Clinton-Trump 3.0, ECB Rates, China GDP: Week Ahead Oct. 15-22by , , and
Goldman, Morgan Stanley, BofA top U.S. banks’ earnings reports
Tesla sets mystery unveiling; ‘Most Powerful Women’ conference
U.S. presidential candidates Hillary Clinton and Donald Trump hold their final debate in Las Vegas. The moderator is Fox News Sunday anchor Chris Wallace, who will pose questions to each nominee. Follow the TOPLive blog for real-time coverage here.
The European Central Bank meets to review monetary policy and stimulus programs as President Mario Draghi keeps fighting against the region’s stubbornly low inflation rates.
The U.S. cost of living probably increased more in September than a month earlier, signaling inflation continues to grind its way toward the Federal Reserve’s goal, economists project a Labor Department report to show. Figures on beginning home construction, industrial output and sales of previously owned properties also highlight a relatively light week for U.S. economic data.
China will report on third-quarter GDP as investors watch to see whether the economy has stabilized.
Earnings season continues for major U.S. banks led by Goldman Sachs Group Inc., Morgan Stanley, BlackRock Inc. and US Bancorp. Microsoft Corp., General Electric Co., Daimler AG, SAP SE and Intel Corp. also report. For an expanded list of the week’s releases, click here.
Saturday, Oct. 15
- U.S. Secretary of State John Kerry meets Russian Foreign Minister Sergei Lavrov and other leaders in Lausanne, Switzerland, to discuss the crisis in Syria. He travels Sunday to London, where Foreign Secretary Boris Johnson is hosting a session that includes ministers from France and Germany to discuss Syria and Iraq.
- Argentina’s President Mauricio Macri visits Rome to attend the canonization of 19th-century Argentine priest Jose Gabriel Brochero and is scheduled for a private audience with Pope Francis. Timing to be determined.
- Italy’s cabinet is due to meet to approve the country’s 2017 budget. Likely to start at 09:00 CET in Rome (03:00 EDT).
- India’s Prime Minister Narendra Modi will host the leaders of Brazil, Russia, China and South Africa for the 8th BRICS Summit in the state of Goa. Through Oct. 16.
- The Chicago Cubs, seeking their first World Series title in 108 years, open play for the National League pennant as Major League Baseball’s playoffs continue.
Sunday, Oct. 16
- The London Bullion Market Association holds its annual Precious Metals Conference in Singapore. Click here for the agenda. Through Oct. 18.
- Montenegro Prime Minister Milo Djukanovic’s Democratic Party of Socialists is trying to retain power in a general election after political turmoil triggered by opposition protests demanding a more-transparent democracy. The country of 630,000 people is seeking to join the European Union and NATO. Voting starts at 07:00 local time and ends at 20:00.
Monday, Oct. 17
- Tesla Motors Inc. Chief Executive Officer Elon Musk plans a product unveiling that he said will be “unexpected by most.” He didn’t provide details beyond saying it was separate from a new solar rooftop being announced on Sept. 28 by SolarCity Corp., where he is chairman.
- Federal Reserve Vice Chairman Stanley Fischer, who called the central bank’s stand-pat rate decision in September a “close call,” speaks before the Economic Club of New York. 12:15 in New York City.
- Fortune hosts its annual Most Powerful Women event in Laguna Miguel, California. Lloyd Blankfein, CEO of Goldman Sachs Group Inc., will present this year’s Global Women Leader honorees: Rima K. El-Husseini of Lebanon, co-founder and CEO of Blessing, and Ciiru Waweru of Kenya, CEO of FunKidz. CEO Ginni Rometty of IBM Corp. and Executive Vice President Ivanka Trump of the Trump Organization are among this year’s interviewees. Click here for agenda. Through Oct. 19.
- European Union foreign ministers meet to discuss Syria, migration and global strategy toward Tunisia. 09:00 CET in Luxembourg (03:00 EDT).
- The location of a new London airport runway is likely to be high on the agenda when U.K. Transport Secretary Chris Grayling is questioned by the House of Commons Transport Committee. 16:05 in London (11:05 EDT).
- Andre Borges, secretary of Brazil’s science and technology ministry, is a keynote speaker at Futurecom 2016 Congress, Latin America’s telecom fair. In Sao Paulo, through Oct. 20. Click here for the agenda.
- ECONOMY: U.S. Empire State manufacturing (Oct.) and industrial production (Sept.); Turkey unemployment (July) and budget balance (Sept.); euro-area inflation (Sept.); U.K. Rightmove house prices (Oct.)
- EARNINGS: Bank of America Corp. and Netflix Inc. are among companies posting results. Follow the TOPLive blog for real-time earnings coverage here for both companies. For an expanded list of today’s releases, click here.
