Fed Meeting, U.S. GDP, Home Data, Tennis: Week Ahead Jan. 23-30

  • Apple, Santander, Microsoft, Amazon, Alibaba to post earnings
  • Iran's Rouhani visits Italy, France, pope after sanctions end

The U.S. central bank’s Federal Open Market Committee meets to set monetary policy, and economists expect the key rate to remain on hold.

U.S. growth slowed in the fourth quarter to a 0.8 percent annualized rate, while consumer confidence was little changed in January, reports in the coming week probably will show. Durable goods orders and new-home sales data are also released.

The U.K. reports fourth-quarter growth figures, and the euro area gives its first estimate of inflation for January as the bloc weighs further stimulus.

Japan, Russia and South Africa also set interest rates.

Policy makers, world leaders and senior executives conclude their meetings at the World Economic Forum in Davos, Switzerland.

The African Union holds a heads of state summit in Addis Ababa, Ethiopia.

Apple Inc., the world’s largest company by market value, reports results. Facebook Inc.Alibaba Group Holding Ltd., Microsoft Corp., Boeing Co., Amazon.com Inc., Ford Motor Co., Chevron Corp., Roche Holding AG, Deutsche Bank AG, Banco Santander SA, Novartis AG, and Fiat Chrysler Automobiles NV are also among the companies releasing earnings.

The Australian Open, tennis’s first Grand Slam tournament of the year, reaches its final stages and the National Football League playoffs continue.


-The World Economic Forum concludes in Davos. Gloom surrounds this year’s meeting amid a Chinese economic slowdown, sliding commodity prices and geopolitical concerns in the Middle East and the Korean peninsula. Click here for the website and agenda.

-The Sundance Film Festival, founded by actor Robert Redford in 1985, is held in Park City, Utah. The festival features competitions for dramatic and documentary films and will also have programs dedicated to TV and virtual reality. Among this year’s notable premieres is director Spike Lee’s documentary about Michael Jackson. Through Jan. 31.

-The Australian Open tennis tournament continues in Melbourne through Jan. 31. The women’s singles final is on Jan. 30 and the men’s singles final is on Jan. 31.


-Haiti holds runoff elections. Voters will choose a new leader between President Michel Martelly’s hand-picked successor, Jovenel Moise, and former state construction chief Jude Celestin. Celestin has faulted a lack of transparency in the election process and called for supporters to boycott the vote. Polls open at 06:00 and close at 16:00 EST.

-The ninth annual Global Competitiveness Forum (GCF 2016) is held in Riyadh. The main speakers include former Mexican President Vicente Fox and Saudi Arabian Oil Co. Chairman Khalid A. Al-Falih. Through Jan. 26.

-Portugal holds an election for president, a mostly ceremonial post. The first projections will be released at 20:00 in Lisbon (15:00 EST).

-The National Football League playoffs continue. The New England Patriots play the Denver Broncos in Denver for the American Football Conference title at 15:05 EST. The Arizona Cardinals face the Carolina Panthers in Charlotte, North Carolina, for the National Football Conference crown at 18:40 EST. The winners will meet in the Super Bowl on Feb. 7 in Santa Clara, California.


-European Central Bank President Mario Draghi speaks in Eschborn, Germany. He may provide insight on the outlook for the economy and the ECB’s policy path after oil prices slid to a 12-year low. 19:00 CET (13:00 EST).

-U.S. Securities and Exchange Commission Chair Mary Jo White gives the keynote address at Northwestern University School of Law’s 43rd Annual Securities Regulation Institute. Through Jan. 27 in Coronado, California.

-Iranian President Hassan Rouhani visits Italy after international sanctions on Iran were lifted. He speaks at a business forum starting at 09:00 CET in Rome (03:00 EST) and meets Pope Francis at 11:00 CET.

-European Union interior ministers discuss migration and the refugee crisis at a meeting in Amsterdam starting at 09:00 CET (03:00 EST).

-French President Francois Hollande begins a two-day state visit to India, where sales of warplanes are likely to be on the agenda. Timing to be determined.

-German Chancellor Angela Merkel gives a speech at a research center in Saxony-Anhalt, which is holding state elections in March. 13:00 CET in Halle (07:00 EST).

-SunPower Corp. Chief Executive Officer Tom Werner is among the executives scheduled to speak at Cleantech Forum San Francisco. 09:30 in San Francisco (12:30 EST). The forum continues through Jan. 27.

-The 26th Middle East & North Africa Energy Conference takes place at Chatham House in London. Speakers include OPEC Secretary-General Abdalla El-Badri and Eni SpA CEO Claudio Descalzi. 09:30 (04:30 EST). Through Jan. 26.

