What to Watch in the Week Ahead and on Monday, November 20

Aldeyra Therapeutics

17/11/2023 19:30

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ON MONDAY

FTX founder Sam Bankman-Fried's lawyers face a Nov. 20 deadline to file any post-trial motions
after he was convicted on fraud charges on Nov. 2.

Chile's GDP data for the third quarter is due on Monday. The economy shrank 0.3% in the second
quarter. 


REST OF THE WEEK

Nvidia, the world's most valuable chipmaker, will report third-quarter earnings on Tuesday that
could set the tone for technology stocks for the remainder of the year. The company is expected
to deliver another strong earnings forecast, thanks to booming demand for its chips that power
nearly all generative AI applications. Focus will be on its commentary about China after the
U.S. widened curbs on exports of the company's high-end processors to the market.  
    
Federal Open Market Committee on Tuesday is scheduled to issue minutes from its meeting of Oct.
31-Nov. 1.

On the U.S. economic radar, S&P Global on Friday is expected to report its flash manufacturing
Purchasing Managers Index (PMI) likely came in at 49.8 in November, while flash services PMI
likely read 50.3 this month. Meanwhile, the Commerce Department on Wednesday is expected to
report orders for durable goods probably dropped 3.2% in October after rising 4.6% in September.
Separately on Wednesday, the Labor Department is expected to report initial claims for state
unemployment benefits likely fell 5,000 to a seasonally adjusted 226,000 for the week ended Nov.
18. In another report on Wednesday, the University of Michigan's preliminary reading of its
Consumer Sentiment Index likely rose to 60.6 in November from a reading of 60.4 in October. On
Tuesday, the National Association of Realtors is expected to report that existing home sales
likely fell to 3.90 million units in October from 3.96 million units in the month before.
    
U.S. retailers are gearing up for Black Friday - one of the busiest shopping days of the year
that follows the Thanksgiving holiday. More than 1,000 workers at an Amazon warehouse in Britain
are set to strike on the typically busy shopping day.

Analog Devices is expected to report fourth-quarter results on Tuesday. Focus will be on any
signs of a chip supply glut easing, along with demand indicators from the automotive industry.

Design software maker Autodesk is expected to report a rise in third-quarter revenue on Tuesday,
aided by strong demand for its products in the construction sector.
    
Best Buy is expected to log a decline in third-quarter sales on Tuesday, as inflation-hit
customers hold out for better deals on TVs, laptops and other electronic products during the
current holiday season. Investors will look out for comments around holiday demand and
promotional strategy and demand going into 2024.
    
Abercrombie & Fitch is expected to post a rise in third-quarter revenue on Tuesday, as consumers
lap up new styles at its namesake and Hollister brands. Investors will look for comments on
demand in the holiday quarter, as well as inventory control at the apparel retailer.
    
American Eagle Outfitters is expected to post a rise in third-quarter revenue on Tuesday on the
back of steady demand for its apparel and accessories going into the crucial holiday season.
Investors will lookout for the company’s comments on demand trends, commentary around the
holiday season and any forecast.
    
Kohl's is expected to post a drop in third-quarter revenue on Tuesday, hurt by a weaker consumer
spending environment amid persistent inflation. Investors will eye for comments on demand trends
going into the holiday season, inventory status, margin recovery and any update on the company's
forecast.

The U.S. Food and Drug Administration is set to decide on Aldeyra Therapeutics' experimental
drug to treat dry eye disease by Thursday.

Bank of Canada Governor Tiff Macklem will deliver a speech at the Saint John Region Chamber of
commerce in New Brunswick on Wednesday. (1145/1645)

Canada's inflation data, due on Tuesday, is expected to show that the consumer price index
likely rose 0.1% in October, following a 0.1% drop in September. Annual inflation likely rose
3.2% in October. Meanwhile, on Friday, Statistics Canada is expected to report that retail sales
were flat in September after falling by 0.1% the month before.

Brookfield's $10.5 billion bid for Origin Energy will face its final hurdle on Thursday when
shareholders vote on a deal that the company's largest shareholder opposes.

On the Latam economic tap, Mexico's national statistics agency INEGI is expected to release the
country's GDP data for the third quarter on Friday. Separately, Mexico's inflation data for the
first half of November is due on Thursday, while retail sales data for September is scheduled
for release on Wednesday. Argentina's retail sales numbers and economic activity data for
September are expected on Thursday and Wednesday, respectively. 

 (Compiled by Nidhi C Sai in Bengaluru; Editing by Tasim Zahid)
 ((Nidhi.CSai@thomsonreuters.com;))