Fed Meeting, Abe, Apple, Buffett: Week Ahead April 25-May 2James Amott, Jim McDonald and Nancy Moran
The Federal Open Market Committee meets in Washington, with markets awaiting clues on the timing of any increase in the Federal Reserve’s benchmark interest rate.
The U.S. economy expanded at a slower annualized rate in the first quarter, a report probably will show. Home prices, manufacturing and consumer-confidence data are also released.
The U.K. publishes growth figures nine days before the country’s general election.
Japanese Prime Minister Shinzo Abe arrives in the U.S. for an official visit.
Deutsche Bank AG will provide details on its strategic overhaul.
U.S. Supreme Court justices will hear arguments for and against the right of same-sex couples to marry.
Apple Inc., BP Plc, Daimler AG, Pfizer Inc. and Sony Corp. are among companies releasing earnings, while Barclays Plc and BNP Paribas are among European banks reporting results.
Berkshire Hathaway Inc. celebrates its 50th anniversary under Warren Buffett at the company’s annual meeting.
SATURDAY, APRIL 25
-Republican Jewish Coalition Spring Leadership Meeting. Led by donor Sheldon Adelson, the gathering continues in Las Vegas with presidential candidate Senator Ted Cruz and former Texas Governor Rick Perry among scheduled speakers. Through 04/26.
-The Iowa Faith & Freedom Coalition holds its 15th Annual Spring Kickoff. Republican presidential candidates Senator Rand Paul of Kentucky, Senator Marco Rubio of Florida and Senator Ted Cruz of Texas are scheduled to speak. Former Texas Governor Rick Perry, ex-Arkansas Governor Mike Huckabee, Wisconsin Governor Scott Walker, and former Hewlett-Packard Co. Chief Executive Officer Carly Fiorina are among prospective candidates also scheduled to participate. 17:00 in Waukee, Iowa.
-European Union finance ministers continue their two-day meeting, discussing long-term measures to shore up the area’s economy, the role banks play in Europe’s financing needs and tax transparency. News conference scheduled for 12:00 in Riga, Latvia (05:00 EDT).
-Nominations begin for candidates in a Malaysian special election for the seat formerly held by opposition leader Anwar Ibrahim, who was disqualified following a five-year prison sentence for a sodomy conviction. Voting will take place on May 7.
-Togo presidential election. Incumbent Faure Gnassingbe, in office since 2005, is expected to beat the four main opposition candidates. The election was delayed by 10 days due to a dispute over the voting register. Timing to be determined.
-U.S. President Barack Obama is the guest of honor at the annual White House Correspondents’ Association Dinner in Washington.
-The National Basketball Association best-of-seven, first-round postseason continues with Atlanta at Brooklyn (Game 3 at 15:00), Chicago at Milwaukee (Game 4 at 17:30), Golden State at New Orleans (Game 4 at 20:00) and Memphis at Portland (Game 3 at 22:30)
-National Hockey League best-of-seven, first-round playoffs continue with times still to be determined. Washington at New York Islanders (Game 6), Detroit at Tampa Bay (Game 5), Nashville at Chicago (Game 6 if necessary), Vancouver at Calgary (Game 6 if necessary).
SUNDAY, APRIL 26
-Deutsche Bank AG earnings. The biggest German lender’s first-quarter results come after its management board on Friday announced plans to cut the company’s holding in the Postbank consumer unit to a minority stake and shrink its securities business. 15:00 CET (09:00 EDT). The bank tomorrow will provide details of the strategic overhaul on both an analyst call and during a press conference in Frankfurt.
-Japanese Prime Minister Shinzo Abe heads to the U.S. for an official visit that will include discussions on the proposed Trans-Pacific Partnership trade pact with President Barack Obama, a formal state dinner on April 28, speech to Congress on April 29, and stops in Boston, San Francisco and Los Angeles. Through May 3.
-Global Conference 2015. The nonprofit Milken Institute hosts the 18th gathering of leaders across business, government, finance, philanthropy and more to explore solutions to some of today’s most pressing challenges. BlackBerry Ltd. Chief Executive Officer John Chen, Nike Foundation President Maria Eitel and Allianz SE Chief Economic Adviser Mohamed El-Erian are among speakers at this year’s forum. For a full list of participants, click here. In Los Angeles through 04/29.
