After a week of extreme weather in much of the U.S., investors are preparing for a tsunami of earnings and economic data, and the CEO of the U.K.'s Financial Conduct Authority is in the hot seat for questioning by members of Parliament. Meanwhile, SEC Chairman Gary Gensler will talk AI regs. (If he thought dealing with crypto was tough …)
Earnings
- Morgan Stanley and BNY Mellon will report their earnings on Tuesday; Goldman Sachs, Northern Trust and Cohen & Steers on Wednesday; and Blackstone on Thursday. Investors will be especially interested in hearing from BNY Mellon CEO Robin Vince, who took the reins in August, and the direction he's plotting for the company's future.
Economy
- On Tuesday, investors can expect a host of economic data for June: U.S. retail sales; retail sales minus autos; industrial production and capacity utilization; business inventories for May; and the home builder confidence index.
Pension Funds
- Starting Monday, CalPERS is slated to have education sessions on its sustainable investments 2030 strategy; diversity, equity and inclusion innovations in the investment management industry; and its asset-liability management process.
- Four Oklahoma pension funds will have board meetings next week (Oklahoma Police on Wednesday, Oklahoma Public Employees and Oklahoma Law Enforcement on Thursday, and Oklahoma Firefighters on Friday) and could discuss how they're dealing with asset managers that have been blacklisted for allegedly boycotting energy companies.
- As fiscal year results are beginning to come in, the San Francisco City & County Employees' Retirement System is scheduled to announce its estimated results for the fiscal year ended June 30 on Thursday.
Washington
- SEC Chairman Gary Gensler will speak at the National Press Club on Monday about the commission's plans to propose rules related to artificial intelligence.
- On Tuesday, the House Financial Services Committee's Subcommittee on Financial Institutions and Monetary Policy will hold a hearing on financial regulators and climate risk. Republicans on the committee are holding several hearings this month to debate various aspects of ESG. The Subcommittee on Capital Markets will also hold a hearing Tuesday on oversight of the SEC's division of corporate finance.
- On Thursday morning, SEC Commissioner Hester M. Peirce will speak at an event hosted by the Chamber of Commerce's Center for Capital Markets Competitiveness to discuss the SEC's swing pricing proposal. At its meeting July 12, the SEC decided not to move forward with the proposal, which has received industry pushback regarding its impact on retirement savers.
Europe
- U.K. MPs are set to grill the CEO of the U.K. Financial Conduct Authority Nikhil Rathi on Wednesday. Mr. Rathi will be giving evidence — as part of regular scrutiny of the FCA's work — to the Treasury Committee for the first time since the new U.K. post-Brexit financial services regulation, the Financial Services and Markets Bill, was approved late last month. He will be joined by FCA Chairwoman Ashley Alder.
- The FCA is working on several updates to the U.K.'s financial services regulation so topics could range from references to Chancellor of the Exchequer Jeremy Hunt's reforms to ESG rules or cryptocurrency frameworks.
