Post-Brexit BOE, JPMorgan Earnings, China: Week Ahead July 11-16Phyllis Halliday, James Amott and Stanley James
U.S. retail sales released; EU mulls Spain, Portugal sanctions
China awaits GDP, sea-claim ruling; Farnborough Air Show opens
Bank of England officials announce their first monetary policy decision since the U.K. referendum on leaving the European Union. A majority of economists surveyed by Bloomberg predict the BOE will cut interest rates for the first time since 2009 to stabilize the economy. Follow the TOPLive blog for real-time coverage here.
Retail sales in the U.S. probably climbed again in June as demand picked up at merchants other than auto dealers, a report is projected to show. Figures on consumer prices, industrial production and consumer sentiment will also be released.
JPMorgan Chase & Co. and Citigroup Inc. start U.S. bank-earnings season. Wells Fargo & Co., BlackRock Inc. and U.S. Bancorp also announce results.
The Farnborough International Air Show starts in England.
The British Open, the oldest of golf’s major tournaments, begins. The Tour de France continues through the week.
Monday, July 11
-Canadian Prime Minister Justin Trudeau visits Ukraine to offer Canada’s support for Ukraine’s sovereignty and to deepen commercial ties between the countries. Through July 12.
-French Finance Minister Michel Sapin gives his monthly news conference at 09:00 CET (03:00 EDT) in Paris.
-German Chancellor Angela Merkel speaks at a rally of her Christian Democratic Union at 13:00 CET (07:00 EDT) in the Baltic seaside resort of Zingst.
-Euro-area finance ministers meet in Brussels to discuss Italian banks, Greece and the European Commission’s objections to the Spanish and Portuguese budgets. 15:00 CET (09:00 EDT).
-The Farnborough International Airshow, a biannual showcase for the aviation industry, begins in southeastern England. The U.S. F-35 Joint Strike Fighter is among the aircraft making an appearance. In Farnborough through July 17. Click here for a highlights of the show.
-The Intersolar North America Conference for the solar industry features speakers including Sunrun Inc. Chief Executive Officer Lynn Jurich. In San Francisco, beginning at 09:00 local time (12:00 EDT). Through July 13.
-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: Kazakh rate decision, Bank of Israel minutes.
-ECONOMY: U.S. labor market conditions index (June), Japan machinery orders (May), Romania CPI (June), Poland CPI (June), Russia budget balance (June), Italy industrial production (May).
-ENERGY/COMMODITIES: U.S. Agriculture Department crops data (weekly).
Tuesday, July 12
-An international court rules on a challenge brought by the Philippines on China’s claim to more than 80 percent of the South China Sea. The decision is due to be released at about 11:00 CET in The Hague (05:00 EDT).
-The European Union’s 28 finance ministers meet at 08:00 CET (02:00 EDT) in Brussels to discuss whether to sanction Spain and Portugal. The agenda also includes fighting tax evasion and bank capital requirements.
-French Economy Minister Emmanuel Macron speaks at a rally of his En Marche movement amid speculation he may announce a presidential bid. Timing to be determined.
-The 18th bilateral two-day summit between the European Union and China, focusing on political and economic relations, begins in Beijing. China’s President Xi Jinping is among the attendees.
-U.S. Federal Reserve Bank of Cleveland President Loretta Mester will speak at the Sydney Banking and Financial Stability event at the University of Sydney Business School. Begins at 11:30 local time (07/11 21:30 EDT).
-U.S. Attorney General Loretta Lynch appears before the U.S. House Judiciary Committee to be questioned about the FBI investigation into Hillary Clinton, as well as her impromptu meeting with Bill Clinton days before the e-mail probe concluded. 10:00 EDT in Washington.
-CENTRAL BANKS: Kenya rate decision.
-ECONOMY: NFIB U.S. small-business optimism index (June), U.S. wholesale inventories (May), U.S. job openings/labor turnover (May), Brazil retail sales (May), Mexico industrial production (May), Czech CPI (June), Serbia CPI (June), Russia trade (May), South Africa manufacturing production (May).
