U.S. Housing, Elections, Apple: Week Ahead March 21-26

  • Nike, Petrobras, Enel, Hermes, GameStop, Oi release earnings
  • Obama meets Raul Castro in Cuba; NCAA tournament rolls on

Purchases of new U.S. single-family homes probably climbed in February for fourth time in the last five months, while sales of previously owned properties probably settled into a more sustainable pace after the second-best month since 2007, based on estimates ahead of two reports in the coming week.

Apple Inc. will unveil its smaller-screen iPhone and updated iPad. Follow the TOPLive blog for real-time Apple coverage here.

Arizona, Alaska, Idaho, Hawaii, Utah and Washington voters head to their presidential primaries and caucuses. U.S. President Barack Obama travels to Cuba and Argentina and will meet with both nations’ presidents.

Orders for U.S. durable goods, made to last at least three years, probably declined in February as manufacturers continued to grapple with weakness overseas and languishing demand for business equipment.

Kenya, Nigeria, Thailand and Turkey set interest rates.

Companies releasing earnings include Enel SpA, Hermes International SCA, Nike Inc. and Petroleo Brasileiro SA.

European and U.S. markets are closed on March 25 as part of the Easter holiday.

The U.S. National Collegiate Athletic Association men’s basketball tournament continues and international rugby’s Six Nations tournament concludes.

Monday, March 21

-U.S. President Barack Obama visits Cuba for a meeting with Cuban President Raul Castro. He also is scheduled to attend a baseball game between a U.S. and Cuban national team, the first time a Major League Baseball team has played in Cuba since 1999. Timing to be determined. Through March 22.

-Sales of previously owned U.S. homes probably declined in February for the first time in three months, bringing the rate more in line with last year’s average, economists project the National Association of Realtors to report. 10:00 in Washington.

-Apple Inc. will unveil its smaller-screen iPhone and updated iPad at the company’s campus in Cupertino, California. Financial analysts predict Apple sales will fall this year for the first time in more than a decade. 10:00 local time (13:00 EDT).

-New York Society of Security Analysts, in partnership with Raymond James, hosts the 20th Annual Insurance Industry Conference. In New York City through March 22.

-German Finance Minister Wolfgang Schaeuble and French counterpart Michel Sapin attend a panel discussion following a book presentation. Topics may include euro-area budgets and Europe’s future. 13:30 CET at the French Embassy in Berlin (08:30 EDT).

-Italian Prime Minister Matteo Renzi addresses leaders of his Democratic Party. Time in Rome to be determined.

-The interim leader of the opposition Conservative Party of Canada, Rona Ambrose, will speak on Canada federal budget and her caucus’s governing vision. Click here for event details. In Ottawa at 11:45 EDT.

-U.S. Federal Reserve Bank of Atlanta President Dennis Lockhart speaks to the Rotary Club of Savannah, Georgia. 12:40 EDT.

-Public Utility Commission of Texas may vote on the purchase of Oncor Electric Delivery Co., owner of the state’s largest electricity network, by a group led by closely-held Hunt Consolidated Inc. 15:00 local time in Austin (16:00 EDT).

-The five-day Russian Business Forum is held by the Russian Union of Industrialists and Entrepreneurs in Moscow. President Vladimir Putin or Prime Minister Dmitry Medvedev traditionally attends. Starts at 10:00 (03:00 EDT).

-A Russian court is expected to release a ruling on Nadiya Savchenko, a Ukrainian pilot imprisoned in Russia since 2014, as soon as March 21.

-Bank of Finland Governor Erkki Liikanen gives a press conference on monetary policy and the international economy at 11:00 in Helsinki (05:00 EDT).

-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: Rate decisions in Kenya, Ghana, Morocco

-ECONOMY: Chicago Fed national activity index (Feb.), Hong Kong inflation (Feb.), Taiwan export orders (Feb.), Turkey consumer confidence (March), Russian retail sales (Feb.), unemployment rate (Feb.), wages (Feb.), U.K. Rightmove house prices (March)

-EARNINGS: Petroleo Brasileiro SA

Tuesday, March 22

-The Orbital ATK cargo resupply mission to the International Space Station is scheduled for launch from Florida’s Cape Canaveral after being delayed because of black mold contamination in cargo bags. 23:05 EDT.

-Canadian Finance Minister Bill Morneau releases details of the federal budget after signaling last month that the deficit will be C$30 billion, and possibly higher. Timing to be determined.

-German Finance Minister Wolfgang Schaeuble speaks on the future of Europe’s financial architecture. 14:00 CET at the Center for Financial Studies in Frankfurt (09:00 EDT).

-U.S. Federal Reserve Bank of Chicago President Charles Evans speaks at the City Club of Chicago. 11:30 local time (12:30 EDT).

-U.S. Federal Reserve Bank of Philadelphia President Patrick Harker speaks at a Money Marketeers of New York University Inc. dinner on “The Growth and Role of Economic Policies.” 18:30 in New York City.

-Arizona and Utah voters head to presidential primaries and caucuses; Idaho Democrats also vote in a caucus.

-Bank of France Governor Francois Villeroy de Galhau speaks on euro-area economic governance at the Bruegel institute at 13:10 CET in Brussels (08:10 EDT).

-U.S. Secretary of State John Kerry visits Moscow to meet with Russian officials on topics including the Syrian cease-fire and Ukraine. Timing to be determined. Through March 25.

