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U.S. import prices are expected to have risen in March for the first time in eight months as the cost of energy products increased and the dollar’s rally fizzled. Rising import prices will add to other signs of a pick-up in inflation, which is likely to be welcomed by U.S. Federal Reserve officials. According to a Reuters survey of economists, import prices are estimated to have risen 1.0 percent last month after slipping 0.3 percent in February. Export prices are expected to have decreased 0.2 percent from February, when they fell 0.4 percent. (0830/1230) Separately, the U.S. Treasury Department issues the budget report for March. (1400/1800)
Federal Reserve Bank of Philadelphia President Patrick Harker, who has urged his colleagues to “get on with” raising rates again, speaks in his district’s hometown. Harker may once again repeat his call for at least three hikes this year, including possibly at their next meeting at the end of April. Investors will look for whether he’s hardened this stance even further on the back of another robust jobs report earlier this month. (0900/1300) Separately, Federal Reserve Bank of San Francisco President John Williams speaks on U.S. monetary policy and the global economic outlook before the Lendlt USA 2016 Conference in San Francisco. (1500/1900) Meanwhile, Federal Reserve Bank of Richmond President Jeffrey Lacker speaks on “Economic Leadership in an Uncertain World” before the Chancellor’s Distinguished Lecture Series sponsored by the University of North Carolina Wilmington’s Cameron School of Business, in Wilimington. (1600/2000)
Facebook Inc will host its annual F8 developer conference in San Francisco. Mark Zuckerberg will deliver a keynote address on the first day of the two-day conference.
After getting a rebuke from Bank of New York Mellon Corp’s board last year at the bank’s annual meeting, Chief Executive Gerald Hassell could face even more heat at this year’s gathering. BNY Mellon’s shares are badly lagging the broader stock market. Its investment chief recently left without explanation and long-time board member Wesley von Schack is stepping down as activist hedge fund manager Trian Fund Management seems to be flexing its muscle behind the scenes.
An independent panel of experts to the U.S. Food and Drug Administration will deliberate on Clovis Oncology Inc’s lung cancer drug. The drug, like a recently-approved rival treatment from AstraZeneca Plc, aims to treat certain patients whose disease has worsened despite treatment. FDA staff members questioned on Friday whether Clovis’s drug was superior to existing treatments and raised concerns about its safety profile. The FDA is slated to decide on the drug by June 28.
Bank of Nova Scotia will address concerns over its exposure to the oil and gas sector when it holds its annual shareholder meeting in Calgary. Like other Canadian banks, Bank of Nova Scotia reported a sharp hike in impaired loans to oil firms when it released first-quarter results last month. Investors will be looking for an insight into how Canada’s third biggest bank is approaching spring borrowing base redeterminations with energy sector clients.
A three-day annual Society of Automotive Engineers conference will take place in Detroit, Michigan. Separately, SIFMA Equity Market Structure Conference will feature panels with top securities industry executives and regulators on a range of issues, from the fairness of the markets to the ability of regulations to enhance stability and transparency of stock trading.
U.S. Senate Finance Committee holds hearing with officials from the Internal Revenue Service, the Treasury and the Government Accountability Office, on protecting taxpayer information from cyber criminals. Witnesses include IRS Commissioner John Koskinen and Chief Technology Officer Terrance Millholland, apart from J. Russell George and Michael McKenney from the Treasury Inspector General for Tax Administration, and Gene Dodaro and Gregory Wilshusen from the GAO.
Retail sales in Brazil are expected to have dropped in February, but at a slower pace than in January. In the first month of the year, retail sales fell at their fastest annual pace in nearly 13 years. Retail sales volumes are estimated to have declined 0.2 percent in February compared with a fall of 1.5 percent in January. (0800/1200) Chile’s central bank will announce its rate decision. The bank is expected to hold the benchmark interest rate steady at 3.5 percent.
LIVECHAT - COMMODITIES CORNER with Nik Kalsi and Phil Carr, co-founders, The Gold & Silver Club From copper to oil and everything in between, the Gold & Silver Club's Nik Kalsi and Phil Carr will have you covered on the commodities markets. The Gold & Silver Club is an international commodities trading, research and advisory group specializing in the precious metal, energy and agriculture markets. (0600/1000) To join the Global Markets Forum, click here bit.ly/1kTxdKD (Compiled by Sourav Bose in Bengaluru; Editing by Kirti Pandey)