ECB Rate, Goldman, Housing, N.Y. Primary: Week Ahead April 16-23

  • Morgan Stanley, Microsoft, GE earnings releases are on tap
  • Brazil may vote on impeachment; Obama in Europe, Saudi Arabia

The European Central Bank holds its first monetary-policy meeting since agreeing in March to boost stimulus for the euro area, with a press conference to follow by ECB President Mario Draghi. Follow the TOPLive blog for real-time coverage here.

U.S. earnings releases accelerate, with results coming from companies including Goldman Sachs Group Inc., Morgan Stanley and General Electric Co.

Home resales in the U.S. probably rebounded in March after a setback a month earlier as cheap mortgage rates encouraged buyers at the start of the busy spring selling season.

Low mortgage rates support U.S. home sales

National Association of Realtors, Freddie Mac

Democrat Hillary Clinton and Republican Donald Trump are seeking home-turf wins in New York’s presidential primary, while Brazilian President Dilma Rousseff may face an impeachment vote in Congress.

U.S. President Barack Obama visits Saudi Arabia, the U.K. and Germany.

The 120th Boston Marathon, the world’s oldest annual road race, is run. The National Basketball Association playoffs begin, and the National Hockey League playoffs continue.

Saturday, April 16

-China’s Finance Minister Lou Jiwei is scheduled to speak at a forum on infrastructure as the IMF and World Bank Group continue their spring meetings. Through April 17 in Washington.

-Pope Francis visits the island of Lesbos in Greece to meet with migrants and refugees.

-French President Francois Hollande begins a three-day Middle East visit to Lebanon, Egypt and Jordan. 

-The American Association for Cancer Research holds its annual meeting in New Orleans. Kite Pharma Inc., GlaxoSmithKline Plc and Bristol-Myers Squibb Co. are all scheduled to present data. Through April 20.

-The NBA playoffs begin, with the record-setting Golden State Warriors seeking to capture a second straight title. Check here for schedule.

-The NHL’s Stanley Cup playoffs continue with first-round contests between 16 teams, including the defending champion Chicago Blackhawks. 

Sunday, April 17

-Oil ministers from at least 16 nations, including members of the Organization of the Petroleum Exporting Countries, will meet in Qatar to weigh a deal to freeze crude production, looking to build on a rally after the so-called Doha accord in February among Russia, Saudi Arabia, Qatar and Venezuela. Scheduled to start at 09:00 Qatar time (04:00 EDT).

-People’s Bank of China Governor Zhou Xiaochuan speaks at an emerging-markets forum, and Reserve Bank of India Governor Raghuram Rajan speaks on financing development as the annual spring meetings of the World Bank and IMF conclude. In Washington; timing to be determined.

-Brazil’s lower house of Congress will vote on whether to impeach President Dilma Rousseff on allegations that she bypassed lawmakers to illegally finance a budget deficit.

-ECONOMY: Israel fourth quarter GDP.

Monday, April 18

-U.S. Federal Reserve Bank of New York President William C. Dudley gives the opening remarks at a conference on “The Transatlantic Economy: Convergence or Divergence.” 08:30 EDT in New York.

-U.S. Federal Reserve Bank of Minneapolis President Neel Kashkari delivers a speech at a Minnesota Chamber of Commerce event. 11:30 in Minneapolis (12:30 EDT).

-U.S. Federal Reserve Bank of Boston President Eric Rosengren gives a speech at Central Connecticut State University as part of its American Savings Foundation Distinguished Lecture Series. 19:00 EDT in New Britain, Connecticut.

-U.S. tax day. Last day for individuals to file their 2015 federal income tax return to the U.S. Treasury Department’s Internal Revenue Service, or to request an extension.

-European Union foreign ministers meet in Luxembourg at 11:00 CET (05:00 EDT) to discuss Syria, Libya and the refugee crisis.

-Auditors representing the International Monetary Fund, the European Central Bank, the European Stability Mechanism and the European Commission return to Athens to discuss Greece’s bailout review.

-French Economy Minister Emmanuel Macron speaks at a Politico event in Brussels at 18:00 CET (12:00 EDT).

-Syrian peace talks continue in Geneva. The U.S. and Russia, which are driving the effort, have set an August deadline for a deal.

-Talks to end the conflict in Yemen -- where government forces backed by a Saudi-led coalition are fighting Houthi rebels -- are scheduled to begin in Kuwait.

-National Association of Regulatory Utility Commissioners holds a forum to discuss issues facing the electric and natural gas industries. Begins at 08:15 local time (09:15 EDT) in Santa Fe, New Mexico. Through April 20.

-The 120th Boston Marathon is run, with a field of more than 6,400 runners. Start times from 08:50 EDT to 11:15.

-Morgan Stanley is scheduled to report first-quarter results. A conference call is set for 08:30 EDT. Follow the TOPLive blog for real-time coverage here.