-Southeast Asian ministers and leaders gather in Kuala Lumpur and on the Malaysian resort island of Langkawi for three days of meetings on trade, regional cooperation and progress in establishing an Asean Economic Community.
-Kazakhstan holds a presidential election with Nursultan Nazarbayev expected to win a fifth term. Timing to be determined.
-London Marathon. Defending champion Wilson Kipsang of Kenya attempts to win a third title, while his compatriot, Edna Kiplagat, seeks to retain the women’s crown. The elite women start at 09:20 (04:20 EDT) and the elite men’s race begins at 10:10.
-The National Basketball Association playoffs continue with Cleveland at Boston (Game 4 at 13:00), Los Angeles at San Antonio (Game 4 at 15:30), Toronto at Washington (Game 4 at 18:30 p.m.) and Houston at Dallas (Game 4 at 21:00).
-National Hockey League best-of-seven, first-round playoffs continue with games and times still to be determined. New York Rangers at Pittsburgh (Game 6 if necessary), St. Louis at Minnesota (Game 6).
MONDAY, APRIL 27
-Deutsche Bank strategy. The biggest German lender will provide details on its plan to cut its holding in the Postbank consumer unit to a minority stake and shrink the securities business in a bid to revive profit. Analyst call at 08:00 CET (02:00 EDT), with a press conference at 10:30 CET (04:30 EDT) in Frankfurt.
-Iran bill. The U.S. Senate this week will debate legislation to require a congressional review of any nuclear agreement with Iran before sanctions can be lifted. The chamber may not vote on the measure until next week.
-The United Nations opens the review of the Treaty on the Non-Proliferation of Nuclear Weapons that it holds every five years. Two participants, Iran’s Foreign Minister Javad Zarif and U.S. Secretary of State John Kerry, may meet today to discuss continuing negotiations over curbing Iran’s nuclear program. The conference continues through May 22.
-U.S. Treasury Secretary Jacob J. Lew and Transportation Secretary Anthony Foxx are among participants in the “America on the Move: Investing in U.S. Infrastructure” panel, hosted by Bloomberg Government in partnership with the Building America’s Future bipartisan coalition. 08:00 in Washington.
-European Union President Donald Tusk, European Commission President Jean-Claude Juncker and EU foreign-policy chief Federica Mogherini attend the EU-Ukraine summit, after more than a year of violence in the east of the country and with sanctions against Russia due to expire in July. Timings in Kiev to be determined.
-Polish Prime Minister Ewa Kopacz and German Chancellor Angela Merkel meet for talks about Europe and relations between Germany and eastern Europe’s biggest economy. 11:30 in Warsaw (05:30 EDT), with a news conference at 14:20.
-The Milken Institute’s Global Conference 2015 continues in Los Angeles. Institute Chairman Michael Milken, National Institutes of Health Director Francis Collins and Brevan Howard Co-Founder Alan Howard are among today’s speakers. For a full list of participants, click here. Through 04/29.
-The U.S. Chamber of Commerce and the American Chamber of Commerce in China host the 6th China Business Conference. U.S. Trade Representative Michael Froman and former World Bank President Robert Zoellick will be among the speakers. 15:00 in Washington. Through 04/28.
-European Central Bank officials Benoit Coeure, Vitor Constancio and Daniele Nouy speak at a conference in Brussels. 10:30 CET (04:30 EDT).
-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: U.S. Markit Services PMI (April), Mexico unemployment rate (March), Japan retail sales (March), China industrial profits (March), German retail sales (March).
-CENTRAL BANKS: Angola rate decision, Israel rate decision.
-EARNINGS: Apple Inc., General Growth Properties Inc., Hartford Financial Services Group Inc., Laboratory Corp. of America Holdings, Fanuc Corp., Canon Inc., Komatsu Ltd., Tokyo Electron Ltd., Bankia SA.
TUESDAY, APRIL 28
-The Federal Open Market Committee begins a two-day meeting in Washington, with markets and investors awaiting clues on the timing of any increase in the Federal Reserve’s benchmark interest rate. Economists have pushed back to September from June their expectations for the first rate increase since 2006 as inflation lingers below the Fed’s 2 percent goal and growth slows. 09:00.
-Japanese Prime Minister Shinzo Abe meets with President Barack Obama as part of an official visit to the U.S. The leaders will cover topics including the proposed Trans-Pacific Partnership trade agreement, security and climate change. A State Dinner follows at the White House.
