Monday, June 6: When the State Administration of Foreign Exchange announces the international currency reserve levels for China as of the end of May, investors will be on the lookout for clues as to future capital flows from the nation’s central bank. Forex reserves unexpectedly rose for a second consecutive month in April, swelling by more than $7 billion despite ongoing evidence that mainland businesses continue to move cash abroad.
Tuesday, June 7: As outgoing Reserve Bank of Australia head Glenn Stevens prepares for retirement, look for his handpicked successor Philip Lowe to do the talking during the central bank’s monthly rate announcement. Last month’s policy reveal included a surprise rate cut of 25 basis points to an all-time low of 1.75 percent, as inflation remains elusive.
Wednesday, June 8: Valeant Pharmaceuticals International has become a lightning rod among investors and lawmakers alike after revelations regarding its relationship to a specialty pharmacy prompted a plunge in share price and change in CEO and the firm’s pricing model drew criticism from Capitol Hill. The announcement of earnings by the firm was delayed in May, triggering a default notice by bondholders.
Thursday, June 9: The Duanwu, or Dragon Boat, festival traditionally falls on the fifth day of the fifth month of the Chinese calendar and the races between colorful traditional boats occur throughout China, Taiwan and Hong Kong. The traditional event, which includes consumption of zongzi, sticky rice wrapped in bamboo leaves, and realgar wine, was revived by Beijing in 2005 after being taboo since the 1949 revolution.
Friday, June 10: After data from the U.S. Department of Commerce released this past week revealed the biggest uptick in consumer spending in more than six years, investors will be keeping a close eye on preliminary June consumer sentiment data from the University of Michigan. While a great signal for the domestic economy, some analysts noted that automotive sales represented a major driver for the increase as concerns over consumer automotive debt levels increase.
Saturday, June 11: The Chicago Blues Festival has been a Windy City tradition since 1984. This year’s event will feature an all-star tribute to legendary Chicago blues musician Otis Rush, who pioneered the West Side sound with such classic tunes as “I Can’t Quit You Baby”. In addition to the music, many of Chicago’s finest soul food haunts set up shop in the vendor section of the festival at Grant Park, on Lake Michigan to the east of the Loop.
