The February unemployment rate, set to be released next Friday,
is expected to inch up to 9.1% from 9% in January, according to
economists surveyed by Dow Jones Newswires.
Auto makers and retailers will report their U.S. sales results
for February next week, with both segments broadly expected to
report another month of improved sales.
Brazil's Central Bank is expected to maintain a steady pace of
interest rate hikes when it meets next week; economists expect the
central bank will raise rates by another 0.50 percentage point.
February Unemployment Rate Expected To Rise
A handful of economic reports are due next week, including
February's unemployment rate and hourly earnings figures from the
U.S. Department of Labor. Economists expect the U.S. employment
rate, scheduled for release Friday, to show that nonfarm payrolls
increased by 192,000 new jobs in February, after a gain of 36,000
in January, a figure that fell far below Wall Street's
expectations. Better labor markets bring more people into the labor
markets looking for work, which is why the jobless rate is
projected to rise slightly.
U.S. Auto Sales Seen Rising Sharply In February
Auto makers on Tuesday are forecast to report a 20% increase in
U.S. new-vehicle sales in February from a year ago, according to
Edmunds.com. The car-shopping website predicted the top six major
auto makers will all report higher sales, led by an expected 37%
jump for General Motors Co. (GM). February sales are expected to
jump 29% for Toyota Motor Corp. (TM, 7203.TO), 27% for Nissan Motor
Co. (NSANY, 7201.TO) and 16% for Honda Motor Co. (HMC, 7267.TO)
from year-ago levels.
U.S. Retailers Expected To Post Higher February Sales
U.S. retailers next week are broadly expected to report higher
February sales from a year ago, led by a strong increase from
discount companies, according to analysts polled by Thomson
Reuters. It sees an increase of 3.1% for the month, on top of 4%
growth a year ago.
The monthly sales results will lose a bit of their luster on
Thursday, as a trio of teen retailers--Abercrombie & Fitch Co.
(ANF), Aeropostale Inc. (ARO) and American Eagle Outfitters Inc.
(AEO)--stopped reporting monthly sales data after January.
Brazil's Central Bank Expected To Raise Interest Rate
Brazil's Central Bank is expected to maintain a steady pace of
interest rate hikes when it meets next week, with all 16 economists
surveyed by Dow Jones saying they believe the central bank will
raise rates by another 0.50 percentage point to 11.75% per year,
following a similar half-point increase in January.
Brazil has joined a number of other emerging-market countries,
including China and India, which have taken steps to rein in their
soaring economies, which bounced back sharply from the world-wide
economic crisis.
Apple Expected To Unveil Second Version Of IPad Tablet
On Wednesday, Apple Inc. (AAPL) will hold an event at which it
is expected to unveil the second version of its iPad tablet, a
device that would come as competitors bring out a host of
touchscreen computers to challenge the market leader. The new iPad
is expected to include an integrated camera, something the original
didn't, and a zippier processor.
Since its debut in April 2010, the iPad has sold more than 14
million units world-wide and has become a new leg of growth for the
Cupertino, Calif.-based electronics giant. Like its predecessor,
the iPhone, the iPad has proven popular with both consumers and
corporate customers.
Apple's competition has caught on. Samsung Electronics Co.
(005930.SE, SSNHY), Dell Inc. (DELL) and Motorola Mobility Holdings
Inc. (MMI) have already begun selling tablets that sport Google
Inc.'s (GOOG) Android mobile operating system. More are on the way:
Hewlett-Packard Co. (HPQ), Research In Motion Ltd. (RIMM) and Acer
Inc. (ASIYF, 2353.TW) have all said they are bringing their
entrants to the tablet market this year.
U.S. Government Agencies Weigh Possible Shutdown Options
Agencies throughout the government are scrambling to figure out
how to handle a government shutdown, with a potential closure as
soon as March 5 prompting a review of which activities are
essential and which aren't. If lawmakers don't approve a funding
plan by next Friday, when a stopgap spending measure expires, many
government options will have to stop.
Republicans, who control the House, have said they would
introduce a short-term funding measure to keep operations going
while negotiations continue on a longer-term budget.
Court To Consider GM Bankruptcy Estate Liquidation Plan
The bankruptcy estate of General Motors will be in court in New
York Thursday to seek approval of a liquidation plan that would tie
up the loose ends left behind when the auto maker exited creditor
protection in 2009. The liquidation plan for "Old GM," now known as
Motors Liquidation Co., would resolve billions of dollars in debt
stemming from old GM bonds and environmental cleanup costs, among
other creditor claims.
House GOP To Push To End Obama Foreclosure Programs
House Republicans will push next week to end several Obama
administration programs that aim to combat the foreclosure crisis.
Republicans want to end the Obama administration's Home Affordable
Modification Program, plus three smaller programs designed to
refinance loans and provide relief to unemployed homeowners. The
lawmakers plan to hold a hearing on the issue next Wednesday and a
vote on Thursday.
83rd Academy Awards To Air Sunday
The 83rd Academy Awards will air on Sunday at 8 p.m. EST on ABC,
an event that rewards the prior year's film achievements. Natalie
Portman and Colin Firth are heavily favored to win the lead acting
categories for their performances in "Black Swan" and "The King's
Speech," respectively. This year, the show will be hosted by Anne
Hathaway and James Franco, who is also an Oscar nominee for his
work in the film "127 Hours."
"The King Speech," a British film that depicts the story of King
George VI of Britain's ascent to the throne, including his efforts
to overcome his stutter, leads the pack with 12 nominations.
Senate Panel To Kick Off Tax Code Review
The Senate Finance Committee next week will embark on what is
likely to be an exhaustive review of the U.S. tax code, as it hears
from a quartet of former Treasury tax officials. Sen. Max Baucus
(D., Mont.), chairman of the Finance panel, plans to hold tax
hearings throughout 2011, and aides say they could number as many
as two dozen.
ISE To Launch Controversial Order Type
The International Securities Exchange next week will introduce a
long-planned service for trading options contracts that has ignited
controversy among rival options exchanges. A new type of order will
let investors on the ISE's markets privately carry out large
options trades that are linked to a stock transaction, bypassing
other options traders.
The ISE, a unit of Deutsche Boerse AG (DBOEF, DB1.XE), intends
to introduce the function on Monday, after the Securities and
Exchange Commission approved it Thursday.
Conferences
Among the significant conferences next week are the BMO Capital
Markets Global Metals & Mining Conference Sunday through
Wednesday in Hollywood, Fla.; JPMorgan Global High Yield &
Leveraged Finance Conference Monday through Wednesday in Miami;
Morgan Stanley Technology, Media & Telecom Conference Monday
through Thursday in San Francisco; Citi Global Healthcare
Conference Tuesday through Thursday in New York; Keefe, Bruyette
& Woods Inc. Boston Bank Conference Tuesday and Wednesday in
Boston; Pacific Crest Securities Emerging Technology Summit on
Tuesday and Wednesday in San Francisco; Wall Street Analyst Forum
Financial Conference on Tuesday in New York; RBC Capital Markets
Healthcare Conference Wednesday and Thursday in New York; and the
Simmons & Co. International Energy Conference Thursday and
Friday in Las Vegas.
-By John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com
--Ian Sherr, Jacob Bunge and Dow Jones Newswires staff
contributed to this report.
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