Brexit Fallout, Spain Poll, Wimbledon: Week Ahead June 25-July 2

  • Yellen, Draghi speak at ECB forum after U.K. votes to leave EU
  • ‘Three Amigos’ Summit takes place; Nike releases earnings

Federal Reserve Chair Janet Yellen, European Central Bank President Mario Draghi and Bank of England Governor Mark Carney are among speakers at a three-day ECB forum in Portugal as policy makers digest the fallout from the U.K.’s decision to leave the European Union.

EU foreign ministers and leaders will also discuss the next steps for the U.K. at separate meetings.

U.S. households probably tempered their spending in May following the biggest advance in almost seven years, figures in the coming week may show. Other economic data are projected to show an ongoing struggle in manufacturing and little improvement in consumer confidence.

The Federal Reserve is set to announce the results of the second part of its annual bank stress test. The Bank for International Settlements publishes its annual report.

Australia and Spain hold general elections, and the U.S., Canada and Mexico meet in Ottawa for the “Three Amigos” Summit.

The Dalai Lama will speak to a conference of U.S. mayors, followed by Hillary Clinton.

Nike Inc., Monsanto Co. and General Mills Inc. are among companies releasing earnings.

The Wimbledon tennis Grand Slam begins in London, soccer’s European Championships reach the knockout rounds and the Tour de France cycling race starts.

Saturday, June 25

-The foreign ministers of Germany, the Netherlands, France, Italy, Belgium and Luxembourg meet in Berlin to discuss the implications of the U.K.’s decision to leave the EU. Starts at 09:00 CET (03:00 EDT), with a statement to reporters planned for 12:00 CET.

-German Chancellor Angela Merkel gives a news conference after a two-day strategy meeting for the leaders of her governing party bloc, including Finance Minister Wolfgang Schaeuble, at Potsdam near Berlin. Topics include the economy, refugees and security. 13:30 CET (07:30 EDT).

-Russian President Vladimir Putin is among officials gathering in Beijing for the first annual meeting of the China-led Asian Infrastructure Investment Bank, through June 26. AIIB President Jin Liqun will hold a briefing.

-Soccer’s 2016 European Championships reach the knockout rounds. Click here for the last 16 schedule. The quarterfinals start on June 30. Through July 10.

Sunday, June 26

-The Bank for International Settlements publishes its annual report at 12:30 CET (06:30 EDT). The Basel, Switzerland-based organization has 60 central banks as members and defines itself as the world’s oldest international financial organization promoting monetary and financial stability.

-Spaniards vote in their second general election in six months, with polls showing no party will be close to a majority. Voting closes at 20:00 CET (14:00 EDT).

-The Dalai Lama will address the 84th annual meeting of the U.S. Conference of Mayors. His remarks will focus on the global significance of building kind, compassionate cities. Hillary Clinton, the presumptive nominee of the U.S. Democratic Party, will address the meeting in the afternoon. In Indianapolis through June 27.

Panama Canal Expansion project

project website

-The Panama Canal expansion, the largest project since its original construction, will be officially inaugurated. A commercial container vessel is scheduled to make the inaugural transit through the expanded Canal.

-The Final match of soccer’s Copa America Centenario is Argentina vs. Chile which will be played at MetLife Stadium in New Jersey. 20:00 EDT.

Monday, June 27

-The European Central Bank starts its three-day Forum on Central Banking in Sintra, Portugal. Speakers include ECB President Mario Draghi, U.S. Federal Reserve Chair Janet Yellen and Bank of England Governor Mark Carney. Negative interest rates and the aftermath of the U.K. referendum on the European Union will be among the issues discussed. Starts at 18:30 local time (13:30 EDT).

-German Chancellor Angela Merkel will host European Union President Donald Tusk in Berlin at 15:00 CET (09:00 EDT) to talk about the U.K.’s plan to exit the bloc. She will then meet with French President Francois Hollande and Italian Prime Minister Matteo Renzi, and the three leaders will address reporters at 18:30 CET.