- ENERGY/COMMODITIES: Manitoba crop update (weekly), EIA drilling productivity report (monthly), USDA grain-export inspections and crop ratings (weekly)
Tuesday, Oct. 18
- U.S. consumer prices probably picked up in September, consistent with the view that inflation is only gradually moving toward the 2 percent year-over-year goal of Federal Reserve policy makers. The Labor Department will issue the data at 08:30 EDT in Washington.
- Chile’s central bank will probably keep its benchmark rate at 3.5 percent for a 10th straight meeting as inflation slows to within policy makers’ target range amid tepid economic growth. 18:00 in Santiago (17:00 EDT).
- U.S. President Barack Obama hosts Italian Prime Minister Matteo Renzi for a State Dinner at the White House.
- EU trade ministers meet to discuss the EU-Canada trade deal. 09:00 CET in Luxembourg (03:00 EDT).
- German Finance Minister Wolfgang Schaeuble delivers remarks on the EU’s future. 13:10 CET in Berlin (07:10 EDT).
- Former French Economy Minister Emmanuel Macron, who quit the cabinet in late August, holds a third major rally in his campaign for change to discuss immigration and national identity measures. 19:00 CET in Montpellier (13:00 EDT).
- U.S. Department of the Treasury Counselor Amias Gerety will speak at Brookings Institution on “Connectedness and Contagion: Protecting the Financial System from Panics.” In Washington, at 13:00 EDT.
- Saudi Arabian Oil Minister Khalid Al-Falih and CEOs Bob Dudley of BP Plc and Rex Tillerson of Exxon Mobil Corp. are among the speakers at the Oil and Money Conference in London through Oct. 19. Click here for agenda.
- The 24th World Mining Congress takes place in Rio de Janeiro, with Vale SA CEO Murilo Ferreira, and Wang Xianzheng, president of China National Coal Association, among the participants. Click here for the agenda. Through Oct. 21.
- The Futures Industry Association holds its 31st annual Futures and Options Expo in Chicago. Keynote speakers include Commodity Futures Trading Commission Chairman Timothy Massad and Nasdaq Inc. CEO Robert Greifeld. Click here for a list of speakers. Through Oct. 20.
- Philippine President Rodrigo Duterte, joined by a business delegation, will make his first state visit to China since he took office on June 30. Through Oct. 21.
- Brazilian President Michel Temer will make a state visit to Japan for talks with Prime Minister Shinzo Abe. Through Oct. 20.
- CENTRAL BANKS: Argentina Central Bank monetary policy report.
- ECONOMY: U.S. NAHB homebuilder confidence (Oct.) and Treasury net international capital flows (Aug.); Brazil retail sales (Aug.); Hong Kong unemployment (Sept.); European Central Bank bank lending survey; U.K. inflation (Sept.)
- EARNINGS: Goldman Sachs Group Inc. and Kuehne & Nagel International AG are among companies posting results. Follow the TOPLive blog for real-time coverage of Goldman earnings here. For an expanded list of today’s releases, click here.
- ENERGY/COMMODITIES: U.S. National Weather Service global climate data (Sept.)
Wednesday, Oct. 19
- The third and last U.S. presidential debate of 2016 between Democrat Hillary Clinton and Republican Donald Trump takes place in Las Vegas at the University of Nevada. 21:00 EDT.
- Housing starts probably increased in September for the third time in the last four months, indicating the U.S. economy will benefit from more residential construction. The Commerce Department will issue the figures at 08:30 in Washington.
- The Bank of England publishes a monthly report of its agents’ summary of business conditions, providing insight into investment and hiring plans as well as consumer spending. 09:30 in London (04:30 EDT).
- Brazil’s central bank may cut its key rate from 14.25 percent after the monthly inflation rate fell to a two-year low and a constitutional amendment to cap government spending passed a first vote in congress. 18:00 in Brasilia (16:00 EDT).
- Bank of Canada Governor Stephen Poloz and Senior Deputy Governor Carolyn Wilkins hold a press conference after the interest rate announcement and will discuss the contents of the newly released Monetary Policy Report on the Canadian economy. 11:15 EDT in Ottawa.
- U.S. Federal Reserve Bank of San Francisco President John Williams will speak at Rutgers University Business School on “Improving Diversity in the Financial Services Industry -- a Holistic View.” The event will be live streamed on the San Francisco Fed’s website at @sffed. On the university’s Newark, New Jersey, campus at 08:45 EDT.
- China’s third-quarter GDP probably held at 6.7 percent for a third straight quarter, according to a Bloomberg survey of economists, signaling that the economy is stabilizing. The National Bureau of Statistics is scheduled to report industrial production and retail sales for September at the same time. 10:00 in Beijing (Oct. 18 22:00 EDT).
- CENTRAL BANKS: Rate decisions in Canada and Namibia
- ECONOMY: U.S. MBA mortgage applications (weekly) and Federal Reserve Beige Book; Russia CPI (weekly); South Africa inflation (Sept.) and retail sales (Aug.); Egypt trade balance (Aug.), Poland industrial output and retail sales (Sept.); Russia unemployment and retail sales (Sept.); U.K. unemployment rate (Aug.)
