China trade talks; More bank earnings; Carrier layoffs
Posted July 16
1. U.S and China officials meet: The Trump administration will sit down with Chinese officials this week to hammer out their important economic agenda.
The U.S.-China Comprehensive Economic Dialogue will begin on Wednesday. Treasury Secretary Steve Mnunchin and Secretary of Commerce Wilbur Ross will discuss monetary issues with their Chinese counterparts in a new format ushered in by the administration.
It is expected that trade and dealing with the an increasingly combative North Korea will be top talkers. The meeting might be cloaked in awkwardness since President Trump has blamed China for "massive trade deficits and job losses."
Trump and China could still fall out badly over trade
Trump's impossibly ambitious trade promises
2. Major earnings week: A mix of financial services, entertainment, transportation and technology companies are reporting earnings across the week.
Investors will be examining earnings from Goldman Sachs, Bank of America and Morgan Stanley. Big banks' bottom lines have been hitting highs, but last week Federal Reserve Chair Janet Yellen said Trump's shaky agenda could be a "source of uncertainty."
Netflix earnings will also be in investors' focus on Monday. The streaming service is expected to have a healthy second quarter and add subscribers.
Fed chief Janet Yellen: Trump policies are a "source of uncertainty"
3. Carrier layoffs: Trump loudly proclaimed last year that he convinced Carrier not to move its Indianapolis furnace plant to Mexico, but it's only partly true. The company is still moving several hundred jobs of more than 1,000 south this year. Nearly 400 jobs are being cut on Wednesday.
The cuts aren't a surprise. Carrier said it was only moving some of the jobs to Mexico to take advantage of lower costs.
Carrier plant that Trump helped save will cut 300 jobs right before Christmas
4. Coming this week:
Monday - Netflix earnings; Brexit talks resume
Tuesday - Goldman Sachs, Bank of America and IBM earnings
Wednesday - Morgan Stanley, American Express and United earnings
Thursday - eBay, Microsoft and Visa earnings; Carrier layoffs begin; ECB interest rate decision; Bank of Japan monetary policy decision
Friday - GE and Unliever earnings