U.S. Jobs, Buffett, Abe Abroad, UBS: Week Ahead April 30-May 7

  • HSBC, BNP Paribas also post earnings, joined by Metlife, Tesla
  • Indiana primaries; Milken conference; Fed presidents speak

U.S. payrolls probably rose by more than 200,000 in April, showing strength in the labor market. Manufacturing probably expanded at a slower pace, while growth in the service industries held steady, other data this week are expected to show. Follow the TOPLive blog for real-time coverage here.

Indiana holds U.S. Democratic and Republican primaries.

Australia, Mexico and Poland are among countries setting monetary policy. The European Commission publishes its spring economic forecasts.

Japanese Prime Minister Shinzo Abe makes a six-country trip around Europe.

Berkshire Hathaway Inc. celebrates its 51st anniversary with Warren Buffett at the company’s annual shareholder meeting. The company also announces earnings on Friday.

Other companies reporting earnings include Tesla Motors Inc., MetLife Inc. and UBS Group AG.

The 142nd Kentucky Derby horse race is run, with the winner taking home a $2 million guaranteed purse.

Saturday, April 30

-The White House Correspondents’ Association dinner is held in Washington. Barack Obama will make his final appearance as president along with his wife, Michelle.

-Berkshire Hathaway holds its annual shareholders’ meeting in Omaha, Nebraska. Yahoo! Inc. will stream the event to a global audience for the first time. The meeting starts at 07:00 local time (08:00 EDT).

-South Africa’s opposition Economic Freedom Fighters offer a manifesto for local government elections in Johannesburg. Timing to be determined.

-Japanese Foreign Minister Fumio Kishida visits China, the first trip by a top diplomat in more than four years, in a bid to restore momentum for improving ties between Asia’s two largest economies. Kishida will meet his counterpart Wang Yi and Chinese Premier Li Keqiang.

-The National Basketball Association and National Hockey League playoffs continue.

Sunday, May 1

-The Milken Institute Global Conference begins and runs through May 4, with speakers including Allianz SE chief economic adviser Mohamed El-Erian, actor-producer Tom Hanks and Ellevest Chief Executive Officer and co-founder Sallie Krawcheck. Click here for the agenda.

-Today is Puerto Rico’s stated deadline to make $422 million in Government Development Bank bond payments it says it can’t afford.

-Federal Reserve Bank of New York President William C. Dudley speaks at 19:15 EDT at the Atlanta Federal Reserve Bank’s financial-markets conference. Federal Reserve Bank of Atlanta President Dennis Lockhart will give introductory remarks at 08:50 on May 2. Through May 3 at Amelia Island, Florida.

-China’s official April manufacturing purchasing managers’ index is forecast to rise after March’s surprise increase above 50, the line between favorable and unfavorable conditions. April’s non-manufacturing PMI will be released at the same time. 09:00 in Beijing (04/30 21:00 EDT).

-South Korea’s President Park Geun Hye visits Iran for two days as U.S. allies beat a path to the post-sanctions Islamic Republic. A joint press conference with Iran’s President Hassan Rouhani is planned for May 2. Timing to be determined.

-ECONOMY: South Korea trade (April).

Monday, May 2

-Manufacturing in the U.S. probably expanded at a slower pace in April, damped by tepid overseas demand and weaker domestic sales, according to economists’ estimates ahead of an Institute for Supply Management report. 10:00 EDT in Washington.

-European Central Bank President Mario Draghi speaks at the Asian Development Bank’s annual meeting in Frankfurt. 16:00 CET (10:00 EDT). German Chancellor Angela Merkel makes a speech, probably on the global economy, at about 18:30 CET.

-San Francisco Federal Reserve Bank President John Williams speaks on a panel discussing “Systemic Risk: Inevitable or Preventable?” at the Milken Institute’s 2016 Global Conference. 14:30 in Los Angeles (17:30 EDT).

-Swiss National Bank President Thomas Jordan speaks at the Europa Forum Luzern. 18:30 CET in the Swiss city (12:30 EDT).

