Retail Sales, Greece, BOE, Obama: Week Ahead May 11-16James Amott, Jim McDonald and Nancy Moran
Retail sales in the U.S., where consumer spending accounts for about 70 percent of the economy, rose at a slower pace in April, data this week may show.
U.S. industrial production was little changed that month, while consumer sentiment in May approached an 11-year high, separate reports probably will indicate.
Euro-area finance ministers meet as a deadline looms for Greece to fall into line with creditors, or face limits on banks’ borrowing ability.
The Bank of England publishes new forecasts for growth and inflation and sets monetary policy.
U.S. President Barack Obama hosts representatives from the Gulf Cooperation Council countries for meetings focused on the conflict in Yemen and nuclear talks with Iran.
Cisco Systems Inc., Macy’s Inc., Nissan Motor Co., Ralph Lauren Corp. and Singapore Airlines Ltd. release earnings.
MONDAY, MAY 11
-Euro-area finance ministers gather in Brussels. The meeting has been set as a deadline for Greece to fall into line with creditors, and the European Central Bank has made clear that if substantial progress isn’t seen by May 11 then it will take action to curtail Greek banks’ borrowing ability. Starts at 15:00 CET (09:00 EDT).
-Bank of England interest-rate and asset-purchase decisions. The central bank’s Monetary Policy Committee had its two-day meeting last week and delayed the decisions because of the U.K.’s general election on May 7. 12:00 in London (07:00 EDT).
-U.S. Senate plans to take up trade-promotion authority legislation, which would let President Barack Obama submit trade deals to Congress without the possibility of amendment. A number of Obama’s fellow Democrats in the Senate and House oppose the measure.
-U.S. House of Representatives plans this week to consider the fiscal 2016 National Defense Authorization Act, approved previously by the Armed Services Committee. The full House may also consider legislation to let Congress review any nuclear agreement with Iran.
-ECB Governing Council member Ewald Nowotny and Spanish Foreign Minister Jose Manuel Garcia-Margallo speak at an event entitled “Spain and Austria Shaping Europe.” 09:00 CET in Vienna (03:00 EDT).
-Infrastructure Week. U.S. Vice President Joe Biden discusses the economic impact of deteriorating domestic infrastructure at the third annual conference at 09:15. U.S. Transportation Secretary Anthony Foxx speaks during a session that starts at 14:00. Conference runs through 05/15 in Washington.
-American Express Co. holds its annual shareholder meeting at the lender’s New York headquarters, its first since the end of a partnership with Costco Wholesale Corp., the largest U.S. warehouse-club chain. 09:00.
-Altera Corp. holds its annual general meeting as investor TIG Advisors pushes for shareholders to vote against a lead independent director, citing the board’s failure to engage with Intel Corp. on a takeover offer. 14:30 (17:30 EDT) in San Jose, California.
-Financial reform conference. The University of Maryland’s Center for Financial Policy and The Clearing House host “The Intended and Unintended Consequences of Financial Reform.” Panel participants include representatives from the U.S. Securities and Exchange Commission, Federal Reserve, Carlyle Group LP and JPMorgan Chase & Co. 09:00 in Washington.
-Thailand’s Supreme Court begins hearing a case against former Prime Minister Somchai Wongsawat and his former deputy Chavalit Yongchaiyudh over a crackdown on anti-government protesters in
-Television Upfronts. The biggest U.S. media companies pitch their fall 2015 TV lineups to advertisers in New York with Comcast Corp.’s NBC network and 21st Century Fox Inc.’s Fox making presentations today. Nomura Securities predicts commitments to broadcasters will increase 3.1 percent to $8.61 billion from a year ago, while commitments at cable networks will decline 4 percent to $9.24 billion.
-French President Francois Hollande makes a state visit to Cuba. Program begins at 09:00 EDT.
-Group of Seven energy ministers meet for two days of talks in Hamburg, Germany. News conference scheduled for Tuesday at 12:30 CET (06:30 EDT).
-The U.S. Energy Information Administration publishes its monthly oil and gas drilling productivity report, looking at activity in shale formations. 14:00 in Washington.
-China monthly CAAM auto sales. 14:00 Beijing (02:00 EDT).
-Alberto Giacometti’s human-scale bronze sculpture of a pointing man may fetch a record $130 million at Christie’s “Looking Forward to the Past” auction. The sculpture is one of two nine-figure trophies for billionaire collectors at a single auction, and kicks off a week in which the auction house expects to sell more than $1 billion of 20th century art.
-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: Fed Labor Market Conditions Index (April).
