Fed and BOJ Rates; Clinton’s Turn, Apple: Week Ahead July 23-30by , , and
Google, Ford, Deutsche Bank, Merck also will report earnings
U.S. GDP; China hosts G-20 finance ministers, central bankers
Hillary Clinton is poised to become the Democratic presidential nominee as the party holds its national convention in Philadelphia.
Federal Reserve policy makers probably will stand pat on U.S. interest rates this coming week. That would signal caution as they debate the implications of Britain’s vote to leave the European Union, even with U.S. growth and employment showing signs of perking up. Follow the TOPLive blog for real-time coverage here. The Bank of Japan also acts on monetary policy.
The Fed’s decision comes amid a busy week for economic data, including the U.S. government’s first estimate of second-quarter gross domestic product. Growth probably accelerated after a weak start to the year as household spending rebounded strongly, based on economists’ forecasts.
Some of the world’s biggest technology companies announce earnings this week, including Apple Inc. and Google parent Alphabet Inc.
The PGA Championship golf tournament is played in New Jersey, and the Tour de France finishes.
Saturday, July 23
- U.S. Treasury Secretary Jack Lew will be among participants at a meeting of G-20 finance ministers and central bank governors in Chengdu, China. Topics are likely to include economic growth, Turkey’s failed coup and the U.K. vote to leave the European Union. Through July 24.
Sunday, July 24
- The Tour de France, cycling’s most prestigious event, finishes in Paris. Click here for the route.
Monday, July 25
- The Democratic National Convention opens in Philadelphia. Hillary Clinton will accept the nomination for president on the final day, July 28. Delegates also will ratify her running-mate choice. President Barack Obama speaks on July 27.
- U.S. Secretary of State John Kerry travels to Vientiane, Laos, for the ASEAN summit of foreign ministers. Control of the South China Sea is on the agenda. Kerry flies to Manila July 26-27 to meet with new President Rodrigo Duterte.
- Philippine President Rodrigo Duterte will deliver his first State of the Nation address to Congress in Quezon City.
- 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: Kenya interest-rate decision.
- ECONOMY: Dallas Fed manufacturing (July), Mexico retail sales (May), Singapore CPI (June), Japan trade data (June), Taiwan money supply (June), Germany IFO business climate (July), Portugal budget report (June), Poland unemployment (June).
- EARNINGS: Danaher Corp., Sprint Corp., Express Scripts Holding Co., Gilead Sciences Inc., Las Vegas Sands Corp., Texas Instruments Inc., Kimberly-Clark Corp., Celanese Corp., AvalonBay Communities Inc., Canadian National Railway Co., Brookfield Canada Office Properties, Fibria Celulose SA, Koninklijke Philips NV, Julius Baer Group Ltd., Luxottica Group SpA, Ryanair Holdings Plc, TNT Express NV.
- ENERGY/COMMODITIES: U.S. Agriculture Department crops data (weekly), Texas Alliance of Energy Producers mid-year economic update.
Tuesday, July 26
- Uruguay and the International Monetary Fund host a conference on structural reforms for economic growth in Latin America, with participants including Colombian Finance Minister Mauricio Cardenas and Argentine Central Bank President Federico Sturzenegger. In Montevideo beginning 08:30 local time (07:30 EDT).
- Sales of new U.S. homes probably increased in June, fueled by job growth and low interest rates, economists project the Commerce Department to report. 10:00 EDT in Washington.
- Consumer confidence probably declined in July, based on economists’ forecasts ahead of a Conference Board report, after financial markets stumbled in the wake of Britain’s vote to leave the European Union. 10:00 EDT.
- Hungarian Prime Minister Viktor Orban will meet with Austrian Chancellor Christian Kern as they try to patch up relations bruised by disagreements over Europe’s migrant crisis. Event starts at 11:00 in Budapest (05:00 EDT).
- CENTRAL BANKS: Brazil meeting minutes, interest-rate decisions in Nigeria and Hungary.
