Greece, Retail Sales, ECB, Yellen, Tennis: Week Ahead July 11-18

European Union leaders meet to decide their response to Greece’s proposed economic reforms as the country seeks a new bailout and to avoid leaving the euro region.

Talks between world powers and Iran to curb the Persian Gulf nation’s nuclear program may continue in Vienna.

Retail sales in the U.S., where consumer spending accounts for almost 70 percent of the economy, probably climbed in June for a fourth straight month.

Federal Reserve Chair Janet Yellen delivers her semiannual testimony to two committees of U.S. Congress.

The euro region, Canada and Japan set interest rates.

China may say second-quarter economic growth slid to 6.8 percent, the slowest pace since 2009, amid an equity and property slump.

Citigroup Inc., Delta Air Lines Inc., Google Inc., Goldman Sachs Group Inc., Johnson & Johnson, JPMorgan Chase & Co. and General Electric Co. are among companies reporting earnings.

The Wimbledon tennis grand slam championships conclude and Golf’s Open tournament starts at St. Andrews in Scotland.


-Wimbledon tennis. The women’s final between Serena Williams and Garbine Muguruza takes place at 14:00 in southwest London (09:00 EDT).


-EU meeting on Greece. The leaders of all 28 European Union countries will meet in Brussels to decide on their response to Greece’s proposed economic reforms as the country seeks to negotiate a new three-year bailout and avoid leaving the euro region. Greece has already extended its bank holiday and capital controls through Monday. The meetings start at 16:00 CET (10:00 EDT).

-Spanish Prime Minister Mariano Rajoy is scheduled to speak in Madrid at a People’s Party conference. Timing to be determined.

-Brazil Steel Conference. Ministers of Trade Armando Monteiro and Mines & Energy Eduardo Braga; Benjamin Baptista, chief executive officer for ArcelorMittal Brazil; Andre Gerdau Johannpeter, CEO of Gerdau SA; Benjamin Steinbruch, CEO of Cia. Siderurgica Nacional SA; Peter Poppinga, head of iron ore at Vale SA; and Sao Paulo Governor Geraldo Alckmin are among speakers. In Sao Paulo through 07/14. Click here for agenda.

-Wimbledon. The men’s final between Roger Federer and Novak Djokovic takes place at 14:00 in London (09:00 EDT).


-Eurogroup leadership debate. Euro-area finance ministers meet in Brussels to debate who should lead the so-called Eurogroup. Incumbent Jeroen Dijsselbloem, whose term ends this month, and Spanish Economy Minister Luis de Guindos are the two candidates. Ministers are due to choose the new president later in July. Starts at 15:00 CET (09:00 EDT).

-Chinese exports probably expanded in June following three months of declines. The nation’s trade surplus may have shrunk and imports likely fell. 10:00 (07/12 22:00 EDT) in Beijing.

-Democratic presidential candidate Hillary Clinton outlines her vision for the U.S. economy in a speech at The New School. 10:00 in Manhattan.

-Poland’s central bank, led by Governor Marek Belka, unveils its latest inflation and GDP projections at 09:00 (03:00 EDT).

-The OPEC Monthly Oil Market Report is expected to include the organization’s first forecasts for 2016. Expected 12:40 in Vienna (06:40 EDT).

-The U.S. Energy Information Administration releases its monthly Drilling Productivity Report, outlining the latest outlook for shale. 14:00 in Washington.

-U.S. President Barack Obama delivers remarks at the 2015 White House Conference on Aging, which marks the 50th anniversary of Medicare, Medicaid, and the Older Americans Act. 10:00 at the White House.

-Wisconsin Governor Scott Walker will become the 15th official candidate vying for the 2016 Republican nomination for U.S. president. 17:15 (18:15 EDT) in Waukesha, Wis.

-Puerto Rico officials are scheduled to meet with creditors in New York to discuss a restructuring plan for the junk-rated commonwealth as it falls further into a fiscal crisis. Starts at 15:00.

