U.S. Senate and House negotiators
face a Dec. 13 deadline to reach a compromise on a proposed
budget.
German Chancellor Angela Merkel addresses leaders of her
Christian Democratic Union on a coalition deal struck with the
Social Democratic Party, whose members will vote on whether to
endorse it. A defeat could trigger elections.
China’s export growth may have accelerated as Japan’s
economy (JGDPAGDP) slowed, data in the coming week may show.
Blackstone’s Hilton Worldwide Holdings Inc. plans to raise
as much as $2.4 billion in a U.S. initial public offering, the
most ever for a hotel company.
U.S. college football’s Atlantic Coast Conference,
Southeastern Conference and Big Ten championship winners will be
determined this week.
SATURDAY, DEC. 7
-President Barack Obama and Secretary of State John Kerry appear
at the Saban Forum on U.S.-Israel Relations. Obama will
participate in a QA at 13:00 and Kerry will speak at 16:00.
Brookings Institution, Washington.
-U.S. Trade Representative Michael Froman joins officials in
Singapore for the year’s final round of ministerial talks on the
Trans-Pacific Partnership. The U.S. is seeking to wrap up
negotiations on the free-trade agreement by the end of the year
and must overcome opposition to sections of the pact related to
state-owned enterprises, as well as bipartisan resistance at
home to giving the president fast-track authority to negotiate
trade accords.
-Hagel visits Bahrain. U.S. Defense Secretary Chuck Hagel will
meet with regional counterparts and speak at the Manama
Dialogue, a conference sponsored by the International Institute
for Strategic Studies. After the conference, Hagel’s other stops
include Qatar.
-Bank of Japan Governor Haruhiko Kuroda speaks at Tokyo
University on “Public Policy Research and Monetary Policy
Conduct.” 11:00 in Tokyo (12/06 21:00 EST).
-Golf. Tiger Woods’s World Challenge continues at Sherwood
Country Club in Thousand Oaks, California. The 18-player U.S.
PGA Tour event runs through Dec. 8.
-English soccer’s Premier League schedule includes defending
champion Manchester United hosting Newcastle United. 12:45 U.K.
time (07:45 EST). Southampton plays 2012 champion Manchester
City. 15:00 U.K. time (10:00 EST).
-U.S. College Football. No. 1-ranked Florida State University
takes on No. 20 Duke University in the Atlantic Coast Conference
championship game (20:00 EST). In other games, No. 3 Auburn
University faces No. 5 University of Missouri in the
Southeastern Conference championship and No. 2 Ohio State
University plays No. 10 Michigan State University for the Big
Ten title.
-Australia hosts England on day three of the second Ashes
cricket Test. In Adelaide at 10:30 (19:00 EST). Play may
continue through Dec. 9.
SUNDAY, Dec. 8
-China’s export growth may have accelerated in November,
reflecting improved demand from the U.S. and Europe. Exports
rose in October, while import gains accelerated, helping sustain
an economic recovery that began last quarter. 10:00 in Beijing
(12/07 21:00 EST).
-Israeli Finance Minister Yair Lapid and Organization for
Economic Cooperation and Development Secretary General Angel Gurria speak about the Israeli economy at a conference at 15:00
in Tel Aviv (8:00 EST). They will present an OECD survey on
Israel during a news conference at 16:00.
-Venezuelan Municipal Elections. Venezuelans elect all 337
mayors in the country in what the opposition has called a
referendum on President Nicolas Maduro’s government amid 54
percent annual inflation and shortages of everything from flour
to electricity. Polls close at 18:00 (17:30 EST).
-Mexican energy reform. Senators from Mexico’s two largest
parties are scheduled to begin debate on a joint bill for
opening oil fields to exploration and production by private and
foreign companies. A full Senate vote is expected as soon as
Dec. 10. If approved, the proposal will be sent to the lower
house. Congress ends its regular fall session on Dec. 15.
-English soccer’s Premier League program includes leader Arsenal
against Everton. 16:00 U.K. time (11:00 EST).
MONDAY, DEC. 9
-Japan’s third-quarter growth may have slowed to an annualized
1.6 percent from the initial reading of 1.9 percent as the
increase in companies’ capital investment was lower than
expected. 08:50 in Tokyo (12/08 18:50 EST).