-ICE Futures Europe releases its Commitments of Traders report on net speculative positions in Brent crude futures at about 12:45 CET (06:45 EST).

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

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

-CENTRAL BANKS: Israel rate decision, Ghana rate decision, Angola rate decision.

-ECONOMY: Dallas Fed manufacturing activity (Jan.), Mexico unemployment rate (Dec.), Mexico IGAE economic activity (Nov.), Japan trade (Dec.), Germany IFO business confidence (Jan.), Spain PPI (Dec.).

-EARNINGS: Halliburton Co., McDonald’s Corp., Kimberly-Clark Corp., Eldorado Gold Corp.


-Officials from the Bank of England’s Financial Policy Committee testify to Parliament on December’s Financial Stability Report, in which they said they may begin forcing banks to set aside capital as soon as March to support lending in a downturn. BOE Governor Mark Carney and officials Alex Brazier, Clara Furse and Martin Taylor are due to speak. 10:45 in London (05:45 EST).

-The CanTech Investment Conference 2016, Canada’s largest technology investment opportunities conference, is held in Toronto. Michael Hainsworth of Business News Network delivers opening remarks at 08:00 EST. Other speakers include Senior Vice President of the Toronto Stock Exchange Ungad Chadda.

-Morningstar announces its 2015 Fund Managers of the Year award winners. Leaders are selected in five categories: domestic stock, international stock, fixed income, allocation, and alternatives. The announcement will be made on CNBC’s “Power Lunch” program at 08:30 Pacific Time (11:30 EST).

-EU justice ministers discuss fighting cybercrime. 09:30 CET in Amsterdam (03:30 EST).

-Italy’s Senate holds a vote of confidence in Prime Minister Matteo Renzi’s
government following the bailout of four banks. Timing to be determined.

-The Energy Mexico 2016 oil, gas and power conference takes place in Mexico City. Speakers include Emilio Lozoya Austin, general director of Petroleos Mexicanos; Adam Sieminski, administrator of the U.S. Energy Information Administration; and Guy Caruso from the Center for Strategic and International Studies. Through Jan. 28.

-The Petroleum Economist Kuwait Energy Strategy Forum is held in Kuwait City. Speakers include Kuwait’s Minister of Finance and Acting Minister of Oil Anas al-Saleh. Click here for the agenda.

-U.S. consumer confidence was probably little changed in January from a month earlier as plunging stock prices helped temper optimism tied to a strong job market. The New York-based Conference Board’s figures will be released at 10:00.

-CENTRAL BANKS: Hungary rate decision, Nigeria rate decision.

-ECONOMY: U.S. FHFA home-price index (Nov.), S&P/Case-Shiller U.S. 20-city home-price index (Nov.), U.S. Markit services PMI (Jan. prelim.), Richmond Fed manufacturing gauge (Jan.), Brazil current account (Dec.), Mexico retail sales (Nov.), South Korea GDP (fourth quarter), Poland unemployment rate (Dec.), Poland GDP (2015), South Africa leading indicator (Nov.).

-EARNINGS: Proctor & Gamble Co., Lockheed Martin Corp., Johnson & Johnson, Capital One Financial Corp., Du Pont (E.I.) de Nemours and Co., Stryker Corp., Chubb Ltd., AT&T Inc., Apple Inc., 3M Co., Coach Inc., Canadian National Railway Co., Freeport-McMoRan Inc., LG Electronics Inc., SK Hynix Inc., Sumitomo Mitsui Financial Group Inc., Royal Philips NV, Siemens AG.


-The Federal Open Market Committee completes a two-day policy meeting and issues its policy statement. U.S. central bank officials aren’t expected to announce any change in the benchmark federal funds interest rate target of 0.25 percent to 0.5 percent, according to economists. 14:00 in Washington.

-Royal Dutch Shell Plc shareholders vote in The Hague on the company’s planned takeover of BG Group Plc. The acquisition -- the industry’s largest in a decade -- would make Shell 

New Shell LNG tanker berthed in South Korea.

Photographer: Seokyong Lee/Bloomberg

the biggest producer of liquefied natural gas and give it assets from Australia to Brazil. 10:00 CET (04:00 EST). BG Group shareholders vote in London on Thursday at 11:00 (06:00 EST).

-U.S. sales of new homes increased in December for a third month, helped by low interest rates and robust job creation, economists project the Commerce Department to report. 10:00 in Washington.

-German Finance Minister Wolfgang Schaeuble speaks at a business conference in
Baden Wuerttemberg, his home region, where state elections will be held in March. 16:30 CET in Schwaebisch Hall (10:30 EST).

