U.S. Bank Profits, BOE, China, Retailers: Week Ahead April 9-16by , , and
IMF issues economic outlook; U.K. analyzes `Brexit' scenarios
JPMorgan, Citigroup, Bank of America are due to report results
U.S. banks start reporting first-quarter earnings, led by Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. Follow the TOPLive blog for real-time coverage here.
The International Monetary Fund publishes its outlook for the global economy before spring meetings with the World Bank starting on April 15.
Sales at America’s retailers probably climbed in March for the first time in three months and consumer prices may have increased the most since October, based on economists’ estimates ahead of reports in the coming week.
China publishes first-quarter gross domestic product figures amid concern about the pace of economic growth.
The U.K., Canada and Chile are among countries setting interest rates.
South Korea holds parliamentary elections, with President Park Geun Hye’s Saenuri Party arguing for a tougher stance against North Korea.
Monday, April 11
-Foreign ministers from the Group of Seven economies conclude a two-day summit in Hiroshima, the Japanese city largely destroyed by an atomic bomb in 1945. John Kerry will pay his respects at the city’s peace memorial, making him the first incumbent U.S. secretary of state to do so.
-U.S. Federal Reserve Bank of Dallas President Robert Kaplan speaks at a community forum hosted by the bank at Louisiana Tech University in Ruston at 13:00 EDT.
-U.S. Treasury Secretary Jacob Lew speaks on the U.S. successes in the global economy in a speech to the Council on Foreign Relations in Washington. 08:30.
-U.K. Chancellor of the Exchequer George Osborne is due to publish the Treasury’s analysis of the benefits and risks of continued British membership in the European Union, ahead of the June 23 referendum on the issue. Timing to be determined.
-Syrian peace talks are set to resume in Geneva. Timing to be determined.
-The U.S. International Trade Commission will announce whether it will review or let stand a judge’s findings that Arista Networks Inc. infringes Cisco Systems Inc. patents related to networking equipment. It’s part of a larger dispute in which Cisco claims Arista built its business using Cisco technology. 17:00 EDT in Washington.
-U.S. Defense Secretary Ash Carter visits India on a two-week trip through Asia and the Middle East. Other stops include the United Arab Emirates and Saudi Arabia as he promotes the U.S. military “rebalance” in the Asia-Pacific region and pushes efforts to defeat Islamic State.
-Australian Prime Minister Malcolm Turnbull arrives in China for his first state visit, amid rising tension at home over China’s growing economic influence in the country.
-Spain’s Socialist, Ciudadanos and Podemos parties are due to hold talks this week on a possible coalition government to replace Prime Minister Mariano Rajoy’s caretaker People’s Party administration. Timing to be determined.
-Mexican President Enrique Pena Nieto travels to Germany to inaugurate the “Dual Year Mexico-Germany” and promote cultural and political events. In Berlin through April 12.
-The World Strategic Forum brings together policy makers and business leaders to discuss risks facing the global economy. Speakers include the central bank governors of Poland and Uruguay. In Miami, through April 12. Click here for program.
-The Independent Petroleum Association of America begins its two-day Oil and Gas Investment Symposium. Through April 12 in New York.
-Turkey’s central bank holds its annual board meeting in Ankara at 14:00 (07:00 EDT). Governor Erdem Basci may deliver a speech.
-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: Mozambique rate decision, Bank of Israel minutes.
-ECONOMY: Mexico industrial production (Feb.), China inflation (March), Taiwan trade balance (March), Japan machine orders (Feb.), Poland CPI (March), Russia trade (Feb.), Turkey current-account balance (Feb.), Italy industrial production (Feb.).
-EARNINGS: Alcoa Inc.
Tuesday, April 12
-The International Monetary Fund issues its World Economic Outlook ahead of its spring meetings with the World Bank. 09:00 in Washington.
-U.S. Federal Reserve Bank of Philadelphia President Patrick Harker speaks on the economic outlook at an event titled “Region on the Rise: A Construction and Development Summit.” 09:00 in Philadelphia.
