WHAT TO WATCH: The S&P/Case-Shiller index of home prices in 20 U.S. cities probably climbed 12.4 percent in May, the biggest annual increase since February 2006, 9 a.m. U.S. consumer confidence was proabaly little changed this month from a five-year high, 10 a.m. The FOMC convenes today and tomorrow and will probably leave its benchmark [...]
WHAT TO WATCH: U.S. consumer confidence was probably higher this month than initially estimated, adding to signs the recovery is gaining momentum, 9:55 a.m. Moody’s warned that China may allow its first onshore bond default as local government financing vehicles need to repay a record amount of debt this year. To read more, click here.
WHAT TO WATCH: U.S. durable goods orders probably climbed 1 percent in June, a third consecutive gain, 8:30 a.m. U.S. initial jobless claims may have climbed to 340,000 in the week ended July 20 from 334,000 a week prior, 8:30 a.m. U.K. economic growth accelerated in the second quarter as all main industries showed expansion for the first [...]
WHAT TO WATCH: Existing home sales in the U.S. probably climbed in June to the highest level since November 2009, 10 a.m. The Fed won’t tighten policy until 2016 at the earliest, said Pimco’s Bill Gross, in a Twitter posting. To read more, click here.
WHAT TO WATCH: Group of 20 central bank governors and finance ministers begin a two-day meeting in Moscow, with topics including the effects of global stimulus programs. Treasury Secretary Jacob J. Lew said he will press his counterparts to spur growth. The U.K.’s budget deficit widened in June on deteriorating local government finances, while tax receipts rose. To read more, [...]
WHAT TO WATCH: Federal Reserve Chairman Ben S. Bernanke will appear before the House today and the Senate tomorrow to present a semi-annual monetary policy report, with a statement due at 8:30 a.m. Housing starts in the U.S. may have climbed in June to an annualized 960,000 rate, 8:30 a.m. The Bank of England voted 9-0 to keep the target [...]
By Joseph Brusuelas, Bloomberg Economist Investors may see Federal Reserve Chairman Ben S. Bernanke attempt to conduct a monetary symphony in three parts at this week’s FOMC meeting when he uses his press conference, the update of the summary economic predictions and the policy statement to try to manage market expectations amid renewed volatility. [...]
By Rafael Diamond, Archaea Capital Research Japan is “borrowing” growth from virtually every other major exporting nation on the planet, especially from its Asian neighbors. The same thing happened in 1998 after the yen fell almost 50 percent versus the U.S. dollar during the preceding three years. Meanwhile, Japanese policy has raised the global [...]