-South Africa’s Crop Estimates Committee releases its preliminary projections for output of summer grains including corn for the season ending in April. The nation is the continent’s biggest corn producer, and the worst drought since records started in 1904 is hurting its crop. 15:00 in Johannesburg (08:00 EST).

-Nigerian President Muhammadu Buhari makes a state visit to Kenya. Through Jan. 29.

-ECONOMY: U.S. MBA mortgage applications (weekly), Brazil total outstanding loans (Dec.), Australian inflation (fourth quarter), South Korean consumer confidence (Jan.), China industrial profits (Dec.), Russia industrial production (Dec.), Russia PPI (Dec.), Russia unemployment rate (Dec.), Russia retail sales (Dec.), Russia weekly CPI (Jan. 25), Germany GfK consumer confidence (Feb.), U.K. Nationwide house prices (Jan.), U.K. BBA lending data (Dec.).

-EARNINGS: Boeing Co., General Dynamics Corp., United Technologies Corp., Anthem Inc., EMC Corp./MA, Texas Instruments Inc., Qualcomm Inc., EBay Inc., Facebook Inc., PayPal Holdings Inc., Hess Corp., Murphy Oil Corp., Nordea Bank AB, Ericsson AB, Banco Santander SA, Novartis AG, Fiat Chrysler Automobiles NV.


-U.S. durable goods orders probably declined in December, indicating factories remain hamstrung by weak global markets, a strong dollar and a plunge in investment in America’s oil patch. The Commerce Department will issue the figures at 08:30 in Washington.

-U.K. gross domestic product. The Office for National Statistics publishes the first estimate for fourth-quarter GDP, after saying earlier this month the economy expanded less than previously estimated in the past two quarters, a sign growth is losing momentum. GDP rose 0.4 percent from July to September and 0.5 percent in the second quarter. 09:30 in London (04:30 EST).

-North Atlantic Treaty Organization Secretary General Jens Stoltenberg gives a press conference, with the focus on reinforcements in eastern Europe and NATO’s policy toward Russia. 10:00 CET in Brussels (04:00 EST).

-Dutch Finance Minister Jeroen Dijsselbloem addresses lawmakers in The Hague on the planned initial public offering of insurer ASR Nederland NV. Timing to be determined.

-Iranian President Hassan Rouhani visits France after international sanctions on Iran were lifted. He will hold a press conference with President Francois Hollande at 17:00 CET in Paris (11:00 EST).

-Brazil’s central bank publishes the minutes of its Jan. 19-20 monetary policy meeting. Brazil, contending with inflation at a 12-year high and a deepening recession, has the highest key rate among Group of 20 nations. 08:30 in Brasilia (05:30 EST).

-The Bloomberg Commodities Investor Conference 2016 takes place in London. Speakers include DRPM Group CEO Pippa Malmgren and BlackRock Inc.’s Senior Commodity Fund Manager Rob Shimell. Discussion topics include the macroeconomic and geopolitical issues affecting energy, metals and agriculture markets in 2016. 08:30 in London (03:30 EST).

-The Rovuma Basin Market Briefing 2016 takes place in Maputo, Mozambique. The event brings together representatives from government and business to discuss natural-gas infrastructure plans as the country works to export gas from one of the biggest discoveries in a decade. 09:00 local time (02:00 EST).

-Ukraine’s parliament will meet to make changes to the budget. It may also debate changes to the constitution to provide special status to the Donbas region, which triggered a brawl in parliament last month. Timings to be determined.

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

-U.S. Energy Information Administration releases its U.S. oil inventory report. 11:00 in Washington.

CENTRAL BANKS: New Zealand rate decision, Egypt rate decision, Ukraine rate decision, South Africa rate decision.

-ECONOMY: U.S. jobless claims (weekly), U.S. Bloomberg consumer comfort (weekly), U.S. pending home sales (Dec.), Kansas City Fed manufacturing (Jan.), Brazil unemployment rate (Dec.), Brazil IGP-M inflation (Jan.), Philippine GDP (fourth quarter), Japan retail trade (Dec.), Hungary unemployment (Dec.), South Africa PPI (Dec.), euro-area consumer confidence (Jan.), German inflation (Jan.), Spain unemployment rate(fourth quarter), Spain retail sales (Dec.).