-Trade talks. The U.S. and European Union hold their 10th round of negotiations on the planned Trans-Atlantic Trade and Investment Partnership, or TTIP, in an effort to have most of a draft deal ready by year-end. In Brussels through 07/17.

-The United Nations hosts the third Financing for Development conference. UN Secretary-General Ban Ki-moon, International Monetary Fund Managing Director Christine Lagarde, and U.S. Treasury Secretary Jacob Lew are among scheduled speakers. Addis Ababa, Ethiopia, through 07/15.

-U.S. government bond auctions, Fed debt purchases. Click here for schedule.

-U.S. initial public stock offerings. Click here for schedule.

-ECONOMY: U.S. budget statement (June), Serbia CPI (June).

-CENTRAL BANKS: Mozambique rate decision.

-Soccer. The U.S. plays Panama in their final group-phase game of the Gold Cup. 20:30 (21:30 EDT) at Sporting Park stadium in Kansas City, Kan.

-Baseball. Major League Baseball’s Home Run Derby begins at 20:00 at the Great American Ball Park in Cincinnati.


-Sales at U.S. retailers probably climbed in June for a fourth straight month, boosted by job gains and stable prices at the gas pump, economists forecast the Commerce Department will report. 08:30 in Washington.

-Federal Reserve Bank of Kansas City President Esther George discusses economic conditions and monetary policy at an agricultural symposium hosted by the bank. 19:15 (20:15 EDT) in Kansas City, Mo.

-The European Cocoa Association publishes its second-quarter grindings statistics. 07:00 (02:00 EDT) in London.

-U.S. President Barack Obama addresses the 106th annual convention of the National Association for the Advancement of Colored People. Time to be determined at the Pennsylvania Convention Center in Philadelphia.

-SEMICON West. Applied Materials Inc., Intel Corp., and Qualcomm Inc. are among companies scheduled to participate in the 45th annual convention highlighting new products and technologies for microelectronics design and manufacturing. Moscone Center in San Francisco. Through 07/16. Click here for agenda.

-2015 International Stewardship Symposium. Agrium Inc. Chief Executive Officer Chuck Magro is among scheduled speakers at the Canadian Fertilizer Institute’s two-day conference on sustainable agriculture and food security. Calgary, Alberta.

-ECONOMY: U.S. import price index (June), NFIB U.S. small business optimism (June), U.S. business inventories (May), Brazil retail sales (May), Teranet Canada home prices (June), Singapore GDP (second quarter), U.K. inflation (June), German ZEW index (July), euro-area industrial production (May), Bulgaria CPI (June).

-CENTRAL BANKS: Chile rate decision, Indonesia rate decision.

-EARNINGS: Johnson & Johnson, JPMorgan Chase & Co., Fastenal Co., Wells Fargo & Co., CSX Corp., Yum! Brands Inc., SEB AB.

-Baseball. The 86th Major League Baseball All-Star Game begins at 19:00 at the Great American Ball Park in Cincinnati.


-The Bank of Japan will announce monetary policy after a two-day meeting in Tokyo. The central bank will also update growth and inflation forecasts, with its meeting typically ending at about midday and followed by a press conference with Governor Haruhiko Kuroda at 15:30 (02:30 EDT).

-China may say second-quarter economic growth slid to 6.8 percent, the slowest since 2009, as a stock-market plunge and property slump weighed on the world’s second-largest economy. The country will also announce industrial production, fixed-asset investment and retail sales data for June. 10:00 (07/14 22:00 EDT) in Beijing.

-The European Commission will publish a package of documents on climate and energy policies, including a draft law seeking to bring in stricter carbon targets for 2030 and a policy paper on empowering consumers in the energy market. Noon (06:00 EDT) in Brussels.

-Industrial production in the U.S. probably climbed in June, reflecting a weather-driven increase in utility output, economists project the Federal Reserve will report. Production at factories probably barely improved, the data may also show. 09:15 in Washington.