-The ECB publishes QE purchase data for April, the first month of its new expanded stimulus program. 15:45 CET in Frankfurt (09:45 EDT).

-German Vice Chancellor Sigmar Gabriel, accompanied by a business delegation, begins a two-day trip to Iran to meet political leaders and discuss ways to resolve outstanding Iranian debt to Germany.

-The U.S. International Trade Commission is scheduled to disclose its final decision in Samsung Electronics Co.’s patent-infringement case against Nvidia Corp. over graphics-processing chips. The decision could trigger an import ban on certain products using Nvidia chips. Release scheduled for 17:00 EDT.

-The Offshore Technology Conference is held in Houston, with speakers including Apache Corp. CEO John Christman and Transocean Ltd. Chairman Pete Miller. Begins at 07:30 local time (08:30 EDT), through May 5.

-Spain’s deadline for forming a government expires at midnight (18:00 EDT). A decree calling new elections, probably for June 26, is due to be published early May 3.

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

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

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

-ECONOMY: U.S. Markit manufacturing PMI (April final), U.S. construction spending (March), Thailand CPI (April), Indonesia CPI (April), South Korea current account (March), Poland PMI (April), Czech PMI (April), Turkey manufacturing PMI (April), euro-area manufacturing PMI (April).

-EARNINGS: Sysco Corp., General Growth Properties Inc., Anadarko Petroleum Corp., American International Group, Boardwalk Pipeline Partners LP, Edison International, Diamond Offshore Drilling Inc., Ferrari NV.

Tuesday, May 3

-U.S. Secretary of State John Kerry, Commerce Secretary Penny Pritzker and Panama President Juan Carlos Varela headline the Council of the Americas’ annual conference. Starts at 12:00 EDT in Washington.

-The European Commission publishes its spring economic forecasts, which may reveal whether Spain and other nations will be punished for missing debt and deficit targets. Timing in Brussels to be determined.

-Hillary Clinton and Donald Trump will try to strengthen their front-runner status as Indiana holds Democratic and Republican presidential primaries. Click here for Bloomberg’s delegate tracker.

-Federal Reserve Bank of Cleveland President Loretta Mester moderates a panel discussion called: “Unconventional wisdom: How will unusual monetary policy affect market liquidity?” at the Atlanta Federal Reserve Bank’s financial-markets conference. 10:30 EDT at Amelia Island, Florida.

-Federal Reserve Bank of Atlanta President Dennis Lockhart speaks on the economic outlook and monetary policy to the World Affairs Council Jacksonville. 18:30 EDT in Jacksonville, Florida.

-Bank of Canada Governor Stephen S. Poloz speaks on a panel at the Milken Institute Global Conference in Los Angeles at 09:30 local time (12:30 EDT).

-German Chancellor Angela Merkel discusses Europe’s future with students at a French-language high school. Timing in Berlin to be determined.

-EU President Donald Tusk and Japanese Prime Minister Shinzo Abe brief the press at the start of the EU-Japan summit. 17:30 CET in Brussels (11:30 EDT).

-Malcolm Turnbull presents his first budget plan seven months after becoming Australia’s prime minister. 19:30 in Sydney (05:30 EDT).

-The Bentonville Film Festival, which seeks to promote women and diversity in cinema and was co-founded by Oscar-winning actress Geena Davis, runs through May 8 in Bentonville, Arkansas.

-CENTRAL BANKS: Australia rate decision, South African Reserve Bank’s biannual Financial Stability Review.

-ECONOMY: U.S. auto sales (April), Brazil industrial production (March), South Korea CPI (April), China Caixin manufacturing PMI (April), Turkey inflation figures (April), Egypt PMI (April), South Africa manufacturing PMI (April), U.K. manufacturing PMI (April).