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

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

-Bank of Japan to release details of current account balances, including the use of the negative rate from March 16 to April 15. 17:00 in Tokyo (04:00 EDT).

-ECONOMY: U.S. NAHB homebuilder sentiment (April),New Zealand CPI, South Korea household debt (March), South Korea money supply (Feb.), Bank of Israel CPI forecast (March), Egypt trade data (Feb.), U.K Rightmove house prices (April).

-EARNINGS: PepsiCo Inc., Hasbro Inc., WW Grainger Inc., Netflix Inc., International Business Machines Corp., M&T Bank Corp.

-ENERGY/COMMODITIES: U.S. Dept. of Agriculture commodity reports (weekly).

Tuesday, April 19

-U.S. housing starts probably eased in March after rising a month earlier on the strongest single-family building in more than eight years, based on estimates ahead of a Commerce Department report. 08:30 in Washington.

-Reserve Bank of Australia Governor Glenn Stevens delivers a speech at the Credit Suisse 2016 Global Macro Conference in New York. (09:30 EDT).

-LatinFinance’s Brazil Issuers & Investors Forum convenes capital markets professionals and companies to discuss the road ahead for Brazil. Click here for agenda. Begins 08:00 local time in Sao Paulo (07:00 EDT).

-Bank of Canada Governor Stephen Poloz and Senior Deputy Governor Carolyn Wilkins will appear before the Canadian House of Commons Standing Committee on Finance in Ottawa at 11:00 EDT, when the governor’s opening statement will be accessible on the bank’s website.

-Russian Oil and Gas Week begins in Moscow. Speakers include Russian Energy Minister Alexander Novak along with the chief executive officers of Rosneft OJSC and Lukoil PJSC. Through April 21.

-ECB publishes its bank-lending survey for the euro area. Frankfurt at 10:00 (04:00 EDT)

-European Union defense ministers discuss so-called hybrid threats -- a mix of traditional military and insurgents -- at 10:00 CET (04:00 EDT) in Luxembourg.

--New York state holds its presidential primaries, with Democrat Hillary Clinton facing Bernie Sanders and Republican Donald Trump squaring off against Ted Cruz and John Kasich. For Bloomberg’s delegate tracker, click here.

-Goldman Sachs Group Inc. is scheduled to report first-quarter results at 07:30 EDT. A conference call is set for 09:30. Follow the TOPLive blog for real-time coverage here.

Sotheby’s to auction Shirley Temple’s blue diamond

Source: Sotheby’s website for Magnificent Jewels sale in New York

-The star of Sotheby’s Magnificent Jewels sale in New York is a 9.54-carat deep blue diamond ring that belonged to child star Shirley Temple and has an estimated pre-sale price of $25 million to $35
million. 14:00 EDT in New York.

-Bank of Korea announces its interest rate policy, already at a record low 1.5 percent. The central bank will also update GDP and CPI forecasts for 2016. 10:00 in Seoul (April 18 21:00 EDT).

-ECONOMY: Hong Kong unemployment (March), Israel manufacturing data (Feb.).

-EARNINGS: Comerica Inc., Harley-Davidson Inc., UnitedHealth Group Inc., Northern Trust Corp., Johnson & Johnson, Philip Morris International Inc., Intel Corp., Yahoo Inc., Intuitive Surgical Inc., Discover Financial Services, TomTom NV.

-ENERGY: American Petroleum Institute petroleum inventory report (weekly).

Wednesday, April 20

-Sales of previously owned U.S. homes probably rebounded in March from a three-month low, pointing to uneven progress in the residential real estate market. The National Association of Realtors will issue the data at 10:00 in Washington.

-The North Atlantic Treaty Organization holds its first formal meeting with Russia’s ambassador in almost two years. In Brussels; timing to be determined.

-U.S. President Barack Obama visits Saudi Arabia to meet with the heads of state of the Gulf Cooperation Council nations -- Kuwait, United Arab Emirates, Qatar, Bahrain, Oman and Saudi Arabia. Through April 20.

-ECB President Mario Draghi gives opening remarks at a competition. Frankfurt at 12:00 local time (06:00 EDT).

-CENTRAL BANKS: Brazil current account balance (March), Brazil IPCA-15 inflation (April), Turkey benchmark repurchase, overnight lending and borrowing rates at 14:00 local time.

-ECONOMY: U.S. MBA mortgage applications (weekly), Russian CPI (weekly), Malaysia CPI (March), Japan trade data (March), Taiwan export orders (March), South Africa consumer inflation (March), U.K. unemployment (Feb./March).

