Fed, Trump-Kelly, Hedge Funds: Global Week Ahead May 14-21by , , and
U.S. housing, consumer prices; Japan seen returning to growth
Cisco, Wal-Mart earnings; ‘Championship Sunday;’ Preakness
Investors get fresh insight into the thinking of the U.S. Federal Open Market Committee with the release of minutes from its April meeting. Follow the TOPLive blog for real-time coverage here.
The U.S. cost of living probably climbed a bit more in April as gasoline prices extended a climb after swooning since mid-2015, while home sales and construction advanced, economic data this week are projected to show. Japan reports on first-quarter economic growth.
Seven central banks including Malaysia and South Africa issue interest-rate decisions.
Taiwan swears in a new president and voters in the Dominican Republic pick a new leader. President Barack Obama travels to Asia. Presumptive Republican presidential nominee Donald Trump is interviewed by Megyn Kelly of Fox News.
Finance ministers from the Group of Seven nations discuss monetary policy and currencies in Japan.
Home Depot Inc., Vodafone Group Plc, Cisco Systems Inc. and Target Corp. are among companies to report earnings during the week.
A rarely seen Georgia O’Keeffe painting and the piano Lady Gaga played as a 4-year-old are to be auctioned.
Saturday, May 14
-Nigeria hosts a Regional Security Summit with French President Francois Hollande and the leaders of Benin, Cameroon, Chad and Niger to discuss Boko Haram, the abduction of young girls and nation rebuilding. Timing in Abuja to be announced.
-China industrial output, retail sales (April).
Sunday, May 15
-The Dominican Republic holds elections, with President Danilo Medina seeking a second four-year term.
-Ontario Premier Kathleen Wynne travels to Israel and the West Bank to promote the province as a business destination. Click here for agenda. Through May 20.
-Israel inflation (April).
-“Championship Sunday,” the last day of the English Premier League season, will decide the 2015-2016 standings and settle England’s final place in the lucrative UEFA Champions League.
-The $10 million Players Championship, the PGA tournament known informally as golf’s “fifth major,” concludes at TPC Sawgrass in Ponte Vedra Beach, Florida.
Monday, May 16
-U.S. Federal Reserve Bank of Minneapolis President Neel Kashkari holds a town hall meeting on the topic of too-big-to-fail at the University of Minnesota. 18:00 in Minneapolis (19:00 EDT).
-Foreign ministers from 17 countries will hold a Syrian Support Group meeting in Vienna in an attempt to restart peace negotiations that collapsed last month. Russian Foreign Minister Sergei Lavrov and U.S. Secretary of State John Kerry will attend. Through May 17.
-U.S. Assistant Secretary of State for Arms Control Frank Rose visits Bulgaria. Agenda to be announced.
-Russian Foreign Minister Sergei Lavrov concludes a two-day visit to Belarus. 10:00 in Minsk (03:00 EDT).
-Mozambique’s president, Filipe Nyusi, begins a weeklong visit to China.
-The Internet and Television Expo in Boston features speakers including Tom Wheeler, chairman of the U.S. Federal Communications Commission. Through May 18.
-The U.S. Supreme Court will issue opinions at 10:00 EDT. Major outstanding cases include consumer lawsuits, Puerto Rican debt, affirmative action, Obamacare contraceptive coverage, abortion and President Barack Obama’s immigration plan.
-Argentina’s Banco Hipotecario SA will sell as much as $200 million of bonds due 2020, the first corporate-debt offering in the international bond market since the government resolved its default last month.
-U.S. money managers with more than $100 million of U.S. traded equities must disclose their holdings in a Form 13F today -- the deadline for first-quarter holdings. Most hedge funds file on the deadline day.
-The Electrical Products Spring Conference will feature presentations from executives of Honeywell International Inc., 3M Co., Tyco International Plc and Ingersoll-Rand Plc. Speakers include General Electric Co. Chief Executive Officer Jeff Immelt. Through May 18 at Longboat Key, Florida.
-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 announces current account balances at 17:00 local time (04:00 EDT).
-CENTRAL BANKS: Bank of Canada’s biannual publication on Canadian economy and central bank at 10:30 EDT; interest-rate decisions in Ghana and Mozambique.
-ECONOMY: U.S. Empire State manufacturing (May), U.S. NAHB homebuilder sentiment (May), U.S. Treasury net international capital flows (March), Thailand GDP (1Q), Russian GDP (1Q, estimate), Turkey unemployment (Feb.), Israel GDP (1Q).
Tuesday, May 17
-Consumer prices in the U.S. probably climbed at a faster pace in April, adding to signs inflation is gradually moving closer to the Federal Reserve’s goal. The Labor Department’s report is due at 08:30 EDT in Washington.
