Davos, Obama Speech, ECB, IMF, Tennis: Week Ahead Jan. 19-24

(Bloomberg) -- Global business and political leaders will meet in Davos, Switzerland, for the World Economic Forum to discuss a range of economic issues and current affairs.

U.S. President Barack Obama delivers his sixth State of the Union address the day before he sends a delegation to Havana to begin talks on normalizing relations with Cuba.

Housing starts in the world’s biggest economy rose in December after falling a month earlier, a report may show.

The International Monetary Fund releases its update to the World Economic Outlook. China publishes growth figures.

European Central Bank President Mario Draghi is expected to announce government-bond purchases after the Governing Council holds its first policy meeting of the year.

Japan, Canada and Brazil make decisions on monetary policy.

Companies releasing earnings include General Electric Co., McDonald’s Corp., Morgan Stanley and Unilever NV.

The Australian Open tennis grand slam starts in Melbourne.

MONDAY, JAN. 19

-European Union foreign ministers meet to discuss policy toward Russia and their response to the terrorist attacks in France. 09:30 CET (03:30 EST) in Brussels, followed by news conference.

-Iran nuclear talks. World powers and Iran meet in Geneva as they seek an accord to end their 12-year-old dispute over the country’s nuclear work. Timing to be determined.

-German Chancellor Angela Merkel and President John Dramani Mahama of Ghana hold talks on Africa’s economy and peacekeeping. Mahama holds the rotating presidency of the Economic Community of West African States. Joint press conference at 13:15 CET (07:15 EST).

-Munich’s annual Digital Life Design conference is expected to draw startup, technology and media executives from across the globe as it continues through Jan. 20. Speakers include Rocket Internet AG CEO Oliver Samwer and EU digital-economy commissioner Guenther Oettinger, as well as venture capitalists and academics.

-The World Future Energy Summit takes place in Abu Dhabi. Speakers include Suhail Al Mazrouei, minister of energy for the United Arab Emirates. 09:00 in Abu Dhabi (00:00 EST). Through 01/22.

-The European Bank for Reconstruction and Development publishes economic forecast updates for the 35 developing nations from Morocco to Russia in which it invests. 10:00 in London (05:00 EST).

-U.S. public holiday marking the late civil rights leader Martin Luther King Jr.’s birthday. U.S. equity and bond markets are closed.

-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: Hong Kong unemployment (Dec.), Rightmove U.K. house prices (Jan.), Ukraine industrial production (Dec.).

-Australian Open tennis. The first grand slam of the year starts in Melbourne and runs through Feb. 1.

TUESDAY, JAN. 20

-State of the Union. President Barack Obama delivers his sixth State of the Union address to a joint session of U.S. Congress. The president is expected to focus on the improving economy and lay out proposals for education spending, protections against cyberthreats, and the rewriting of immigration laws. He’ll also probably address climate change. Many of his initiatives would require action by Congress, which is controlled by Republicans. 21:00 in Washington.

-The International Monetary Fund releases an update to its World Economic Outlook, which on Oct. 7 predicted a global expansion of 3.8 percent this year. Since then, oil prices have plunged and the U.S. economy has strengthened while the euro area and China have seen slower growth. Chief economist Olivier Blanchard will hold a press conference in Beijing. 11:00 in Beijing (1/19 22:00 EST).

-BP Gulf of Mexico spill-penalty trial. The next phase begins in the multiyear litigation over BP Plc’s 2010 oil spill. A nonjury trial will address issues including the seriousness of BP’s violation of U.S. environmental laws, its past record and the potential impact fines the U.S. seek is seeking against the company. A ruling won’t be made for several months. 08:00 in New Orleans (09:00 EST).

-China may say fourth-quarter economic growth fell to about 7.2 percent, the slowest since 2009, as a property slump weighs on the world’s second-largest economy. China will also announce industrial production, fixed-asset investment and retail sales data for December. 10:00 in Beijing (01/19 21:00 EST).

-Chinese Premier Li Keqiang attends the World Economic Forum in Davos through Jan. 22, becoming the highest-level Chinese leader to attend the event since 2009. He’s expected to make a keynote speech about China’s economy on the opening day of the forum.

