U.S. Jobs, Services, ECB, BOE, NATO: Week Ahead Dec. 1 - Dec. 6
Dec. 1 (Bloomberg) -- Employers in the U.S. added more than 200,000 jobs in November as the country closes in on its strongest year for payroll gains since 1999, a report this week may show.
Growth in U.S. manufacturing probably eased in November while service industries expanded at a faster pace. The Fed Beige Book is also released.
Secretary of Homeland Security Jeh Johnson will testify at a U.S. House hearing on immigration.
Interest-rate decisions will be made in the euro region, the U.K., Australia, Canada, Mexico and Brazil.
The European Central Bank will also release revised economic forecasts.
North Atlantic Treaty Organization foreign ministers meet to discuss Russia, eastern Europe and Afghanistan.
MONDAY, DEC. 1
-U.S. manufacturing probably eased in November, according to a Bloomberg survey, indicating that factories are withstanding slower global markets as domestic demand improves. The Institute for Supply Management reports at 10:00 in Washington.
-North Atlantic Treaty Organization Secretary General Jens Stoltenberg comments on policy toward Russia in a news conference on the eve of a meeting of foreign ministers. 10:00 CET in Brussels (04:00 EST).
-French President Francois Hollande and Spanish Prime Minister Mariano Rajoy meet in Paris, accompanied by senior cabinet members from both countries. Timing to be determined.
-Japan releases companies’ capital spending, profit and sales data for the third quarter. The figures will be used to revise third-quarter economic growth, which showed an annualized 1.6 percent contraction in the initial reading. 08:50 in Tokyo (11/30 18:50 EST).
-Herbalife Ltd. will seek approval from a federal judge for a $15 million class-action settlement over claims that the company’s business model is a pyramid scheme that doesn’t allow distributors of its products to make a profit. U.S. authorities are probing the maker of weight-loss shakes and nutritional supplements following accusations by hedge-fund manager Bill Ackman that it misrepresents sales figures and sells products at inflated prices. 13:30, federal court, Los Angeles (16:30 EST).
-Bank of Portugal Governor and European Central Bank Governing Council Member Carlos Costa, Finance Minister Maria Luis Albuquerque, Novo Banco SA Chief Executive Officer Eduardo Stock da Cunha, Banco BPI SA CEO Fernando Ulrich, Caixa Geral de Depositos SA CEO Jose de Matos and Banco Comercial Portugues SA CEO Nuno Amado speak at a conference on banking organized by Diario Economico. 09:30 in Lisbon (04:30 EST).
-Russian President Vladimir Putin visits Turkey. The countries are expected to increase cooperation in energy projects and to discuss issues including regional security. Timing to be determined.
-Bank of Portugal Governor and ECB Governing Council Member Carlos Costa speaks at a conference hosted by the Portuguese central bank on services businesses. 15:00 in Lisbon (10:00 EST).
-United Nations climate talks take place in Peru, where negotiators from more than 190 countries will meet. 10:00 in Lima (10:00 EST). Through 12/12.
-South African Reserve Bank Governor Lesetja Kganyago leads a monetary policy forum. 18:00 in Pretoria (11:00 EST).
-U.S. government bond auctions, Fed debt purchases. Click here for schedule.
-U.S. initial public stock offerings. Click here for schedule.
-U.S. Supreme Court. Click here for schedule.
-ECONOMY: South Korea trade data (Nov.), China manufacturing PMI (Nov.), HSBC China manufacturing PMI (Nov.), HSBC Taiwan manufacturing PMI (Nov.), Hong Kong retail sales (Oct.), euro-area manufacturing PMI (Nov.), U.K. mortgage approvals (Oct.), U.K. manufacturing PMI (Nov.), Halifax U.K. house prices (Nov.), Italian GDP (third quarter), HSBC Turkey manufacturing PMI (Nov.), South Africa manufacturing PMI (Nov.), Russia, Poland, Czech Republic HSBC manufacturing PMI (Nov.), Hungary PMI (Nov.), Russian reserve and wellbeing fund balances (Nov.).
TUESDAY, DEC. 2
-U.S. House hearing on immigration. Secretary of Homeland Security Jeh Johnson will testify before the House Homeland Security Committee on President Barack Obama’s executive order aimed at easing U.S. deportation regulations. Obama’s directive will defer for three years deportation for people who came to the U.S. as children and for parents of children who are citizens or legal permanent residents. 09:00 in Washington.
-NATO foreign ministers discuss policy toward Russia, the reinforcement of eastern Europe and the next steps in Afghanistan. The one-day meeting starts at about 10:30 CET in Brussels (04:30 EST).
-Kerry in Brussels. U.S. Secretary of State John Kerry visits Brussels for a meeting of North Atlantic Treaty Organization foreign ministers. Tomorrow, he will lead a session with coalition partners on the fight against Islamic State terrorists, followed by a visit to Basel, Switzerland, for discussions on Ukraine, and then to London for a conference on Afghanistan.
