Fed-BOE-BOJ Rates, Apple Meeting, Brexit: Week Ahead June 13-18

  • Morgan Stanley spotlights financials; Valeant faces holders
  • MSCI updates classifications; home starts are among U.S. data

Federal Reserve policy makers probably will hold off on raising interest rates in the coming week as they assess the U.S. economy after weak May employment numbers and tepid first-quarter growth. Follow the TOPLive blog for real-time coverage here.

Monetary policy makers also are meeting in the U.K. and Japan, and analysts expect both to keep their rates unchanged. Five other nations make interest rate decisions.

Reports on retail sales, consumer prices, industrial production and housing starts are among the crucial economic data due in the coming week.

Apple Inc. convenes software developers at its annual conference in San Francisco.

Valeant Pharmaceuticals International Inc., with its stock nosediving and profit slowing, holds its annual shareholder meeting. Oracle Corp., the recent loser to Google in the “world series” of copyright trials, will announce earnings.

German Chancellor Angela Merkel visits China, while U.K. Prime Minister David Cameron defends the European Union before the June 23 referendum on British membership.

MSCI Inc. releases its annual market classification review, with China, Pakistan and Peru under examination.

Art Basel opens in Switzerland with exhibitions and discussions about 20th- and 21st-century works.

England vs. Russia in the Euro 2016.

Photographer: Dan Mullan/Getty Images

In sports, the U.S. Open golf tournament begins in Pennsylvania with a $10 million purse. The Euro 2016 soccer tournament continues with games in France. Click here for the schedule.

Monday, June 13

-Leaders of Spain’s four biggest political parties including caretaker Prime Minister Mariano Rajoy hold a televised debate ahead of the June 26 election. 21:00 local time (15:00 EDT).

-North Atlantic Treaty Organization Secretary General Jens Stoltenberg holds a news conference before the NATO defense ministers’ meeting. U.S. Pentagon chief Ashton Carter will attend to discuss the future of the alliance. The gathering precedes a summit of NATO heads of state planned for Warsaw in July. Through June 15.

-Bloomberg Tech Conference 2016 spotlights global inventors and invention. Twitter Inc. Executive Chairman Omid Kordestani is among the speakers. Through June 14 in San Francisco.

-Apple Worldwide Developers Conference begins in San Francisco and runs through June 17, with sessions streamed here. Follow the TOPLive blog for real-time coverage here.

-The Conference of Montreal explores economic globalization with emphasis on relations between the Americas and other continents. Mexico’s Finance Minister Luis Videgaray and Canada’s Finance Minister Bill Morneau will participate. In Montreal through June 16.

-Kenya’s main opposition party, the Coalition for Reforms and Democracy, plans to defy a government ban on demonstrations and hold fresh protests to demand the resignation of senior election officials.

-Croatian Central Bank Economic Conference begins two-day meeting. Central Bank Governor Boris Vujcic to speak at 09:30 in Dubrovnik (03:30 EDT).

-Macedonia’s parliament to vote on starting impeachment proceedings against President Gjorge Ivanov, who has enough support to thwart the effort. Session starts at 13:00 (07:00 EDT).

-The European Financial Congress begins in Sopot, Poland, at 13:00 (07:00 EDT). Through June 15.

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

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

-ECONOMY:  China industrial production, retail sales, fixed assets (May), Poland CPI (May), Serbia CPI (May), Sweden PES unemployment rate (May).

-ENERGY/COMMODITIES: U.S. Department of Agriculture crops data (weekly), U.S. EIA drilling productivity report (May).

Tuesday, June 14

-U.S. retail sales probably advanced in May for a second month, indicating consumers are becoming less apprehensive about spending. The Commerce Department reports the data at 08:30 EDT in Washington.

-U.S. Secretary of State John Kerry, Iranian Foreign Minister Mohammad Zarif and European Union foreign policy chief Federica Mogherini discuss the Iranian nuclear deal and other issues at the annual Oslo Forum. Through June 15 in Oslo.

-MSCI Inc. will announce the results of its 2016 Annual Market Classification Review, including whether Peru remains as an emerging market. Reclassification as a frontier market could trigger billions of dollars of outflows. The MSCI China A and MSCI Pakistan Indexes are also on the list for a potential reclassification to emerging markets. The announcement is made shortly after 17:00 EDT on the MSCI website.

-International Grains Council holds its annual conference in London.

-Morgan Stanley Chief Executive Officer James Gorman speaks at the firm’s U.S. Financials Conference. 12:30 EDT in New York City. Conference runs through June 15.