-EARNINGS: Duke Energy Corp., Valero Energy Corp., CBS Corp., HCA Holdings Inc., Pfizer Inc., Ecolab Inc., Halliburton Co., Estee Lauder Cos., CVS Health Corp., Emerson Electric Co., Fortis Inc., Itau Unibanco Holding SA, Agrium Inc., Starwood Hotels & Resorts Worldwide Inc., Archer-Daniels-Midland Co., New York Times Co., Devon Energy Corp., Australia & New Zealand Banking Group Ltd., DBS Group Holdings Ltd., HSBC Holdings Plc, UBS Group AG, BNP Paribas SA, Solvay SASA, Swisscom AG, Hugo Boss AG, Bayerische Motoren Werke AG, Commerzbank AG, Fresenius SE, Fresenius Medical Care AG.

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

Wednesday, May 4

-Growth in U.S. service industries probably rose in April, indicating a pickup after a weak start to 2016, economists forecast an index from the Institute for Supply Management to show. 10:00 EDT in Washington.

-The U.K. House of Commons Transport Committee is due to publish a report on how airport capacity around London can be expanded. 00:01 in London (05/03, 19:01 EDT).

-U.K. Prime Minister David Cameron is questioned by the House of Commons Liaison Committee about June’s referendum on EU membership. 16:30 in London (11:30 EDT).

-Federal Reserve Bank of Minneapolis President Neel Kashkari hosts a town hall forum in Rochester, Minnesota, at 17:30 local time (18:30 EDT). Live stream will be available here.

-Fitch Ratings Ltd. will host a forum for Brazil analysts. 13:45 in Sao Paulo (12:45 EDT).

-U.S. President Barack Obama will travel to Flint, Michigan, to discuss the city’s drinking water crisis, at the invitation of 8-year-old Flint resident Mari Copeny.

-The European Commission issues a progress report on plans to drop visa requirements for Turkish travelers. 12:00 CET in Brussels (06:00 EDT).

-ECONOMY: U.S. MBA mortgage applications (weekly), U.S. ADP private employment (April), U.S. trade balance (March), U.S. productivity/labor costs (1Q preliminary), U.S. Markit services PMI (April final), U.S. factory orders (March), Canada merchandise trade balance (March), New Zealand unemployment (1Q), South Korea FX reserves (April), Serbia GDP (1Q), Romania retail sales (March), euro-area services PMI (April).

-EARNINGS: Dominion Resources Inc., McKesson Corp., Tesla Motors Inc., Prudential Financial Inc., PG&E Corp., Intercontinental Exchange Inc., Humana Inc., MetLife Inc., Twenty-First Century Fox Inc., Kraft Heinz Co., Time Warner Inc., Sempra Energy, Priceline Group Inc., Intact Financial Corp., Franco-Nevada Corp., Loblaw Cos., Ambev SA, Williams Cos., Spectra Energy Corp., Mosaic Co., Zoetis Inc., Triumph Group Inc., Alliant Energy Corp., GoDaddy Inc., Continental Resources Inc., Transocean Ltd., Noble Energy Inc., Marathon Oil Corp., Murphy Oil Corp., Siemens AG, Erste Group Bank AG, Royal Dutch Shell Plc, Deutsche Telekom AG, Continental AG, Ferrovial SA, J Sainsbury Plc, Societe Generale SA, A.P. Moeller-Maersk A/S, Veolia Environnement SA.

-ENERGY/COMMODITIES: Bloomberg survey of analysts’ expectations on natural gas volume (weekly), U.S. Energy Information Administration’s petroleum inventory report (weekly).

Thursday, May 5

-James Bullard, president of the Federal Reserve Bank of St. Louis, speaks as part of the Santa Barbara County Economic Summit, presented with the UCSB Economic Forecast Project. 08:30 in Santa Barbara, California. (11:30 EDT).

-Federal Reserve Bank presidents James Bullard, Robert Kaplan, Dennis Lockhart and John Williams take part in a panel discussion on “International Monetary Policy and Reform in Practice” as part of the Hoover Institution conference at Stanford University. 16:15 in Stanford, California (19:15 EDT).

-The ECB publishes its monthly Economic Bulletin at 10:00 CET in Frankfurt (04:00 EDT).

-The U.S. Energy Association Annual Meeting features speakers including Exxon Mobil Corp. CEO Rex Tillerson. Begins at 11:00 EDT in Washington.