- EARNINGS: Morgan Stanley and Svenska Handelsbanken AB are among companies reporting results. Follow the TOPLive blog for real-time coverage of Morgan Stanley’s earnings here. For a list of today’s releases, click here.
- ENERGY/COMMODITIES: API petroleum inventory report (weekly), U.S. EIA crude oil inventory report (weekly), with real-time coverage on the TOPLive blog here.
Thursday, Oct. 20
- Sales of U.S. previously owned homes were probably little changed in September from a month earlier as the industry continues to struggle with a limited selection of properties. The National Association of Realtors reports at 10:00 EDT in Washington.
- The European Central Bank’s Governing Council meets to review interest rates and stimulus programs. The rate decision is due at 13:45 CET in Frankfurt (07:45 EDT), and ECB President Mario Draghi holds a press conference at 14:30. Follow the TOPLive blog for real-time coverage here.
- U.S. Federal Reserve Bank of New York President William Dudley gives opening and closing remarks at a conference hosted by the New York Fed called “Reforming Culture and Behavior in the Financial Services Industry: Expanding the Dialogue.” Begins at 08:30 EDT in New York City.
- EU leaders begin a two-day meeting in Brussels to discuss migration, trade issues and relations with Russia. It’s the first EU summit to be attended by new U.K. Prime Minister Theresa May. Starts at 15:00 CET (09:00 EDT).
- Two special elections are held to fill empty seats in the U.K. House of Commons. The Conservative Party is favored to retain the district of Witney in Oxfordshire, while Labour faces no major-party opposition in Batley in Yorkshire. Voting ends at 22:00 London time (17:00 EDT), with results likely early Friday.
- The Managed Funds Association, the global trade group for hedge funds, holds its Outlook 2016 conference in New York. Keynote speakers include Richard Berner, director of financial research at the U.S. Treasury Department, and Timothy Massad, chairman of the Commodity Futures Trading Commission. Click here for the agenda. Through Oct. 21.
- Hillary Clinton and Donald Trump are the featured speakers at the 71st annual Alfred E. Smith Memorial Foundation dinner, a New York tradition that the group says is typically marked by “light humor and political savvy.” Timing to be determined.
- Chilean Minister of Finance Rodrigo Valdes will discuss the challenges facing Chile’s economy at Bloomberg headquarters in New York City. 08:50 EDT.
- CENTRAL BANKS: Rate decisions in Indonesia and Turkey
- ECONOMY: U.S. jobless claims (weekly), Philadelphia Fed manufacturing (Oct.), consumer comfort index (weekly and monthly expectations) and leading economic indicators (Sept.); Taiwan export orders (Sept.); Hong Kong CPI (Sept.); Australia employment (Sept.); U.K. retail sales (Sept.)
- EARNINGS: Microsoft Corp. and PayPal Holdings Inc. are among companies reporting results. For an expanded list of today’s releases, click here.
- ENERGY/COMMODITIES: Bloomberg survey of analysts’ expectations on natural gas volume in storage (weekly), EIA natural gas inventory report and short-term energy outlook (weekly), Saskatchewan crop update (weekly), Buenos Aires Grain Exchange crop report (weekly), USDA crop net-export sales (weekly), National Weather Service U.S. winter forecast
Friday, Oct. 21
- U.S. Federal Reserve Bank of San Francisco President John Williams delivers a keynote address at the Federal Home Loan Bank’s 2016 Member Conference. The speech will be livestreamed at @sffed. In San Francisco at 11:30 local time (14:30 EDT).
- EARNINGS: Daimler AG, General Electric Co. and McDonald’s Corp. are among companies reporting earnings. For an expanded list of today’s releases, click here.
- CENTRAL BANKS: Mozambique rate decision
- ECONOMY: Canada CPI (Sept.) and retail sales (Aug.); Brazil IPCA-15 inflation (Oct.); China property prices (Sept.); Malaysia budget; Ukraine industrial production (Sept.); ECB survey of professional forecasters; U.K. public finances (Sept.)
- ENERGY/COMMODITIES: Baker Hughes U.S. oil-and-gas rig count (weekly), CFTC futures and options positions (weekly), API oil inventory report (monthly)
- SOVEREIGN RATING UPDATES: Austria (Moody’s), Cyprus (Fitch), Ethiopia (S&P), France (S&P), Germany (Moody’s), Ghana (S&P), Italy (Fitch), Jordan (S&P), Lesotho (Fitch), Luxembourg (Moody’s), Morocco (Fitch), Norway (S&P), Portugal (DBRS), Saudi Arabia (Moody’s), Slovak Republic (DBRS)
Saturday, Oct. 22
- No scheduled events.