Fed, BOJ, GDP, Deutsche Bank, Apple: Week Ahead Oct. 24-31

Federal Reserve officials gather to set monetary policy, with the market suggesting no move to raise U.S. interest rates at the coming week’s meeting.

The U.S. economy probably grew at less than half the pace of the second quarter, while orders for durable goods are seen falling for a second month.

Japan, Mexico and Sweden also decide on monetary policy.

Deutsche Bank AG Co-Chief Executive Officer John Cryan will present details of the German lender’s strategic review.

U.S. Congress’s stopgap highway-funding bill is due to run out on Thursday.

Earnings season continues in the U.S., with more than 160 S&P 500 Index companies, including Apple Inc., Exxon Mobil Corp. and Twitter Inc. reporting results.

Baseball’s World Series gets under way in the U.S., while the Rugby World Cup final is played on Oct. 31 in London.


-Louisiana voters decide on the replacement for term-limited Governor Bobby Jindal, who is running for U.S. president. The state has a winner-take-all system in which candidates run in one election, regardless of party affiliation. If a candidate gets more than 50 percent of the vote, they become governor. Polls however suggest that there will be a Nov. 21 runoff between Democratic State Representative John Bel Edwards and Republican U.S. Senator David Vitter.

-Jeb Bush and his top donors meet today and tomorrow in Houston as the Republican U.S. presidential candidate has lagged in the polls. The donor summit, a quarterly event for the Bush campaign where his top advisers debrief the campaign’s financiers, includes private receptions with former Presidents George W. Bush, George H.W. Bush and former First Lady Barbara Bush.

-Democratic U.S. presidential candidates Hillary Clinton, Bernie Sanders, Martin O’Malley and Lincoln Chafee are confirmed speakers for the Iowa Democratic Party’s annual Jefferson-Jackson dinner. Starts at 19:00 (20:00 EDT) in Des Moines, Iowa.

-Rugby World Cup. The first semifinal takes place between South Africa and New Zealand. 16:00 (11:00 EDT) at London’s Twickenham Stadium. Click here for details.


-Argentina holds the first round of its presidential elections. Polls open at 08:00 (07:00 EDT) and close at 18:00 (17:00 EDT). Preliminary results from the country’s manual voting system will begin to trickle in around 21:00 (20:00 EDT). Front-runner Daniel Scioli of the ruling party will need more than 40 percent of the vote with a 10 percentage-point lead over the runner-up in order to avoid a second round. A runoff would be held Nov. 22 ahead of the Dec. 10 changing of the guard.

-Ivory Coast holds presidential election, with polls showing Alassane Ouattara poised to win re-election in the nation’s first such contest since 2010. Balloting starts at 08:00 (04:00 EDT) and end at 18:00 (14:00 EDT).

-German Chancellor Angela Merkel and leaders of central and eastern European Union countries meet to seek agreement on curbing the flow of refugees through the Western Balkans. Starts 16:00 CET (11:00 EDT) in Brussels, with a concluding news conference scheduled for 19:00 CET (14:00 EDT).

-Poland elections. After eight years under the Civic Platform party, the country is set to move away from the European mainstream by picking the Law & Justice party, which promises a greater role for the state in the economy and a focus on national interests. Exit polls are expected at 20:00 CET (15:00 EDT), with partial results coming Monday.

-Ukraine holds local elections in areas of the country that aren’t controlled by pro-Russian rebels.

-Rugby World Cup. The semifinal between Argentina and Australia is played at London’s Twickenham Stadium. Click here for details.

-Clocks in Europe go back one hour as daylight saving time ends.


-U.S. President Barack Obama hosts President Joko Widodo of Indonesia at the White House. The agenda for their talks includes expanding cooperation on defense, trade and investment, and climate and energy. Potential new ways to expand maritime cooperation will also be discussed. Time TBD.

-Sales of new U.S. homes probably held close to a seven-year high on the heels of cheap borrowing costs and a steadily improving labor market. The Commerce Department in Washington will issue the figures at 10:00.

-Valeant Pharmaceuticals International Inc. holds a conference call with its Chief Executive Officer Michael Pearson and members of its audit and risk committee. The call follows Valeant’s denial of allegations by the stock-commentary site Citron Research that it recorded fake sales. 08:00 EDT.

-The U.S. House of Representatives is expected to vote on reauthorizing the U.S. Export-Import Bank, whose charter was allowed to lapse on June 30. The bank, which provides loans and other support to overseas customers of U.S. companies, has divided Republican lawmakers.

-U.S. Commodity Futures Trading Commission Chairman Timothy Massad speaks at the Swap Execution Facility Conference in New York. 11:30.

-German Chancellor Angela Merkel takes questions on domestic policy at a 90-minute town hall event in Nuremberg. Topics are expected to include Europe’s refugee crisis. 13:00 CET (08:00 EDT).

