Fed Chairwoman Janet Yellen will speak in Congress twice this week, once in front of the House Financial Services Committee and again in the Senate Banking Committee. Her argument for raising interest rates gradually is expected and will be closely watched by the market. President Obama will also submit the 2017 fiscal budget to congress, with a 7.5 billion dollar figure for expected spending.
Several Canadian firms listed on the TSX will be releasing earnings reports this week. Performance of the firms that have already released reports has been mixed but with a slight majority having disappointing results.
In the US, the New Hampshire primaries for the Presidential Election will take place. Polling number s suggest Bernie Sanders will come ahead of Hilary Clinton after her win in Iowa last week. The Republican side will be interesting to watch, Trump’s loss last week despite high expectations going into Iowa and Marco Rubio’s surge in popularity has created a lot of discussion.
Defence Minsters of the countries involved in the US coalition fighting ISIS is meeting at the NATO Headquarters with a discussion of potential operations in Libya on the table.
US retail sales for January will come out this week, with an expected rise after December’s drop. Consumer Spending accounts for 70% of the American economy.
UK Prime Minister will make a dinner speech about discussing Britain’s role in the EU. German Chancellor Angela Merkel will also be speaking at the event. Bilateral talks between the two leaders will take place. These will be important given the upcoming referendum about Britain’s future in the EU, the potential for Brexit and next week’s meeting of EU leaders in Brussels.
OPEC will release its monthly oil market report with members’ production figures. The continued slide in oil prices and the ramifications of that on the world economy is a significant cause of concern.