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The week ahead June 15-19

June 14, 2015

Monday:

  • Industrial production in the U.S. probably rose in May for the first time in six months, economists project the Federal Reserve will report. Factories have been beset by a strong dollar, limited capital spending and weak global markets. 09:15 in Washington.
  • Saudi Arabia, the world’s biggest exporter of oil, opens its stock market to direct foreign investment.
  • The International Energy Agency publishes its World Energy Outlook 2015 Special Report on Energy and Climate Change. The report will analyze national climate pledges in the context of the recent decline in fossil-fuel prices. Executive Director Maria van der Hoeven will speak at the event. 10:00 in London (05:00 EDT).

Economic news being released:

Empire State manufacturing (June), NAHB homebuilder confidence (June), Net foreign purchases of U.S. securities (April), Canada manufacturing sales (April), Canada existing home sales (May), Argentina national urban CPI (May), Turkey unemployment (March), Israel CPI (May), U.K. Rightmove house prices (June), Poland CPI (May), Russia GDP (first quarter).

Tuesday:

  • FOMC meets. The Federal Reserve’s policy-setting Federal Open Market Committee meets in Washington for a two-day gathering to review the state of the U.S. economy and debate the timing of its first interest-rate increase since 2006. Investors see almost no chance of a rate increase at this month’s meeting and a 53 percent chance of a rise at the September meeting, according to bets in interest-rate futures markets.
  • New housing starts in the U.S. probably cooled in May after surging a month earlier to the highest level in seven years, economists forecast the Commerce Department to report. An improving labor market and mortgage rates close to multi-year lows are helping revive construction. 08:30 in Washington.

Economic news being released:

Brazil retail sales (April), Israel GDP (first quarter), U.K. inflation (May), German ZEW survey (June), Russia may report industrial production (May).

Wednesday:

  • FOMC rate decision. The Federal Open Market Committee releases its latest policy statement and revised forecasts for U.S. economic growth, the labor market and inflation at 14:00 in Washington. Federal Reserve Chair Janet Yellen holds a press conference starting at 14:30.
  • Bank of England minutes. The BOE releases the minutes of the Monetary Policy Committee’s June meeting, when it left its benchmark interest rate at a record-low 0.5 percent.
  • Fitbit Inc. IPO pricing. The San Francisco-based maker of wearable devices is expected to price its initial public offering, according to data compiled by Bloomberg. At the high end of the $14-to-$16 a share offering range, Fitbit would be valued at about $3.3 billion.
  • The U.S. Energy Information Administration releases its U.S. oil inventory report. 10:30 in Washington.

Economic news being released:

Canada wholesale sales (April), U.S. MBA mortgage applications (weekly), New Zealand current account (first quarter), Japan trade balance (May), U.K. unemployment (April), euro-area inflation (May), South Africa CPI (May), South Africa retail sales (April), Russia may report industrial production (May).

Thursday:

  • Consumer prices probably climbed in May by the most in more than two years as Americans paid more for gasoline, indicating inflation is moving toward the Federal Reserve’s goal. The Labor Department will issue the figures at 08:30 in Washington.
  • China will release residential property prices for May. Home prices dropped in fewer cities in April as demand received a boost from three interest-rate cuts since November and the removal of property curbs.
  • The U.S. Energy Information Administration releases its natural gas inventory report. 10:30 in Washington.

Economic news being released:

U.S. jobless claims (weekly), U.S. current account balance (first quarter), Bloomberg U.S. consumer comfort (weekly), Philadelphia Fed manufacturing (June), U.S. leading economic indicators (May), New Zealand GDP (first quarter), Hong Kong unemployment (May), U.K. retail sales (May), Nigeria CPI (May), Polish industrial output (May), Poland retail sales (May), Russia retail sales (May), Ukraine industrial production (May).

Golf. The 115th U.S. Open, the second major championship of the year, begins at Chambers Bay Golf Course in University Place, Washington. Tee times and pairings to be determined. Through 06/21.

Friday:

  • The Bank of Japan ends a two-day meeting to set monetary policy after Governor Haruhiko Kuroda last week said there was no reason for the yen to weaken further, raising a potential hurdle to additional easing as the bank seeks to boost stalling inflation.
  • The U.S. Department of Agriculture releases its semi-annual update on world coffee supply and demand. The report will include the agency’s first official estimates for the 2015-2016 season.

Economic news being released:

Canada CPI (May), Canada retail sales (April), Brazil IPCA-15 inflation (June), S. Korea purchasing price index (May), Turkey monthly survey of expectations, U.K. public finances (May), Ukraine GDP (first quarter), Georgia GDP (first quarter).

Source

-Syfur

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