-Arch Coal Inc.’s debt-exchange deadline for creditors. The second-biggest U.S. coal producer by volume seeks to swap its existing bonds for higher-ranked securities with longer maturities amid a $5.1 billion debt burden.

-Microsoft Corp.’s Surface Pro 4 tablet, 30 percent faster than its prior version, becomes available starting at $899.

-Bank of America Corp., Wal-Mart Stores Inc. and JPMorgan Chase & Co. are among companies scheduled to participate in the Money20/20 conference in Las Vegas. Through 10/28.

-Energy industry officials, including executives from Exxon Mobil Corp., BP Plc and Tullow Oil Plc gather in Cape Town, South Africa, for Africa Oil Week. Through 10/30.

-The Chinese Communist Party will discuss the nation’s economic and social policies for the next five years at its Fifth Plenum in Beijing. The country’s leaders are wrestling with challenges from rising debt to excess industrial capacity and bloated state enterprises. Through 10/29.

-Japanese Prime Minister Shinzo Abe visits Kazakhstan. Agenda TBA.

-European Commission Vice President Valdis Dombrovskis begins a two-day visit to Athens ahead of the next $2.3 billion aid payout to Greece.

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

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

-ECONOMY: Dallas Fed manufacturing activity (Oct.), Czech business and consumer confidence (Oct.), Turkey real sector confidence index (Oct.)

-CENTRAL BANKS: Israel base rate

-EARNINGS: Check Point Software Technologies Ltd., Xerox Corp., Edwards Lifesciences Corp., First Data Corp., Hartford Financial Services Group Inc., Broadcom Corp., Galp Energia SGPS SA.


-The Federal Open Market Committee begins a two-day meeting in Washington to decide whether to raise the benchmark U.S. interest rate for the first time since 2006, with the market pricing in just a 6 percent chance of a move to tighten. Policy makers are weighing growth, inflation and labor-market data as they debate higher rates this year.

-Orders for U.S. durable goods probably declined for a second month in September, partly due to fewer bookings for commercial aircraft and a downshift in corporate investment plans. The Commerce Department’s figures will be released at 08:30 in Washington.

-Home prices in 20 U.S. cities probably climbed at a faster pace in the 12 months ended in August as demand continues to compete with limited supply, economists project an index from S&P/Case-Shiller will show. 09:00 in Washington.

-U.S. consumer confidence probably eased from an eight-month high, economists project the Conference Board will report. 10:00 in Washington.

-Telecom Italia SpA Chief Executive Officer Marco Patuano and Oi SA CEO Bayard Gontijo are among speakers at the Futurecom conference in Sao Paulo. Through 10/29. Click here for agenda.

-Melco Crown Entertainment Ltd.’s $3.2 billion Studio City casino, a Hollywood-themed resort featuring Asia’s highest Ferris wheel, is opening in Macau with billionaire chairmen Lawrence Ho and James Packer attending. The second new casino in Macau this year comes as a government crackdown on corruption, coupled with a softening Chinese economy, prompts high-rollers to shun casinos in the world’s largest gambling market. 11:30 (10/26 23:30 EDT) press conference in Macau.

-Hungarian Economy Minister Mihaly Varga, central bank Vice President Marton Nagy and Debt Management Agency CEO Gyorgy Barcza speak at a conference. Event starts at 09:00 CET (04:00 EDT) in Budapest.

-European Parliament debates the region’s refugee crisis with testimony by EU President Donald Tusk. 10:00 CET (05:00 EDT) in Strasbourg, France.

-Major League Baseball’s World Series begins between the New York Mets and either the Toronto Blue Jays or Kansas City Royals, which were still battling for the American League Championship Series pennant as of Oct. 23. The best-of-seven World Series will alternate between the ALCS winner’s stadium and New York’s Citi Field, with the American League opponent having home-field advantage.

-ECONOMY: Markit U.S. composite PMI (Oct., preliminary), Richmond Fed manufacturing (Oct.), Brazil total outstanding loans (Sept.), China industrial profits (Sept.), Hong Kong trade data (Sept.), South Korea consumer confidence (Oct.)

-CENTRAL BANKS: Angola rate decision

-EARNINGS: Merck & Co., Pfizer Inc., Textron Inc., Comcast Corp., United Parcel Service Inc., Reynolds American Inc., HCA Holdings Inc., DuPont Co., Ford Motor Co., Canadian National Railway Co., Bristol-Myers Squibb Co., Aflac Inc., Anadarko Petroleum Corp., Apple Inc., Express Scripts Holding Co., Gilead Sciences Inc., Twitter Inc., Canon Inc.


