(See BCAL <GO> for updates to Global Top Events)
Aug. 26 (Bloomberg) -- The U.S. economy probably grew in the second quarter at a faster rate than initially reported, partly reflecting a larger gain in household spending.
The 50th anniversary of Dr. Martin Luther King Jr.’s “I Have a Dream” speech will be marked at an event in Washington, where President Barack Obama and former Presidents Bill Clinton and Jimmy Carter will speak.
Bank of England Governor Mark Carney delivers his first policy address since taking over in July. The German Ifo Institute will publish its business climate index for August.
U.S. Open tennis tournament begins, with Britain’s Andy Murray defending his title and players vying for the biggest prize money in the history of the event.
Companies reporting results include Canada’s Toronto- Dominion Bank and Bank of Montreal, Tiffany & Co., Campbell Soup Co., Air China Ltd., Vivendi SA and WPP Plc.
MONDAY, AUG. 26
--U.K. public holiday. Markets are closed due to the August Bank Holiday, while London’s two-day Notting Hill Carnival concludes today.
--U.S. durable goods orders. July’s orders probably declined as demand for commercial aircraft cooled. Bookings excluding transportation equipment may have climbed for the third month in the last four, indicating manufacturing is starting to pick up, according to a Bloomberg survey. The Commerce Department reports at 8:30 in Washington.
--Afghan President Hamid Karzai will probably discuss security ties on his first visit to Pakistan since the election of Prime Minister Nawaz Sharif. Karzai’s one-day trip to Islamabad comes amid renewed tension over a disputed border between the nations and a rise in militant attacks as U.S. troops plan to withdraw from Afghanistan next year. Time to be determined.
--European Central Bank Governing Council member Erkki Liikanen speaks at a forum on Finland’s economy and plans for a new wage deal. The event will include Finnish Prime Minister Jyrki Katainen’s government, opposition parties, labor unions, employer organizations and research institutions. At 09:30 in Helsinki (02:30 EDT).
--European Union monthly crop conditions report. Favorable growing conditions are spurring the EU’s monitoring unit to raise its crop estimates. 13:00 in Brussels (07:00 EDT)
--U.S. Open tennis tournament begins. Britain’s Andy Murray is the defending men’s champion after he beat Novak Djokovic for his first Grand Slam victory. Serena Williams is the defending women’s champion. Flushing Meadows, New York, 11:00. Through Sept. 9.
--English Premier League soccer features Manchester United vs. Chelsea at 20:00 U.K. (15:00 EDT).
--ECONOMY: South Korea (consumer confidence)
--CENTRAL BANKS: Israel (rate decision, Sept.-Oct.).
TUESDAY, AUG. 27
--Mercedes-Benz opens first engine-production plant outside Germany. Hubertus Troska, chief executive officer of Daimler AG’s China operations, and Frank Deiss, chief executive officer of Beijing Benz Automotive Co., attend the factory opening in China. Daimler seeks to regain the lead in global luxury-vehicle sales by 2020, and has said it needs to turn around its Chinese operations to catch up with Bayerische Motoren Werke AG and Volkswagen AG’s Audi. 09:30 Beijing (8/26 21:30 EDT).
--California bond sale. The most-populous U.S. state will seek bids on $764 million of general-obligation bonds, its largest competitive auction of municipal securities since 2007. Treasurer Bill Lockyer will use $557 million of the proceeds to refinance existing debt. California sold $5.5 billion of short- term notes on Aug. 15, at the lowest yield since at least 1971, after Fitch Ratings raised the state’s credit rating. Issue time to be determined.
--U.S. home prices probably climbed in June, after rising in the year ended in May by the most in more than seven years, showing housing remains a source of strength for the economy according to a Bloomberg survey. The S&P/Case-Shiller index is published at 09:00 EDT.
--Consumer confidence in the U.S. probably cooled for a second month in August, indicating Americans’ views of the economy dimmed as borrowing costs climbed, according to a Bloomberg survey. The Conference Board reports at 10:00 in New York.
--The German Ifo Institute will publish its business climate index for August. The gauge, based on a survey of 7,000 executives, rose to 106.2 in July from 105.9 in June, marking a third consecutive increase. In Munich at 10:00 (04:00 EDT).
--China announces industrial profits for July. June net income at Chinese industrial companies increased 6.3 percent, showing slower growth as the economy cooled, costs rose and prices fell on moderating demand and overcapacity. 09:30 in Beijing (8/26 21:30 EDT).
--U.S. bond auctions. The Treasury Department is scheduled to auction $34 billion in two-year notes today, $35 billion in five-year notes on Aug. 28 and $29 billion in seven-year notes on Aug. 29.
--Italy to sell inflation-linked bonds. 11:00 in Rome (05:00 EDT).
--United Nations investigators hold a briefing about what they learned from North Korean defectors about human rights abuses under the regime in Pyongyang. The findings will offer the most comprehensive study from the UN to date over the North’s system of prisons and labor camps. 09:00 in Seoul (08/26 20:00 EDT).