-Japanese Prime Minister Shinzo Abe discusses Japanese-European relations at a press conference in London. 14:00 in London (09:00 EDT).

-Voters in Scotland are set to re-elect First Minister Nicola Sturgeon’s Scottish National Party, polls indicate. Polls close at 22:00 in Edinburgh (17:00 EDT).

-London elects a new mayor, with Labour’s Sadiq Khan favored to beat Conservative Zac Goldsmith. Polls close at 22:00 in London (17:00 EDT).

-Labour is predicted to lose seats in elections to the Welsh Assembly and local councils across England in the party’s first major test since Jeremy Corbyn became leader last year. Polls close at 22:00 local time (17:00 EDT).

-CENTRAL BANKS: Brazil meeting minutes, rate decisions in Mexico, Czech Republic, Romania.

-ECONOMY: U.S. Challenger job-cut announcements (April), U.S. jobless claims (weekly), U.S. Bloomberg consumer comfort (weekly), Colombia inflation (April), Philippines CPI (April), Russian CPI (weekly), Israel foreign currency (April), South Africa PMI (April), U.K. services PMI (April); U.K. Halifax house-price index (April).

-EARNINGS: EOG Resources Inc., Kellogg Co., Activision Blizzard Inc., Occidental Petroleum Corp., Regeneron Pharmaceuticals Inc., Becton, Dickinson & Co., Merck & Co. Inc., Manulife Financial Corp., Great-West Lifeco Inc., Discovery Communications Inc., Chesapeake Energy Corp., AMC Networks Inc., Dreamworks Animation SKG Inc., News Corp., Square Inc., National Australia Bank Ltd., Alibaba Group Holding Ltd., Repsol SA, BT Group Plc, Finmeccanica SpA, Banca Monte dei Paschi di Siena SpA.

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

Friday, May 6

-Employers in the U.S. probably added about 200,000 jobs in April and the jobless rate probably held at 5 percent, close to an eight-year low, based on estimates ahead of a Labor Department report due at 08:30 in Washington.

-North Korea opens its biggest Workers’ Party convention in 36 years. The meeting may last several days.

-Russian President Vladimir Putin hosts Japanese Prime Minister Shinzo Abe as the two leaders look to revive negotiations to seal a post-World War II peace agreement and resolve a decades-old dispute over control of the Kuril islands.

-CENTRAL BANKS: Reserve Bank of Australia quarterly statement on monetary policy, Poland rate decision.

-ECONOMY: U.S. consumer credit (March), Canada unemployment (April), Bank of Canada Financial Statistics (weekly), Brazil IPCA inflation (April), Chile inflation (April), Japan monetary base (April), Hungary industrial output (March), Czech retail sales (March), Ukraine inflation (April), Russia inflation (April).

-EARNINGS: Berkshire Hathaway Inc., Cigna Corp., Cognizant Technology Solutions Corp., Exelon Corp., ArcelorMittal, Macquarie Group Ltd., Intesa Sanpaolo SpA

-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: Gabon (Fitch), Latvia (Fitch), Malta (Moody’s), Netherlands (Fitch), Portugal (Moody’s), Turkey (S&P)

Saturday, May 7

2015 Derby Winner American Pharoah

Source: Vogue magazine cover

-The 142nd Kentucky Derby horse race, the first leg of the American Triple Crown, is run in Louisville, Kentucky. Early favorites include Mor Spirit, Nyquist and Gun Runner.

-The 8th annual SkyBridge Alternatives Conference is held in Las Vegas. Keynoters include Bloomberg LP Founder and former New York City Mayor Michael Bloomberg, and former U.S House Speaker John Boehner. Begins at 15:00 local time (18:00 EDT) in Las Vegas. For the agenda click here. Through May 13.

-The America’s Cup sailing races will be held in New York City on the Hudson River for the first time since 1920. This preliminary competition is between the U.S., Britain, France, Japan, New Zealand and Sweden. The 35th America’s Cup will be raced in Bermuda, next June.

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