-ENERGY/COMMODITIES: American Petroleum Institute inventory report (weekly), USDA grain-exports, livestock, crop ratings (weekly), OPEC monthly oil-market report, including the latest production figures from Saudi Arabia and Nigeria (monthly), U.S. EIA Short-Term Energy Outlook (monthly), China import data for oil, coal and refined products (June).
Wednesday, July 13
-U.S. Federal Reserve Bank of Philadelphia President Patrick Harker will speak on the economic outlook at the Loews Philadelphia Hotel. 18:00 EDT.
-ESPN’s 2016 ESPYS awards show is broadcast live on ABC at 20:00 EDT from Los Angeles.
-CENTRAL BANKS: Canada rate decision, Malaysia rate decision.
-ECONOMY: U.S. MBA mortgage applications (weekly), Russia weekly CPI (weekly), U.S. import-price index (June), U.S. budget statement (June), Federal Reserve Beige Book, Argentina national inflation (June), South Korea jobless data (June), South Korea money supply (May), South Korea household lending (June), China trade balance (June), Romania industry (May), Russia weekly CPI, Israel trade balance (June), South Africa retail sales (May), Ghana CPI (June).
Thursday, July 14
-Bank of England officials announce their first monetary policy decision since the U.K.’s June 23 Brexit referendum. Governor Mark Carney has warned of a “material slowing” in the economy and signaled interest rates could be cut within months. 12:00 in London (07:00 EDT). Follow the TOPLive blog for real-time coverage here.
-The Bank of Korea decides monetary policy and releases its quarterly revised economic outlook. Governor Lee Ju Yeol will hold a separate press briefing at 11:00 in Seoul (07/13 22:00 EDT).
-French President Francois Hollande gives a nationally televised interview to discuss subjects ranging from Brexit and the U.S. election to his labor reforms and whether he will seek re-election. Timing to be determined.
-The Climate Prediction Center releases its monthly updates on El Nino/La Nina conditions in the Pacific Ocean. These weather patterns affect Atlantic hurricanes, agriculture and energy markets. About 09:00 EDT.
-The 145th British Open, the oldest of golf’s four major tournaments, begins at Royal Troon Golf Club in Scotland. Through July 17.
-CENTRAL BANKS: Mexico Central Bank minutes, Chile rate decision, Peru rate decision.
-ECONOMY: U.S. jobless claims (weekly), U.S. producer-price index (June), U.S. Bloomberg consumer comfort (weekly), Australia jobs data (June), Czech current account (May), Poland current account (May), Poland trade (May), Turkey industrial production (May), Turkey current-account balance (May), Israel CPI (June), South Africa mining production (May), U.K. RICS house price balance (June).
Friday, July 15
-U.S. retail sales probably increased for a third straight month in June, indicating consumer spending helped drive faster second-quarter growth, based on forecasts ahead of the Commerce Department’s report. Consumer prices probably climbed, showing inflation is gradually moving toward the goal of Federal Reserve policy makers, economists forecast a Labor Department report to show. Both reports are due at 08:30 EDT in Washington.
-China releases gross domestic product figures for the second quarter, with economists surveyed by Bloomberg predicting year-on-year growth slowing to 6.6 percent from 6.7 percent three months earlier. The government’s target rate is 6.5 percent to 7 percent. The data will be released at 10:00 in Beijing (07/14 22:00 EDT). Follow the TOPLive blog for real-time coverage here.
-U.S. Federal Reserve Bank of Minneapolis President Neel Kashkari participates in a discussion with St. Louis Fed President James Bullard at an Official Monetary and Financial Institutions Forum meeting to discuss the role of the U.S. in the global economy. 12:15 local time in St. Louis (13:15 EDT).
-Bank of England Governor Mark Carney and Canadian Minister of Environment and Climate Change Catherine McKenna speak about climate change and financial markets. In Toronto at 08:00 EDT.
-ECONOMY: U.S. Empire State manufacturing (July), U.S. industrial production (June), U.S. business inventories (May), U.S. Michigan consumer sentiment (July preliminary), China industrial production (June), China retail sales (June), China fixed asset investment (June), euro-area CPI (June).
Saturday, July 16
No scheduled events.