-CENTRAL BANKS: Mozambique rate decision, Israel minutes, Serbia rate decision.
-EARNINGS: CenterPoint Energy Inc., Actavis Plc, Endo International Plc, Dish Network Corp., FMC Corp., AES Corp., SoftBank Corp., Suzuki Motor Corp.
TUESDAY, MAY 12
-U.S. President Barack Obama speaks at a Catholic-Evangelical summit on overcoming poverty at Georgetown University in Washington. 11:00.
-New York City Mayor Bill de Blasio unveils his “Progressive Agenda to Combat Income Inequality” in America on the steps of the U.S. Capitol. The 13-point agenda will include higher taxes on the wealthy, an increase in the minimum wage and paid sick leave. 15:00 in Washington.
-Australia’s government may forecast larger deficits in its annual budget as falling prices for the country’s key exports cut revenue. 19:30 in Sydney (05:30 EDT).
-“Avengers: Age of Ultron” opens in China. Walt Disney Co.’s big summer picture opens in the fast-growing Chinese market, the second largest behind the U.S. It’s one of six films exhibitors expect to exceed $1 billion in worldwide ticket sales this summer.
-Cystic fibrosis combo. An advisory panel to the U.S. Food and Drug Administration considers Vertex Pharmaceuticals Inc.’s experimental combination of Kalydeco and a compound called lumacaftor for the most common form of cystic fibrosis. The FDA has raised questions about the additional benefit of the drug, which Vertex proposes calling Orkambi, compared with the drugmaker’s already-approved Kalydeco. 08:00 in Gaithersburg, Maryland.
-Ebola prevention. An advisory panel to the U.S. Food and Drug Administration will discuss vaccine development for the viral disease. 08:30 in Silver Spring, Maryland.
-Boeing Co. hosts its annual investor conference as shareholders and analysts focus on the plane maker’s ability to make good on a goal of generating more than $9 billion in cash from operations this year. 09:00 (10:00 EDT) in Chicago.
-The U.S. Energy Information Administration releases its monthly Short-Term Energy Outlook at noon in Washington.
-Global Private Equity Conference. Former Federal Reserve Chairman Alan Greenspan and Larry Kochard, chief executive officer of the University of Virginia Investment Management Co., are among speakers at the forum hosted by the World Bank’s International Finance Corporation. Through 05/13 in Washington.
-Goldman Sachs Global Staples Summit. Coca-Cola Co. North America President Sandy Douglas is among presenters at the conference, along with executives from Philip Morris International Inc., Molson Coors Brewing Co. and Tyson Foods Inc. In New York.
-Jefferies Global Technology, Media and Telecom Conference. Rambus Inc. Chief Executive Officer Ron Black, PMC-Sierra Inc. CEO Greg Lang and Live Nation Entertainment Inc. CEO Michael Rapino are among speakers at the three-day conference in Miami.
-Bank of America Merrill Lynch 2015 Health Care Conference. More than 100 pharmaceutical, biotechnology, medical device, hospital and insurance company executives will update investors and take questions. Zoetis Inc. CEO Juan Ramon Alaix, who just announced a 25 percent workforce cut, speaks at 15:00 (18:00 EDT). Perrigo Co. CEO Joseph Papa, whose company has rejected a takeover bid from Mylan NV three times, will also speak today. Through 05/14 in Las Vegas.
-Alliance to Save Energy’s Eighth Annual Energy Efficiency Global Forum. Industry professionals, academics and policy makers gather to share strategies toward the goal of energy efficiency. 08:00 in Washington. Through 05/13.
-San Francisco Fed President John Williams, a voting member of the central bank’s Federal Open Market Committee this year, speaks at the New York Association for Business Economics. 12:45 in New York.
-The European Union’s Economic and Financial Affairs Council meets in Brussels from 09:00 CET (03:00 EDT).
-French President Francois Hollande makes a state visit to Haiti. Press conference scheduled for 12:30 EDT.
-Norway releases revised 2015 budget with new economic forecasts at 10:45 CET (04:45 EDT) in Oslo.
-Robin Hood Foundation. New York’s largest poverty-fighting organization holds its annual benefit. Paul McCartney and his band are slated to perform. 19:00 in New York.
-ECONOMY: NFIB small-business optimism index (April), JOLTS U.S. job openings (March), U.S. budget statement (April), Mexico industrial production (March), South Africa manufacturing production (March), Turkey current account balance (March), U.K. industrial production (March), Estonia GDP (first quarter), Czech Republic CPI (April), Romania CPI (April), Latvia CPI (April).