-Home prices in 20 U.S. cities probably gained at a slower pace in February from the prior month, according to a Bloomberg survey. The S&P/Case-Shiller index of property values will be released at 09:00 in Washington.
-The Conference Board’s index of U.S. consumer confidence probably climbed in April, according to a Bloomberg survey, as Americans remained upbeat about the prospects for employment. 10:00 in Washington.
-U.K. first-quarter gross domestic product figures are released. Coming nine days before the general election, this is the last snapshot of the economy heading into the vote and could boost or hamper the prospects of the incumbent Conservative and Liberal Democrat coalition. 09:30 in London (04:30 EDT).
-Gay marriage at U.S. Supreme Court. Justices will hear arguments for and against the right of same-sex couples to marry, which now exists in three-fourths of states. 10:00 in Washington.
-House appropriation bills. Two discretionary spending bills, one for U.S. military construction and veterans programs, and a second for energy and water programs, are slated to reach the floor of the House of Representatives for consideration this week.
-Danish Prime Minister Helle Thorning-Schmidt and German Chancellor Angela Merkel meet for talks. Denmark is holding elections this year and Merkel’s visit is the first since Thorning-Schmidt took office in 2011. The meeting starts at 12:20 CET in Copenhagen (06:20 EDT), with a joint news conference following at 14:10.
-Deutsche Bank AG Co-Chief Executive Officer Juergen Fitschen, former CEOs Josef Ackermann and Rolf Breuer, ex-Chairman Clemens Boersig and ex-Management Board member Tessen von Heydebreck go on trial on fraud charges related to the bank’s handling of a dispute over the collapse of the late Leo Kirch’s media empire. 10:00 CET (04:00 EDT) in Munich.
-Quadrennial Energy Review. The U.S. Senate Energy and Natural Resources Committee hears from Energy Secretary Ernest Moniz on the government-mandated review of the country’s energy infrastructure, or QER. 10:00 in Washington.
-Citigroup Inc. holds its annual meeting at 09:00 in New York. Shareholders will vote on a proposal that would defer a portion of top executives’ pay for 10 years, using the money to cover fines or legal settlements paid by the bank. Wells Fargo & Co. holds its annual meeting, available via webcast, at 08:30 (09:30 EDT) in St. Louis.
-Bloomberg Businessweek Design 2015. This year’s conference, linked to a special issue of the magazine, features speakers from leading technology and design companies such as Houzz, Pinterest, Pentagram and Google Ventures. Yerba Buena Center for the Arts, San Francisco. Click here for schedule.
-German Foreign Minister Frank-Walter Steinmeier visits EU candidate nation Serbia. Events start at 09:00 CET (03:00 EDT).
-ECONOMY: Brazil unemployment rate (March), French consumer confidence (April).
-EARNINGS: Merck & Co. Inc., Pfizer Inc., Bristol-Myers Squibb Co., Ford Motor Co., McGraw Hill Financial Inc., United Parcel Service Inc., Kraft Foods Group Inc., Aflac Inc., Boston Scientific Corp., Coach Inc., Honda Motor Co., Daiwa Securities Group Inc., Panasonic Corp., Tokyo Electric Power Co., Royal Philips NV, Swedbank AB, Daimler AG, BP Plc, Total SA, Banco Santander SA.
WEDNESDAY, APRIL 29
-U.S. GDP. The American economy probably expanded at a slower annualized rate in the first quarter of 2015 after growing 2.2 percent in the final quarter of 2014. The Commerce Department releases data at 08:30 in Washington.
-The Federal Open Market Committee decides on U.S. monetary policy on the second day of its Washington meeting. Policy makers said in their last statement on March 18 that a rate increase at this meeting “remains unlikely.” 14:00.
-Prime Minister Shinzo Abe will become the first Japanese leader to address a joint meeting of U.S. Congress during his eight-day trip to the country. Timing to be determined.
-Death-penalty drug before U.S. Supreme Court. Justices will hear arguments on the use of a sedative in inmate lethal injections amid claims that it fails to prevent a painful death, and thus amounts to cruel and unusual punishment. 10:00 in Washington.
-The U.S. House Armed Services Committee considers the fiscal year 2016 National Defense Authorization Act. The House-passed budget resolution for fiscal 2016 caps national defense spending at $523 billion while also boosting war-related funds, not subject to the caps, to $96 billion. 10:00 in Washington.