- ECONOMY: U.S. S&P CoreLogic Case-Shiller 20-city home-price index (May), U.S. Markit services (July preliminary), Richmond Fed manufacturing (July), Federal Reserve begins two-day policy meeting, Brazil current account (June), South Korea GDP (2Q), Hong Kong trade data (June), Spain PPI (June), South Africa leading indicator (May).
- EARNINGS: Eli Lilly & Co., AK Steel Holding Corp., Valero Energy Corp., United Technologies Corp., Fidelity National Information Services Inc., KeyCorp, Freeport-McMoRan Inc., EI du Pont de Nemours & Co., Reynolds American Inc., KKR & Co. LP, McDonald’s Corp., Sirius XM Holdings Inc., Under Armour Inc., Ally Financial Inc., Verizon Communications Inc., 3M Co., Caterpillar Inc., PACCAR Inc., JetBlue Airways Corp., Apple Inc., Twitter Inc., United States Steel Corp., Illumina Inc., Akamai Technologies Inc., Anadarko Petroleum Corp., Edwards Lifesciences Corp., Centerra Gold Inc., Baxter International Inc., Starwood Hotels & Resorts Worldwide Inc., Universal Health Services Inc., Boston Properties Inc., Citrix Systems Inc., Nielsen Holdings Plc, Ameriprise Financial Inc., T. Rowe Price Group Inc., Zions Bancorporation, Range Resources Corp., BP Plc, LVMH Moet Hennessy Louis Vuitton SE, Chubb Ltd., Provident Financial Plc,Telecom Italia SpA/Milano,Man Group Plc,Banca Generali SpA, Orange SA,Virgin Money Holdings UK Plc, EDP Renovaveis SA, Banco BPI SA, Navigator SA.
Wednesday, July 27
- Federal Reserve policy makers are projected to hold the line on interest rates at the conclusion of a two-day meeting as officials assess the impact of Britain’s decision to leave the European Union. 14:00 EDT in Washington.
- Orders for durable goods probably declined in June on fewer aircraft bookings and limited demand for business equipment, economists forecast the Commerce Department to report. 08:30 EDT in Washington.
- U.S. Director of National Intelligence James Clapper and Homeland Security Secretary Jeh Johnson are among participants at the Aspen Security Forum. Through July 30 in Aspen, Colorado.
- TauRx Pharmaceuticals presents results from the final stage trials of its tau drug at the Alzheimer’s Association International Conference in Toronto.
- CENTRAL BANKS: Brazil’s central bank publishes June lending report, Georgia rate decision.
- ECONOMY: U.S. MBA mortgage applications (weekly), U.S. pending home sales (June), Russia CPI (weekly), Brazil total outstanding loans (June), Australia CPI (2Q), China industrial profits (June), German GfK consumer confidence (Aug.), U.K. GDP (2Q), Russian weekly CPI (July 25).
- EARNINGS: Corning Inc., Waste Management Inc., Hilton Worldwide Holdings Inc., Anthem Inc., Coca-Cola Co., Ingersoll-Rand Plc, Comcast Corp., Simon Property Group Inc., State Street Corp., Altria Group Inc., Hess Corp., Southern Co., Boeing Co., General Dynamics Corp., NextEra Energy Inc., Goodyear Tire & Rubber Co., Mondelez International Inc., Level 3 Communications Inc., Marriott International Inc., Whole Foods Market Inc., Facebook Inc., McKesson Corp., GoPro Inc., Pioneer Natural Resources Co., Amgen Inc., Barrick Gold Corp., Goldcorp Inc., Nasdaq Inc., Northrop Grumman Corp., Dr. Pepper Snapple Group Inc., Carlyle Group LP, Suncor Energy Inc., Kinross Gold Corp., Banco Santander Brasil SA, Cemex Latam Holdings SA, Evercore Partners Inc., Pilgrim’s Pride Corp., WEC Energy Group Inc., Gannett Co. Inc., Legg Mason Inc., BASF SE, Air France-KLM, Capgemini SA,Bayer AG,Banco Santander SA,Airbus Group SE,GlaxoSmithKline Plc, Accor SA, Gamesa Corp Tecnologica SA, Garmin Ltd.,Banco Comercial Portugues SA,Endesa SA,Taylor Wimpey Plc, Peugeot SA, Deutsche Bank AG,Koninklijke KPN NV,Statoil ASA, Deutsche Boerse AG,ARM Holdings Plc, ITV Plc, Metro Bank Plc, Intelsat SA, Fiat Chrysler Automobiles NV, Jeronimo Martins SGPS SA, Impresa SGPS SA.