-Chinese inflation may have slowed in November as prices in
service industries cooled. China’s consumer prices rose less
than economists forecast in October and factory-gate deflation
deepened for the first time in five months, reducing the odds
that officials will tighten monetary policy. 09:30 in Beijing
(12/08 20:30 EST).
-Euro-area finance ministers meet to discuss ongoing aid talks
with Greece as well as Cyprus’s progress in its bailout program.
They will also discuss European Union efforts to create a Single
Resolution Mechanism for euro-area lenders. 15:00 in Brussels
(09:00 EST).
-Bank of England Governor Mark Carney speaks to the Economic
Club of New York. Under Carney, the BOE Monetary Policy
Committee pledged not to consider increasing its key interest
rate until unemployment falls to 7 percent, which the central
bank now forecasts will be reached by the end of 2014. 12:15 in
New York.
-German Chancellor Angela Merkel addresses senior members of her
Christian Democratic Union at a party meeting to deliberate on
the coalition agreement struck with the Social Democratic Party.
Speech at 12:00 in Berlin (06:00 EST).
-European Central Bank Executive Board member Yves Mersch speaks
at the Internationales ZinsFORUM 2013. 09:15 in Frankfurt (03:15
EST).
-IMF and Argentina. The International Monetary Fund’s board
meets to discuss a report prepared by Managing Director
Christine Lagarde following allegations the nation misreported
economic data. Lagarde last month recommended that Argentina,
the first nation to be censured by the IMF, be given more time
to introduce a new consumer price index, according to two IMF
board officials. In Washington. Time to be determined.
-U.S. Congress and Iran sanctions. The Senate returns from
recess as some Democrats and Republicans push for a new round of
economic sanctions against Iran in an effort to force the
elimination of its nuclear program. The Obama administration has
said any action would undercut a six-month interim agreement
with Iran. Democratic Senator Robert Menendez, chairman of the
Foreign Relations Committee, proposes sanctions that would take
effect after six months and allow a waiver by the president.
-Barclays Plc senior strategists will issue outlook for markets
including commodities, and release their 2014 Global Outlook
report. 08:30 EST in New York.
-Former Bank of Israel Governor Stanley Fischer speaks at a
conference on the economy and housing prices. In Tel Aviv at
09:00 (02:00 EST).
-U.S. Supreme Court is in session for 2013-14 period. Click this
line for weekly schedule.
-ECONOMY: German industrial production (Oct.), German trade
balance (Oct.), Japan current account (Oct.), Mexico inflation
(Nov.), Taiwan trade data (Nov.), Bank of France business
sentiment (Nov.), Portugal GDP (PTGDPYOY) (third quarter), Turkey
industrial production (Oct.)
-CENTRAL BANKS: Sri Lanka rate decision
-U.S. Major League Baseball owners’ private winter meetings
begin, where the professional futures of leading free agents may
be decided, including Robinson Cano and Curtis Granderson of the
New York Yankees; St. Louis Cardinals’ Carlos Beltran; and Mike Napoli of the Boston Red Sox. Orlando, Florida. Through Dec. 12.
TUESDAY DEC. 10
-Volcker rule. U.S. regulators will meet to adopt the final
version of the Volcker rule banning banks from making
speculative bets with their own money, a centerpiece of the 2010
Dodd-Frank Act designed to prevent a repeat of the 2008 global
financial crisis. Wall Street banks and other financial
companies aggressively opposed parts of the rule. The Commodity
Futures Trading Commission meets at 09:30 in Washington, with
other regulatory agencies convening 30 minutes later.
-U.S. bond auctions. The Treasury Department is scheduled to
sell $30 billion in three-year notes today, $21 billion in 10-year notes tomorrow and $13 billion in 30-year bonds on Dec. 12.
13:00 in Washington.
-European Union finance ministers meet in Brussels to try to
reach a common position on a Single Resolution Mechanism for
euro-area banks. The ministers are racing to meet a year-end
deadline for an agreement set by EU leaders so that they can
begin talks with the European Parliament on a compromise version
of the bill, with the goal of final approval before the assembly
breaks for elections in May. 09:00 in Brussels (03:00 EST).