--The second leg of the Champions League soccer playoffs has five matches, with Arsenal vs. Fenerbahce, Basel vs. Ludogorets, Austria Vienna vs. Dinamo Zagreb, Legia Warsaw vs. Steaua Bucharest and Paok vs. Schalke. All at 19:45 U.K. (14:45 EDT).
--ECONOMY: Hong Kong trade data (July), Bank of Korea (consumer sentiment index), South Africa GDP (second quarter)
--CENTRAL BANKS: Hungary (rate decision). European Central Bank Executive Board members Benoit Coeure and Joerg Asmussen speak at separate events.
--EARNINGS: Bank of Montreal, Tiffany & Co., Bank of Nova Scotia, Billabong International Ltd., Air China Ltd.
WEDNESDAY, AUG. 28
--50th anniversary of the March on Washington civil rights rally and Dr. Martin Luther King Jr.’s “I Have a Dream” speech on the steps of the Lincoln Memorial. President Barack Obama, along with former Presidents Bill Clinton and Jimmy Carter, will speak at the event. Groups across the U.S. will pause at 3 p.m. to ring bells to mark the moment. From 11:00 in Washington.
--Bank of England Governor Mark Carney delivers his first policy address since joining the U.K. central bank in July and expanding its toolkit with forward guidance. Under the program, the Monetary Policy Committee plans to keep its benchmark interest rate at a record-low 0.5 percent as long as employment remains above 7 percent. In Nottingham, England, 13:45 (08:45 EDT).
--Uniqlo flagship store opening. Fast Retailing Co. plans to have 1,000 Uniqlo stores in China by 2020, and has said it won’t slow expansion even after violent demonstrations over a territorial dispute with Japan forced the company to close as many as 60 outlets temporarily in September. 14:00 in Shanghai (02:00 EDT).
--YPF SA is expected to get final approval to jointly develop with Chevron Corp. a shale oil-and-gas area within the Vaca Muerta formation that is the world’s second-largest such recoverable deposit, according to U.S. Energy Information Administration data. Chevron has pledged to invest as much as $1.24 billion in the first stage of a deal that may expand to $15.4 billion. Ali Moshiri, Chevron’s head of Latin America, Middle East and Africa, will be speaking at a shale gas conference about 09:10 in Buenos Aires (08:10 EDT). Deliberations begin about 14:00 in Neuquen, Argentina (13:00 EDT).
--Brazil rate decision. Banco Central do Brasil will likely raise borrowing costs for a fourth straight time with a half- point increase to 9 percent, according to a Bloomberg survey. Annual inflation in Latin America’s largest economy has remained above the midpoint of policy makers’ target range since September 2010. After 18:00 in Brasilia (17:00 EDT).
--U.S. Defense Secretary Chuck Hagel attends a meeting of defense chiefs of the Association of Southeast Asian Nations and their counterparts from nations including Japan, South Korea and China for two days of meetings in Brunei. Among the topics are territorial maritime disputes as regional governments vie for natural resources in areas such as the South China Sea. Through Aug. 29 in Darussalam, Brunei.
--Speech by Bank of Japan Deputy Governor Kikuo Iwata. 14:00 in Kyoto (01:00 EDT).
--Bain & Co. briefing after it releases a study showing when China will overtake the U.S. as the world’s biggest market for e-commerce. 10:00 in Shanghai (8/27 22:00 EDT).
--Israeli Finance Minister Yair Lapid, Defense Minister Moshe Ya’alon, and Economy and Commerce Minister Naftali Bennett will speak at a Tel Aviv business conference. Speeches begin at 09:30 local time (02:30 EDT).
--ECONOMY: U.S. pending home sales (July), German GfK consumer confidence (September); Swiss UBS consumption indicator (July); euro-area M3, private-sector lending (July).
--EARNINGS: National Bank of Canada, China Mengniu Dairy Co., Woolworths Ltd.
--The second leg of the Champions League soccer playoffs continues with five matches: Zenit vs. Pacos Ferreira at 17:00 U.K. (12:00 EDT); AC Milan vs. PSV, Celtic vs. Shakhter Karagandy, Maribor vs. Plzen and Real Sociedad vs. Lyon at 19:45 U.K. (14:45 EDT).
THURSDAY, AUG. 29
--The U.S. economy probably expanded in the second quarter at a faster rate than initially reported, partly reflecting a bigger gain in household spending, according to the median estimate of economists in a Bloomberg survey before the Commerce Department’s report. 8:30 in Washington.
--The Sixth International Financial and Capital Markets Conference is held. Guest speakers include Banco Central do Brasil Governor Alexandre Tombini, former Goldman Sachs Asset Management Chairman Jim O’Neill, former U.S. Senator Christopher Dodd and Yale University Professor Robert Shiller. Campos do Jordao, Brazil. Through Aug. 31.
--Bank of Japan board member Yoshihisa Morimoto meets press after delivering a speech. 14:00 in Morioka (01:00 EDT).
--Ghana’s Supreme Court is scheduled to give its decision on the request by the main opposition party to overturn the December election result that gave President John Dramani Mahama a four- year term. The New Patriotic Party alleges that discrepancies in the ballot-counting process could have eliminated Mahama’s margin of victory. The proceedings are likely to begin at 10:00 local time (06:00 EDT).