-The Australian government’s weather forecaster publishes its latest predictions for El Nino, which brings dryness to Southeast Asia and heavier-than-usual rainfall for South America. From 14:00 in Melbourne (01/19 22:00 EST).

-ECONOMY: Taiwan export orders (Dec.), Morocco CPI (Dec.), German ZEW investor confidence (Jan.), Polish employment (Dec.), Polish wages (Dec.).

-CENTRAL BANKS: Nigeria rate decision, Turkey rate decision, Polish meeting minutes.

-EARNINGS: Morgan Stanley, International Business Machines Corp., Johnson & Johnson, Netflix Inc., Halliburton Co., Novozymes A/S, Unilever NV, SAP SE.

WEDNESDAY, JAN. 21

-World Economic Forum. More than 40 heads of state and governments and business leaders meet in Davos through Jan. 24 to discuss range of global economic issues and current affairs. Click here for the agenda.

-U.S. housing starts, or the beginning of new home construction, probably rose in December after declining a month earlier, according to a Bloomberg survey, reflecting the erratic recovery of the home market. The Commerce Department reports at 08:30 in Washington.

-U.S. Supreme Court and housing-bias lawsuits. Justices will hear oral arguments on whether the federal Fair Housing Act can be invoked when a practice had a “disparate impact” on racial minorities, or only when bias is deliberate. The Obama administration has secured hundreds of millions of dollars from banks using the impact theory. The court will rule later this term. 10:00 in Washington.

-The Bank of England releases the minutes of its Monetary Policy Committee’s meeting on Jan. 7-8. 09:30 in London (04:30 EST).

-Bank of Canada rate decision and monetary policy report. The central bank is expected to keep its benchmark rate at 1 percent, and may give a detailed analysis on the impact of falling oil prices in its quarterly policy report. 10:00 in Ottawa (10:00 EST).

-Brazil rate decision. Banco Central do Brasil may raise borrowing costs by a half-point to 12.25%, according to a Bloomberg survey. 20:00 in Brasilia (17:00 EST).

-Cuba talks. U.S. Assistant Secretary of State Roberta Jacobson leads a delegation to Havana to begin talks on normalizing relations with the Communist nation as part of President Obama’s efforts to ease a five-decade embargo. Through Jan. 22.

-The Bank of Japan announces monetary policy at the end of a two-day meeting in Tokyo. The central bank will release updated inflation and growth forecasts. Core consumer prices, excluding the effects of last April’s sales tax increase, rose 0.7 percent in November from a year earlier, as falling oil prices dragged inflation down. The BOJ is aiming for stable 2 percent price gains. The meeting ends at about midday and is usually followed by a press conference with Governor Haruhiko Kuroda at 15:30 in Tokyo (01:30 EST).

-A court ruling is expected in Malaysia on whether the Catholic Church there can use the word Allah in its publications.

-Petroleum Economist holds a conference on cooperation in the Persian Gulf. Speakers include Ali Al-Omair, oil minister for Kuwait. 09:00 in Kuwait City (01:00 EST).

-The U.S. Energy Information Administration releases its weekly oil inventory report. 10:30 in Washington.

-ECONOMY: U.S. building permits (Dec.), New Zealand CPI (fourth quarter), South Africa CPI (Dec.), U.K. ILO unemployment rate (Nov.), Lithuania industrial production (Dec.), Poland industrial output (Dec.), Poland PPI (Dec.).

-EARNINGS: American Express Co., EBay Inc., UnitedHealth Group Inc., SGS SA, ASML Holding NV.

THURSDAY, JAN. 22

-ECB policy decision. European Central Bank President Mario Draghi is expected to announce broad-based government bond purchases after the Governing Council holds its first policy meeting of the year. With deflation risks increasing in the euro area, the Governing Council has debated various forms of quantitative easing, and policy makers including Executive Board member Benoit Coeure have said there’s broad consensus for action as early as Jan. 22. Any decision in favor of QE would be an historic one for the ECB, which is restricted by a European law prohibiting it from financing governments and mutualizing debt. Economists predict the ECB will keep interest rates unchanged at record lows. Rate announcement at 13:45 CET in Frankfurt (07:45 EST), followed by a press conference 14:30 CET.