-European Central Bank President Mario Draghi speaks at a
conference organized by Banca d’Italia. 13:00 in Rome (07:00
EST).
-The European Parliament votes on the European Commission’s
proposal to temporarily cut supply of EU carbon-emissions
permits in a bid to boost prices from a record low. 11:30 CET in
Strasbourg (05:30 EST).
-China industrial-production and retail-sales growth may have
slowed in November, according to surveys of economists, in signs
that expansion is cooling in the fourth quarter from the
previous period. 13:30 in Beijing (00:30 EST).
-New Chinese lending in yuan may have increased in November,
signaling the nation is steering more funding away from the
shadow-banking system. M2 money supply growth may have remained
flat. As early as today through Dec. 15.
-Goldman Sachs U.S. Financial Services Conference. Speakers
include Wells Fargo Co. Chief Executive Officer John Stumpf
(08:00), Bank of America Corp. CEO Brian Moynihan (09:20),
BlackRock Inc. President Robert Kapito (11:30), Citigroup Inc.
Chief Financial Officer John Gerspach (12:30), and KKR Co. Co-Chairman and Co-CEO George Roberts (13:10). In New York.
-Hearing on Asiana Airlines crash. The U.S. National
Transportation Safety Board will hold a two-day hearing on the
July 6 crash during which Asiana Airlines Inc.’s Boeing Co. 777
struck a seawall short of the runway in San Francisco. The
hearing will focus on pilot performance in automated aircraft
and other issues. 09:00 in Washington.
-Charles Ergen and LightSquared Inc. debt purchase. The
billionaire Dish Network Corp. chairman may learn at a U.S.
Bankruptcy Court hearing whether his bid for dismissal of a
Harbinger Capital Partners LLC lawsuit is successful. Philip
Falcone’s Harbinger claims Ergen improperly bought up debt in
the bankrupt broadband-services company to win control of its
wireless satellite assets. Falcone is seeking to retain control
of LightSquared. In Manhattan, 10:00 EST.
-Singapore Prime Minister Lee Hsien Loong begins a three-day
trip to South Korea, where he’ll meet President Park Geun Hye on
Dec. 11 to discuss regional tensions and ways to strengthen
economic ties.
-OPEC publishes its monthly report detailing estimates for crude
production and world oil demand. 12:40 CET in Vienna (06:40
EST).
-Australian Bureau of Agricultural and Resource Economics and
Sciences publishes report on wheat exports and prices, sugar,
cotton, dairy, beef and wool. 10:00 in Melbourne (18:00 EST on
Dec. 9).
-Malaysian Palm Oil Board releases production, export and
inventory data for November. 12:30 in Kuala Lumpur (23:30 EST,
Dec. 9).
-The Bloomberg Enterprise Technology Summit will bring together
industry leaders to discuss the most important technologies for
data-driven enterprise. Starting at 08:00 (03:00 EST) in London.
-The Nobel prize awards ceremony, which marks the anniversary of
Alfred Nobel’s death, will honor this year’s laureates. The
prizes, announced in October, went to Eugene F. Fama, Robert J. Shiller and Lars Peter Hansen for their achievements in economic
sciences. The peace award was won by the Organisation for the
Prohibition of Chemical Weapons, while Francois Englert and
Peter W. Higgs shared the physics honor. 16:20 CET in Stockholm
(10:20 EST).
-European soccer’s Champions League matches includes defending
champion Bayern Munich hosting Manchester City. 20:45 CET (14:45
EST).
-ECONOMY: JOLTs U.S. job openings (Oct.), U.S. wholesale
inventories (Oct.), French industrial and manufacturing output
(Oct.), Italian industrial production (Oct.), Italian GDP (ITPIRLQS) (third
quarter, final report), U.K. RICS house-price balance (Nov.),
U.K. industrial production (Oct.), U.K. trade balance (Oct.),
Niesr GDP estimate (Nov.), Egypt consumer price inflation
(Nov.), Turkey gross domestic product (third quarter), South
Africa mining production (Oct.), South Africa manufacturing
production (Oct.), South Africa employment statistics (third
quarter).