-Bank of Spain Governor Luis Maria Linde speaks on monetary policy in the major economies. 12:30 in Seville (06:30 EDT).

-Bank of Russia Governor Elvira Nabiullina speaks before the State Duma at 16:00 in Moscow (09:00 EDT).

-Norway Central Bank Governor Oystein Olsen speaks in Trondheim at 17:50 local time (11:50 EDT).

-The E3 Expo 2016 gamers convention returns to Los Angeles, with a focus on hardware such as new versions of Microsoft’s Xbox and Sony’s PS4. Through June 16.

-Valeant Pharmaceuticals International Inc. holds its annual general meeting at 09:00 EDT in Quebec. Click here for webcast.

-The District of Columbia holds its Democratic primary, the final contest in the U.S. presidential race.

-Led Zeppelin founders Jimmy Page and Robert Plant face trial in Los Angeles to decide whether they ripped off the opening notes of their 1971 hit “Stairway to Heaven.”

-CENTRAL BANKS: Federal Reserve begins two-day policy meeting, Bank of Portugal releases data on banks, including European Central Bank financing (May), Czech central bank publishes financial stability report.

-ECONOMY: NFIB U.S. small-business optimism index (May), U.S. import-price index (May), U.S. business inventories (April), Euro-area industrial production (April), U.K. CPI (May), U.K. ONS house prices (April), Brazil retail sales (April), Hong Kong industrial production, producer price index (1Q), Spain CPI (May), South Africa current-account balance (1Q), Sweden + Finland CPI (May), Iceland unemployment (May), Russia budget (May).

-EARNINGS: John Wiley & Sons Inc.

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

Wednesday, June 15

-The Federal Open Market Committee probably will keep the benchmark lending rate unchanged at the conclusion of a two-day meeting. Release at 14:00 EDT in Washington to be followed by Fed Chair Janet Yellen’s press conference at 14:30. Follow the TOPLive blog for real-time coverage here.

-Billionaire Philip Green is questioned by two U.K. House of Commons committees about the collapse of BHS Ltd., the retailer he sold for 1 pound ($1.45) last year. 09:30 in London (04:30 EDT).

-German Finance Minister Wolfgang Schaeuble addresses a Polish-German business conference with Polish Prime Minister Beata Szydlo. Topics are likely to include European integration and the influx of migrants. 12:40 in Warsaw (06:40 EDT).

-U.K. Justice Secretary Michael Gove, one of the most prominent campaigners for leaving the EU, faces audience questions in a BBC television special. 18:45 in Nottingham, England (13:45 EDT).

-Russian Foreign Minister Sergei Lavrov speaks to the State Duma at noon in Moscow (05:00 EDT).

-Bank of Canada Governor Stephen Poloz gives the keynote speech to the Yukon Chamber of Commerce in Whitehorse, Yukon Territory. Remarks will be published on the bank’s website at 19:40 EDT. Poloz will hold a news conference at 20:40.

-Bank of Portugal Governor Carlos Costa speaks at a parliamentary hearing on the rescue and sale of lender Banif SA. In Sao Bento at 17:30 (11:30 EDT).

-The Security Industry Association hosts Government Summit 2016 in Washington, though June 17.

-CENTRAL BANKS: Brazil minutes (June 8 meeting), Namibia rate decision, Georgia rate decision.

-ECONOMY: U.S. MBA mortgage applications (weekly), U.S. producer-price index (May), U.S. Empire State manufacturing (June), U.S. industrial production (May), U.S. Treasury international capital flows (April), U.K. unemployment (April), Malaysia CPI (May), South Africa retail sales (April), Ghana consumer inflation (May), Turkey unemployment (March), Turkey budget balance (May), Israel CPI (May), Russia GDP (1Q, preliminary), Poland budget (May), Turkey budget balance (May).

-EARNINGS: Inditex SA.

-ENERGY/COMMODITIES: Bloomberg survey of analysts’ expectations on natural gas volume (weekly), U.S. EIA weekly Petroleum Status Report. Follow the TOPLive blog for real-time coverage here.

Thursday, June 16

-U.S. consumer prices probably increased in May, boosted in part by rising gasoline costs. The Labor Department will report the data at 08:30 EDT in Washington.

-The Bank of England’s Monetary Policy Committee will probably keep its benchmark interest rate at a record-low 0.5 percent ahead of the June 23 EU referendum on EU membership. Policy makers will release the voting record of the meeting and a short commentary on the economy. 12:00 in London (07:00 EDT).

