The Federal Open Market Committee will give its latest policy assessment on Tuesday, and officials have signaled they are unlikely to launch new programs at the meeting.
Markets will examine reports on import, producer and consumer prices next week. Economists polled by Dow Jones Newswires expect that higher energy prices pushed prices up last month.
Retailers To Report Quarterly Results Next Week
Earnings from the retail segment will continue next week, with reports due from Urban Outfitters, PacSun, Rue21 Inc. (RUE) and Francesca's Holdings Corp. (FRAN). Urban Outfitters, which operates namesake stores as well as Anthropologie and Free People locations, last month issued a downbeat fourth-quarter revenue prediction amid a 1% decline in comparable-store sales and a highly promotional retail environment. Meanwhile, teen-retailer PacSun is expected to continue its string of losses, and the company predicts same-store sales ranging from a 3% decline to a 2% increase. Women's apparel and accessories retailer Francesca's raised its fourth-quarter guidance earlier this year due to strong holiday sales and improved margins.
Fellow retailers Cato Corp. (CATO), Ross Stores Inc. (ROST) and Guess Inc. (GES) also are expected to report results next week.
Federal Open Market Committee Decision On Interest Rate Due
The Federal Open Market Committee will meet in a one-day session Tuesday and release its March interest-rate decision. The FOMC has said it intends to keep fund rates "exceptionally" low at least through late 2014.
Citi said next week's meeting could prove to be a big market-moving event in foreign-exchange pits after years of easing and stimulus. The firm said "any perceived tightening signal, no matter how modest or unintended, runs the risk of being overinterpreted by FX investors" and said that was seen during Federal Reserve Chairman Ben Bernanke's testimony last week, when comments were taken as a signal that QE3 is less likely than perceived, helping the dollar.
Import, Producer And Consumer Price Reports Due
New readings on price pressures are due next week, starting with Wednesday's release of the February import price index.
Economists polled by Dow Jones expects total prices increased 0.8% in February, pushed up by higher prices for foreign oil. The price of goods imported to the U.S. climbed 0.3% in January from the month before, led by an increase in petroleum, the Labor Department reported last month.
The producer price index will be released Thursday, followed the next day by the consumer price index.
Economists expect the PPI, which measures the change in how much manufacturers and wholesalers pay for goods and materials, to increase 0.5% in February, also pushed up by higher fuel costs. The index rose a seasonally adjusted 0.1% for finished goods in January from December.
The CPI, which measures the change in how much Americans pay for everything from groceries to automobiles, is expected to see a 0.5% increase in February, again due to higher energy prices. The index rose in January at the fastest pace since September on a jump in gasoline costs.
Other economic reports due next week include the totals for retail sales in February and reports on March regional manufacturing from two district Fed banks.
Three Companies To Debut Next Week
E-commerce software and old-time manufacturing will face off this coming week in the U.S. IPO market, with deals from website-design software company Demandware Inc. and large-vehicle transmission maker Allison Transmission Holdings Inc. vying for investors' attention.
Both are due to begin trading Thursday on the New York Stock Exchange. Demandware, which is seeking to raise as much as $80 million through a listing as "DWRE," offers an Internet-based software program that businesses can use to design and manage their e-commerce sites. Among its 101 customers are big brands such as Barneys New York Inc., Columbia Sportswear Co. (COLM) and L'Oreal SA (OR.FR). Meanwhile, Allison Transmission, which makes fully automatic transmissions for large vehicles like trucks, buses and military equipment, is seeking to raise $521 million under the symbol "ALSN."
Also lined up to debut Thursday is a deal from semiconductor company M/A-COM Technology Solutions Holdings Inc., which wants to raise $106 million through a listing as "MTSI" on the Nasdaq.
Ambac To Seek Chapter 11 Exit
Ambac Financial Group Inc. (ABKFQ) is expected to put its Chapter 11 plan of reorganization before a Manhattan bankruptcy judge Tuesday, when its ability to exit bankruptcy will be at stake.
Ambac's plan proposes to hand over control to its bondholders, wiping out existing equity holders. Secured creditors would be paid in full under the plan, while senior noteholders and unsecured creditors would be paid up to 17.6 cents on the dollar and up to 13.2 cents on the dollar, respectively.
U.S. Treasury To Sell $66 Billion In Debt Next Week
The U.S. Treasury Department will sell $66 billion in Treasury notes and bonds next week. This comprises $32 billion in three-year notes Monday, $21 billion in 10-year notes Tuesday and $13 billion in 30-year bonds Wednesday.
Conferences
Among the significant conferences next week are the Cruise Shipping Miami conference Monday through Thursday in Miami; the Barclays Capital Global Healthcare Conference Monday through Thursday in Miami; the Citi Global Property CEO Conference Sunday through Wednesday in Palm Beach, Fla.; the Credit Suisse Global Services Conference Sunday through Wednesday in Scottsdale, Ariz.; the Roth Capital Partners OC Growth Stock Conference Sunday through Wednesday in Dana Point, Calif.; the Barclays Internet Connect Conference Tuesday in New York; and the J.P. Morgan Aviation, Transportation and Defense Conference Tuesday to Thursday in New York.
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