, OCT. 3
-U.S. jobs report. Employers accelerated hiring in September, according to a Bloomberg survey, after expanding head counts at the slowest pace this year the previous month. The jobless rate is projected to hold at 6.1 percent, matching the lowest level since 2008. The figures underscore Federal Reserve policy makers’ view that the labor market is showing signs of further improvement. At the same time, a low rate of labor-force participation, large numbers of long-term unemployed and limited wage gains indicate slack in the job market. The Labor Department releases data at 08:30 in Washington.
-ECONOMY: China Nonmanufacturing PMI (Sept.), HSBC Hong Kong PMI (Aug.)
-SOVEREIGN RATING UPDATES: Abu Dhabi (S&P), Andorra (S&P), Bulgaria (Moody’s), Denmark (S&P), Finland (Moody’s), Lithuania (Fitch & S&P), Nigeria (Fitch), Republic of Congo (Fitch & S&P), Turkey (Fitch), Zambia (S&P)
SATURDAY, OCT. 4
-No major events scheduled.