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.
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.
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
-Saracens meet Northampton in the final of English rugby’s
Premiership at Twickenham Stadium in London. 15:00 local time
-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
-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
-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
-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
-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
-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
-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
-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,
-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 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
-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)
-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
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
-Hungarian Prime Minister Viktor Orban presents his new cabinet
after winning re-election in April. 10:00 CET in Budapest (04:00
-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
Greg Miles in New York at
Jim McDonald in Tokyo at
To contact the editors responsible for this story:
Andy Davidson at
Nancy Moran, Tal Barak Harif
U.S. Jobs, ECB, BOE, Obama in Europe: Week Ahead May 31-June 7