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Illustration by Robert A. Di Ieso, Jr.
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The first quarter results season officially begins at the end of the week with the results of the big banks JPMorgan Chase and
Wells Fargo
– both friday morning. On Wednesday, reports from Delta Air Lines and Bed Bath & Beyond, followed by Fastenal on Thursday.
Two merger proposals will be presented to shareholders this week: Newmont Mining / Goldcorp on Thursday and Bristol-Myers Squibb / Celgene on Friday. Walt Disney is also holding an Investors Day Thursday, during which it is expected to reveal more details about its upcoming streaming strategy.
The high point of the week's economic statistics was released on Wednesday with the release of the minutes of the March meeting of the Federal Open Market Committee. As usual, Fed observers will carefully analyze the remarks of officials to better understand the health of the US economy and the future trend of interest rates.
Also on Wednesday, the Bureau of Labor Statistics releases the March Consumer Price Index, a key indicator of inflation. Excluding volatile food and energy components, economists expect a year-over-year increase of 2.1% in March, comparable to last month's rate. The basic producer price index for March, Thursday, is expected to have increased 2.5% over the previous year. Other publications include the National Business Federation's Small Business Optimism Index for March and the University of Michigan Consumer Sentiment Survey for Friday, April 2.
Monday 8
Synopsys
holds annual meeting of shareholders in Sunnyvale, California.
Tuesday 9
Bank of New York Mellon
hosts its annual meeting of shareholders.
The National Federation of Independent Businesses releases its index of small business optimism for the month of March. Economists expect a reading of 101.6, even with February.
The Bureau of Labor Statistics releases its survey of job openings and job rotation for February. The consensus estimate is 7.54 million jobs, which is the January figure.
Wednesday 10
Delta Air Lines and
Bath & Beyond Bed
hold conference calls to discuss benefits.
The European Central Bank announces its monetary policy decision. The market expects the main short-term interest rate of the ECB to remain at minus 0.4%, while growth prospects are deteriorating in the euro area.
The Federal Open Market Committee publishes the minutes of the previous meeting in March.
Lennar
holds its annual meeting of shareholders in Miami.
Brands of Conagra
Internet broadcasts its investor day to discuss the recently closed Pinnacle Foods acquisition.
BLS releases consumer price index for March. We expect a 1.8% year-over-year increase from February's 1.5% increase. Excluding unstable prices for food and energy, the index is expected to rise 2.1%.
The Treasury Department releases the US budget statement for March. Economists predict a $ 179 billion deficit after a $ 234 billion deficit in February, the largest monthly deficit in US history.
The European Union is holding an emergency summit to discuss the ongoing Brexit trial. Any request for an extension of the 12 April deadline by the United Kingdom for a permanent exit would be discussed at that time.
Thursday 11
Fastenal
reports the quarterly results.
Adobe
and
IHS Markit
A flawless stay
hold their annual shareholder meetings in San Jose, California and London, respectively.
Walt Disney
spreads its investors day on the web.
Newmont Mining
holds special meeting of shareholders to vote on proposals related to its impending merger with
Goldcorp
.
BLS Releases Producer Price Index for March. Consensus estimates are up 1.8% from one year to the next following a 1.9% increase in February. Without the price of food and energy, the index should jump 2.5%.
Friday 12
The season of results begins unofficially with the results of the big banks. First place: JPMorgan Chase and Well Fargo, who will announce before the opening of the market.
First Republic Bank and
PNC Financial Services Group
declare earnings.
Bristol-Myers Squibb holds a special meeting of shareholders to vote on the merger with Celgene. The agreement is expected to be approved by two leading proxy voting advisory firms.
The University of Michigan publishes its consumer climate index for April. Forecasts expect a reading of 98, which approximates March data.
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