-U.S. housing starts probably increased in April after slumping a month earlier, extending a seesaw pattern in new-home construction over the past year. The Commerce Department will issue the data at 08:30 EDT in Washington.
-U.S. industrial production probably rose in April, indicating the worst of the manufacturing slump is over, Federal Reserve data are projected to show. 09:15 EDT in Washington.
-U.S. Federal Reserve Bank Presidents John Williams of San Francisco and Dennis Lockhart of Atlanta are interviewed by Politico chief economic correspondent Ben White on the future of the U.S. economy. 12:00 EDT in Washington.
-European Central Bank Supervisory Board Chair Daniele Nouy, Single Resolution Board Chair Elke Koenig, Bank of Portugal Governor Carlos Costa, Portuguese Finance Minister Mario Centeno, Banco Comercial Portugues SA CEO Nuno Amado and Novo Banco SA CEO Eduardo Stock da Cunha speak at a conference about “The Present and Future of the Banking Sector.” 09:00 in Lisbon (03:00 EDT).
-ECB Executive Board member Peter Praet speaks on economic reform at an event organized by the European Commission. 09:45 in Brussels (03:45 EDT).
-Russia-Iran Forum with Russian First Deputy Premier Igor Shuvalov, Energy Minister Alexandar Novak, Deputy Economy Minister Alexander Tsybulsky, Iranian Communications Minister Mahmud Vaezi-Jazai, among others. Event starts at 10:00 (03:00 EDT) in Astrakhan, Russia.
-The International Gold and Silver Symposium is held in Lima. Julio Velarde, the president of the Central Bank of Peru, and the presidents of Barrick Gold Corp. and the World Gold Council will speak. Through May 18.
-The annual Latin America Downunder Conference is held in Perth, Australia. Mining ministers and executives from Ecuador, Colombia, Chile, Cuba, Mexico, Argentina and Australia will attend. Through May 18.
-Kentucky holds its Democratic presidential primary and Oregon holds both Republican and Democratic primaries. Click here for Bloomberg’s delegate tracker.
-South African President Jacob Zuma will answer questions in Parliament. Most opposition party lawmakers boycotted Zuma’s last speech to lawmakers. 10:00 in Cape Town (04:00 EDT).
-Greece’s government may send parliament a draft bill including measures such as tax increases required by creditors to disburse the next tranche of bailout loans. A vote is due to take place by May 23. Timing in Athens to be determined.
-FOX airs Megyn Kelly’s interview with presumptive Republican presidential nominee Donald Trump. The two have a contentious history, stirred by Trump’s attack on the anchor during a debate in August.
-CENTRAL BANKS: Chile rate decision, Bank of Portugal bank supervision report, Serbia rate-setting meeting.
-ECONOMY: U.K. inflation (April), Italian trade balance (March), Malaysia CPI (April), Portugal industrial production price index (April), Turkey budget balance (April).
-ENERGY/COMMODITIES: American Petroleum Institute inventory report (weekly), U.S. Department of Agriculture data (weekly).
Wednesday, May 18
-Japan announces first-quarter economic growth data. The nation’s economy is forecast to have returned to growth after contracting in the last three months of 2015. 08:50 in Tokyo (05/17 19:50 EDT).
-The U.S. Federal Open Market Committee releases the minutes from its April 26-27 meeting. 14:00 EDT.
-Investment Company Institute hosts the 2016 General Membership Meeting in Washington, D.C. Keynote speakers include Walter Isaacson, author of “Steve Jobs;” Michael Bloomberg, former mayor of New York City and founder/CEO of Bloomberg LP; and Securities and Exchange Commission Chair Mary Jo White. Through May 20.
-European Economic Congress holds meeting with speakers including former Polish Prime Minister Jerzy Buzek. 10:00 in Katowice, Poland. (04:00 EDT), through May 20.
-Bloomberg Intelligence hosts a precious-metals forum in London organized by the London Platinum and Palladium Market Association. 08:00 GMT (04:00 EDT).
-BMO Capital Markets hosts its 11th annual Farm to Market conference. Speakers include CEOs Donald Smith of Tyson Foods Inc., Patrick Bowe of Andersons Inc., Juan Ricardo Luciano of Archer-Daniels-Midland Co. and Soren Schroder of Bunge Ltd. Through May 19 in New York City.
-Credit Suisse Emerging Markets Conference includes attendees such as Russian Central banker Ksenia Yudaeva, Deputy Finance Ministers Maxim Oreshkin and Alexei Moiseev, and former Finance Minister Alexei Kudrin. Event starts at 09:30 in Moscow (02:30 EDT).