-Chinese Premier Li Keqiang delivers the keynote speech at the World Economic Forum’s annual summer session to be held in Tianjin, near Beijing. Li will discuss the state of the Chinese economy, which appears to be stabilizing amid stimulus measures. Timing to be determined.

-JPMorgan Chase & Co.’s Energy Equity Investor Conference is held in New York. Participants this year include the oilfield services company Schlumberger Ltd., Devon Energy Corp. and FirstEnergy Corp. Through June 29.

-The Global Quantitative Research Conference, sponsored by Macquarie Group Ltd., features Alphabet Inc., BlackRock Inc. and Cubist Systematic Strategies LLC as participants. In Hong Kong through June 28.

-Williams Cos. shareholders vote on the Energy Transfer Equity LP takeover bid. The energy company agreed to a $58 billion buyout in 2015. The vote follows a lawsuit filed by Williams against ETE alleging the merger agreement was breached. In Tulsa, Oklahoma, at 09:00 (10:00 EDT).

-The Bretton Woods Committee Annual Meeting will include presentations by U.S. Treasury Secretary Jacob J. Lew and World Bank Group Chief Operating Officer Sri Mulyani Indrawati. Topics will include the state of the global economy and multilateral leadership. 08:30 in Washington.

-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: Israel rate decision.

-EARNINGS: Novagold Resources Inc.

-ECONOMY: U.S. advanced goods trade balance (May), U.S. Markit services PMI (June), Dallas Fed manufacturing (June), China industrial profits (May), Hong Kong imports/exports (May).

-ENERGY/COMMODITIES: U.S. Department of Agriculture crops data (weekly); ICE weekly commitments of traders report for Brent, gasoil; IEA releases Energy & Air Pollution 2016 World Energy Outlook Special Report; LNG shipping conference in London through June 29.

-Wimbledon begins in London. It’s the third tennis major of the year and the only one played on grass. Novak Djokovic and Serena Williams are seeking to defend their titles. Through July 10. Click here for the schedule.

Tuesday, June 28

-Leaders of the European Union’s member countries gather in Brussels for the start of a two-day European Council summit to discuss the U.K.’s decision to leave the bloc. Through June 29.

-Consumer confidence in June probably held close to a six-month low on lingering concern about slower U.S. job growth, economists project the Conference Board in New York to report. 10:00 EDT.

-The U.S. Food and Drug Administration (FDA) announces its decisions on two drugs: Clovis Oncology Inc.’s rociletinib for lung cancer and Gilead Sciences Inc.’s Sovaldi/velpatasvir combo to treat hepatitis C. Both are designated breakthrough therapies.

-Dutch Finance Minister Jeroen Dijsselbloem discusses the future of banking in the Netherlands in the national parliament from 16:30 CET (10:30 EDT).

-The UBS CIO Global Forum is held in Beverly Hills. PIMCO Global Strategic Adviser Rich Clarida and BlackRock’s Chief Fixed Income Strategist Jeff Rosenberg are among the participants. Begins at 08:00 local time (11:00 EDT).

-Romanian central bank Deputy Governor Bogdan Olteanu and the CEOs of several banks in Romania speak at a conference in Bucharest about the industry’s prospects and the future of lending. Starts at 09:00 CET (03:00 EDT).

-South Africa’s National Treasury faces a deadline to determine what portion of taxpayers’ money spent on his private home President Jacob Zuma must repay. The nation’s highest court ruled in March that Zuma violated the constitution by refusing to abide with the graft ombudsman’s directive to pay back some of the funds. Timing to be determined.

-Swiss National Bank Vice President Fritz Zurbruegg speaks in Hamburg. 18:00 CET (12:00 EDT).

-CENTRAL BANKS: Brazil Central Bank publishes its Quarterly Inflation Report.