-CENTRAL BANKS: Zambia rate decision.
-EARNINGS: International Flavors & Fragrances Inc., McKesson Corp., Air Canada.
WEDNESDAY, MAY 13
-Retail sales in the U.S. probably increased at a slower pace in April, indicating consumers are being deliberate in their spending as wage growth lags behind employment gains. The U.S. Commerce Department releases the data at 08:30 in Washington.
-Bank of England Inflation Report. Governor Mark Carney speaks at a press conference in London as the BOE publishes its new forecasts for growth and inflation. The comments will be his first on U.K. monetary policy in more than a month after he and other officials went into a silent period during the election campaign. 10:30 in London (05:30 EDT).
-Foreign affairs ministers from North Atlantic Treaty Organization countries, including the U.S.’s John Kerry, meet for two days in Antalya, Turkey. They will discuss NATO’s priorities, including how to counter Russian aggression and the threat posed by violent extremists to NATO’s south. Timings to be determined.
-China’s industrial production may have risen in April in a sign that the economic slowdown may be abating. The National Statistics Bureau will also announce retail sales, urban fixed asset investment and home sales data for the month. 13:30 in Beijing (01:30 EDT).
-U.S. President Barack Obama hosts representatives from the Gulf Cooperation Council countries -- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates -- at the White House for the start of two days of meetings focused on the conflict in Yemen and Iran nuclear talks. Saudi King Salman, who had been expected to meet with Obama, will not be in attendance. Time TBA.
-European Commission may publish its economic recommendations for the 28 countries in the EU. Timing of the release and a press conference to be determined.
-House Natural Resources Committee holds hearing on the Obama administration’s draft guidance for greenhouse-gas emissions and the effects of climate change. 10:00 in Washington.
-Delta Air Lines returns. The world’s third biggest airline will release details of its latest shareholder returns plan, including news on any additional share repurchases and dividends. 07:00 in Atlanta.
-Canada-US Securities Summit. Topics will include energy sector investment trends and cross-border implications of the Volcker Rule. U.S. Ambassador Bruce Heyman, Canadian Finance Minister Joe Oliver and Ontario Securities Commission Chairman Howard Wetston are among the speakers. 08:30 in New York.
-Japan hosts its first defense industry show in a sign of changing attitudes toward the military after Prime Minister Shinzo Abe lifted an effective ban on arms exports last year. The MAST Asia 2015 maritime security symposium and exhibition runs through 05/15 in Yokohama.
-MoffettNathanson Media & Communications Summit. Comcast Corp. CEO Brian Roberts speaks at 09:00, followed by Netflix Inc. Chief Content Officer Ted Sarandos at 10:00, and Time Warner Cable Inc. CEO Rob Marcus at 16:00. Tomorrow, Viacom Inc. CEO Philippe Dauman speaks at 12:45. In New York.
-DuPont Co. heads for a showdown with activist investor Trian Fund Management as the chemical maker holds its annual shareholder meeting. Trian, led by Nelson Peltz, is waging a proxy fight to gain four board seats, having criticized DuPont for what it says is financial underperformance in recent years. 08:30 in Wilmington, Delaware.
-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.
-The International Energy Agency releases its monthly oil-market report detailing supply and demand trends. 10:00 CET in Paris (04:00 EDT).
-The Frieze Art Fair, the New York edition of the London fair, opens to invited guests on Randall’s Island.
-Cannes Film Festival. This year’s festival kicks off with “Standing Tall,” from director Emmanuelle Bercot. Joel and Ethan Coen chair the feature-film jury. Hollywood studios will be in attendance, with summer films “Inside Out,” from Walt Disney Co.’s Pixar, and Time Warner Inc.’s “Mad Max: Fury Road,” making their premieres. Through 05/24.
-ECONOMY: U.S. import prices (April), U.S. business inventories (March), Canada home prices (April), S. Korea unemployment rate (April), Japan current account (March), Portugal GDP (first quarter), Portugal CPI (April), Hungary GDP (first quarter), Slovakia GDP (first quarter), U.K. unemployment rate (March), euro-area GDP (first quarter), Germany GDP (first quarter), France GDP (first quarter), Italy GDP (first quarter).
-CENTRAL BANKS: Iceland rate decision, Ghana rate decision.
-EARNINGS: Cisco Systems Inc., Macy’s Inc., Ralph Lauren Corp., Precision Castparts Corp., VimpelCom Ltd., Nissan Motor Co.