- ENERGY/COMMODITIES: Bloomberg survey of analysts’ expectations on natural gas volume (weekly), EIA Petroleum Status report (weekly), with real-time coverage on the TOPLive blog here.
Thursday, July 28
- Pedro Pablo Kuczynski, who has pledged to clamp down on Peru’s informal economy, is sworn in as president.
- Spain’s King Felipe talks with political party leaders as he seeks a way out of the country’s seven-month political stalemate. Albert Rivera at 10:30 (04:30 EDT), Pablo Iglesias at 11:30, Pedro Sanchez at 12:30 and Mariano Rajoy at 17:00.
- The PGA Championship, golf’s final major of 2016, is played at Baltusrol Golf Club in Springfield, New Jersey. Through July 31.
- CENTRAL BANKS: Bank of Canada publishes banking and financial statistics (June), interest-rate decisions in Egypt and Ukraine.
- ECONOMY: U.S. jobless claims (weekly), U.S. Bloomberg consumer comfort (weekly), U.S. advanced goods trade balance (June), Kansas City Fed manufacturing (July), Brazil IPG-M inflation index (July), Argentina industrial production (Jun), Singapore unemployment (2Q), Germany unemployment (July), Germany inflation (July), Euro-area economic confidence, business climate (July), Spanish unemployment rate (2Q), Portugal consumer confidence, economic climate (July), South Africa producer inflation (June), Hungary unemployment (June).
- EARNINGS: International Paper Co., Marathon Petroleum Corp., Thermo Fisher Scientific Inc., Harley-Davidson Inc., Cabela’s Inc., ConocoPhillips, Tempur Sealy International Inc., Alexion Pharmaceuticals Inc., CIT Group Inc., Enterprise Products Partners LP, Boston Scientific Corp., Dow Chemical Co., Investco Ltd., Colgate-Palmolive Co., Bristol-Myers Squibb Co., American Tower Corp., Hershey Co., Ford Motor Co., Baker Hughes Inc., S&P Global Inc., Zimmer Biomet Holdings Inc., MasterCard Inc., Franklin Resources Inc., HCA Holdings Inc., Raytheon Co., Celgene Corp., Starz, Alphabet Inc., Expedia Inc., Amazon.com Inc., CBS Corp., Vale SA, Potash Corp. of Saskatchewan, TransCanada Corp., Praxair Inc., American Electric Power Company Inc., Marsh & McLennan Companies Inc., Fifth Third Bancorp, CME Group Inc., Edison International, Aflac Inc., Cigna Corp., PG&E Corp., Thomson Reuters Corp., Banco Bradesco SA, America Movil SAB, Lazard Ltd., BGC Partners Inc., Triumph Group Inc., New York Times Co., Credit Suisse Group AG, BNP Paribas SA, Telenet Group Holding NV, Danone SA, Renault SA, Linde AG, Euronext NV, Total SA, AstraZeneca Plc, Lloyds Banking Group Plc, Sky Plc,Centrica Plc, Royal Dutch Shell Plc,Repsol SA,Telefonia SA, JCDecaux SA, Anglo American Plc, Aeroports de Paris,Mediaset SpA, Ferrovial SA, BT Group Plc, BAE Systems Plc, Diageo Plc, Rentokil Initial Plc, Rolls-Royce Holdings Plc, Carrefour SA,L’Oreal SA, Volkswagen AG,Areva SA, British American Tobacco Plc, Banca Mediolanum SpA, Enel Spa,Suez, Merlin Entertainments Plc, Coca-Cola European Partners Plc, EDP-Energias de Portugal SA, Altri SGPS SA, REN-Redes Energeticas Nacionais SGPS SA.