-ECONOMY: U.S. gross domestic product (first quarter), U.S. S&P/Case-Shiller 20-city home-price index (April), Richmond Fed manufacturing (June), Brazil total outstanding loans (May), South Korea consumer confidence (June), South Africa non-farm payrolls (first quarter), Hungary unemployment (May), Turkey foreign tourist arrivals (May).

-EARNINGS: Carnival Corp., Nike Inc., IHS Inc., FactSet Research Systems Inc.

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

Wednesday, June 29

-U.S. consumers probably tempered their spending in May, bringing purchases more in line with income growth, economists forecast the Commerce Department to report. 08:30 in Washington.

-G-20 energy ministers meet in Beijing for one of several preparatory sessions leading up to the leaders’ summit to be held in September in Hangzhou city, China. The meeting starts at 08:00 local time (06/28 20:00 EDT) and runs through June 30.

-U.S. President Barack Obama, Canadian Prime Minister Justin Trudeau and Mexican President Enrique Pena Nieto meet in Ottawa for a “Three Amigos” Summit. Discussions will center on trade. Obama also will address the Canadian Parliament during his visit. Timing to be determined.

-Argentina’s Senate votes on President Mauricio Macri’s tax amnesty law. Macri may have to make concessions to the opposition which has a senate majority. The bill is already approved by the lower house.

-The Federal Reserve is set to announce the results of the second part of its annual bank stress test known as Comprehensive Capital Analysis and Review, or CCAR, which will determine whether firms can increase dividends and share repurchases. 16:30 EDT. Follow the TOPLive blog for real-time coverage here.

-The London Bullion Market Association (LBMA) will vote on changes to its governance structure and whether to formally support the platinum and palladium markets .

-ECONOMY: U.S. MBA mortgage applications (weekly), U.S. pending home sales (May), Argentina GDP (first quarter), Brazil IGP-M inflation (June), Brazil primary budget balance (May), South Korea BSI survey of business confidence (July), Japan retail sales data (May), Russia weekly CPI (June 27), euro-area economic confidence (June), Germany CPI (June), U.K. Nationwide house prices (June), U.K. mortgage approvals (May), Turkey economic confidence (June).

-EARNINGS: Monsanto Co., General Mills Inc., Empire Co. Ltd., Acuity Brands Inc., Worthington Industries Inc., UniFirst Corp./MA.

-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 30

-U.S. Federal Reserve Bank of St. Louis President James Bullard is the guest speaker at the Society of Business Economists’ annual dinner. 18:30 in London (13:30 EDT).

-Yahoo! Inc. holds its annual shareholder meeting. Investors will be asked to elect 11 directors to the board and to cast an advisory vote on executive compensation. 14:00 in Santa Clara, California (17:00 EDT).

-Taiwan’s central bank may cut interest rates for a fourth consecutive time at its quarterly meeting, according to a Bloomberg survey. Central bank Governor Perng Fai-nan is faced with the tasks of keeping inflows in check and the local dollar competitive after the Federal Reserve board refrained from an interest-rate hike earlier this month. An announcement is expected after 16:00 local time (04:00 EDT).

-German Vice Chancellor and Economy Minister Sigmar Gabriel begins a two-day trip to Greece for talks with government leaders on the economy and energy cooperation. Timing to be determined.

-The U.S. International Trade Commission (ITC) releases its decision in a patent-infringement case that BASF SE and UChicago Argonne LLC filed against Umicore SA. The case centers around the use of technology to make lithium-ion batteries. Decision expected at 17:00 EDT in Washington.

-CENTRAL BANKS: Mexico rate decision, Romania rate decision.

-ECONOMY: U.S. jobless claims (weekly), U.S. Bloomberg consumer comfort (weekly), U.S. Chicago PMI (June), Canada GDP (April), Chile unemployment rate (May), Hong Kong retail sales (May), South Korea industrial output (May), Japan industrial output (May), South Africa M3 money supply (May) and private-sector credit (May), South Africa PPI (May), South Africa trade balance (May), South Africa monthly budget balance (May), Kenya GDP (first quarter), Kenya CPI (June), Poland CPI (June), Serbia industrial output (May) and retail sales (May), euro-area CPI (June), German unemployment (June), U.K. GDP (first quarter), Turkey trade balance (May).

