Fed Minutes, U.S. Inflation, EU Summit: Week Ahead Feb. 13-20By , , and
Wal-Mart, Priceline, Allianz, T-Mobile, Nestle report earnings
South Carolina has Republican primary; Nevada Democrats caucus
The U.S. Federal Reserve releases the minutes from the Jan. 26-27 Federal Open Market Committee meeting as investors signal they may have lost faith in central banks’ ability to support the global economy.
U.S. consumer prices probably declined in January for a second month as gasoline costs continued to retreat. New home construction in the U.S. increased in January, while industrial production last month climbed for the first time in five months, separate reports probably will show.
Japan releases gross domestic product figures that economists predict will show an annualized contraction for the fourth quarter.
European Central Bank President Mario Draghi speaks at the European Parliament’s economic committee in Brussels. Indonesia and South Korea are among major economies setting monetary policy.
Two more U.S. states will hold presidential-nominating contests. President Barack Obama hosts leaders from the Association of Southeast Asian Nations for their first summit in the U.S.
Leaders of the 28 European Union governments hold a two-day summit in Brussels.
The Grammy Awards take place in Los Angeles.
SATURDAY, FEB. 13
-Munich Security Conference. The three-day global forum to discuss security and defense issues continues Saturday and concludes Sunday. The conflict in Syria, the refugee crisis in Europe, Iran, Ukraine, cybersecurity and the U.K.’s possible exit from the European Union are among themes likely to be addressed by global foreign-policy, defense and intelligence officials. Click here for the website and further information.
-Pope Francis begins a six-day trip to Mexico that includes a meeting with President Enrique Pena Nieto and a visit to the northern border city of Ciudad Juarez, where he will celebrate a Mass. Through Feb. 18.
-The second round of the RBS 6 Nations rugby championship takes place. France takes on Ireland in Paris while Wales plays Scotland on Saturday. England faces Italy in Rome on Sunday. Click here for the schedule and match times. Through March 19.
SUNDAY, FEB. 14
-The Central African Republic is due to hold a presidential runoff, after none of the 30 candidates in the Dec. 30 election got a majority. A new legislature will also be elected after the first-round results were rejected by the constitutional court because of irregularities. Polls open at 06:00 in Bangui (00:00 EST) and close at 16:00.
-The National Basketball Association hosts the 2016 All-Star Game at the Air Canada Centre in Toronto. Kobe Bryant, the top vote-getter, joins LeBron James and Stephen Curry in the game. 20:00 EST.
MONDAY, FEB. 15
-U.S. President Barack Obama greets leaders from the Association of Southeast Asian Nations for their first U.S. summit as he seeks to build closer relationships in the region while China expands its economic and diplomatic influence. Obama and representatives from the 10 ASEAN nations will meet at Sunnylands estate in Rancho Mirage, California. Through Feb. 16.
-Japan’s economy contracted an annualized 0.7 percent in the fourth quarter of 2015, according to estimates for GDP data. This would be the fifth quarter the economy has contracted in the three years since Japanese Prime Minister Shinzo Abe returned to power. 08:50 in Tokyo (02/14 18:50 EST).
-Presidents’ Day is a U.S. national holiday, and stock and bond markets are closed. In Canada, stock and bond markets are also closed for a national holiday.
-ECB President Mario Draghi speaks at the European Parliament’s economic committee in Brussels. 15:00 CET (09:00 EST).
-European Union foreign ministers hold their monthly meeting in Brussels at 09:30 CET (03:30 EST) ahead of the leaders’ summit at end of the week.
-Iranian Foreign Minister Mohammad Javad Zarif meets EU foreign affairs chief Federica Mogherini in Brussels. Timing to be determined.
-The E-world energy and water conference is held in Essen, Germany. Click here for the program and list of speakers. Through Feb. 18.
-The 58th annual Grammy awards ceremony will be held at 17:00 in Los Angeles. (20:00 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: Uganda rate decision.
-ECONOMY: China January trade data (Jan.), China new loans, money supply data (Jan.), South Korea household borrowing data (Jan.), Thailand GDP (fourth quarter), U.K. Rightmove house prices (Feb.), Turkey budget balance (Jan.), Israel CPI(Jan.), Romania CPI (Jan.), Poland budget (Jan.), Ukraine GDP (fourth quarter), Russia industrial production (Jan.).
-EARNINGS: Telecom Italia SpA.
TUESDAY, FEB. 16
-Federal Reserve Bank of Philadelphia President Patrick Harker will deliver a speech on the 2016 economic forecast at the University of Delaware’s Center for Economic Education and Entrepreneurship. 09:00 EST in Newark, Delaware.