-EARNINGS: Abbot Laboratories, Coca-Cola Co., US Bancorp, TE Connectivity Ltd., Nielsen Holdings Plc, EMC Corp., Illinois Tool Works Inc., Stryker Corp., Kinder Morgan Inc., American Express Co., Newmont Mining Corp., QUALCOMM Inc., Yum Brands Inc., General Dynamics Corp., Huntington Bancshares Inc., Textron Inc., ABB Ltd., TeliaSonera AB.

-ENERGY/COMMODITIES: Bloomberg survey of analysts’ expectations on natural gas volume (weekly), U.S. Energy Information Administration petroleum inventory report (weekly), Vale SA iron ore & nickel production (Q1).

Thursday, April 21

-The European Central Bank announces its interest-rate decision in Frankfurt at 13:45 (07:45 EDT), with a press conference by ECB President Mario Draghi coming 45 minutes later.

-U.S. President Barack Obama arrives in London for meetings and an anticipated news conference with U.K. Prime Minister David Cameron. Timing to be determined; through April 24.

-The 17th International Oil Summit is held in Paris with scheduled speakers including the CEOs of Total SA and Saudi Arabian Oil Co., plus OPEC Secretary-General Abdalla el-Badri and Saudi Oil Ministry Adviser Ibrahim Al-Muhanna.

-Ecuador hosts a meeting of the Union of South American Nations for discussions among finance ministers and presidents. Through April 22 in Quito.

-Daniel Glaser, an assistant U.S. Treasury secretary who helps oversee the crackdown on terrorist financing, speaks on financial transparency and combating illicit finance at the Atlantic Council. 13:00 EDT in Washington.

-The Capital Link Closed-End Funds and Global ETFs Forum is held in New York City. Click here for agenda. Begins at 08:00 EDT.

-Bank of Japan survey of senior loan officers at banks on lending demand. 08:50 in Tokyo (04/20 19:50 EDT).

-CENTRAL BANKS: European Central Bank and Riksbank interest rate decisions.

-ECONOMY: U.S. jobless claims (weekly), Chicago Fed national activity index (March), Philadelphia Fed manufacturing (April), U.S. FHFA home price index (Feb.), U.S. Bloomberg consumer comfort (weekly & April), U.S. leading economic indicators (March), Hong Kong CPI (March), Turkey consumer confidence index (April), Israel unemployment rate (March), Euro-area consumer confidence (April), U.K. retail sales (March), U.K. budget balance (March), French manufacturing confidence (April).

-EARNINGS: Cemex SAB de CV, PPG Industries Inc., Sherwin-Williams Co., BB&T Corp., Southwest Airlines Co., Travelers Cos., Biogen Inc., Danaher Corp., Bank of New York Mellon Corp., Fifth Third Bancorp, Under Armour Inc., Verizon Communications Inc., General Motors Co., Union Pacific Corp., Schlumberger Ltd., Microsoft Corp., Starbucks Corp., E*Trade Financial Corp., Visa Inc., Alphabet Inc., Maxcom Telecomunicaciones SAB, Lazard Ltd., Saab AB, Tele2 AB, Telefonaktiebolaget LM Ericsson, Sky Plc, Novartis AG.

-ENERGY/COMMODITIES: Bloomberg survey of analysts’ expectations on U.S. natural gas prices (weekly), U.S. natural gas inventory report (weekly).

Friday, April 22

-Earth Day 2016 and the landmark Paris Agreement is scheduled to be signed by the U.S., China, and 120 other countries. UN Secretary-General Ban Ki-moon will host the signing ceremony for the global climate change treaty at United Nations headquarters in New York.

-ECB publishes Survey of Professional Forecasters. Frankfurt at 10:00 (04:00 EDT)

-Euro-area finance ministers and central bankers meet in Amsterdam for an informal, two-day gathering to discuss Greece’s bailout review, beginning at 15:00 CET (09:00 EDT).

-ECONOMY: Markit U.S. manufacturing PMI (April preliminary), Canada CPI (March), Mexico bi-weekly CPI (April 15), Taiwan unemployment (March), Taiwan industrial production (March), Euro-area PMIs (April).

-EARNINGS: Honeywell International Inc, General Electric Co., Kimberly-Clark Corp., McDonald’s Corp., Caterpillar Inc., LyondellBasell Industries NV, American Airlines Group Inc.

-ENERGY: Baker Hughes U.S. oil-and-gas rig count (weekly), U.S. Commodity Futures Trading Commission Commitments of Traders report (weekly).

-SOVEREIGN RATING UPDATES:  Botswana (Moody’s), Cyprus (Fitch), Egypt (Moody’s), Ethiopia (S&P), France (S&P), Ghana (S&P), Italy (Fitch), Jordan (S&P), Lesotho (Fitch), Morocco (Fitch), Norway (S&P), Romania (Moody’s).

Saturday, April 23

-South African opposition Democratic Alliance to unveil manifesto for local government election in Johannesburg. Timing to be determined.

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