-EARNINGS: HR Block Inc. (HRB:US)
WEDNESDAY, DEC. 11
-Treasury Secretary Jacob J. Lew will testify to the House
Financial Services Committee on the international financial
system and progress in reforming the International Monetary
Fund. Lew said in a Dec. 5 speech that he will press other
countries to toughen their financial regulations “so that
reforms in other jurisdictions are as strong as our own.” Lew
attends the Group of 20 finance ministers in Australia in
February. 10:00 in Washington.
-The U.S. budget deficit probably narrowed to $167 billion in
November from $172.1 billion last year, according to a Bloomberg
survey of economists, as automatic cuts slowed the pace of
government outlays. 14:00 in Washington.
-JPMorgan Chase Co. Chief Executive Officer Jamie Dimon
(08:00) and American Express Co. CEO Kenneth Chenault (14:00)
speak at the Goldman Sachs U.S. Financial Services Conference.
In New York.
-Aramark Holdings Corp. IPO. (ARMK:US) The food concessionaire and
stockholders including Goldman Sachs Group Inc. and JPMorgan
Chase Co. plan to raise as much as $834 million in a U.S.
initial public offering. At the high end of the range, Aramark
is valued at $10.4 billion including debt, about $2 billion more
than during its 2007 takeover, data compiled by Bloomberg show.
The stock is expected to start trading Dec. 12, listed on the
New York Stock Exchange.
-Obamacare hearing. Kathleen Sebelius, Secretary of the U.S.
Department of Health and Human Services, testifies before a
House subcommittee on the implementation of the 2010 Patient
Protection and Affordable Care Act. 10:00 in Washington.
-The International Energy Agency publishes its monthly oil-market report detailing estimates for world oil supply and
demand. Embargo 10:00 CET in Paris (04:00 EST).
-Bank of Austria Governor Ewald Nowotny presents the central
bank’s Financial Stability Report. 10:00 in Vienna (04:00 EST).
-Bank of England policy maker Martin Weale speaks at the
National Institute of Economic and Social Research on “Forward
Guidance and its Effects.” London 13:00 (08:00 EST).
-Platts Oil Markets Middle East conference discusses regional
oil trading with presentations from ministries, companies and an
exchange. 09:00 in Dubai (00:00 EST) through Dec. 12.
-European Central Bank Vice President Vitor Constancio speaks at
an International Monetary Fund book presentation organized by
the Center for Financial Studies. 12:00 in Frankfurt (06:00
EST).
-The U.S. Department of Agriculture releases its monthly
estimates for supply and demand of major domestic and global
crops. 12:00 EST in Washington.
-FranceAgriMer publishes monthly update on outlook for grain
stocks and exports. 12:45 CET in Paris (06:45 EST).
-Israeli Finance Minister Yair Lapid speaks at an Israel
Securities Authority conference. 08:45 in Tel Aviv (1:45 EST).
-ECONOMY: U.S. monthly budget statement (Nov.), Japan Machine
Orders (JNMOCHNG) (Oct.), South Korea unemployment (Nov.), German inflation
(Nov., second report), Turkey current account balance (Oct.),
South Africa consumer price inflation (Nov.), South Africa
retail sales (Oct.).
-CENTRAL BANKS: Paraguay rate decision, Iceland rate decision
-EARNINGS: Costco Wholesale Corp. (COST:US), Inditex SA (ITX)
-Time magazine announces its Person of the Year for 2013.
President Barack Obama was selected in 2012.
-Soccer’s Champions League matches include seven-time European
Cup winner AC Milan against Ajax. 20:45 CET (14:45 EST).
THURSDAY, DEC. 12
-U.S. retail sales probably climbed in November, according to a
Bloomberg survey of economists, as Americans flocked to auto
dealers and began holiday shopping. The data indicate consumer
spending, which accounts for almost 70 percent of the economy,
is picking up in the fourth quarter after a slowdown in the
previous three months. The Commerce Department reports at 08:30
in Washington.