-Federal Reserve Chair Janet Yellen delivers her semiannual testimony to the U.S. House Financial Services Committee. 10:00 in Washington.

-The Bank of Canada may leave its benchmark interest rate unchanged at 0.75 percent, according to the median estimate of economists surveyed by Bloomberg News. Eleven of the 26 economists polled as of July 9 see the central bank cutting the rate by a quarter point to 0.5 percent. 10:00 in Ottawa, followed by a press conference with Governor Stephen Poloz at 11:15.

-Consumer Financial Protection Bureau Director Richard Cordray testifies before the U.S. Senate Banking Committee on his agency’s semiannual report to Congress. 10:00 in Washington.

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

-Gulf of Mexico oil blocks. Mexico will award as many as 14 blocks covering about 1 million acres off the Veracruz and Tabasco coast in the southeastern Gulf, the first-ever auction of oil- and gas-exploration rights by the country after President Enrique Pena Nieto’s administration amended the constitution to break almost eight decades of state monopoly. 08:00 (09:00 EDT) in Mexico City.

-Delivering Alpha Conference. Pershing Square Capital Management Founder Bill Ackman, BlackRock Inc. Chief Executive Officer Larry Fink and DoubleLine Capital Co-Founder Jeffrey Gundlach are among speakers at the fifth annual investment conference. 08:30 in Manhattan. Click here for agenda.

-Federal Reserve Bank of Cleveland President Loretta Mester discusses the U.S. economic outlook at the Columbus Metropolitan Club. 12:25 in Columbus, Ohio.

-Federal Reserve Bank of San Francisco President John Williams discusses the U.S. economic outlook at the Mesa Chamber of Commerce in Phoenix. Noon (15:00 EDT).

-U.S. political candidates must file second-quarter financial disclosure forms with the Federal Election Commission by today.

-Burundi is scheduled to hold presidential elections boycotted by opposition parties amid President Pierre Nkurunziza’s bid for a third term. Violent protests since April have killed at least 77 people and the vote has already been postponed once. Nkurunziza’s CNDD-FDD party was declared the provisional winner of the June 29 parliamentary elections, which the United Nations Security Council said were held without creating conditions for a “free, fair” vote. Timing to be determined. Inc.’s Prime Day. The U.S. Web retailer will mark its 20th anniversary with “more deals than Black Friday” for subscribers of its Prime shopping program.

-The FAO Schwarz toy store in midtown Manhattan is set to close its doors today after almost three decades amid rising rents. Toys “R” Us Inc., which purchased the brand in 2009, has said it’s looking for another Manhattan location for the shop.

-ECONOMY: U.S. MBA mortgage applications (weekly), U.S. producer prices (June), U.S. Empire State manufacturing (July), U.S. Fed’s Beige Book, Argentina inflation (June), Canada existing home sales (June), South Korea unemployment (June), U.K. unemployment (May/June), South Africa retail sales (May), Ghana CPI (June), Israel CPI (June), Turkey unemployment (April), Croatia CPI (June), Poland CPI (June), Russia may report industrial production (June).

-CENTRAL BANKS: Ghana rate decision

-EARNINGS: U.S. Bancorp, BlackRock Inc., Bank of America Corp., Kinder Morgan Inc., Netflix Inc., Intel Corp., PNC Financial Services Group Inc., Delta Air Lines Inc., Storebrand ASA.


-European Central Bank policy decision. The ECB’s Governing Council meets for a scheduled monetary-policy meeting. Its interest-rate decision will be announced at 13:45 CET (07:45 EDT) in Frankfurt and President Mario Draghi will hold a press conference 45 minutes later.

-Federal Reserve Chair Janet Yellen delivers her semiannual testimony to the U.S. Senate Banking Committee. 10:00 in Washington.

-Bank of England Governor Mark Carney delivers a speech in Lincoln, England, as part of the Magna Carta Lecture Series

2015. 19:00 (14:00 EDT).