-EARNINGS: Constellation Brands Inc., Micron Technology Inc., Paychex Inc., McCormick & Co. Inc., Darden Restaurants Inc.

-ENERGY/COMMODITIES: Bloomberg survey of analysts’ expectations on U.S. natural gas prices (weekly), U.S. Energy Information Administration natural gas inventory report (weekly), U.S. Energy Information Administration Petroleum Supply Monthly report (April), Coceral EU crop forecasts.

-The World Golf Championships-Bridgestone Invitational is held in Akron, Ohio for a $9,500,000 purse. Tee times, pairings to be determined. Through July 3.

-Online voting by baseball fans will determine which players participate in the July 12 Major League Baseball All-Star Game in San Diego. The deadline to cast votes is 11:59 EDT.

Friday, July 1

-U.S. manufacturing probably barely expanded in June as factories remain bogged down by struggling overseas economies and limited business investment, economists forecast the Institute for Supply Management to report. 10:00 EDT in Washington.

-European Central Bank Executive Board member Benoit Coeure speaks at the French finance ministry on the 60th anniversary of the Paris Club. 09:15 CET (03:15 EDT).

-French ministers, executives and economists gather in Aix-en-Provence for a three-day conference. Attendees include the International Monetary Fund’s Managing Director Christine Lagarde and French Economy Minister Emmanuel Macron. Through July 3.

-The annual Pacific Alliance Presidential Summit meeting includes foreign and trade ministers as well as presidents from the Pacific Alliance trading bloc -- Chile, Peru, Colombia and Mexico. Argentine President Mauricio Macri will attend as an observer. In Puerto Varas, Chile.

-Puerto Rico faces default on about $2 billion in bond payments. Even limiting government operations won’t free up enough cash to pay creditors, the commonwealth’s Governor Alejandro Garcia Padilla said.

-Canada’s stock and bond markets are closed for Canada Day, as well as most government offices. The holiday celebrates the birthday of the four-province federation on July 1, 1867.

-ECONOMY: U.S. Markit manufacturing PMI (June), U.S. construction spending (May), U.S. auto sales (June), Brazil industrial production (May), China manufacturing PMI (June), Caixin China manufacturing PMI (June), Nikkei Taiwan manufacturing PMI (June), South Korea CPI (June), South Korea current account (May), Japan CPI (May), Japan jobless and household spending data (May), Japan Tankan survey of businesses (second quarter), South Korea trade (June), Bank of Japan CPI data (May), Japan consumer confidence (June), South Africa manufacturing PMI (June), Russia GDP (first quarter) as soon as 07/01, Czech Republic GDP (first quarter), euro-area manufacturing PMI (June), euro-area unemployment (May), U.K. manufacturing PMI (June), Italy unemployment (May), Turkey manufacturing PMI (June).

-ENERGY/COMMODITIES: Baker Hughes U.S. oil-and-gas rig count (weekly), U.S. CFTC futures and options positions for oil and commitments of traders reports (weekly).

-SOVEREIGN RATING UPDATES: Belgium (Fitch), Poland (S&P), Serbia (S&P).

Saturday, July 2

-Australians head to the polls, with Prime Minister Malcolm Turnbull seeking a second term in office for the Liberal-National coalition government. The eight-week campaign has focused on which party is best-placed to steer the economy through a fading mining investment boom and tackle a deterioration in public finances. Polls open at 08:00 Sydney time (07/01 18:00 EDT).

-The Tour de France, cycling’s most prestigious event, begins. The cyclists will visit three countries and cover a distance of 3,519 kilometers (2,187 miles). Click here for the route. Through July 24.

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