-U.S. Federal Reserve Bank of San Francisco President John Williams speaks at the LendIt USA 2016 Conference. Entrepreneur and investor Peter Thiel is also a keynote speaker. Williams speaks at 12:00 in San Francisco (15:00 EDT).
-U.S. Federal Reserve Bank of Richmond President Jeffrey Lacker speaks on “Economic Leadership in an Uncertain World” in a lecture series sponsored by the University of North Carolina Wilmington’s Cameron School of Business. 16:00 EDT in Wilmington.
-Russian Central Bank Governor Elvira Nabiullina, Finance Minister Anton Siluanov and Deputy Prime Minister Arkady Dvorkovich are among the speakers at the Moscow Exchange Forum. Starts at 09:30 in Moscow (02:30 EDT).
-The Canadian Association of Petroleum Producers and the Bank of Nova Scotia sponsor an investor conference on energy. Companies presenting include Suncor Energy Inc., Husky Energy Inc. and Pembina Pipeline Corp. In Toronto through April 13.
-German Chancellor Angela Merkel speaks at a conference on research and innovation at 10:35 CET in Berlin (04:35 EDT) and at 18:00 CET before a lobbying group for ethnic Germans expelled from eastern Europe.
-Italian Prime Minister Matteo Renzi begins a two-day visit to Iran.
-Kenneth Caplan, senior managing director and global chief investment officer of Blackstone Real Estate Group, is the keynote speaker at Summit Real Estate Brazil 2016. Starts in Sao Paulo at 08:00 (07:00 EDT).
-CENTRAL BANKS: Chile rate decision.
-ECONOMY: U.S. NFIB small business optimism (March), U.S. import prices (March), U.S. budget statement (March), Brazil retail sales (Feb.), South Africa consumer confidence (1Q), Romania industrial output (Feb.), U.K. CPI (March), U.K. ONS house prices (Feb.).
Wednesday, April 13
-Sales at U.S. retailers rebounded in March after a lackluster start to 2016, economists project the Commerce Department to report. Purchases probably improved even more when autos are excluded. 08:30 in Washington.
-The International Monetary Fund releases its Fiscal Monitor report on the latest developments in public finance. IMF Head of Fiscal Affairs Vitor Gaspar will hold a press briefing in Washington at 09:30.
-Bank of Canada announces its rate decision at 10:00 EDT in Ottawa, with economists predicting no change, as well as its monetary policy report. BOC Governor Stephen Poloz and Senior Deputy Governor Carolyn Wilkins will hold a press conference at 11:30 EDT in Ottawa.
-U.S. Federal Reserve Bank issues the Beige Book report on regional economic conditions. 14:00 from Washington.
-ECB Vice President Vítor Constâncio delivers a speech titled “A Challenging International Economic Environment for Central Banks” at a Levy Economics Institute of Bard College conference on growth and employment. 17:15 EDT in Annandale-on-Hudson, New York.
-South Korea holds parliamentary elections, with polls showing President Park Geun Hye’s Saenuri Party heading toward the country’s largest victory in almost three decades.
-The Bank of England publishes its credit conditions and bank liabilities surveys. 09:30 in London (04:30 EDT).
-Sweden’s government releases a revised budget for 2016 at 08:00 CET (02:00 EDT) in Stockholm.
-The Mexico Gas Summit in San Antonio brings together executives from multiple industries. Through April 14.
-Grant’s Spring 2016 Conference is held in New York City. Keynote speakers include JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon and Scott Bessent, CEO and chief investment officer of Key Square Capital Management. Starts at 08:55 in New York. Click here for the agenda.
-Czech central bank Governor Miroslav Singer speak at Moody’s Annual CEE Credit Risk Conference in Prague. Starts at about 09:00 CET (03:00 EDT).
-CENTRAL BANKS: Rate decisions in Canada rate, Namibia.
-ECONOMY: U.S. MBA mortgage applications (weekly), U.S. producer prices (March), U.S. business inventories (Feb.), Russia weekly CPI (weekly), China trade balance (March), South Africa retail sales (Feb.), Israel trade balance (March), euro-area industrial production (Feb.).
