U.S. Jobs, ECB, BOE, Obama in Europe: Week Ahead May 31-June 7

Employers in the U.S. probably added

more than 200,000 jobs for a fourth straight month in May,

highlighting further progress in the labor market, data in the

coming week may show.

Growth at U.S. service industries probably held close to an

eight-month high while manufacturing accelerated. The Federal

Reserve’s Beige Book will be released.

Group of Seven leaders including U.S. President Barack Obama meet in Brussels to discuss the Ukraine crisis and Iran’s

nuclear program. The planned Group of Eight summit was canceled

over Russia’s annexation of Crimea.

Obama and Russian President Vladimir Putin will be among

leaders visiting France for D-Day commemorations.

The European Central Bank and Bank of England will make
interest-rate decisions.

Syria holds a presidential election, while the results of

Egypt’s leadership poll will be announced.

SATURDAY, MAY 31

-Shangri-La Dialogue. Political leaders and defense officials

from Asia, Europe and the U.S. gather to discuss ways to improve

regional security at a time of growing tensions over China

asserting territorial claims in the East and South China Sea.

U.S. Defense Secretary Chuck Hagel and Japanese Prime Minister

Shinzo Abe are among attendees at the two-day meeting. 09:00 in

Singapore (05/30 21:00 EDT).

-Hagel’s Travels. After Singapore, the Pentagon chief’s other

scheduled stops on a 12-day trip are Romania, where he will

visit a U.S. ship in port, and France, where he’ll participate

in the 70th anniversary commemorations of D-Day. Times to be

determined.

-Cancer conference. The American Society of Clinical Oncology’s

annual meeting continues, with hundreds of studies presented.

More than 25,000 specialists attend each year. In Chicago.

Through June 3.

-Saracens meet Northampton in the final of English rugby’s

Premiership at Twickenham Stadium in London. 15:00 local time

(10:00 EDT).

-NHL playoffs. Click here for game schedules.

-NBA playoffs. Click here for game schedules.

SUNDAY JUNE 1

-Italian Prime Minister Matteo Renzi and Finance Minister Pier Carlo Padoan speak at a business conference in the northern city

of Trento after the European Parliament election gave the

premier’s Democratic Party the biggest win in the country’s

politics in half a century. Timing to be determined.

-China’s official manufacturing purchasing managers’ index (PMI)

may have risen to a five-month high in May as the country

accelerates spending to counter a slowdown. The gauge rose in

April to 50.4, above the expansion-contraction dividing line of

50. 09:00 in Beijing (05/31 21:00 EDT).

-El Salvador inauguration. President-elect Salvador Sanchez Ceren takes the oath of office as the Central American nation

mounts initiatives to curb violent crime linked to street gangs.

09:00 in San Salvador (11:00 EDT).

-ECONOMY: South Korea exports and imports (May).

MONDAY, JUNE 2

-Manufacturing (NAPMPMI) in the U.S. probably accelerated for a fourth

month in May, according to a Bloomberg survey, showing factories

will help the economy rebound in the second quarter. The
Institute for Supply Management releases its report at 10:00 in

Washington.

-The International Atomic Energy Agency holds its quarterly

meeting in Vienna to discuss its findings on Iran. World powers

are seeking to conclude a deal with Iran to place curbs on its

nuclear program in exchange for lifting sanctions. Through June

5.

-Japan reports first-quarter capital spending. The figure is

used to revise preliminary GDP (KOGDPYOY) data that showed the economy

growing at an annualized 5.9%, the most since 2011, in the first

three months of 2014. 08:50 in Tokyo (06/01 19:50 EDT).

-Obama’s greenhouse-gas proposals. The president this week may

announce limits on the amount of carbon dioxide released by
power plants in an effort to reduce global warming. The

restrictions would hurt coal producers that mine a fuel used to

generate about 39 percent of U.S. electricity last year. Coal

companies oppose the effort and the U.S. Chamber of Commerce

says the regulations could cost the economy $50 billion a year,

while environmental groups and nuclear utilities are more

supportive. Timing to be determined.

-U.S. Treasury Secretary Jacob J. Lew and David Cohen,

undersecretary for terrorism and financial intelligence, will

speak in Washington at the Center for Strategic and

International Studies about the evolution of the department’s

role in national security to mark the 10-year anniversary of the

creation of the Treasury’s Office of Terrorism and Financial

Intelligence. 08:30 in Washington.

-The SEC and conflict minerals. U.S. public companies must
disclose their use of minerals from war-torn parts of the
Democratic Republic of Congo under a Securities and Exchange

Commission rule effective today. The rule faces legal challenges

from the Chamber of Commerce and other groups.

-ECB Supervisory Board Chair Daniele Nouy participates in a

panel discussion at the International Monetary Conference 2014.

13:45 CET in Munich (07:45 EDT).