THURSDAY, MAY 14
-Top Obama administration officials meet with representatives of the Gulf Cooperation Council at Camp David, the presidential retreat, on enhancing security cooperation.
-European Central Bank President Mario Draghi gives the annual Michel Camdessus Central Banking Lecture at International Monetary Fund headquarters in Washington. 10:00.
-New Jersey Governor Chris Christie holds a town-hall style meeting, his first since the indictment of two former aides on charges related to the 2013 closing of George Washington Bridge lanes. 10:30 in Sparta, New Jersey.
-CFTC panel. The U.S. Commodity Futures Trading Commission’s Global Markets Advisory Committee holds a public meeting on issues related to assessing clearinghouse safeguards and the agency’s proposal on the cross-border application of its margin requirements for uncleared swaps. 14:00 in Washington.
-Global Summit of Women. Buzzcar CEO Robin Chase, Siemens Spain CEO Rosa Maria Garcia and Brazil Finance Minister Joaquim Levy are among scheduled speakers at the 25th anniversary of the business forum. Sao Paulo, Brazil. Through 05/16.
-The European Bank for Reconstruction and Development holds its annual meeting of shareholders and a business forum in Tbilisi from 08:00 (00:00 EDT). Speakers include Georgian Prime Minister Irakli Garibashvili, Georgian central bank Governor Giorgi Kadagidze and Ukrainian Finance Minister Natalie Jaresko.
-Singapore Iron Ore Week. Speakers include Alan Smith, president at Rio Tinto Iron Ore Asia Pte. Ltd., and Cecilia Silva, iron ore commercial marketing general manager at Vale SA. 09:00 in Singapore (05/13 21:00 EDT).
-The U.S. Energy Information Administration releases its weekly natural gas inventory report. 10:30 in Washington.
-The World Gold Council publishes a report on demand trends in the first quarter. 05:00 in London (00:00 EDT).
-ECONOMY: U.S. wholesale prices (April), U.S. jobless claims (weekly), Bloomberg Consumer Comfort Index (weekly), Canada new home prices (March), Colombia industrial production (March), Brazil retail sales (March), Malaysia GDP (first quarter), South Africa mining production (March).
-CENTRAL BANKS: Chile rate decision, Peru rate decision, Philippines rate decision.
-EARNINGS: Nordstrom Inc., Applied Materials Inc., Symantec Corp., Kohl’s Corp., Sharp Corp., Singapore Airlines Ltd.
FRIDAY, MAY 15
-U.S. industrial production was probably little changed in April after falling a month earlier by the most since August 2012 as a strong dollar limited exports and low oil prices cut into equipment spending. The Federal Reserve releases data at 09:15 in Washington.
-The Bank of Korea decides monetary policy, with the key interest rate at a record low 1.75 percent. Governor Lee Ju Yeol said this month that while a decline in exports is a concern, the central bank doesn’t adjust rates only to aid exports. About 10:00 in Seoul (05/14 21:00 EDT).
-U.S. consumer sentiment in May probably approached an 11-year high as Americans stayed upbeat about the labor market and their financial prospects, a preliminary index from the University of Michigan is projected to show. 10:00 in Washington.
-CEOs from American Airlines Group Inc., Delta Air Lines Inc. and United Continental Holdings Inc. speak at a National Press Club luncheon about their claims that $42 billion in government subsidies have given an unfair competitive advantage to three Persian Gulf carriers. 13:00 in Washington.
-The IMF presents its economic outlook for central, eastern and southeastern Europe in Belgrade at 11:00 CET (05:00 EDT).
-ECONOMY: U.S. Empire State Manufacturing Survey (May), U.S. capital flows (March), Canada existing home sales (April), Canada manufacturing sales (March), Brazil economic activity (March), Hong Kong GDP (first quarter), Israel CPI (April), Turkey unemployment rate (Feb.), Czech GDP (first quarter), Poland GDP (first quarter), Ukraine may report GDP (first quarter), Russia may report GDP (first quarter).
-SOVEREIGN RATING UPDATES: Austria (DBRS), Egypt (S&P), Georgia (S&P), Greece (Fitch), Ireland (Moody’s), Italy (S&P), Latvia (Fitch), Montenegro (S&P), Namibia (Fitch), Netherlands (Fitch), Poland (Moody’s), Portugal (DBRS).
SATURDAY, MAY 16
-Horse Racing. Kentucky Derby winner American Pharoah seeks to cross the finish line first in the 140th running of the Preakness Stakes, the second leg of thoroughbred racing’s Triple Crown. Pimlico Race Course, Baltimore. Post time 18:18
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