The Week Ahead: June 18-24, 2012

June 18, 2012 12:53 AM


Monday, June 18

Elections: Results due from Greece and French elections.
G20: Heads of the Group of 20 leading economies hold a two-day summit in Los Cabos, Mexico, to discuss policies to return much of the global economy to a path of sustainable growth. Europe is likely at the top of the agenda.
Iran resumes talks (ending on Tuesday) with world powers over its nuclear program.
Economic reports:
Selected Interest Rates (Federal Reserve) | Housing Market Index.
USDA reports:
Export inspections (AMS) | Crop Progress (NASS) | Milk Production (NASS) | Sugar and Sweeteners Outlook (ERS).


Tuesday, June 19
A German Court rules on the European Stability Mechanism and fiscal pact.
Fiscal 2013 appropriations - Agriculture, FDA: Committee markup. House Appropriations Committee.
Fiscal 2013 appropriations - Transportation, HUD: Committee markup. House Appropriations Committee.
JPMorgan Chase trading loss: Committee hearing. House Financial Services Committee hearing on the $2 billion-plus JP Morgan Chase trading loss, which is being investigated by the Securities and Exchange Commission and the FBI. Panel: Mary Schapiro, chairwoman, Securities and Exchange Commission; Gary Gensler, chairman, Commodity Futures Trading Commission; Martin Gruenberg, acting chairman, Federal Deposit Insurance Corporation; Thomas Curry, comptroller of the currency, Office of the Comptroller of the Currency; Scott Alvarez, general counsel, Board of Governors, Federal Reserve System. Second panel: Jamie Dimon, chairman of the board, president and CEO, JPMorgan Chase Co.
Confronting the looming fiscal crisis: Committee hearing. Senate Finance Committee. Witnesses: Former Sen. Pete Domenici (R-N.M. 1973-2009, chairman Budget Committee, 1995-2001), senior fellow and co-chairman, Debt Reduction Task Force, Bipartisan Policy Center; Alice Rivlin, co-chairwoman, Debt Reduction Task Force, Bipartisan Policy Center, and senior fellow, Economic Studies Program, Brookings Institution.
Budget Committee activities report: Committee business meeting. House Budget Committee to approve a report summarizing committee legislative and oversight activities
Review of EPA air standards for oil and gas: Subcommittee hearing. Senate Environment and Public Works — Subcommittee on Clean Air and Nuclear Safety hearing on recent EPA air standards for hydraulically fractured natural gas wells and oil and natural gas storage.
Impact of Endangered Species Act: Committee hearing. House Natural Resources Committee.
'American Energy Initiative': Subcommittee hearing. House Energy and Commerce — Subcommittee on Energy and Power. Topic: Current, pending and potential future EPA greenhouse gas regulations under the Clean Air Act.
Federal 'green jobs' agenda: Subcommittee hearing. House Energy and Commerce — Subcommittee on Oversight and Investigations.
Energy reports: Weekly National Petroleum Report (API).
Economic reports: ICSC-Goldman Sachs Store Sales | Housing Starts.