-Federal Reserve Bank of Minneapolis President Neel Kashkari, the former assistant Treasury secretary overseeing the Troubled Asset Relief Program, will deliver a speech at the Brookings Institution on lessons learned from the financial crisis and an assessment of the legislative and regulatory arrangements for preventing future crises. 10:30 EST in Washington.
-Germany’s constitutional court holds a hearing in a lawsuit against the European Central Bank’s Outright Monetary Transactions program, a never-used bond-buying backstop announced in 2012. Starts at 10:00 CET (04:00 EST).
-U.K. Prime Minister David Cameron addresses the leaders of political groups in the European Parliament in a closed session in Brussels. He seeks to persuade them to back proposals for changes to Britain’s terms of EU membership. Timing to be determined.
-Federal Reserve Bank of Boston President Eric Rosengren speaks at Colby College in Waterville, Maine. 19:00 EST.
-British Columbia’s government presents its annual budget. Provincial Finance Minister/House Leader Michael de Jong says it will be the third balanced budget in a row. About 13:30 in Victoria (16:30 EST).
-Exchange Monitor’s 2016 Nuclear Deterrence Summit. The conference, in Arlington, Virginia, has been described as the “nuclear Davos.” Through Feb. 19.
-The Consumer Analyst Group of New York conference meets in Boca Raton, Florida. Tyson Foods Inc. Chief Executive Officer Donald Smith and Archer-Daniels-Midland Co. Chief Financial Officer Ray Young will be among the speakers. Through Feb. 19. Click here for the agenda.
-CENTRAL BANKS: South Korea rate decision.
-ECONOMY: U.S. Empire State manufacturing (Feb.), U.S. NAHB homebuilder sentiment (Feb.), U.S. Treasury net foreign securities purchases (Dec.), Brazil retail sales (Dec.), Taiwan trade data (Jan.), U.K. inflation (Jan.), German ZEW index (Feb.), Israel annualized GDP (fourth quarter), Czech GDP (fourth quarter).
-EARNINGS: Hormel Foods Corp., Vornado Realty Trust, Express Scripts Holding Co., Public Storage, Zoetis Inc., Devon Energy Corp., FMC Technologies Inc., Cimarex Energy Co., Air Liquide SA, HeidelbergCement AG, Electricite de France SA, Orange SA.
WEDNESDAY, FEB. 17
-The Federal Reserve releases the minutes from its Jan. 26-27 Federal Open Market Committee meeting. On Feb. 10, Fed Chair Janet Yellen told Congress the central bank still expects to raise interest rates gradually while making it clear that continued market turmoil could throw policy makers off the course of the multiple increases they have forecast for 2016. 14:00 in Washington.
-New-home construction in the U.S. probably increased in January, indicating steady progress in the housing market. The Commerce Department will issue its housing starts and building permits data at 08:30 in Washington.
-Industrial production in the U.S. probably climbed in January for the first time in five months, a report from the Federal Reserve is projected to show. 09:15 in Washington.
-U.S. Federal Reserve Bank of St. Louis President James Bullard speaks about the U.S. economic outlook and monetary policy to the CFA Society St. Louis. 17:00 in St. Louis (18:00 EST).
-German Chancellor Angela Merkel and Italian Prime Minister Matteo Renzi address lawmakers in their respective capitals on the agenda for the EU summit starting the next day. They’re likely to speak about the refugee crisis and efforts to keep the U.K. in the EU. Merkel speaks at 13:00 CET (07:00 EST) and Renzi follows at 15:30 CET.
-The Code/Media conference is held in Dana Point, California. Speakers include Nigel Eccles, co-founder and CEO of FanDuel Inc., Hulu LLC CEO Mike Hopkins, Sony Entertainment Inc. CEO Michael Lynton, Financial Times Ltd. CEO John Ridding, BuzzFeed Inc. Publisher Dao Nguyen and Shane Smith, founder and CEO of Vice Media. Through Feb. 18.
-The U.S. Energy Information Administration releases its oil inventory report. 10:30 in Washington.
-CENTRAL BANKS: Indonesia rate decision, Mauritius rate decision, Namibia rate decision.
-ECONOMY: U.S. producer price index (Jan.), Taiwan GDP (fourth quarter), South Korea unemployment (Jan.), South Africa CPI (Jan.), South Africa retail sales (Dec.), Nigeria CPI (Jan.), U.K. unemployment (Dec./Jan.), Poland industrial output (Jan.), Poland retail sales (Jan.), Russian weekly CPI (Feb. 15).
