Bloomberg News

U.S. Jobs, Fed Meeting, BOJ, U.K. GDP: Week Ahead April 26-May 3

April 27, 2014

Employers in the U.S. boosted payrolls in April by the most in five months as the jobless rate declined, data this week may show.

U.S. consumer spending, manufacturing and consumer confidence also increased, economic reports may show.

The Federal Open Market Committee and Bank of Japan hold policy meetings.

The U.K. will report gross domestic product data for the first quarter.

Twitter Inc. (TWTR:US), Deutsche Bank AG, Royal Bank of Scotland Group Plc, Exxon Mobil Corp. (XOM:US), BNP Paribas SA (BNP), Banco Santander SA (SAN), Nokia Oyj (NOK1V) and Volkswagen AG report earnings.

Europe’s Champions League soccer finalists will be decided.

MONDAY, APRIL 28

-Milken Institute Global Conference. Speakers at the conference will include Stephen Schwarzman, chief executive officer at Blackstone Group LP; Leon Black, CEO at Apollo Global Management LLC; David Rubenstein, co-CEO at Carlyle Group LP; Howard Marks, chairman at Oaktree Capital Group LLC; and Jeffrey Gundlach, CEO at DoubleLine Capital LP. Starts at 08:00 in Los Angeles (11:00 EDT). Through April 30.

-Cable and telecom conference. Speakers at the four-day National Cable and Telecommunications Association meeting will include Time Warner Cable Inc. Chief Executive Officer Rob Marcus, Comcast Corp. CEO Brian Roberts, and Discovery Communications Inc. CEO David Zaslav and Federal Communications Commission Chairman Thomas Wheeler. Click here for schedule. Through May 1.

-Brazilian share sale. Oi SA (OIBR4), Brazil’s biggest phone company, plans to raise as much as $6.3 billion in an initial public offering, which is part of a plan to merge it with Portugal Telecom SGPS SA. Oi’s new shares will start trading on April 30.

-Germany’s ruling parties meet in Koenigswinter for two days of talks on strategy. They will also hold discussions with European Central Bank President Mario Draghi.

-European Central Bank Governing Council member Christian Noyer holds a press conference in Paris at 10:00 CET (04:00 EDT).

-Vienna Economic Forum. Albanian central bank Governor Ardian Fullani is among the speakers. Starts at 09:30 CET (03:30 EDT).

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

-U.S. Supreme Court. Click here for schedule.

-ECONOMY: Pending home sales (March), Hong Kong trade data (March), U.K. Hometrack housing survey (April), Italian consumer confidence (April).

-CENTRAL BANKS: Mauritius rate decision, Angola rate decision, Israel rate decision, Egypt rate decision.

-EARNINGS: Charter Communications Inc. (CHTR:US), Sohu.com Inc. (SOHU:US), China Telecom Corp. (728), Panasonic Corp. (6752), Holcim Ltd. (HOLN), Bayer AG, GDF Suez (GSZ), Deutsche Boerse AG, Bankia SA. (BKIA)

TUESDAY, APRIL 29

-Home prices in 20 U.S. cities probably appreciated at a slower pace in February for a second consecutive month, adding to signs the rebound in the residential real-estate market is cooling. The S&P/Case-Shiller report is released at 09:00 in Washington.

-Consumer confidence in the U.S. probably rose in April to the highest level in six years, as the job market improved and temperatures warmed. The Conference Board reports at 10:00 in Washington.

-U.K. first-quarter GDP. (UKGRABIQ) The Office for National Statistics will publish its estimate of GDP (CAGDPYOY) for the three months through March. The median estimate in a Bloomberg News survey of economists earlier this month was for growth of 0.7 percent. The Bank of England has forecast expansion of close to 1 percent. 09:30 in London (04:30 EDT).

-Herbalife Ltd.’s annual meeting (HLF:US). The nutrition company has agreed to nominate three people for seats proposed by billionaire Carl Icahn in addition to the two seats he already has. Shareholders will elect directors and decide whether to approve the appointment of PricewaterhouseCoopers LLP as the company’s new auditor. Herbalife executives are defending the company against allegations made by Bill Ackman, CEO of Pershing Square Capital Management LP, of an illegal pyramid scheme. 10:30 in Los Angeles (13:30 EDT).

-Middle East peace talks deadline. U.S. Secretary of State John Kerry’s nine-month timetable for an Israeli-Palestinian peace agreement ends today. Kerry initially set the goal for a “final status” agreement in June, and then wasn’t able to achieve a scaled-back goal of producing a “framework” to guide negotiations. Israel said on April 24 it will suspend peace talks because of the Palestinian Authority’s reconciliation agreement with Hamas, threatening Kerry’s campaign to resolve the conflict.