Thursday, April 14
-International Monetary Fund Managing Director Christine Lagarde holds a press briefing after the IMF releases its updated Global Policy Agenda. 09:30 in Washington.
-Bank of England releases its latest interest rate decision, amid signs of a slowing economy and the pending June 23 referendum on continued U.K. membership in the European Union. 12:00 in London (07:00 EDT). Follow the TOPLive blog for real-time coverage here.
-The U.S. consumer price index probably increased in March by the most in five months as Americans paid more for gasoline, based on economists’ estimates ahead of a Labor Department report due for release at 08:30 in Washington.
-U.S. Federal Reserve Bank of Atlanta President Dennis Lockhart participates in a discussion on “Federal Reserve Perspective” at the Engage International Investment Education Symposium. 09:00 in Chicago (10:00 EDT).
-Jerome Powell, a member of the U.S. Federal Reserve Board of Governors, will appear before the Senate Banking Committee for a hearing on trends and changes in fixed-income markets. 10:00 in Washington.
-Deadline for the U.K. Electoral Commission to name one of three competing groups as the lead campaigner for “Brexit” in the June 23 referendum on whether the country should leave the EU. That status will bring higher spending limits, access to public funding and broadcast time.
-Italian Minister of Economy and Finance Pier Carlo Padoan will make a speech at the Peterson Institute for International Economics on the future of the EU. 14:30 in Washington.
-Democratic presidential candidates Hillary Clinton and Bernie Sanders will debate in Brooklyn ahead of New York’s April 19 primary. CNN and NY1 will carry the debate live at 21:00 EDT.
-Deadline for Argentina to pay holdout investors.
-The Colorado State University Tropical Meteorology Project announces its first 2016 Atlantic Ocean hurricane forecast. 08:00 from Fort Collins, Colorado (10:00 EDT).
-The Tribeca Film Festival, founded by Robert De Niro and Jane Rosenthal, begins in New York City. Click here for the film guide. Through April 24.
-CENTRAL BANKS: Peru rate decision.
-ECONOMY: U.S. jobless claims (weekly), U.S. Bloomberg consumer comfort (weekly), Singapore GDP (first quarter), South Africa mining production (Feb.), euro-area CPI (March), U.K. RICS house prices (March).
-ENERGY: Bloomberg survey of analysts’ expectations on U.S. natural gas prices, U.S. natural gas inventory report (weekly).
Friday, April 15
-The IMF and World Bank Group hold their spring meetings, focused on the global economy and financial markets. Through April 17 in Washington.
-China’s GDP growth is projected to slow in the first quarter, even after a rash of monetary and fiscal stimulus. March figures for industrial output, retail sales and fixed asset investment are released at the same time. 10:00 in Beijing (April 14 22:00 EDT).
-U.S. consumer sentiment probably increased in April for the first time this year, spurred in part by steady hiring. The University of Michigan’s preliminary gauge will be issued at 10:00 in Washington.
-U.S. Federal Reserve Bank of Chicago President Charles Evans speaks on current economic conditions and monetary policy in Washington at 12:30.
-The official campaign for the U.K.’s EU referendum starts.
-ECONOMY: U.S. industrial production (March), U.S. international capital flows (Feb.), Japan industrial production (Feb.), Russia industrial production (March), Turkey unemployment rate (Jan.), Israel CPI (March).
-SOVEREIGN RATING UPDATES: Bahrain (Moody’s), Cameroon (S&P), Czech Republic (Fitch), Luxembourg (Fitch), Kenya (S&P), Moldova (Moody’s), Namibia (Moody’s), Norway (Fitch), Russia (Fitch), Slovakia (Moody’s).
Saturday, April 16
-The Bank of Canada releases its biannual Review Collection of Research Papers. From Ottawa at 10:30 EDT.
(Update to remove Apple entry from April 11. Decision in case with U.S. government announced April 8.)