-Enforcement Directors Andrew Ceresney of the U.S. Securities and Exchange Commission, Bradley Bennett of Financial Industry Regulatory Authority and Aitan Goelman of the U.S. Commodity Futures Trading Commission are among the scheduled speakers at the American Bar Association’s National Institute on U.S.-Canadian Securities Litigation. Begins 08:00 EDT in Toronto.
-National People’s Congress Chairman Zhang Dejiang, China’s No. 3 official, will deliver the keynote speech for the “One Belt One Road” forum in Hong Kong. Zhang is the most senior Chinese official to visit Hong Kong in almost four years. 09:25 local time (May 17 21:25).
-Queen Elizabeth II announces U.K. Prime Minister David Cameron’s legislative program for the next year at the state opening of Parliament. 11:30 in London (06:30 EDT).
-French unions plan to start two days of strikes to protest changes to the country’s labor laws. Details to be determined.
-CENTRAL BANKS: Portugal to auction six-, 12-month bills; Turkey survey of expectations.
-ECONOMY: U.S. MBA mortgage applications (weekly), U.S. Federal Open Market Committee minutes (April meeting), U.K. unemployment and average earnings (first quarter), Eurozone CPI inflation (April), Chile GDP (first quarter), China property prices (April), Japan machinery orders (March), Malaysia CPI (April), South Africa CPI (April), South Africa retail sales (March), Nigeria CPI (April), Russian CPI (weekly), industrial production (April), Polish employment (April).
-EARNINGS: Cisco Systems Inc., Lowe’s Cos., salesforce.com Inc., Target Corp., Hormel Foods Corp., L Brands Inc., Staples Inc., Tencent Holdings Ltd., SSE Plc, Burberry Group Plc, Flughafen Wien AG, SABMiller Plc.
-ENERGY/COMMODITIES: Bloomberg survey of analysts’ expectations on natural gas volume (weekly), U.S. Energy Information Administration’s crude oil inventory report (Follow the TOPLive blog for real-time coverage here).
Thursday, May 19
-G-7 finance ministers and central bank governors meet near Sendai, Japan, to discuss currency tensions, the limits of monetary policy, and the need for more fiscal spending. The meeting precedes the leaders’ gathering May 26-27 on Kashiko Island.
-NATO foreign ministers begin a two-day meeting at 09:00 in Brussels (03:00 EDT).
-U.S. Federal Bank of New York President William Dudley delivers a speech on macroeconomics trends. 10:30 EDT in New York City.
-Georgia O’Keeffe’s “Lake George Reflection,” which hasn’t been seen publicly except at auction since 1923, will be offered at Christie’s New York. Christie’s estimates it could bring $12 million. 10:00 EDT.
-CENTRAL BANKS: Interest-rate decisions in Malaysia, Indonesia and South Africa.
-ECONOMY: U.S. jobless claims (weekly), U.S. Bloomberg consumer comfort (weekly and May expectations), U.S. Chicago Fed national activity index (April), U.S. Philadelphia Fed manufacturing (May), U.S. leading economic indicators (April), U.K. retail sales (April), Australia employment (April), Philippines GDP (1Q), Poland retail sales (April) and industrial output (April), Egypt trade balance (March).
-EARNINGS: Applied Materials Inc., Wal-Mart Stores Inc., Just Energy Group Inc., Dick’s Sporting Goods Inc., Gap Inc., Merck KGaA, Royal Mail Plc, National Grid Plc, Thomas Cook Group Plc, ADO Properties SA.
-ENERGY/COMMODITIES: Bloomberg survey of analysts’ expectations on U.S. natural gas prices (weekly), U.S. natural gas inventory report (weekly), U.S. DOA crop net-export sales (weekly).
Friday, May 20
-Sales of U.S. previously owned homes are projected to rise in April for a second month, indicating the housing market is firming during the busiest selling season of the year. The National Association of Realtors will issue the report at 10:00 EDT in Washington.
-Greek Prime Minister Alexis Tsipras visits Rome. Timing to be determined.
-Tsai Ing-wen to be sworn in as Taiwan’s first woman president at 09:00 in Taipei (May 19 21:00 EDT).
-ECONOMY: Brazil IPCA-15 inflation (May), Mexico GDP (1Q final), Peru GDP (1Q), Portugal new construction orders (1Q), Hungary economic sentiment (May), Germany PPI (April).
Saturday, May 21
-U.S. President Barack Obama begins a visit to Vietnam and Japan; he returns to Washington May 28.
-Lady Gaga’s childhood piano will be auctioned in Julien’s Auctions Music Icons event at the Hard Rock Cafe in New York City. 10:00 EDT.
-The second leg of thoroughbred racing’s Triple Crown, the Preakness Stakes, is run at Pimlico Race Course in Baltimore. Post time is 18:18 EDT (subject to change).