-The Independent Community Bankers of America holds its Washington Policy Summit. U.S. Senator Richard Shelby, chairman of the Senate Committee on Banking, Housing and Urban Affairs, is scheduled to speak today. Federal Reserve Governor Daniel Tarullo; Federal Deposit Insurance Corp. Chairman Martin Gruenberg; U.S. Comptroller of the Currency Thomas Curry; and Consumer Financial Protection Bureau Director Richard Cordray are scheduled to participate on the final day of the conference tomorrow.
-Canadian Public Safety Minister Steven Blaney discusses his government’s proposed 2015 Anti-Terrorism Act and efforts to protect citizens against growing threats at home. 12:00 at the Canadian Club of Toronto.
-Norway’s sovereign wealth fund releases its first-quarter report on investments. 10:00 CET in Oslo (04:00 EDT). Chief Executive Yngve Slyngstad will brief the press at the same time.
-The U.S. Energy Information Administration releases its weekly crude oil inventory report, as well as data on refinery utilization, gasoline and fuel ethanol supplies. 10:30 in Washington.
-Brazil rate decision. Banco Central do Brasil may raise borrowing costs to 13.25 percent from 12.75 percent as annual inflation has surged to an 11-year high, according to a Bloomberg survey. 19:00 in Brasilia (18:00 EDT).
-ECONOMY: MBA mortgage applications (weekly), U.S. pending home sales (March), Canada producer prices (March), South Korea BSI surveys of manufacturers and non-manufacturers (May), German CPI (April), Italian business confidence (April), Ghana GDP (fourth quarter), Ghana PPI (March), Hungary unemployment (March), Croatia industrial output (March), Ukraine may report GDP (first quarter).
-CENTRAL BANKS: Thailand rate decision, Sweden rate decision.
-EARNINGS: General Dynamics Corp., Northrop Grumman Corp., Time Warner Inc., Norfolk Southern Corp., Marriott International Inc., Williams Cos., MasterCard Inc., Baidu Inc., Nordea Bank AB, ABB Ltd., Eni SpA, Banco Bilbao Vizcaya Argentaria SA, Barclays Plc, Volkswagen AG, Iberdrola SA, Fiat Chrysler Automobiles NV.
THURSDAY, APRIL 30
-U.S. personal spending probably climbed in March by the most in seven months, which may help give the economy a leg up entering the second quarter. Incomes are projected to rise at a slower pace as a smaller gain in payrolls limited wage growth. The Commerce Department releases data at 08:30 in Washington.
-U.K. Prime Minister and Conservative Party leader David Cameron, Deputy Prime Minister and Liberal Democrat leader Nick Clegg and opposition Labour Party leader Ed Miliband face questions in a special BBC Television program a week before the general election. 20:00 in Leeds, northern England (15:00 EDT).
-The Bank of Japan will announce monetary policy and update growth and consumer price forecasts at the end of a one-day meeting in Tokyo. The central bank’s main inflation gauge slowed to zero in February, moving away from Governor Haruhiko Kuroda’s 2 percent target. Time to be determined.
-Tesla Motors Inc. batteries. The electric-car maker told analysts and investors that it will show a “very large utility-scale battery” and one scaled for home use at its design studio in Hawthorne, California. 20:00 (23:00 EDT).
-Mexico rate decision. Banco de Mexico will probably keep borrowing costs unchanged at a record-low 3 percent for a seventh straight meeting amid expectations for slowing inflation and faster growth. 13:00 in Mexico City (14:00 EDT).
-The U.S. Energy Information Administration releases its natural gas inventory report. 10:30 in Washington.
-ECONOMY: U.S. employment cost index (first quarter), U.S. initial jobless claims (weekly), Bloomberg Consumer Comfort (weekly), Canada GDP (Feb.), South Korea industrial production (March), Japan industrial production (March), Taiwan GDP (first quarter), euro-area CPI (April), euro-area unemployment (March), Swiss National Bank earnings (first quarter), South Africa M3 money supply and private-sector credit (March), South Africa PPI (March), South Africa trade balance (March), Israel unemployment rate (March), U.K. GfK consumer confidence (April), Ukraine may report GDP (first quarter).
-CENTRAL BANKS: New Zealand rate decision, Russia rate decision, Bulgaria rate decision.