-German Chancellor Angela Merkel addresses the World Economic Forum in Davos. Timing to be determined.

-Family Dollar Stores Inc. shareholders vote on a proposed purchase by Dollar Tree Inc. A decision on the agreement, which was announced in July, has been delayed twice. Investors have also been weighing a higher bid from Dollar General Corp. Family Dollar’s management has rejected that offer because they say it has a greater risk of failing to win regulators’ approval. 09:00 in Charlotte, N.C.

-First day of “Promoting Better Lifetime Planning Through Financial Education,” a symposium at the Asian Development Bank Institute in Tokyo. 10:00 in Tokyo (01/21 20:00 EST).

-The U.S. Energy Information Administration releases its weekly natural gas storage report. 12:00 in Washington.

-ECONOMY: U.S. initial jobless claims (weekly), Bloomberg U.S. consumer comfort (weekly), Mexico bi-weekly CPI, Taiwan unemployment (Dec.), Hong Kong inflation (Dec.), Ghana PPI (Dec.), Turkey consumer confidence (Jan.), Spanish unemployment rate (fourth quarter), Croatia unemployment rate (Dec.).

-EARNINGS: Verizon Communications Inc., Starbucks Corp., Hyundai Motor Co.

FRIDAY, JAN. 23

-U.S. purchases of previously owned homes, also called existing home sales, probably rose in December after dropping a month earlier to the lowest level since May, according to a Bloomberg survey. The National Association of Realtors issues the figures at 10:00 in Washington.

-HSBC and Markit announce a preliminary reading of their China manufacturing purchasing managers’ index for January. December’s final reading fell below 50 to 49.6 for the first time in six months, signaling a contraction. 09:45 in Beijing (01/22 20:45 EST).

-South Korea releases fourth-quarter gross domestic product data, with Bank of Korea Governor Lee Ju Yeol saying that the economy probably expanded 0.4 percent from the previous three months. 08:00 in Seoul (01/22 18:00 EST).

-Bank of Japan Deputy Governor Kikuo Iwata speaks during a conference at the Asian Development Bank Institute in Tokyo. 10:00 in Tokyo (1/22 20:00 EST).

-The Cocoa Association of Asia is set to publish processing data for the region, the fastest-growing consumer of chocolate. The data are for factories in Malaysia, Singapore and Indonesia. From 09:00 in Kuala Lumpur (01/22 20:00 EST).

-Thailand’s junta-appointed legislature is scheduled to vote on whether to impeach former Prime Minister Yingluck Shinawatra for alleged negligence in her government’s rice purchasing program. The decision threatens to ignite political tensions in the military-ruled nation. 13:00 in Bangkok (01:00 EST).

-ECONOMY: Chicago National Activity Index (Dec.), U.S. leading indicators (Dec.), Brazil IPCA-15 inflation index (Jan.), Brazil current account balance (Dec.), Taiwan industrial production (Dec.), euro-area preliminary PMIs (Jan.), French business confidence (Jan.).

-EARNINGS: General Electric Co., McDonald’s Corp., Kia Motors Corp.

-SOVEREIGN RATING UPDATES: Belgium (S&P), Croatia (S&P), Czech Republic (S&P), Denmark (DBRS), France (Moody’s), Kenya (Fitch), Republic of Congo (Moody’s), Rwanda (Fitch), Slovenia (Moody’s), U.K. (Moody’s).

SATURDAY, JAN. 24

-No major events scheduled.

To contact the reporters on this story: James Amott in London at +44-20-3525-4206 or jamott@bloomberg.net; Greg Miles in New York at +1-212-617-5877 or gmiles1@bloomberg.net; Keat Kian Koh in Singapore at +65-6212-1580 or kkoh@bloomberg.net To contact the editors responsible for this story: Andy Davidson at +1-212-617-8977 or adavidson@bloomberg.net Nancy Moran, Tal Barak Harif

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