--Italy to sell bonds. 11:00 in Rome (05:00 EDT).
--Soccer’s Champions League holds its group-stage draw in Monaco at 17:45 CET (11:45 EDT).
--ECONOMY: U.S. initial jobless claims (weekly), Japan retail sales (July), German unemployment (August), German inflation (August), Spain inflation (August), Spain GDP (second quarter), France business confidence (August), South Korea July current account (July), Philippine GDP (second quarter), Israel unemployment (July), South Africa producer-price inflation (July).
--CENTRAL BANKS: Banco Central de Chile (minutes), Brazil (central government budget balance). European Central Bank Governing Council member Ewald Nowotny and Executive Board member Yves Mersch speak at the Forum Alpbach conference in Alpbach, Austria.
--EARNINGS: Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, Campbell Soup Co., Salesforce.com Inc., Qantas Airways Ltd., Carrefour SA, L’Oreal SA, Pernod Ricard SA, Vivendi SA, WPP Plc., Westfield Group.
FRIDAY, AUG. 30
--President Obama meets with Estonia President Toomas Hendrik Ilves, Lithuania President Dalia Grybauskaite and Latvia President Andris Berzins. The discussion will include NATO defense matters, cybersecurity and the proposed Transatlantic Trade and Investment Partnership. In Washington, time to be determined.
--U.S. consumer spending probably rose for a third straight month in July as incomes increased, a sign that the biggest part of the economy is withstanding higher taxes, according to economists surveyed by Bloomberg. The Commerce Department reports at 08:30 in Washington.
--“Defending the American Dream” summit. The nonprofit Americans for Prosperity Foundation’s seventh annual event will feature speakers and potential Republican presidential candidates Louisiana Governor Bobby Jindal, Texas Governor Rick Perry, and U.S. Senators Marco Rubio and Ted Cruz. AFP and its foundation are supported by billionaire industrialists David and Charles Koch, and advocate limited government and a free-market economy. Opening general session at 14:00 (EDT). Orlando, Florida, through Aug. 31.
--Japan reports consumer prices for July after the core index, which excludes volatile fresh food, rose for the first time in 14 months in June. 08:30 in Tokyo (08/29 19:30 EDT).
--Japan will report industrial production for July after June output fell by the most since the March 2011 earthquake and tsunami disaster. 08:50 in Tokyo (08/29 19:50 EDT).
--Canada reports GDP for the second quarter and June. The Bank of Canada is forecasting a slowdown in growth for the April-June period to a 1 percent annualized pace from 2.5 percent in the first quarter, as flooding in Alberta and a strike in Quebec curbed output. 08:30 in Ottawa (08:30 EDT).
--India releases gross domestic product data for the three months through June after the economy expanded less than 5 percent in the past two quarters as Prime Minister Manmohan Singh struggled to revive investment. 17:30 in New Delhi (08:00 EDT).
--The International Grains Council issues its monthly forecasts for global supply, demand and trade. The IGC cut its corn supply estimate last month, while raising its prediction for wheat. 15:00 in London (10:00 EDT).
--PGA golf. Deutsche Bank Championship begins at TPC Boston in Norton, Massachusetts. Last year’s winner was Rory McIlroy. Tee times to be determined.
--ECONOMY: University of Michigan U.S. consumer confidence (Aug. final), Japan unemployment (July), Japan household spending (July), euro-area economic confidence (August); euro-area inflation (August, flash estimate), euro-area unemployment (July), U.K. mortgage lending (July), U.K. consumer confidence (August), Italy unemployment (July), South Korean July industrial production (July), Brazil GDP (second quarter), South Africa trade balance, Kenya CPI (August).
--CENTRAL BANKS: Costa Rica benchmark rate, Colombia rate decision.
--EARNINGS: Virgin Australia Holdings Ltd., Harvey Norman Holdings Ltd., Hermes International SCA.
SATURDAY, AUG. 31
--Japanese Economy Minister Akira Amari briefs press following final meeting of panel advising Prime Minister Shinzo Abe on a planned increase in Japan’s consumption tax. Abe’s decision on raising the tax rate will come after the release of revised GDP figures on Sept. 9. Time to be determined, in Tokyo.
--A New Delhi court is set to deliver a verdict over a teenager on trial for the gang rape and murder of a 23-year-old medical student in New Delhi, in a case that sparked street protests and became a symbol of the dangers faced by women in the world’s second-most populous country. The verdict has been delayed as lawmakers seek harsher sentences for juvenile convicts. Time to be determined.
--English Premier League soccer. Matches include Manchester City vs. Hull at 12:45 U.K. (07:45 EDT); Cardiff vs. Everton, Newcastle vs. Fulham, Norwich vs. Southampton and West Ham vs. Stoke at 15:00 U.K. (10:00 EDT); Crystal Palace vs. Sunderland at 17:30 U.K. time (12:30 EDT).
Note to our readers: Click on blue ECONOMY headline at bottom of each day for access to Bloomberg’s complete global economic calendar.
--Editors: Nancy Moran, Mike Millard.