-Britain’s Liberal Democrats announce the result of a vote for a new leader to replace Nick Clegg, who quit after the party lost most of its House of Commons seats in May’s election. Two of the party’s eight remaining lawmakers, Tim Farron and Norman Lamb, are running. Timing to be determined.

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

-FCC meeting. Federal Communications Commission Chairman Tom Wheeler is expected to recommend that the U.S. agency vote against T-Mobile US Inc.’s request to change the rules for an airwaves auction next year that would favor the wireless carrier. 10:30 at FCC headquarters in Washington.

-67th Emmy Awards nominations. Contenders for TV’s best drama, comedy, miniseries and TV movie will be announced by the Academy of Television Arts & Sciences, along with nominees for the top acting roles of the past year. Uzo Aduba, from “Orange Is the New Black,” and John Stamos, in the upcoming series “Fuller House,” announce which shows will vie in a briefing at academy headquarters in North Hollywood, California. 08:30 (11:30 EDT).

-ECONOMY: U.S. jobless claims (weekly), U.S. Bloomberg consumer comfort (weekly), U.S. Philadelphia Fed manufacturing (July), U.S. NAHB homebuilder sentiment (July), Net foreign purchases of U.S. securities (May), New Zealand CPI (second quarter), euro-area inflation (June), Nigeria CPI (June), Israel GDP (first quarter), Russia may report industrial production (June), Slovakia CPI (June), Slovenia unemployment (May), Russian gold and foreign currency reserves (July 10).

-CENTRAL BANKS: Mauritius rate decision.

-EARNINGS: Blackstone Group LP, BB&T Corp., PPG Industries Inc., Charles Schwab Corp., UnitedHealth Group Inc., EBay Inc., Sherwin-Williams Co., Goldman Sachs Group Inc., Citigroup Inc., Mattel Inc., Schlumberger Ltd., Google Inc., Philip Morris International Inc., Advanced Micro Devices Inc., Swedbank AB, Nordea Bank AB.

-The Open golf major starts at St. Andrews in Scotland. Rory McIlroy of Northern Ireland won’t be defending his title after suffering an ankle injury playing soccer with friends. First tee times at 06:25 (01:25 EDT).


-U.S. consumer prices probably rose in June as the cost of food and fuel increased, economists forecast a Labor Department report will show. Core inflation, which strips out food and energy, is hovering close to the Federal Reserve’s goal. 08:30 in Washington.

-U.S. housing starts probably climbed in June after falling a month earlier, indicating slow progress in the industry, economists project the Commerce Department will report. 08:30 in Washington.

-Federal Reserve Vice Chairman Stanley Fischer discusses the central bank’s near- and long-term priorities and challenges at the U.S. Chamber of Commerce Center for Capital Markets Competitiveness. 10:00 in Washington.

-Samsung C&T Corp. holds a shareholder meeting to seek approval for a merger with Cheil Industries Inc., a plan opposed by billionaire activist Paul Elliott Singer. 09:00 (07/16 20:00 EDT) in Seoul.

-ECONOMY: U.S. Michigan consumer sentiment (July preliminary), Canada CPI (June), ECB survey of professional forecasters, Poland industrial output (June), Poland retail sales (June), Russia retail sales (June), Russia unemployment rate (June), Ukraine industrial production (June).

-CENTRAL BANKS: Bank of Japan survey of senior loan officers on lending demand.

-EARNINGS: Honeywell International Inc., SunTrust Banks Inc., Comerica Inc., General Electric Co., Kansas City Southern, Volvo AB, Electrolux AB, Kone Oyj.

-SOVEREIGN RATING UPDATES: Belgium (S&P), Croatia (Moody’s and S&P), Cyprus (Moody’s), Denmark (DBRS), Iceland (S&P), Kenya (Fitch), Rwanda (Fitch), Serbia (Moody’s & S&P).


-China’s statistics bureau will announce June property prices. Home prices fell in fewer cities for a third month in May as buyer confidence returned after property curbs were eased and interest rates fell. 09:30 (07/17 21:30 EDT) in Beijing.