-Air-bag recall. The National Highway Traffic Safety Administration told Takata Corp. on Nov. 26 to declare a recall by Dec. 2 that identifies a defect in “driver’s side air bag inflators and is nationwide in scope.” Failure to do so may lead NHTSA to force a recall and issue civil fines of $7,000 per violation.
-Campaigning begins for the Dec. 14 elections to Japan’s lower house as Prime Minister Shinzo Abe seeks a renewed mandate for his economic policies. Abe dissolved parliament last month, less than two years into his four-year term, after the economy slipped into recession as the fallout from a sales tax increase overwhelmed his efforts to spur growth and end two decades of deflation.
-The Australian Bureau of Agricultural and Resource Economics and Sciences issues production estimates for wheat, barley, canola and cotton. Australia is the world’s biggest exporter of barley and the second-largest shipper of canola. It’s ranked third for cotton sales and fourth in wheat. 00:01 in Canberra (12/01 08:01 EST).
-Bank of Greece Governor and ECB Governing Council member Yannis Stournaras speaks at the American-Hellenic Chamber of Commerce conference in Athens. 09:00 local time (02:00 EST).
-South African Finance Minister Nhlanhla Nene speaks at the South African Institute of International Affairs conference. 08:30 in Johannesburg. (01:30 EST).
-ECONOMY: U.S. total vehicle sales (Nov.), Australia current account (third quarter), South Korea consumer prices (Nov.), Japan monetary base (Nov.), Japan wages (Oct.), U.K. construction PMI (Nov.).
-CENTRAL BANKS: Australia rate decision.
-Peterson’s NFL suspension. Minnesota Vikings running back Adrian Peterson’s appeal of his suspension for the remainder of the NFL season will be heard by an independent arbitrator. The NFL, which suspended Peterson for child-abuse charges related to his son, hasn’t disclosed the time and place of the hearing.
WEDNESDAY, DEC. 3
-U.S. service industries probably expanded at a faster pace in November than a month earlier, according to a Bloomberg survey. Services make up almost 90 percent of the economy and include retailers and builders. The Institute for Supply Management will release the numbers at 10:00 in Washington.
-Fed Beige Book. The Fed’s survey based on reports from the 12 regional banks of the Federal Reserve system will give the Federal Open Market Committee anecdotal information about the economy before its Dec. 16-17 policy meeting. 14:00 in Washington.
-U.K. Chancellor of the Exchequer George Osborne makes his Autumn Statement to Parliament, announcing new forecasts for growth and the budget deficit and setting out planned changes to taxation and spending. With five months to the general election, Osborne will seek to persuade voters that his Conservative Party is a better choice than the Labour opposition to handle the economy. The speech starts at 12:30 in London (07:30 EST).
-FDIC-IndyMac tax refund settlement. The U.S. Federal Deposit Insurance Corp. will ask for a bankruptcy judge’s approval of a settlement to give the trustee for IndyMac Bancorp Inc. a $58.6 million tax refund in exchange for the FDIC getting an approved general unsecured claim in the same amount. 14:00, U.S. bankruptcy court, Los Angeles (17:00 EST).
-Bank of Canada rate decision. The central bank will keep its benchmark rate at 1 percent, according to a Bloomberg News survey of economists. Governor Stephen Poloz said in November the recovery in the export sector has been slower than in previous economic cycles, and the nation’s economy still requires monetary stimulus. 10:00 in Ottawa (10:00 EDT).
-Brazil rate decision. Banco Central do Brasil may raise borrowing costs by a quarter point, to 11.5%, for the second straight meeting, according to a Bloomberg survey, as the annual inflation rate remains above the top of policy makers’ target range. 20:00 in Brasilia (17:00 EDT).
-ECONOMY: ADP U.S. employment (Nov.), Australia GDP (third quarter), China Non-manufacturing PMI (Nov.), HSBC China services PMI (Nov.), HSBC China composite PMI (Nov.), HSBC Hong Kong PMI (Nov.), euro-area services PMI (Nov.), euro-area GDP (third quarter), U.K. services PMI (Nov.), Swiss GDP (third quarter), Turkey CPI (Nov.), South Africa business confidence (Nov.), Romania GDP (third quarter), Hungary GDP (third quarter).
-CENTRAL BANKS: Poland rate decision.
THURSDAY, DEC. 4
-Bank of England policy meeting. The Monetary Policy Committee will keep its benchmark interest rate at a record-low 0.5 percent today, according to a survey of economists. While the nine-member committee has split in recent months, with two officials voting to increase the key rate, Governor Mark Carney has said the economy still requires stimulus. London 12:00 (07:00 EST)
-European Central Bank rate decision. ECB policy makers are assessing the impact of stimulus measures started in recent months and will release revised economic forecasts. The decision is at 13:45 CET in Frankfurt (07:45 EST), followed by a press conference at 14:30 CET.