-The Eurelectric conference takes place in London with a

gathering of power-industry executives and ministers including

Johannes Teyssen, chief executive officer of EON SE, and Tapio Kuula, president of Fortum Oyj. 09:00 in London (04:00 EDT.)

Through June 3.

-German Chancellor Angela Merkel meets Georgian Prime Minister

Irakli Garibashvili. There will be a press conference at about

13:15 CET in Berlin (07:15 EDT).

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

for schedule.

-U.S. Supreme Court is in session for 2013-14 period. Click here

for schedule.

-ECONOMY: Markit final PMI Japan manufacturing (May), Euro-area

final manufacturing PMIs (May), German inflation (May), U.K.

manufacturing PMI (May), U.K. mortgage approvals (April), Swiss

manufacturing PMI (SZPUI) (May), South Africa manufacturing PMI (May),

HSBC Turkey manufacturing PMI (May).

TUESDAY, JUNE 3

-Obama’s Europe trip. The president’s four-day tour starts with

talks in Poland about Russia and Ukraine. He has said he plans

to meet with Petro Poroshenko, Ukraine’s president-elect. Obama

flies to Brussels on June 4 for a meeting of the G-7 countries,

originally scheduled as a G-8 summit in Sochi prior to Russia’s

annexation of Crimea. On June 5, he heads to Paris for dinner

with President Francois Hollande and on June 6, Obama attends

ceremonies in Normandy marking the 70th anniversary of the D-Day

invasion of World War II.

-North Atlantic Treaty Organization meeting. NATO defense

ministers discuss reinforcements for eastern Europe amid the

Ukraine crisis and the withdrawal of forces from Afghanistan.

The meeting starts at about 12:00 CET in Brussels (06:00 EDT)

and continues tomorrow, June 4.

-Syrian presidential election. President Bashar al-Assad faces

two challengers in a country wracked by civil war. He is widely

expected to win a third, seven-year term and a new mandate to

continue his onslaught against the three-year insurgency. Polls

open at 07:00 in Damascus (00:00 EDT). The timing of results is

yet to be determined.

-The U.S. Commodity Futures Trading Commission’s Technology

Advisory Committee will hold a public meeting focusing on issues

related to high-frequency trading, the agency’s surveillance

program and swap-execution facilities. 10:00 in Washington.

-U.S. Congressional primaries. In the Mississippi Senate

Republican primary, Thad Cochran is seeking a seventh six-year

term against state senator Chris McDaniel. Former Mississippi

Governor Haley Barbour, the U.S. Chamber of Commerce and the
National Republican Senatorial Committee back Cochran, 76, while

the small-government activist groups Club for Growth,

FreedomWorks and Senate Conservatives Fund support McDaniel, 41.

Polls close at 19:00 central time (20:00 EDT). Other primaries

will take place in Alabama, California, Iowa, Montana, New

Jersey, New Mexico and South Dakota.

-U.S. campaign financing. The Senate Judiciary Committee holds a

hearing on a proposed constitutional amendment that would let

Congress try to reverse the Supreme Court’s 2010 ruling in the

Citizens United case. That decision removed limits on

independent corporate and labor union campaign spending. 10:30

in Washington.

-Maria van der Hoeven, executive director of the International

Energy Agency, and Fatih Birol, the chief economist, will

present the World Energy Investment Outlook in London. The

special report provides the Paris-based adviser’s update on the

energy investment outlook to 2035. 10:00 local time (05:00 EDT).

-Computex Taipei 2014. Speakers at this annual trade show and

conference will include ARM Holdings Plc President Simon Segars,

Acer Inc. founder Stan Shih and MediaTek Inc. Chairman Tsai Ming-Chieh. In Taipei through June 7.

-Baltic central banks. Lithuania’s Vitas Vasiliauskas, Latvia’s

Ilmars Rimsevics and Estonia’s Ardo Hansson meet in Vilnius,

Lithuania, to assess inflation trends and financial security.

Timing to be determined.

-Israeli markets are closed today and tomorrow for the Jewish

holiday of Shavuot.

-ECONOMY: U.S. vehicle sales (May), U.S. factory orders (April),

HSBC China purchasing managers’ index (PMI) (May), Japan wages

(April), China non-manufacturing PMI (May), Korea inflation

(May), Hong Kong retail sales (April), euro-area unemployment

(April), Euro-area inflation (May), Italy unemployment (April),

U.K. Nationwide house prices (May), U.K. construction PMI (May),
Turkey CPI (TUCPIY) (May).

-CENTRAL BANKS: Australia rate decision, Bank of Japan monetary

base (May), Poland rate decision.

-EARNINGS: Dollar General Corp. (DG)

-National Basketball Association and Los Angeles Clippers.

Donald Sterling will state his case before the NBA Board of

Governors for maintaining ownership of the Clippers.