-The rate-setting Federal Open Market Committee announces monetary policy at 14:00 in Washington, with the market pricing in just a 6 percent chance of a move to tighten. This month’s gathering of the panel is not scheduled to be followed by a press conference, while there is one planned after the Dec. 15-16 meeting.

-U.S. House Republicans will vote on a speaker nominee to succeed John Boehner, with the full chamber voting tomorrow. The Ohio Republican is leaving Congress at the end of the month after years of fighting with party conservatives.

-U.S. Senator Elizabeth Warren and Consumer Financial Protection Bureau Director Richard Cordray and discuss financial-regulation reform at a Politico-hosted breakfast in Washington. 08:30.

-U.S. Securities and Exchange Commission Chair Mary Jo White speaks at the Practising Law Institute’s Securities Regulation Institute seminar. 09:15 in New York. Click here for schedule.

-Former U.S. House Speaker Dennis Hastert appears in court, where he may enter a guilty plea in a case in which he was accused of dodging banking laws and lying to federal agents over payments to hide past sexual “misconduct.” Hastert on Oct. 15 had reached a tentative deal with U.S. prosecutors. 08:30 (09:30 EDT) in Chicago.

-Anheuser-Busch InBev NV and SABMiller Plc have until today to forge a formal deal under U.K. takeover rules. SABMiller, the world’s second-largest brewer, on Oct. 13 said it would recommend AB InBev’s $106 billion cash offer to shareholders.

-Republican U.S. presidential candidates gather in Boulder, Colorado, for the third debate of the 2016 campaign season. The CNBC-hosted debate will be broadcast at 18:00 (20:00 EDT).

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

-Tokyo Motor Show. Toyota Motor Corp., Honda Motor Co. and Nissan Motor Co. will be among automakers displaying new fuel-cell and electric vehicles at the biennial show. Through 11/8.

-Norway’s sovereign wealth fund releases its third-quarter report followed by a news conference with Norges Bank Investment Management Chief Executive Officer Yngve Slyngstad. 10:00 CET (05:00 EDT) in Oslo.

-ECONOMY: MBA U.S. mortgage applications (weekly), U.S. advance goods trade balance (Sept.), Australian inflation (third quarter), Japan retail sales (Sept.), Hungarian unemployment (Sept.), Russian weekly CPI

-CENTRAL BANKS: Sweden rate decision

-EARNINGS: Automatic Data Processing Inc., Boston Scientific Corp., NextEra Energy Inc., General Dynamics Corp., Hershey Co., Northrop Grumman Corp., Newmont Mining Corp., Barrick Gold Corp., Occidental Petroleum Corp., Suncor Energy Inc., Valero Energy Corp., Anthem Inc., Walgreens Boots Alliance Inc., Southern Co., Norfolk Southern Corp., Mondelez International Inc., Amgen Inc., Western Digital Corp., Williams Cos., PayPal Holdings Inc., Statoil ASA, Nintendo Co., National Australia Bank Ltd.


-The U.S. economy probably expanded at a 1.7 percent annualized rate in the third quarter, less than half the 3.9 percent pace in the previous three months. A slowdown in inventory accumulation and a wider trade deficit masked steady domestic demand, including sustained consumer spending and a pickup in business investment and homebuilding. The Commerce Department’s first estimate of third-quarter gross domestic product will be released at 08:30 in Washington.

-Pfizer Inc. Chief Executive Officer Ian Read is interviewed at the Wall Street Journal’s Viewpoints Executive Leadership Series. 08:00 in New York.

-U.S. Congress’s stopgap federal highway-funding bill is due to run out today. All signs point to the need for a short-term extension of the Highway Trust Fund’s disbursement authority, as the House Ways and Means Committee had yet to act on funding for a proposed six-year highway authorization bill.

-Deutsche Bank AG Co-Chief Executive Officer John Cryan will present details of the German lender’s strategic review which will see the firm exit some countries, sell a consumer banking unit and shrink trading activities with the aim of bolstering its capital. 14:00 CET (09:00 EDT).

-Russian Prime Minister Dmitri Medvedev attends the Commonwealth of Independent States conference through Friday in Dushanbe, Tajikistan. Agenda TBA.

-Deadline for Russia to announce whether it will accept a restructuring proposal on the $3 billion of Ukrainian bonds that the country holds.

-Transocean Ltd. holds an extraordinary general meeting of shareholders to seek approval for its proposed dividend halt after a decline in crude oil prices cut demand for the company’s offshore oil-drilling vessels. 17:00 (12:00 EDT) in Cham, Switzerland.

-Newcrest Mining Ltd. holds its annual meeting of shareholders in Melbourne. Australia’s biggest gold producer recently reported that first-quarter output fell 13 percent after two mines’ operations were suspended amid worker deaths. 10:30 (Oct. 28, 19:30 EDT).