-U.S. Senate Banking Committee hearing on Fannie Mae (FNMA:US), Freddie Mac. (FMCC:US) The panel will begin consideration of a bill to revamp the nation’s housing-finance system by replacing Fannie Mae and Freddie Mac with a government reinsurer. The legislation is sponsored by Democratic panel Chairman Tim Johnson and its top Republican, Mike Crapo. The bill must attract enough Democratic support to convince Senate Majority Leader Harry Reid to schedule a floor vote. 10:00 in Washington.

-U.S. Securities and Exchange Commission Chair Mary Jo White will testify before the House Financial Services Committee about the agency’s rulemaking agenda, operations and $1.7 billion budget request. 10:00 in Washington.

-U.K. Business Secretary Vince Cable will be questioned by Parliament’s Business Committee about last year’s flotation of Royal Mail Plc. (RMG) He’s repeatedly rejected accusations that the government sold the postal service too cheaply. The hearing starts at 11:30 in London (06:30 EDT).

-France’s parliament will vote on President Francois Hollande’s planned spending cuts. Timing to be announced.

-German Chancellor Angela Merkel gives speeches at two rallies ahead of next month’s European Union elections. The first one is at Bremershaven at 16:30 CET (10:30 EDT), followed by Guestrow at 19:00 CET.

-Austrian Finance Minister Michael Spindelegger gives his budget speech in parliament at 09:00 CET in Vienna (03:00 EDT).

-The International Monetary Fund releases its Spring Regional Economic Issues report on central and eastern Europe at 11:00 London time (06:00 EDT).

-Russian President Vladimir Putin attends the Eurasian Council meeting in Belarus to discuss regional cooperation. Starts at 10:00 in Minsk (03:00 EDT).

-Global AgInvesting Conference. Speakers include Tim Hornibrook, head of Macquarie Agricultural Funds Management. Starts at 08:30 in New York. Through April 30.

-ECONOMY: Brazil IGP-M inflation index (April), South Korea current account (March), Euro-area consumer confidence (April), Spanish unemployment (first quarter), German consumer price index (April), Italian retail sales (February), Italian business confidence (April).

-EARNINGS: Twitter Inc., Bristol-Myers Squibb Co. (BMY:US), Merck & Co. (MRK:US), Aflac Inc. (AFL:US), Ebay Inc. (EBAY:US), Bharti Airtel Ltd. (BHARTI), Express Scripts Holdings Co. (ESRX:US), Grupo Bimbo SAB (BIMBOA), America Movil SAB (AMXL), Nokia Oyj, Statoil ASA (STL), Sanofi (SAN), Eni SpA (ENI), BP Plc (BP/), Banco Santander SA, Deutsche Bank AG, Volkswagen AG.

-Title-holder Bayern Munich is at home against Real Madrid in a Champions League semifinal second-leg game, having lost the first match 1-0. The match starts at 20:45 CET (14:45 EDT).

WEDNESDAY, APRIL 30

-Fed policy meeting. The Federal Open Market Committee meets as the economy and labor market are improving. Policy makers last month scrapped a pledge to link low interest rates to a specific unemployment level and will now weigh a “wide range” of information. They took that step after the jobless rate fell to 6.7 percent. Federal Reserve Chair Janet Yellen has pledged to continue with gradual reductions in monthly bond buying so long as the economy continues to strengthen. The FOMC releases its statement at 14:00 in Washington.

-The U.S. economy probably expanded in the first quarter at the slowest pace in more than a year, restrained by snowstorms that kept consumers indoors and prevented factories from getting needed supplies. The Commerce Department reports at 08:30 in Washington.

-Bank of Japan policy meeting. The bank will release its semi-annual outlook report after the meeting, with updated GDP and CPI forecasts for the 2014 and 2015 fiscal years, and new forecasts for fiscal 2016. The policy decision is usually at about 12:00 local time (04/29 23:00 EDT), and the report will follow at 15:00. Governor Haruhiko Kuroda will brief reporters at 15:30 in Tokyo.

-The U.S. Treasury Department’s quarterly refunding announcement. In February, the government projected a paydown of $40 billion in debt in the second quarter as the government’s fiscal position benefited from higher revenue and smaller budget deficits. 08:30 in Washington.