Commissioner Adam Silver banned Sterling for life and is seeking

the backing of 75 percent of team owners to force a sale of the

franchise. Bank of America Corp. has been retained by Sterling’s

wife, Shelly, to sell the team.

WEDNESDAY, JUNE 4

-G-7 leaders including PresidentObama discuss issues such as

the Ukraine crisis, Iran’s nuclear program and the Middle East

peace process. They’re meeting without President Vladimir Putin

after boycotting a planned G-8 summit in Sochi over Russia’s

annexation of Crimea. The talks start at about 20:00 CET in

Brussels (14:00 EDT) and continue tomorrow, June 5.

-U.S. service industries’ expansion probably held close to an

eight-month high in May, a sign the biggest part of the economy

will bolster growth. The Institute for Supply Management issues

its report at 10:00 in Washington.

-Fed Beige Book. The Federal Reserve releases its Beige Book

business survey based on reports from its 12 regional banks. The

survey will give the Federal Open Market Committee anecdotal

information about the economy before a June 17-18 meeting on

monetary policy. Recent data indicate the U.S. economy is

rebounding from a first-quarter downturn. Survey released at

14:00 in Washington.

-Bank of Canada rate decision. The central bank will set its

benchmark policy rate at 1 percent, according to the median

forecast in a Bloomberg News survey of economists. Governor

Stephen Poloz said on April 30 he’s “neutral” on the next move

in interest rates. 10:00 in Ottawa (10:00 EDT).

-Britain’s Queen Elizabeth II announces the legislative program

for the final year of Conservative Prime Minister David Cameron’s coalition government with the Liberal Democrats. She

will read her speech to lawmakers from both chambers of

Parliament at about 11:30 in London (06:30 EDT).

-South Korea election. Voters in South Korea head to the polls

to elect municipal, provincial and metropolitan officials and

lawmakers in the first electoral test for President Park Geun Hye since she took office 15 months ago. Park’s approval rating

plummeted after failed rescue efforts following a ferry sinking

left about 300 people dead or missing. Polls close at 18:00

(05:00 EDT).

-Mexican Oil Congress. Speakers include Petroleos Mexicanos CEO

Emilio Lozoya today and Mexico Energy Minister Pedro Joaquin Coldwell tomorrow, June 5. The conference starts at 18:30 in

Acapulco, Mexico (19:30 EDT). Through June 7.

-The ECB and the European Commission give their findings on

Lithuania’s readiness to adopt the euro. Timing to be

determined.

-The U.S. Energy Information Administration releases its weekly

oil supply report. 10:30 in Washington.

-French President Francois Hollande visits Poland. Timing to be

determined.

-ECONOMY: ADP U.S. employment (May), U.S. trade balance (April),
Australia GDP (AUNAGDPC) (first quarter), euro-area services PMI (May,

final), euro-area GDP breakdown (first quarter), euro-area

producer prices (April), U.K. services PMI (May), Czech republic

GDP (first quarter, preliminary), Romania GDP (ROGDPQOQ) (first quarter,

preliminary), Russia CPI (RUCPIYOY) (May), Hungary GDP (HUGPTOTL) (first quarter,

final).

-CENTRAL BANKS: Uganda rate decision

THURSDAY, JUNE 5

-ECB rate decision. After holding out the prospect of more

monetary stimulus in May, ECB President Mario Draghi will have

to decide whether low inflation and mediocre growth warrant an

interest-rate cut, asset purchases or more liquidity measures.

The decision is due at 13:45 CET in Frankfurt (07:45 EDT),

followed by a press conference at 14:30.

-BOE rate decision. The Monetary Policy Committee will probably

keep its benchmark interest rate at a record-low 0.5 percent and

leave its bond-purchase program unchanged. With officials no

longer bound by Governor Mark Carney’s forward guidance, the BOE

said in May that a decision on when to increase rates is

becoming “more balanced” for some on the committee. 12:00 in

London (07:00 EDT).

-President Putin arrives in France on a two-day visit for D-Day

commemorations. He’s scheduled to meet his French counterpart,

Francois Hollande, on June 5. Timing to be determined.

-Energy Future’s bankruptcy loan. Energy Future Holdings Corp.,

the bankrupt Texas power provider, is seeking a judge’s approval

to borrow $5.4 billion while it restructures $40 billion in debt

in a Delaware court. The loan package is designed to pay

creditors of Energy Future Intermediate Holding Co., a bankrupt

subsidiary. 10:00, U.S. Bankruptcy Court, Wilmington, Delaware.

-Nigel Farage’s U.K. Independence Party is bidding to win its

first ever House of Commons seat in a special election in

Newark, central England, after finishing first in the European

Parliament elections last month. Prime Minister David Cameron’s

Conservatives are defending the seat. Voting takes place from

07:00 (02:00 EDT) to 22:00 U.K. time, with the result scheduled

to be announced after about 02:00 tomorrow.