-EARNINGS: Exxon Mobil Corp., Visa Inc., Colgate-Palmolive Co., ConocoPhillips, American International Group Inc., Gilead Sciences Inc., Sony Corp., Nomura Holdings Inc., BNP Paribas SA, Lafarge SA, BASF SE, Holcim Ltd., Statoil ASA, Air France-KLM, Bayer AG, Sanofi, Royal Bank of Scotland Group Plc, Royal Dutch Shell Plc, Shire Plc, Nokia Oyj, Danske Bank A/S, Royal KPN NV, Airbus Group NV, Japan Tobacco Inc.
-NFL Draft. Quarterbacks Jameis Winston of Florida State and Marcus Mariota of the University of Oregon, the past two Heisman Trophy winners, are the likely top picks of the National Football League draft. The Tampa Bay Buccaneers have the No. 1 selection, the Tennessee Titans No. 2. Through May 2 in Chicago.
FRIDAY, MAY 1
-U.S. manufacturing in April probably showed scant improvement from the prior month as a stronger dollar, struggling overseas markets and reductions in domestic oil production present hurdles for the industry. The Institute for Supply Management’s index is released at 10:00 in Washington.
-Federal Reserve Bank of San Francisco President John Williams, a voting member this year of the central bank’s Federal Open Market Committee, speaks in Orange, California, at a Chapman University conference on financial markets and monetary policy. 15:45 EDT.
-Japan reports nationwide inflation for March after core inflation, excluding the effects from an April 2014 sales-tax increase, slowed to zero. 08:30 in Tokyo (04/30 19:30 EDT).
-BNP Paribas SA sentence. The French bank will be formally sentenced for violating U.S. sanctions against Iran and other countries, and pay a fine of almost $9 billion. BNP won a U.S. Labor Department waiver that allows its affiliates to operate as asset managers in the U.S. after its guilty plea in July. 10:50, Manhattan federal court.
-Warren Buffett’s Berkshire Hathaway Inc. reports first-quarter earnings as early as today, when the company’s annual-meeting weekend begins in Omaha, Nebraska.
-New Jersey Governor Chris Christie, considered a potential U.S. presidential candidate, is scheduled to speak at the 2015-2016 Leadership Series hosted by the Northern Virginia Technology Council and the Consumer Electronic Association. 08:00 in McLean, Virginia.
-“Avengers: Age of Ultron,” the latest film from Walt Disney Co.’s Marvel Studios, opens at cinemas today and is expected to bring in $215 million at U.S. and Canadian box offices over the weekend, according to Boxoffice.com. That would break the $207 million record set by its predecessor, “The Avengers.”
-ECONOMY: Markit U.S. manufacturing PMI (April), U.S. construction spending (March), University of Michigan consumer sentiment (April), RBC Canadian manufacturing PMI (April), South Korea CPI (April), South Korea exports (April), Japan jobless data (March), Japan wages data (March), China manufacturing PMI and nonmanufacturing PMI (April), U.K. mortgage approvals (March), U.K. PMI manufacturing (April).
-EARNINGS: Chevron Corp., CVS Health Corp., Duke Energy Corp., Legg Mason Inc., Wynn Resorts Ltd., Yahoo Japan Corp., Suntory Beverage & Food Ltd., Lloyds Banking Group Plc.
-SOVEREIGN RATING UPDATES: France (DBRS), Kazakhstan (Fitch), Mozambique (Fitch), Saudi Arabia (S&P), Switzerland (Fitch).
SATURDAY, MAY 2
-Berkshire Hathaway Inc. celebrates its 50th anniversary under Warren Buffett at the company’s annual meeting. The billionaire and Vice Chairman Charles Munger will take questions from shareholders, journalists and analysts starting at 09:30 (10:30 EDT) in Omaha, Nebraska. Other events include a newspaper-tossing challenge and Berkshire movie before the Q&A session, and a picnic following the gathering.
-Kentucky Derby. The 141st running, the first event of thoroughbred horse racing’s Triple Crown, takes place at about 18:24 at Churchill Downs in Lexington, Kentucky. Early favorites include American Pharoah, Dortmund and Carpe Diem.
-Boxing. Floyd Mayweather Jr., who has never lost a bout, and eight-division champion Manny Pacquiao face off in the ring for the welterweight title unification fight. 21:00 in Las Vegas.