-South Korea releases third-quarter GDP data, after preliminary figures showed the economy grew 0.9% from the previous quarter, matching economists’ median estimate. 08:00 in Seoul (12/03 18:00 EST).
-Bank of Japan board member Takehiro Sato holds a press conference after earlier delivering a speech. Sato dissented from the board’s Oct. 31 decision to increase the pace of monetary easing, then voted with the majority of the board to keep the new target at the next meeting. 14:00 in Koichi, central Japan (00:00 EST).
-Bitcoin auction. The U.S. Marshals Service auctions 50,000 bitcoins, part of the haul seized by the federal government last year after the illicit Silk Road marketplace was shut down and its alleged operator, Ross William Ulbricht, was arrested. In a separate June auction, venture capitalist Tim Draper won about 30,000 bitcoins, which were valued at about $19 million based on exchange prices at the time. The bidding takes place online from 08:00 to 14:00 EST. The winner will be notified tomorrow.
-The 20th Annual Asia International Coffee Conference takes place in Vietnam. The speakers include Luong Van Tu, chairman of the Vietnam Coffee and Cocoa Association; Keith Flury, head of coffee research at Volcafe; and Julian Dixon, commodity broker at INTL FCStone Inc. 09:00 in Ho Chi Minh City (12/03 21:00 EST). Through 12/05.
-ECB Executive Board member Benoit Coeure speaks at a conference in Brussels. 15:15 CET (09:15 EST).
-ECONOMY: U.S. initial jobless claims (weekly), Bloomberg U.S. consumer comfort (weekly), Challenger U.S. job cuts (Nov.), French unemployment rate (third quarter), Russia may publish CPI (Nov.).
-Art Basel Miami Beach, the largest art fair in the U.S., opens to the public. Through Dec. 7.
-Golf. Tiger Woods returns from a back injury at the Hero World Challenge at the Isleworth Golf & Country Club in Windermere, Florida. Woods hasn’t played since missing the 36-hole cut at the PGA Championship in August. Tee times to be determined.
FRIDAY, DEC. 5
-U.S. jobs reports. Employers probably added more than 200,000 jobs in November for the tenth straight month as the U.S. closes in on its strongest year for payroll gains since 1999, according to the Bloomberg survey as of Nov. 26. The jobless rate is projected to drop to 5.7 percent from 5.8 percent in October. The Labor Department reports at 08:30 in Washington.
-Obama-Abdullah. President Barack Obama meets with King Abdullah of Jordan at the White House to discuss Middle East issues including the growth of Islamic State, refugees from Iraq and Syria, and the tensions in Jerusalem. In Washington. Time to be announced.
-Mexico’s central bank will probably leave its benchmark interest rate unchanged after unexpectedly cutting borrowing costs a half point in June to 3 percent. Since the cut, the annual inflation rate has climbed above the 4 percent upper limit of Banco de Mexico’s target range. 09:00 in Mexico City (10:00 EST).
-International Monetary Fund-Chile Finance Ministry Conference on the Challenges for Securing Growth in Latin America. Speakers include IMF Managing Director Christine Lagarde and the central bank presidents of Argentina, Brazil, Canada, Chile and Mexico. Through Dec. 6 in Santiago.
-Bundesbank President and ECB Governing Council member Jens Weidmann speaks at a conference in Frankfurt. 10:30 CET (04:30 EST).
-ECONOMY: U.S. trade balance (Oct.), U.S. factory orders (Oct.), U.S. consumer credit (Oct.), Brazil IPCA inflation index (Nov.), Hong Kong foreign reserves (Nov.), Taiwan CPI (Nov.), Taiwan foreign reserves (Nov.), South Africa gross and net reserves (Nov.), Russia may publish CPI (Nov.), Estonia CPI (Nov.), Hungary industrial production (Oct.), Ukraine CPI (Nov.), Ukraine official reserves (Nov.).
-SOVEREIGN RATING UPDATES: Angola (Moody’s), Azerbaijan (Moody’s), Burkina Faso (S&P), Cameroon (Fitch), Cyprus (DBRS), Ethiopia (Moody’s), Gabon (Fitch), Ireland (S&P), Italy (S&P), Kazakhstan (S&P), Latvia (Fitch), Oman (S&P), Saudi Arabia (S&P), Sweden (DBRS & Moody’s), Turkey (Moody’s).
SATURDAY, DEC. 6
-Louisiana Senate, House runoffs. Democratic U.S. Senator Mary Landrieu trails Republican Representative Bill Cassidy in her bid for a fourth term, according to the latest polls as of Nov. 26. Landrieu won 42 percent of the vote in the first-round vote on Nov. 4, below the majority needed for outright victory. Landrieu, the outgoing chairwoman of the Senate Energy Committee, fell one vote short on Nov. 18 of the Senate approving construction of the Keystone XL pipeline. Republicans also are favored to win runoffs in Louisiana’s 5th and 6th Congressional Districts. Polls close at 21:00.
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