-Senate hearing on trade accords. U.S. Trade Representative Michael Froman testifies before the Senate Finance Committee, which oversees trade issues. Froman is trying to win support for a bill limiting lawmakers’ ability to amend trade deals, including the proposed 12-nation Trans-Pacific Partnership free-trade accord that the U.S. is still negotiating. Midterm elections in November threaten to stall any trade legislation. 10:00 in Washington.

-Facebook Inc.’s F8 developer conference. Facebook Chief Executive Officer Mark Zuckerberg will speak to software developers, giving updates on the company’s tools for building and monetizing mobile applications. After 10:00 in San Francisco. (13:00 EST).

-Euro-area CPI (ECCPEST) for April. Inflation slowed to 0.5 percent in March, according to a Bloomberg survey of economists, the weakest pace in more than four years, keeping pressure on the ECB to defend the currency bloc against falling prices. 11:00 CET (05:00 EDT).

-Swiss National Bank (SNBN) publishes its first-quarter earnings and asset allocation. Earnings at 07:30 CET in Zurich (01:30 EDT) and asset allocation at 09:00 CET.

-German Finance Minister Wolfgang Schaeuble speaks on European integration at a conference at Bielefeld University. 15:00 CET (09:00 EDT).

-Ukraine reports preliminary first-quarter GDP data. The economy probably contracted 1.6 percent, according to a Bloomberg survey of economists, after growing 3.3 percent in the fourth quarter. Timing to be announced.

-Kerry’s Africa trip. U.S. Secretary of State John Kerry is traveling in Africa, with stops in Ethiopia, the Democratic Republic of Congo, Angola and South Sudan. The State Department said his goals include promoting democratic development and trade, and highlighting U.S. efforts to help fight the spread of AIDS. Through May 5.

-Merkel speaks at two more election rallies, at Aachen at 17:00 CET (11:00 EDT) and Frankfurt at 19:30 CET.

-Canada GDP. Data for February may confirm the economy is gathering steam after growth exceeded 2 percent during the six months through January. 08:30 EDT in Ottawa.

-Picasso painting dispute. Whether a 1919 painting by Pablo Picasso will be removed from the Four Seasons restaurant in New York City will be argued in the Manhattan state court. The New York Landmarks Conservancy, owner of “Le Tricorne,” is seeking an order to prevent its removal, while the owner says moving Picasso’s work is necessary to allow inspection and repairs to the wall behind it. The hearing with expert witnesses may last two days. 10:00 in New York.

-ECONOMY: ADP U.S. employment (April), Chicago purchasing managers’ index (April), Brazil budget balance (March), South Korea industrial production (March), Japan industrial production (March), Taiwan GDP (TWGDCONY) (1Q), German unemployment (April), Italian CPI (ITCPEY) (April, first estimate), Italian unemployment (March), Italian PPI (ITPNIYOY) (March), Spain GDP (SPNAGDPQ) (first quarter), Spain CPI (SPCPEUYY) (April, first estimate), Swiss UBS consumption indicator (March), Swiss KOF leading indicator (April), U.K. GfK Consumer Confidence (UKCCI) (April), Turkey trade balance (March), South Africa trade balance (March), Kenya CPI (KNPRIYY) (April), Serbia GDP (first quarter).

-EARNINGS: MetLife Inc. (MET:US), Time Warner Inc. (TWX:US), WellPoint Inc. (WLP:US), Vale SA, Coca-Cola Femsa SAB (KOFL), Japan Airlines Co. (9201), ANA Holdings Inc. (9202), BNP Paribas SA, Total SA (FP), Iberdrola SA (IBE), Yara International ASA, Air France-KLM (AF), Daimler AG, GlaxoSmithKline Plc (GSK), Royal Dutch Shell Plc (RDSA), Banco Bilbao Vizcaya Argentaria SA. (BBVA)

-Chelsea is at home against Atletico Madrid in a Champions League semifinal second-leg game, having tied the first match 0-0. 19:45 in London (14:45 EDT).

THURSDAY, MAY 1

-Consumer spending in the U.S. probably rose in March at the fastest pace in four months, propelled by a rebound in auto demand that shows the world’s largest economy is poised to strengthen. The Commerce Department reports at 08:30 in Washington.

-Manufacturing (NAPMPMI) in the U.S. probably expanded in April at the fastest pace in four months as improving consumer spending and business investment prompted factories to boost production. The Institute for Supply Management releases data at 10:00 in Washington.

-China to release manufacturing PMI for April. The gauge fell to the lowest level in nine months in March, pointing to weakness that’s making it tougher for Premier Li Keqiang to reach this year’s targeted 7.5 percent growth. 09:00 in Beijing (4/30 21:00 EDT).