-ECB Supervisory Board Chair Daniele Nouy participates in a

conference organized by the Financial Supervisory Authority in

Helsinki. 09:00 local time (02:00 EDT).

-Egyptian presidential election. The official results for

Egypt’s presidential race are expected to be announced by June

5. An early count shows former army chief Abdel-Fattah El-Sisi

will win by a landslide.

-The Institute of International Finance’s spring meeting in

London. Panelists discussing central and eastern Europe include

Turkish central bank Governor Erdem Basci, Polish Finance

Minister Mateusz Szczurek and Russian first deputy central bank

Governor Ksenia Yudaeva. 15:30 local time (10:30 EDT).

-The United Nations’ Food Agriculture Organization publishes

its food price index for May and an update on cereals supply and

demand. 10:00 CET in Rome (04:00 EDT).

-The Bank of Korea releases revised first-quarter GDP data after

preliminary figures showed the economy growing 0.9 percent.

08:00 in Seoul (06/04 19:00 EDT).

-Bank of Japan board member Takehiro Sato gives a speech and

holds a press conference in western Japan. 10:30 in Oita (06/04

21:30 EDT).

-The U.S. Energy Information Administration releases its weekly

natural gas supply report. 10:30 in Washington.

-ECONOMY: U.S. initial jobless claims (weekly), U.S. consumer

comfort (weekly), Challenger U.S. job cuts (May), Colombia

inflation (COCPIMOM) (May), Taiwan inflation (May), China HSBC Services PMI (EC11SERP)

(May), Euro-area retail sales (April), German factory orders

(April), France unemployment (first quarter), Russia gold and

foreign currency reserves (weekly).

-EARNINGS: Prada SpA. (1913)

-Major League Baseball. The Houston Astros, Miami Marlins and
Chicago White Sox get the first three picks of the league’s

first-year player draft. In Secaucus, New Jersey. Through June

7.

-PGA Tour. Players get a final chance to qualify for the U.S.

Open golf tournament by competing in the St. Jude Classic at the

TPC Southwind course in Memphis, Tennessee. The purse is $5.8

million. Pairings and tee times to be determined. Through June

8.

FRIDAY, JUNE 6

-U.S. jobs report. Employers in the U.S. probably added more

than 200,000 jobs in May for a fourth straight month, according

to a Bloomberg survey as of May 29, highlighting further

progress in the labor market. The unemployment rate probably

rose to 6.4 percent from 6.3 in April, which was the lowest

since September 2008. The pace of job growth is in line with

Federal Reserve policy makers’ view that the employment market

is improving. The Labor Department releases numbers at 08:30 in

Washington.

-ECB Vice President Vitor Constancio participates in a

discussion at the 2014 IIF Spring Membership Meeting organized

by the Institute of International Finance. 10:00 in London

(05:00 EDT).

-Hungarian Prime Minister Viktor Orban presents his new cabinet

after winning re-election in April. 10:00 CET in Budapest (04:00

EDT).

-ECONOMY: U.S. consumer credit (April), Chile inflation (May),

France budget and trade balance (April), U.K. trade balance

(April), SNB foreign-currency reserves (May), Swiss consumer

prices (May), South Africa gross and net reserves (May), Czech

industrial output (April), Ukraine CPI (UACPTYOY) (May).

-SOVEREIGN RATING UPDATES: Bulgaria (Moody’s), Burkina Faso

(SP), Cameroon (Fitch), European Financial Stability Facility

(Moody’s), European Stability Mechanism (Moody’s), Finland

(Moody’s), Gabon (Fitch), Hungary (Fitch), Ireland (SP), Italy

(SP), Nigeria (Moody’s), Oman (SP), Saudi Arabia (SP).

SATURDAY, JUNE 7

-Horse Racing: California Chrome seeks to become the first

winner of thoroughbred racing’s Triple Crown since Affirmed in

1978 by adding a win at the Belmont Stakes to his victories in

last month’s Kentucky Derby and Preakness Stakes. After 18:30 at

Belmont Park in Elmont, New York.

-The Epsom Derby, the richest race in English horse racing with

a prize fund of 1.3 million pounds ($2.2 million), takes place

near London. Australia, trained by Aidan O’Brien, is the

bookmakers’ favorite. 16:00 local time (11:00 EDT).

To contact the reporters on this story:

James Amott in London at

jamott@bloomberg.net;

Greg Miles in New York at

gmiles1@bloomberg.net;
Jim McDonald in Tokyo at

jmcdonald8@bloomberg.net

To contact the editors responsible for this story:

Andy Davidson at

adavidson@bloomberg.net

Nancy Moran, Tal Barak Harif

U.S. Jobs, ECB, BOE, Obama in Europe: Week Ahead May 31-June 7