Wednesday, June 20
Federal Reserve: The Federal Open Market Committee (FOMC) ends its two-day meeting. A growing number of traders and analysts have been predicting some form of stimulus ahead.
Sustainable development: The latest attempt by world leaders to agree on new commitments to environmental measures begins at the three-day UN Conference on Sustainable Development in Rio de Janeiro. It will focus on seven priority areas: decent jobs, energy, sustainable cities, food security, water, oceans and disaster readiness. At the event, 100 national leaders are expected. The 1992 event led to the 1997 Kyoto protocol, the world’s only legally binding treaty obliging wealthy nations to cut greenhouse emissions.
US equity market structure: Subcommittee hearing. House Financial Services — Subcommittee on Capital Markets and Government Sponsored Enterprises hearing focusing on recent proposals by the Securities and Exchange Commission that would change the current structure and the impact such changes would have on market competition, product innovation, market quality, smaller issuers and investors.
Russia's WTO accession: Committee hearing. House Ways and Means Committee hearing on opportunities presented upon Russia's accession to the World Trade Organization (WTO) and commercial areas that require continued attention, such as enforcement of intellectual property rights and Russian science-based sanitary and phytosanitary standards relating to US agriculture exports. The hearing will also explore the impact on US employers, workers, farmers and ranchers if Congress does not grant Russia Permanent Normal Trade Relations and they are unable to obtain the benefits that would result from Russia's membership in the WTO. In addition, the hearing will provide an opportunity for addressing non-commercial concerns regarding Russia. Morning and afternoon sessions – administration witnesses in the morning; private sector witnesses in the afternoon.
Fiscal 2013 appropriations - Financial Services and General Government: Committee markup. House Appropriations Committee.
Fiscal 2013 appropriations - Interior and Environment: Subcommittee markup. House Appropriations — Subcommittee on Interior, Environment, and Related Agencies.
Current situation In Egypt: Subcommittee hearing. House Foreign Affairs — Subcommittee on Middle East and South Asia.
Energy reports: Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA).
Economic reports: Weekly mortgage applications (Labor Dept.) | MBA Purchase Applications. | FOMC Minutes.
USDA reports: Catfish Feed Deliveries (NASS) | Broiler Hatchery (NASS) | Catfish Processing (NASS).


Thursday, June 21
Egypt: Election results are due in Egypt.
Euro zone meeting: Finance ministers from the euro zone group of countries meet in Luxembourg to discuss the latest attempts to stabilize the currency union.
Economic forum: The three-day St Petersburg (Russia) International Economic Forum assembles business and finance chiefs from throughout the world to debate global economic issues, and in particular the role of emerging economic powers and Russia itself.
Social Security annual report: Subcommittee hearing. House Ways and Means — Subcommittee on Social Security hearing to receive the 2012 Annual Report of the Social Security Board of Trustees, focusing on the effect of the trust funds' current cash flow deficit status and future exhaustion, and the cost of delaying actions to address Social Security's fiscal challenges for workers and beneficiaries.
Transportation: Weekly Traffic of Major Railroads (Assn. Of American Railroads) | Grain Transportation Report (AMS).
Retail banking and money service businesses: Subcommittee hearing. House Financial Services — Subcommittee on Financial Institutions and Consumer Credit on issues surrounding the provision of retail banking services to money service businesses, which engage in activities such as currency exchange, sale of traveler's checks and money orders, and money transmission.
National Weather Service oversight: Subcommittee oversight hearing. House Appropriations — Subcommittee on Commerce, Justice, Science, and Related Agencies.
Russia's WTO accession: Committee hearing. Senate Finance Committee hearing titled "Russia's WTO [World Trade Organization] Accession - Administration's Views on the Implications for the United States."
Money market mutual funds: Committee hearing. Senate Banking, Housing and Urban Affairs Committee.
Small business lending issues: Subcommittee hearing. House Small Business — Subcommittee on Investigations, Oversight and Regulations.
Energy reports: Weekly US underground natural gas stocks (EIA).
Economic reports: Jobless Claims (Labor Dept.) | Weekly Mortgage Rates (Freddie Mac) | ICI weekly money market mutual fund data | Existing Home Sales | Phila. Fed Survey | Leading Indicators.
USDA reports: Export Sales (FAS) | Wheat Data (ERS) | Feed Grains Database (ERS).


Friday, June 22
Europe: Leaders of France, Germany, Spain and Italy meet in Rome to discuss the euro-zone crisis.
EU finance chiefs meet: European finance ministers hold further talks on the debt crisis at a meeting of the EU Economic and Financial Affairs Council in Luxembourg
Energy: Monthly Petroleum Statistical Report (API).
USDA reports: Livestock Slaughter (NASS) | Coffee: World Markets and Trade (FAS) | Peanut Prices (NASS) | Cattle on Feed (NASS) | Chickens and Eggs (NASS) | Cold Storage (NASS) | Apples, Grapes and Pears: World Markets and Trade (FAS).


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