-Blackstone’s Hilton IPO. Hilton Worldwide Holdings Inc., the
world’s largest hotel operator, will set price terms for its
U.S. initial public offering. Owned by Blackstone Group LP,
Hilton plans to raise as much as $2.4 billion, the most ever for
a hotel company. At the midpoint, it will have a stock-market
value of about $19.2 billion, larger than hotel chains including
Marriott International Inc. The stock is set to start trading
Dec. 13, listed on the New York Stock Exchange.
-German SPD coalition ballot. Deadline expires at midnight in
Berlin (18:00 EST) for responses in a mail-in ballot of the
475,000 Social Democratic Party members on entering a coalition
with Chancellor Angela Merkel’s bloc. At least 20 percent of the
SPD membership has to participate for the ballot to be valid.
The result will be announced by Dec. 15, and a “no” vote would
be a possible trigger for new elections.
-Russian President Vladimir Putin gives his annual speech to the
Federal Assembly in Moscow, where he may announce changes to the
country’s constitution. Time and further topics TBA.
-U.K. Chancellor of the Exchequer George Osborne will be
questioned by the House of Commons Treasury Committee about the
Dec. 5 Autumn Statement in which he forecast higher growth and
less borrowing. Hearing begins at 10:00 in London (05:00 EST).
-India economic data. India’s Statistics Ministry releases data
on consumer price inflation and factory output, two indicators
that may factor into a central bank decision later in the month
on adjusting the benchmark interest rate. Times to be
determined.
-Israeli Prime Minister Benjamin Netanyahu makes his annual
speech to the media. 19:00 in Jerusalem (12:00 EST).
-Bank of Canada Governor Stephen Poloz speaks to the Canadian
Club of Montreal. Poloz kept Canada’s benchmark rate at 1
percent during his last policy decision. His remarks will be
published on the central bank’s website at 12:50 EST, with a
press conference to follow at 14:00 EST.
-Lifting U.S. ban on in-flight calls. The Federal Communications
Commission will consider advancing Chairman Tom Wheeler’s plan
to eliminate a ban on in-flight mobile phone calls. The FCC vote
would open a period for public comment, followed by a second
agency vote. Airlines would have the final decision on allowing
calls. 14:30 in Washington.
-Medicare doctor costs. The U.S. Senate Finance Committee votes
on a proposal to freeze Medicare physician-reimbursement rates
and repeal the growth-rate mechanism originally set up to
control costs. Without legislative action, the mechanism will
result in a 20 percent reduction in reimbursement rates. 10:00
in Washington.
-Australia publishes November jobs data (AULFEMPC:US) after employers cut
full-time payrolls in October by the most in more than a year.
11:30 in Sydney (12/11 19:30 EST).
-Bank of Korea will probably hold its benchmark interest rate at
2.5 percent amid low inflation and uncertainty related to the
tapering of monetary stimulus by the U.S. Federal Reserve. 10:00
in Seoul (12/11 20:00 EST).
-Indonesia’s central bank will set benchmark borrowing costs
after it unexpectedly raised its key rate last month to 7.5
percent, the highest level since 2009, to sustain overseas
demand for its currency. Time to be determined.
-Swiss National Bank policy decision. The SNB’s three-member
governing board will announce its policy decision at 09:30
(03:30 EST) in Bern. The central bank’s benchmark interest rate
target is at zero, and SNB President Thomas Jordan reaffirmed
its franc ceiling against the euro on Nov. 26. Jordan holds a
news conference at 10:00 CET.
-European Central Bank Executive Board member Joerg Asmussen
speaks at the closing ceremony and press conference on the EU
and ESCB cooperation project with the National Bank of Serbia.
15:15 in Belgrade (09:15 EST).
-European Central Bank Governing Council member Erkki Liikanen
speaks at a Bank of Finland quarterly press briefing. 10:00 in
Helsinki (03:00 EST).
-Reserve Bank of New Zealand will set interest rates after last
month saying currency gains may give it scope to delay any rate
increases from the current 2.5 percent. 09:00 in Wellington
(12/11 15:00 EST).
-ECONOMY: U.S. initial jobless claims (weekly), U.S. business
inventories (Oct.), Brazil retail sales (Oct.) Mexico industrial
production (Oct.), Euro-area industrial production (Oct.),
Bloomberg December German economic survey, French inflation
(Nov.).