-The Bank of Japan announces its monetary policy at the end of a two-day meeting, with most economists predicting no change. The meeting typically ends about midday in Tokyo and is usually followed by a press conference by Governor Haruhiko Kuroda at 15:30 (02:30 EDT).

-Colombia’s Juan Manuel Santos and Argentina’s Mauricio Macri are among the presidents at the World Economic Forum on Latin America in Medellin, Colombia through June 17.

-U.S. Secretary of State John Kerry visits Denmark and Greenland. Arctic exploration, climate change, terrorism, Syria and trade among topics discussed, through June 17. Timings to be determined.

-European Union Council President Donald Tusk meets Finland Prime Minister Juha Sipila in Helsinki. News conference at 14:30 (08:30 EDT).

-Swiss National Bank issues its quarterly policy assessment. Economists expect the deposit rate to stay at a record low of minus 0.75 percent. The SNB also will issue new growth and inflation forecasts. Announcement at 09:30 in Bern (03:30 EDT), followed by a briefing with President Thomas Jordan at 10:00.

-ECB Governing Council member Ewald Nowotny speaks at 11:15 in Vienna (05:15 EDT).

-St. Petersburg International Economic Forum opens, with Italian Prime Minister Matteo Renzi among foreign leaders in attendance. Starts at 08:00 in St. Petersburg (01:00 EDT). Click here for agenda. Through June 18.

-Euro-area finance ministers meet in Luxembourg to look at Greece’s progress in meeting its bailout conditions.

-U.K. Chancellor of the Exchequer George Osborne is scheduled to make his annual speech at the Mansion House dinner in London. Timing to be determined.

-Art Basel, the world’s largest modern and contemporary art fair, opens to the public June 16 in Basel, Switzerland, with the work of more than 4,000 artists. Through June 19.

-The 116th U.S. Open, the second of golf’s four major tournaments, opens in Oakmont, Pennsylvania, for a $10 million purse. Through June 19.

-CENTRAL BANKS: Brazil Central Bank posts minutes of rate decision meeting, Indonesia rate decision, Egypt rate decision, Chile rate decision.

-ECONOMY: U.S. jobless claims (weekly), U.S. Bloomberg consumer comfort (weekly), U.S. current-account balance (1Q), U.S. Philadelphia Fed manufacturing (June), U.S. NAHB homebuilder sentiment (June), euro-area CPI (May, final), U.K. retail sales (May), Switzerland government economic forecast, New Zealand GDP (1Q), Australia employment (May), Hong Kong unemployment rate (May), Russia CPI (weekly), Poland employment (May), Norway trade balance (May).

-EARNINGS: Oracle Corp., Kroger Co., Rite Aid Corp.

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

Friday, June 17

-Housing starts in the U.S. probably declined in May after surging a month earlier. The Commerce Department will issue the data at 08:30 EDT in Washington.

-International Monetary Fund Managing Director Christine Lagarde takes part in a panel discussion with Austrian Finance Minister Hans Joerg Schelling. 11:00 in Vienna (05:00 EDT).

-ECB Executive Board member Benoit Coeure speaks at 13:45 in Berlin (07:45 EDT).

-ECB President Mario Draghi speaks at 17:00 in Munich (11:00 EDT).

-Russian President Vladimir Putin to speak at St. Petersburg International Economic Forum. 14:00 local time (07:00 EDT).

-Hungarian Central Bank Deputy Governor Marton Nagy to speak at conference on the stock exchange. Timing to be determined.

- Carolyn Wilkins, senior deputy governor at the Bank of Canada, speaks to the Canadian Payments Association’s Payments Panorama conference in Calgary, Alberta, at 11:05 (13:05 EDT).

-International Athletics Association Federation decides in Vienna on whether Russian athletes can compete in the Summer Olympics in Rio de Janeiro.

-ECONOMY:  ECB current account (April), Canada Inflation (May), Portugal industrial production price index (May), Poland industrial output (May) and retail sales (May), Sweden unemployment (May).

-ENERGY: Baker Hughes U.S. oil-and-gas rig count (weekly), U.S. Commodity Futures Trading Commission futures and options positions for oil and commitments of traders reports (weekly).

-SOVEREIGN RATING UPDATES: Czech Republic (Moody’s), European Union (DBRS), Senegal (S&P), Serbia (Fitch), Slovenia (S&P), Spain (Moody’s).

Saturday, June 18

-ECONOMY: China property prices, Nigeria consumer inflation (May).

(Corrects title for Iranian Foreign Minister Mohammad Zarif.)

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