-EARNINGS: Alibaba Group Holding Ltd., Abbott Laboratories, Bristol-Myers Squibb Co., Harley-Davidson Inc., Eli Lilly & Co., Northrop Grumman Corp., Celgene Corp., Valero Energy Corp., Time Warner Cable Inc., Ford Motor Co., Altria Group Inc., Nasdaq Inc., Caterpillar Inc., Raytheon Co., Microsoft Corp., Electronic Arts Inc., Amazon.com Inc., Visa Inc., Amgen Inc., Broadcom Corp., Banco Bradesco SA, Baker Hughes Inc., Enterprise Products Partners LP, Valero Energy Corp., Potash Corp., NextEra Energy Inc., CNX Coal Resources LP, Posco, Unipetrol AS, Samsung Electronics Co., Daiwa Securities Group Inc., ICICI Bank Ltd., Electrolux AB, Hennes & Mauritz AB, Roche Holding AG, Diageo Plc, Deutsche Bank AG.


-U.S. economic growth probably slowed in the fourth quarter to a 0.8 percent annualized rate after a 2 percent pace in the previous three months, economists project the Commerce Department’s gross domestic product report to show. Consumer spending probably cooled, business investment and exports were weak and companies continued to pare inventories. 08:30 in Washington.

-The Bank of Japan will announce monetary policy at the end of a two-day meeting in Tokyo. Before the last meeting, seven of 42 surveyed economists were predicting the bank would add to quantitative easing at this meeting. Since then, with stocks falling, the yen rising and inflation stagnating, other market economists have raised the possibility of additional stimulus. The meeting usually ends about midday and is typically followed by a press conference with Governor Haruhiko Kuroda at 15:30 in Tokyo (01:30 EST).

-The euro area gives its first estimate of inflation for January. Consumer prices rose 0.2 percent in December, far below the goal of just under 2 percent, even with the European Central Bank announcing more stimulus. A slump in oil prices since then may depress the rate and drive the ECB to take further action. 11:00 CET (05:00 EST).

-Taiwan will release fourth-quarter GDP data. President-elect Tsai Ing-wen will be looking to revamp polices just as exports to the mainland drop, with overall shipments in December plunging a more-than-expected 12.3 percent. 08:30 in Taipei (01/28 19:30 EST).

-Colombia’s central bank, Banco de la Republica, will probably raise its key rate for a fifth straight month to 6 percent from 5.75 percent. Growth has recovered and inflation has surged beyond policy makers’ target. Meeting begins at 13:00 in Bogota (13:00 EST).

-Federal Reserve Bank of San Francisco President John Williams gives a forecast speech on a panel at the Commonwealth Club in San Francisco at 12:30 local time (15:30 EST).

-German Chancellor Angela Merkel and Italian Prime Minister Matteo Renzi meet in Berlin.
Timing to be determined.

-U.S. Energy Information Administration releases petroleum supply monthly with data for November. Production figures will be reported around noon in Washington, with inventories and demand in the afternoon.

-Baker Hughes Rig Count, for oil and gas rigs in the U.S. 13:00 EST.

-U.S. Commodity Futures Trading Commission issues weekly report on futures and options positions for oil. 15:30 in Washington.

-CENTRAL BANKS: Chile bank minutes, Russia rate decision.

-ECONOMY: U.S. employment cost index (fourth quarter), U.S. advance goods trade balance (Dec.), U.S. ISM Milwaukee manufacturing (Jan.), U.S. MNI Chicago purchasing managers (Jan.), U.S. Michigan consumer sentiment (Jan. final), Mexico GDP (4Q prelim.), Brazil primary budget (Dec.), South Korea industrial production (Dec.),  Japan jobless data (Dec.), Japan national inflation (Dec.), Japan industrial output(Dec.), Turkey trade balance (Dec.), Lithuania GDP (fourth quarter), Latvia GDP (fourth quarter), South Africa M3 money supply and private-sector credit (Dec.), South Africa trade balance (Dec.), GFK U.K. consumer confidence (Jan.), Portugal retail sales (Dec.), Portugal industrial production (Dec.).

-EARNINGS: Honeywell International Inc., Chevron Corp., Colgate-Palmolive Co., Simon Property Group Inc., AbbVie Inc., American Airlines Group Inc., MasterCard Inc., Phillips 66, Consol Energy Inc., Tokyo Electric Power Co., Komatsu Ltd., JFE Holdings Inc., JSW Steel Ltd., Canadian Oil Sands Ltd., Sony Corp., Honda Motor Co., Mizuho Financial Group Inc., TeliaSonera AB, Sky Plc.

-SOVEREIGN RATING UPDATES: Azerbaijan (S&P), Cape Verde (Fitch), Croatia (Fitch), European Stability Mechanism (Moody’s), Germany (DBRS), Gabon (S&P), Slovak Republic (S&P), Spain (Fitch), U.K. (Moody’s), Zambia (Moody’s).


-The African Union holds a heads of state summit in Addis Ababa, Ethiopia. For detailed information click here. Through Jan. 31.

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