- ENERGY/COMMODITIES: Bloomberg survey of analysts’ expectations on U.S. natural gas prices (weekly), USDA crop net-export sales (weekly), U.S. EIA natural gas inventory report (weekly).
Friday, July 29
- The U.S. economy probably accelerated in the second quarter, bolstered by a pickup in household spending, economists forecast the Commerce Department to report. Gross domestic product is projected to increase at a 2.6 percent annualized rate, the strongest advance in a year. 08:30 EDT in Washington. Follow the TOPLive blog for real-time coverage here.
- Bank of Japan announces monetary policy and releases updated gross domestic product and inflation forecasts, with many economists predicting a fresh wave of economic stimulus. Time not set. Governor Haruhiko Kuroda has a briefing after the decision at 15:30 in Tokyo (02:30 EDT).
- Mexican President Enrique Pena Nieto visits Argentina as both countries seek to sign new auto accords. Timing to be determined.
- Swiss National Bank first-half earnings and second-quarter currency allocation. 07:25 in Zurich (01:25 EDT).
- John Williams, president of the U.S. Federal Reserve Bank of San Francisco, will speak on monetary policy in Cambridge, Massachusetts at 09:30 EDT.
- U.S. Federal Reserve Bank of Dallas President Robert Kaplan speaks at the annual meeting of the Independent Bankers Association of New Mexico. In Albuquerque, New Mexico at 11:00 local time (13:00 EDT).
- CENTRAL BANKS: Rate decisions in Russia and Colombia. Brazil central bank publishes primary surplus report.
- ECONOMY: U.S. employment costs (June), Chicago PMI (July), Michigan consumer sentiment (July final), Canada GDP (May), Japan CPI (June), Brazil national unemployment (June), Mexico GDP (second-quarter prelim.), South Korean industrial output (June), Japan jobless (June), Japan consumer prices (June), Japan industrial production (June), Japan retail sales (June), Italy unemployment (June), France gross domestic product (2Q), U.K. GfK consumer confidence (July), Euro-area unemployment rate (June), Euro-area inflation (July), Euro-area GDP (2Q), Spain GDP (2Q), Portugal retail sales (June), Portugal industrial production index (June), South Africa M3 money supply and private credit (June), South Africa trade balance (June), South Africa monthly budget balance (June), Kenya consumer inflation (July), Latvia GDP (2Q, preliminary), Polish CPI (July, preliminary).
- EARNINGS: Merck & Co. Inc., Newell Brands Inc., Xerox Corp., Exxon Mobil Corp., AbbVie Inc., LyondellBasell Industries NV, Phillips 66, United Parcel Service Inc., Chevron Corp., Ambev SA, Imperial Oil Ltd., Enbridge Inc., Swiss Re AG,Sanofi, Eni SpA, Barclays Plc,Bank of Ireland, Reckitt Benckiser Group Plc, Wolters Kluwer NV, Banco Popular Espanol SA,Anheuser-Busch InBev SA/NV, ArcelorMittal, UBS Group AG,Aon Plc, Pearson Plc, HeidelbergCement AG, Electricite de France SA, Eutelsat Communications SA,Banca Monte dei Paschi di Siena SpA, CaixaBank SA, Galp Energia SGPS SA.
- ENERGY/COMMODITIES: Baker Hughes U.S. oil-and-gas rig count (weekly), U.S. CFTC Commitments of Traders (weekly), EIA crude oil/natural gas production (monthly).
- SOVEREIGN RATING UPDATES: Andorra (S&P), Azerbaijan (S&P), Bahrain (Moody’s), Cape Verde (Fitch), Croatia (Fitch), Denmark (Fitch), Gabon (S&P), Germany (DBRS), Liechtenstein (S&P), Slovakia (Moody’s & S&P), Spain (Fitch).
Saturday, July 30
- No scheduled events