-CENTRAL BANKS: Nigeria rate decision

-ECONOMY: U.S. FHFA home-price index (Jan.), Richmond Fed manufacturing (March), Taiwan unemployment (Feb.), South Africa leading indicator (Jan.), South Africa non-farm payrolls (4Q), Turkey capacity utilization (March), ZEW euro-area growth expectations (March), U.K. inflation (Feb.), German IFO Business climate (March), German ZEW surveys (March), U.S. Markit manufacturing PMI (March prelim.)

-EARNINGS: Nike Inc., Krispy Kreme Doughnuts Inc., Enel SpA

Wednesday, March 23

-U.S. President Barack Obama makes a state visit to Argentina and meets with President Mauricio Macri in Buenos Aires. The two presidents will hold a joint press conference at 08:00 local time (07:00 EDT). Through March 24.

-Colombia’s Marxist FARC rebels are scheduled to sign a peace accord with the government. Although both sides have signaled that the deadline may slip, an announcement of some kind about the state of the peace process is expected. Timing to be determined.

-U.S. Federal Reserve Bank of St. Louis President James Bullard visits Bloomberg headquarters in New York and makes an appearance on Bloomberg TV and radio at 09:00 EDT. On March 24, he will speak on the U.S. economy and monetary policy at an event hosted by the New York Association for Business Economics. 08:15 in New York.

-Sales of new U.S. homes in February probably climbed for the fourth time in five months as cheaper borrowing costs and a firm labor market help drive buyer interest. The Commerce Department’s report will be released at 10:00 in Washington.

-EDF Energy Plc Chief Executive Officer Vincent de Rivaz is questioned by the U.K. House of Commons Energy Committee about the company’s planned Hinkley Point nuclear-power station. 10:15 in London (06:15 EDT).

-Brazil’s Central Bank publishes the country’s current account balance for February at 10:30 local time from Brasilia. (09:30 EDT).

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

-Bundesbank President Jens Weidmann speaks at the Liechtenstein Finance Forum at 13:40 CET in Vaduz (08:40 EDT).

-Bloomberg weekly Survey of Analysts expectations on natural gas in storage is published at 12:00 EDT.

-CENTRAL BANKS: Thailand rate decision, Bank Negara Malaysia’s annual report released (2015)

-ECONOMY: U.S. MBA mortgage applications (weekly), Brazil IPCA-15 inflation (Mar.), Brazil unemployment rate (Feb.), Mexico bi-weekly CPI (Mar. 15), Taiwan industrial production (Feb.), Philippines Overnight Reverse Repurchase Agreement, South Africa CPI (Feb.), Russia weekly CPI, euro-area consumer confidence (March)

-EARNINGS: General Mills Inc., Eldorado Gold Corp., Hermes International SCA

Thursday, March 24

-Orders for U.S. durable goods probably declined in February, highlighting the lingering weakness in manufacturing, economists project the Commerce Department to report. 08:30 in Washington.

-China hosts government and corporate leaders at its annual Boao Forum in Hainan, a forum that has been used to announce government initiatives. People’s Bank of China Governor Zhou Xiaochuan is scheduled to comment on monetary easing, and Premier Li Keqiang will deliver the keynote speech beginning at 09:30 (03/23 21:30 EDT).

-The NCAA college basketball tournament continues at sites around the U.S. The regional finals on March 26-27 will crown the “Final Four” teams heading toward the April 4 championship game in Houston. Click here for schedule.

-The Dutch central bank publishes its annual report, and President Klaas Knot gives a press conference. 13:00 CET in Amsterdam (08:00 EDT).

-Singapore government to present budget in parliament at 16:00 local time (04:00 EDT).

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

-Bloomberg weekly Survey of Analysts may show bearishness about Nymex natural gas prices. Published at 12:00 EDT.

-The Baker Hughes U.S. oil-and-gas rig count is released. 12:00 in Houston. (13:00 EDT).

-CENTRAL BANKS: Turkey one week repo, overnight lending and borrowing rate decisions

-ECONOMY: U.S. jobless claims (weekly), U.S. Bloomberg consumer comfort (weekly), Kansas City Fed manufacturing (March), euro-area Markit PMI (March), U.K. retail sales (Feb.), German Markit PMI (March), French business confidence (March), French Markit PMI (March), Italy retail sales (Jan.)

-EARNINGS: Accenture Plc., GameStop Corp., Bollore SA, Next Plc, Oi SA

Friday, March 25

-European and U.S. markets are closed as part of the Easter holiday.

Teaser image of new Toyota Prius

Source: New York Auto Show website/also Toyota website

-New York International Auto Show is held at Jacob Javits Center in Manhattan. One of the highlights of the show will be the debut of Toyota’s new Prius. Through April 3.

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


-ECONOMY: U.S. gross domestic product (4Q final), Japan CPI (Feb.), French GDP (4Q), Netherlands GDP (4Q)

-SOVEREIGN RATING UPDATES: Angola (Fitch), Congo (S&P), Denmark (Moody’s), Kyrgyzstan (S&P), Lithuania (Fitch), Slovenia (Fitch), Uganda (Moody’s).

Saturday, March 26

-U.S. Democrats living in Alaska, Hawaii and Washington state vote in their presidential caucuses.

(Corrects launch time of Orbital ATK on Tuesday, March 22.)

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