-Federal Reserve Chair Janet Yellen speaks to the Independent Community Bankers of America meeting at 08:30 in Washington. U.S. Federal Deposit Insurance Corp. Chairman Martin Gruenberg speaks at 14:45.

-U.S. IPO. Ares Management LP (ARES:US), the asset manager whose private-equity investments include Neiman Marcus Group Ltd. and Jacuzzi Brands Corp., seeks to raise as much as $419 million in an initial public offering. At the top end of the offering range, Ares could have a value of about $4.86 billion, the filing shows. Ares plans to list on the New York Stock Exchange under the symbol ARES. The shares are expected to begin trading May 2.

-Duke Energy Corp. annual meeting (DUK:US). CEO Lynn Good plans to defend four board members accused by some shareholders of lapses that led to a coal-ash spill into North Carolina’s Dan River in February. The California Public Employees’ Retirement System and New York City recommended voting against the directors. 10:00 in Charlotte, North Carolina.

-Chancellor Merkel arrives in Washington for a two-day trip that will include meetings with President Obama.

-The U.S. Energy Information Administration releases its weekly natural gas supply report at 10:30 in Washington.

-ECONOMY: U.S. initial jobless claims (weekly), Challenger U.S. job cuts (April), U.S. consumer comfort (weekly), U.S. vehicle sales (April), South Korea consumer price index (April), South Korea exports (April), Bank of England mortgage approvals (March), U.K. PMI (April).

-EARNINGS: Exxon Mobil Corp., MasterCard Inc. (MA:US), ConocoPhillips (COP:US), Kellogg Co. (K:US), Viacom Inc. (VIA:US), BG Group Plc (BG/), British Sky Broadcasting Group Plc (BSY), Novo Nordisk A/S (NOVOB), Shire Plc (SHP), Lloyds Banking Group Plc (LLOY), Teva Pharmaceutical Industries Ltd. (TEVA:US)

-PGA tour. The Wells Fargo Championship begins at the Quail Hollow Club in Charlotte, North Carolina. Derek Ernst won last year. Tee times to be determined.

FRIDAY, MAY 2

-U.S. jobs report. Employers probably boosted payrolls in April by the most in five months and the jobless rate declined as the economy expanded. The Labor Department reports at 08:30 Washington.

-Berkshire Hathaway Inc. (A:US) reports first-quarter earnings as early as today, when the company’s annual-meeting weekend begins. Shareholders assemble in Omaha, Nebraska, for three days of events centered on the meeting hosted by Chairman and Chief Executive Officer Warren Buffett. Other events include a picnic, a shopping day, a 5-kilometer (3.1 mile) race and a cocktail reception for shareholders.

-German Finance Minister Wolfgang Schaeuble will give an EU election-rally speech in Schramberg at 19:00 CET (13:00 EDT).

-Macau’s Gaming Inspection and Coordination Bureau will report casino revenue for April. 12:00 in Macau (00:00 EDT).

-ECONOMY: HSBC China PMI (EC11CHPM) (April), Hong Kong retail sales (March), euro-area unemployment rate (March), euro-area manufacturing PMI (April), Swiss PMI manufacturing (April), Italian budget balance (April), Indonesia exports (March), Indonesia inflation (April), South Africa manufacturing PMI (April).

-EARNINGS: Chevron Corp. (CVX:US), BASF AG, Royal Bank of Scotland Group Plc.

-SOVEREIGN RATING UPDATES: Cameroon (S&P), Jordan (S&P), Lesotho (Fitch), Norway (Fitch, S&P), Slovenia (Fitch).

SATURDAY, MAY 3

-Berkshire Hathaway Inc. annual meeting. Buffett and Vice Chairman Charles Munger take questions at Omaha’s CenturyLink Center. Buffett probably will be asked about Coca-Cola Co. and International Business Machines Corp., two of Berkshire’s largest equity holdings, which trailed the Standard & Poor’s 500 in the past year. Doors open at 07:00 (08:00 EDT) in Omaha, Nebraska.

-Horse Racing. California Chrome, unbeaten in four starts, is the early favorite to win the Kentucky Derby, the first leg of the Triple Crown. Post time at Churchill Downs in Louisville, Kentucky, is about 18:24 EDT.

-ECONOMY: China non-manufacturing PMI (April)

Note to our readers: Click on blue ECONOMY headline at bottom of given day for access to Bloomberg’s complete global economic calendar.

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


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