Retailers are expected to report a 3.4% increase in June same-store sales next week.

Meanwhile, markets, many businesses and government offices will be closed Monday to observe the Independence Day holiday. Congress will be on recess until July 12.

And Continental Airlines Inc. (CAL) and UAL Corp.'s (UAUA) United Airlines will begin discussing their planned combination with U.S. regulators.

 
   Increase In June Same-Store Sales Predicted

Major retailers--including Target Corp. (TGT), Macy's Inc. (M) and Costco Wholesale Corp. (COST)--will post June same-store sales Thursday. The roughly 30 retailers tracked by Thomson Reuters are expected to show sales grew 3.4%. UBS analysts recently said retailers concluded the month with a rash of promotions despite a rise in mall traffic as shoppers turned out for Apple Inc.'s (AAPL) new iPhone.

 
   Services-Sector Index Seen Rising Slightly

The Institute for Supply Management will report Tuesday on the services sector in June. The group's index of nonmanufacturing activity is expected to rise slightly to 55.6 after three months at 55.4. May was the fifth month in a row that the index was in expansion mode. A day later, the government will detail May consumer-credit statistics, and its report on May wholesale inventories is due next Friday.

 
   Toyota To Start New Recall For Engine Problem

Toyota Motor Corp. (TM, 7203.TO) will begin its latest recall next week, of 270,000 vehicles worldwide to fix an engine problem. The company will inform Japan's transport ministry Monday that it intends to recall 90,000 vehicles in Japan. That will be followed by a recall of 137,000 vehicles in the U.S., with the remaining vehicles to be recalled in other regions.

 
   Continental, United To Meet With FAA On Merger

Continental and United Airlines will meet U.S. regulators next week to review the technical aspects of their planned merger. The carriers plan a "kick-off meeting" with the Federal Aviation Administration next Friday to outline the process for securing a "single operator certificate," a formal combination targeted for the first quarter of 2012. A unit of consultant Oliver Wyman has been hired to help manage the technical program, which includes integrating training and maintenance manuals, as well as operating procedures with United.

 
   NY Lawmakers Weigh Corporate Political-Gift Rules

New York state lawmakers could vote next week on a bill that would require publicly traded companies to obtain approval each year from a majority of shareholder votes cast to spend a specified aggregate amount on political communication. Corporations would also be subject to new disclosure rules, forcing companies to file reports to a state agency disclosing the "rationale" for each political expenditure. The bill is an attempt to limit the consequences of the Supreme Court's January landmark ruling that overturned federal limits on corporate political expenditures.

 
   Appeals Court To Review Deepwater-Drilling Moratorium

A U.S. appeals court is scheduled to review a lower court ruling overturning the Obama administration's offshore-drilling moratorium. The Fifth U.S. Circuit Court of Appeals has scheduled oral arguments Thursday on the administration's motion to freeze an injunction issued by U.S. District Court Judge Martin Feldman. He struck down the administration's six-month moratorium on deepwater drilling, calling it "heavy handed." Hornbeck Offshore Services Inc. (HOS) and other companies had challenged the moratorium, issued after a giant oil spill resulted from the April explosion and sinking of a rig operated by BP PLC (BP, BP.LN).

 
   European Parliament To Vote On Banker Bonuses

The European Parliament is scheduled to vote Wednesday on new rules that would cap bankers' cash bonuses at 30% of the total bonus, or 20% for particularly high bonuses, in response to criticism of executive compensation. A large part of the bonuses also will be deferred so it can be recovered if investments don't perform as expected.

 
   Obama, Israeli Leader Will Meet In Washington

President Barack Obama will meet Tuesday with Israeli Prime Minister Benjamin Netanyahu in Washington, D.C. The meeting comes after Israel's May 31 raid on a flotilla of aid ships bound for Gaza that left nine activists dead. Since then, Israel has taken steps toward lifting its land blockade of Gaza, recently pledging to allow all but a narrow list of banned goods into the territory.

 
   Clinton Visits Five Eastern European Nations

Secretary of State Hillary Clinton is on a five-nation tour of Eastern Europe and the Caucasus. She started Friday in Ukraine, which has asked the U.S. to invest in its energy sector, including in modernizing its gas transportation infrastructure.

-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357; kathy.shwiff@dowjones.com

(Dow Jones Newswires staff contributed to this article.)
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