-Princeton University professor and Nobel laureate Paul Krugman and Harvard professor and former IMF chief economist Kenneth Rogoff go “Face to Face on Economic Policy” in a debate on fiscal expansion versus fiscal conservatism. 17:30 in Montreal.

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

-ECONOMY: U.S. initial jobless claims (weekly), Bloomberg Consumer Comfort Index (weekly), Pending U.S. home sales (Sept.), Canada industrial product prices (Sept.), Canada raw materials price index (Sept.), Brazil IGP-M inflation index (Oct.), Japan industrial production (Sept.), Portugal consumer confidence (Oct.), Russia foreign exchange reserves, Ukrainian GDP (third quarter)

-CENTRAL BANKS: Mexico overnight rate, New Zealand rate decision, Brazil meeting minutes, Ukraine rate decision, Egypt rate decision

-EARNINGS: Deutsche Bank AG, Eni SpA, Royal Dutch Shell Plc, Total SA, Charter Communications Inc., Johnson Controls Inc., ConocoPhillips, Bombardier Inc., Sherwin-Williams Co., McKesson Corp., CME Group Inc., Time Warner Cable Inc., MasterCard Inc., Aetna Inc., Ally Financial Inc., Altria Group Inc., Electronic Arts Inc., Starbucks Corp., Expedia Inc., Baidu Inc., Sony Corp., Samsung Electronics Co., PetroChina Co., China Petroleum & Chemical Corp., Australia & New Zealand Banking Group Ltd., Bank of China Ltd., EDP-Energias de Portugal SA


-The Bank of Japan will announce its monetary policy at the end of a one-day meeting. The BOJ was forecast to add to monetary stimulus at this meeting by 42 percent of economists in a survey earlier this month. The central bank will also announce updates to inflation and growth forecasts. The meeting typically ends about midday in Tokyo and is usually followed by a press conference with Governor Haruhiko Kuroda at 15:30 (02:30 EDT).

-U.S. personal spending probably rose in September at a slower pace than a month earlier, economists project the Commerce Department will report. 08:30 in Washington.

-U.S. consumer confidence probably rose to 92.6 in the University of Michigan’s October index from 87.2 a month earlier, according to the median estimates of economists, marking the first advance in four months. The university’s preliminary October reading was 92.1. 10:00.

-Columbia rate decision. Banco de la Republica will probably raise its key rate for a second month by a quarter-point to 5 percent. Sales and output have rebounded while inflation is above policy makers’ target and at a six-year high. 13:00 in Bogota (14:00 EDT).

-Federal Reserve Bank of San Francisco President John Williams and Federal Reserve Board of Governors member Thomas Laubach revisit their 2001 paper, “Measuring the Natural Rate of Interest” at the Brookings Institution in Washington. Event begins at 10:00.

-Federal Reserve Bank of Kansas City President Esther George discusses the structure of the Federal Reserve system at the CityAge conference on “The New American City.” 11:25 (12:25 EDT) in Kansas City, Missouri.

-Baker Hughes rig count for oil and gas rigs in the U.S. 13:00 EDT.

-The U.S. Energy Information Administration releases its monthly oil- and natural-gas production report. 14:00 in Washington.

-ECONOMY: U.S. employment cost index (third quarter), U.S. ISM Milwaukee manufacturing (Oct.), U.S. Chicago purchasing managers (Oct.), Canada GDP (Aug.), Chile unemployment (Sept.), Taiwan GDP (third-quarter, preliminary), South Korea business confidence (Nov.), South Korea industrial production (Sept.), Japan consumer price index (Sept.), Japan unemployment (Sept.), Portugal industrial production (Sept.), Czech money supply, Turkey trade balance (Sept.)

-CENTRAL BANKS: Russia key rate

-EARNINGS: Macquarie Group Ltd., Chevron Corp., Colgate-Palmolive Co., Exxon Mobil Corp., Mylan NV, Newell Rubbermaid Inc., Exelon Corp., Weyerhaeuser Co., Moody’s Corp., AbbVie Inc., Legg Mason Inc., CVS Health Corp., Phillips 66, Aon Plc, Sharp Corp., Industrial & Commercial Bank of China Ltd., Bank of Communications Co.

-Jeb Bush’s “Reply All,” the e-book political biography of the former Florida governor and U.S. presidential candidate, is published today.

-A retrospective of the American artist Frank Stella opens at the Whitney Museum of American Art in New York. Through Feb. 7,


-SOVEREIGN RATING UPDATES: France (DBRS), Kazakhstan (Fitch), Mozambique (Fitch), Netherlands (Moody’s), Saudi Arabia (S&P), Switzerland (Fitch).


-The Rugby World Cup’s final is played at London’s Twickenham Stadium. For the event details and schedule, click here.

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