The Organization of Petroleum Exporting Countries is unlikely to
change its production levels when it meets Wednesday.
President Barack Obama may give more details on what he would
like to see in health-care reform legislation in a speech to
Congress that evening.
Markets, banks, businesses and government offices in the U.S.
and Canada will be closed Monday for the Labor Day holiday.
OPEC Not Likely To Change Output Policy
The Organization of Petroleum Exporting Countries will meet
Wednesday, but with oil prices steady at slightly less than $70 a
barrel, most members support keeping output policy unchanged.
OPEC's staff experts expect worldwide oil demand in the fourth
quarter to drop by about 150,000 barrels a day from last year
before rising by about that level in the first quarter of next
year.
Food Companies, Retailers To Report Results
Retailers and a couple of large food companies are among the few
firms posting quarterly results next week. On Tuesday, Smithfield
Foods Inc. (SFD) is expected to report a far wider loss than a year
earlier and a decline in revenue. The meat processor last month
said its fiscal first-quarter results were below its expectations.
Depressed hog prices and demand have been hurting Smithfield for a
while. Meanwhile, Campbell Soup Co. (CPB) is likely to report flat
earnings and lower revenue Friday. Despite soup's position as a
consumer staple, Campbell's earnings have been mixed in recent
quarters. Also reporting are Men's Wearhouse Inc. (MW) and Talbots
Inc. (TLB), both Wednesday.
No Change Expected In U.S. Trade Deficit
The U.S. trade deficit likely stayed flat in July from a month
earlier; the figure will be released Thursday. In June, the
difference between U.S. imports and exports widened to $27 billion
from $26 billion in May, perhaps an early sign that global trade is
recovering from the depths of the downturn.
The government reports on July consumer credit Tuesday, and the
Federal Reserve will release its Beige Book about economic
conditions in various regions Wednesday. On Friday, the government
will detail July wholesale inventories and the Reuters/University
of Michigan consumer sentiment index will issue its preliminary
figure for September.
Among appearances by Federal Reserve officials: Chicago Fed
President Charles Evans speaks Wednesday on the "Great Inflation
Debate" at the Council on Foreign Relations in New York, and
Atlanta Fed President Dennis Lockhart speaks Thursday in
Jacksonville, Fla.
Apple May Show Off New iPods
Apple Inc. (AAPL) is expected to unveil an updated line of iPods
at an event next week as it aims to boost slowing demand. The
company issued invitations for a "special event" in San Francisco
Wednesday that Apple indicated would be related to its iPod
players. The media event will be Apple's first since Chief
Executive Steve Jobs returned from medical leave in late June after
a liver transplant. It is unclear whether Jobs, who hasn't appeared
in public since an Apple MacBook event last October, will be
present at the event. Apple typically unveils its new lineup of
iPods every year about this time. Some analysts predict that Apple
will introduce a digital camera feature in the iPod touch and
possibly also the classic iPod and iPod nano models.
Motorola Offers Look At Android Phone
Motorola Inc. (MOT) is expected to unveil Thursday its first
smart phone running Google Inc.'s (GOOG) Android mobile operating
system, software the Internet giant developed to stake its claim in
the mobile search advertising market. The troubled cellphone maker
is looking for a chance to turn around its struggling mobile
devices business and recapture past glory. For Google, the phone
represents the first in a wave of new Android-powered devices
expected to ship by the end of the year, giving Google a chance to
make a splash in a market dominated by Apple's iPhone and Research
in Motion Ltd.'s (RIMM) Blackberry.
Congress Returns; Health Care Is Focus
Congress returns Tuesday to a loaded agenda headlined by
Democrats' hopes to pass a health-care bill, but lawmakers face new
uncertainty about public support for broad-scale change to the
health system. President Barack Obama is to address Congress on
Wednesday in an effort to regain momentum for the health overhaul
and limit its damage to other parts of his agenda. He is expected
to flesh out some of those details of his health-care proposal,
while stressing significant areas of agreement among lawmakers.
Geithner To Testify About TARP To Panel
Treasury Secretary Timothy Geithner will testify Thursday before
an oversight panel about the Troubled Asset Relief Program. The
Congressional Oversight Panel on TARP features only one sitting
lawmaker - Rep. Jeb Hensarling, R-Texas, and several academics and
former regulators.
G20 Finance Ministers Discuss Exit Plans
Finance ministers from the 20 largest industrialized and
developing countries are meeting in London through Saturday to lay
the groundwork for a gathering of G20 leaders in Pittsburgh on
Sept. 24-25. One of the main topics of discussion will be when
countries should implement exit strategies to withdraw economic
stimulus measures that have pushed up debt.
EC Holds Hearing On Online Publishing
The European Commission is hosting a hearing on the digitization
of books and manuscripts Monday in Brussels. Google, which has
undertaken a major project to put books online, last year reached
an agreement with authors and publishers in the U.S. that would
allow copyrighted works that are commercially unavailable to be
posted online. But some publishers in Europe worry that the
agreement would allow copyrighted books that are commercially
available in Europe to be put online without permission.
Playing It Safe At NY Fashion Week
New York Fashion Week, which kicks off Thursday, will feature
more girls-next-door than avant-garde models in shows of the spring
collections as the recession forces more designers, magazines and
advertisers to play it safe. With the lull in consumer spending,
brands are also using more unknown faces that focus attention on
the products themselves.
Conferences
Among the significant conferences next week are the Thomas
Weisel Partners 2009 Health Care Conference from Wednesday through
Friday in Boston, BMO Capital Markets North American Real Estate
Conference from Wednesday through Friday in Chicago, Bank of
America Securities Media, Communications & Entertainment
Conference on Wednesday and Thursday in Marina del Rey, Calif.,
Goldman Sachs Retailing Conference on Wednesday and Thursday in New
York, Citi Global Technology Conference on Wednesday and Thursday
in New York, and Rodman & Renshaw Annual Global Investment
Conference from Wednesday through Friday in New York.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357;
kathy.shwiff@dowjones.com
(Dow Jones Newswires staff contributed to this report.)