-EARNINGS: Noble Energy Inc., Marathon Oil Corp., Barrick Gold Corp., Newmont Mining Corp., Williams Cos., Arrium Ltd., Mount Gibson Iron Ltd., Independence Group NL, Northern Star Resources Ltd., Woodside Petroleum Ltd., CGN Power Co., Dr Pepper Snapple Group Inc., Priceline Group Inc., Marriott International Inc., T-Mobile US Inc., Analog Devices Inc., Nvidia Corp., Deutsche Boerse AG, Enel SpA, Credit Agricole SA.
THURSDAY, FEB. 18
-Leaders of the 28 EU governments begin a two-day summit in Brussels. The renegotiation of Britain’s EU membership terms and the refugee crisis are likely to be discussed. Starts at about 17:00 CET (11:00 EST) on Thursday and ends at 14:00 CET on Feb. 19.
-Federal Reserve Bank of San Francisco President John Williams delivers an outlook speech in Los Angeles at 12:30 (15:30 EST).
-The ECB publishes the account of the Governing Council’s Jan. 21 monetary-policy meeting. 13:30 CET in Frankfurt (07:30 EST).
-Federal Housing Finance Agency Director Mel Watt will deliver a keynote address at the Bipartisan Policy Center covering an update on the FHFA’s work as regulator of the Federal Home Loan Bank System and as regulator and conservator of Fannie Mae and Freddie Mac. 09:00 in Washington.
-Uganda holds presidential and parliamentary elections. President Yoweri Museveni, who seeks to extend his three-decade rule, faces seven challengers, including four-time contender Kizza Besigye and former Prime Minister Amama Mbabazi. Timing to be determined.
-Norwegian central bank Governor Oeystein Olsen makes his traditional annual speech in Oslo at 18:00 CET (12:00 EST).
-The U.S. Energy Information Administration releases its weekly natural gas inventory report. 10:30 in Washington.
-The U.S. Energy Information Administration releases its U.S. oil inventory report. 11:00 in Washington.
-ECONOMY: U.S. jobless claims (weekly), Philadelphia Fed manufacturing (Feb.), U.S. Bloomberg consumer comfort (weekly and Feb. expectations), U.S. leading economic indicators (Jan.), China CPI (Jan.), Australia employment (Jan.), Malaysia GDP (fourth quarter), Turkey survey of expectations(Feb.), Israel CPI forecast (Feb.), Russia wages (Jan.), Russian retail sales (Jan.).
-EARNINGS: Waste Management Inc., Starwood Hotels & Resorts Worldwide Inc., Duke Energy Corp., Discovery Communications Inc., Wal-Mart Stores Inc., Consolidated Edison Inc., Nordstrom Inc., Applied Materials Inc., Entergy Corp., PG&E Corp., Equinix Inc., Dish Network Corp., Evolution Mining Ltd., Mineral Resources Ltd., Origin Energy Ltd., CF Industries Holdings Inc., California Resources Corp., Fortis Inc./Canada, Yamana Gold Inc., Cap Gemini SA, BAE Systems Plc, Nestle SA, Vivendi SA.
FRIDAY, FEB. 19
-U.S. Federal Reserve Bank of Cleveland President Loretta Mester will speak at a breakfast meeting of the Global Interdependence Center in Sarasota, Florida, on the economic outlook. 08:00 EST.
-Politico holds its sixth annual State Solutions Conference, featuring conversations with U.S. governors. 11:45 in Washington.
-U.S. consumer prices probably declined in January for a second month as gasoline costs continued to retreat. Excluding fuel and food, the core consumer-price index is forecast to rise at a faster pace. The Labor Department will issue the data at 08:30 in Washington.
-The U.S. Commodity Futures Trading Commission issues its weekly report on futures and options positions for oil. 15:30 in Washington.
-The Baker Hughes rig count is released for oil and gas rigs in the U.S. 12:00 in Houston. (13:00 EST).
-CENTRAL BANKS: Colombia rate decision.
-ECONOMY: Canada CPI (Jan.), Canada retail sales (Dec.), U.K. retail sales (Jan.), U.K. budget data (Jan.), Turkey consumer confidence index (Feb.).
-SOVEREIGN RATING UPDATES: Austria (Moody’s), Bosnia & Herzegovina (Moody’s), European Financial Stability Facility (S&P), Germany (Moody’s), Greece (Moody’s), Luxembourg (Moody’s), Macedonia (Fitch), Malta (Fitch), Oman (Moody’s).
SATURDAY, FEB. 20
-U.S. presidential candidates turn their attention to South Carolina and Nevada after the victories of Democrat Bernie Sanders and Republican Donald Trump in New Hampshire. South Carolina’s Republican primary is historically significant because the state has a near-perfect record in picking the party’s eventual nominee. Nevada Democrats hold caucuses. Click here for further information on the election and related events.
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