-CENTRAL BANKS: Chile rate decision, Peru rate decision,
Philippines rate decision
-EARNINGS: Adobe Systems Inc. (ADBE:US), Metro AG
-Nominations for The 71st Annual Golden Globe Awards, which
provide early clues to the Oscars. “Argo,” last year’s top
film drama at the Globes, went on to win the Academy Award for
best picture. The ceremony is viewed in more than 160 countries
worldwide. 05:00 in Beverly Hills, California (08:00 EST).
FRIDAY, Dec. 13
-U.S. budget talks. Senate and House negotiators face a self-imposed deadline to propose a budget by today that could replace
some automatic spending cuts set to start next month. The
deadline is part of an agreement reached by Congress and
President Obama in October to end the 16-day partial shutdown of
the federal government. Government funding expires Jan. 15 and
the debt limit is suspended through Feb. 7. In Washington. time
to be determined.
-Leaders from the Association of Southeast Asian Nations gather
in Tokyo for a three-day summit with Prime Minister Shinzo Abe,
marking 40 years of Japanese ties with the region. Japanese
officials have visited several Asean countries this year as they
jostle with China for influence in the region amid a territorial
dispute between Asia’s two largest economies.
-Latvijas Banka Governor Ilmars Rimsevics delivers the keynote
speech at a Nordic-Baltic financial conference organized by the
International Monetary Fund, Eesti Pank and Sveriges Riksbank.
12:45 in Tallinn (05:45 EST). Eesti Pank Governor Ardo Hansson
delivers opening remarks at 09:00, then joins ECB Vice President
Vitor Constancio and Stefan Ingves, governor of Sveriges
Riksbank, on a panel at 15:45 local time.
-Russia’s central bank will leave its benchmark one-week auction
rate unchanged at 5.5 percent, the same level it has been at
since September 2012, according to all 17 economists surveyed by
Bloomberg. Time TBA.
-Japan’s Federation of Electric Power Cos. will release data on
fuel purchases and consumption by the country’s utilities. 11:00
in Tokyo (21:00 EST on Dec. 12).
-ECONOMY: U.S. producer price index (Nov.), Argentina inflation
(Nov.), Italian general government debt (third quarter), Spanish
inflation (SPIPCYOY) (Nov.), U.K. construction output (Oct.)
-“The Hobbit: The Desolation of Smaug” opens in U.S. theaters
after screenings began Dec. 10 in some European markets. The
movie is the second of three based on J.R.R. Tolkien’s books.
The 2012 film, “The Hobbit: An Unexpected Journey,” collected
$1.02 billion in global ticket sales, Box Office Mojo says.
-The third five-day Ashes cricket Test between host Australia
and England starts in Perth. Australia will be seeking to take
control of the series after its opening win, while England is
aiming for a fourth consecutive series victory. 10:30 local time
(21:30 EST).
SATURDAY, DEC. 14
-European Central Bank Executive Board member Benoit Coeure
speaks during a finance workshop at the World Policy Conference
along with former ECB chief Jean-Claude Trichet and Marek Belka,
president of the National Bank of Poland. 16:30 in Monaco (10:30
EST).
-ECONOMY: China foreign direct investment (Nov., as early as
12/14)
-Heisman Trophy. The winner of the trophy for U.S. college
football’s best player will be announced in New York City.
Jameis Winston, quarterback at No. 1-ranked Florida State
University, is the favorite to win, according to an ESPN poll.
Texas AM University’s Johnny Manziel won last year. 20:00 EST.
Note to our readers: Click on blue ECONOMY headline at bottom of
each day for access to Bloomberg’s complete global economic
calendar.
-Editors: Heather Langan, Nancy Moran
To contact the reporters on this story:
Heather Langan in London at
hlangan@bloomberg.net;
Greg Miles in New York at
gmiles1@bloomberg.net;
Jim McDonald in Tokyo at
jmcdonald8@bloomberg.net
To contact the editor responsible for this story:
Andy Davidson at
adavidson@bloomberg.net
US Budget Talks, Merkel, Chinese Exports: Week Ahead Dec. 7-14
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