What to Watch in the Week Ahead and on Monday, December 18

Calliditas Therapeutics AB

15/12/2023 19:47

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ON MONDAY:
Statistics Canada is expected to release Canada's new housing prices data for November.

Mexico's national statistics agency, INEGI, is set to release data for private spending on a
monthly and annual basis for the third quarter. The country's annual aggregate demand figures
are also due for release. 


REST OF THE WEEK:
A raft of economic data due next week will throw more light on the U.S. economy's strength. The
final estimate of the country's gross domestic product (GDP), to be released on Thursday, will
likely remain unrevised from the second estimate at 5.2%. A report from the Commerce Department
on Friday is expected to show that the personal consumption expenditures (PCE) price index
likely remained unchanged in November. In the 12 months through November, the PCE price index
possibly advanced 2.8%. Excluding the volatile food and energy components, the PCE price index
will likely have risen 0.2% in November. The so-called core PCE price index is expected to rise
3.4% year-on-year in November. Personal income possibly rose 0.4% in November after climbing
0.2% in October. Consumer spending is likely to increase by 0.3% in November, following a rise
of 0.2% in October. Separately, on Friday, the University of Michigan's final reading of its
Consumer Sentiment Index for December is expected to come in at 69.7, compared with a
preliminary reading of 69.4.
    
Meanwhile, on Wednesday, the Conference Board is expected to say its consumer confidence index
likely showed a reading of 104.3 in December, following November's 102.0. A separate report from
the Commerce Department on Friday is expected to report that orders for durable goods likely
grew 2.0% in November after falling 5.4% the month before. On Thursday, the Labour Department is
expected to report that initial claims for state unemployment benefits likely rose 16,000 to a
seasonally adjusted 218,000 in the week ending December 16, compared to the prior week.

U.S. housing data for November is also on investors' radar. In a report from the Commerce
Department, due Tuesday, overall building permits are scheduled to drop to 1.463 million units
in November from 1.498 million units in October. Meanwhile, housing starts number possibly
dropped to 1.360 million units in November from 1.372 million units in the month before.
Additionally, on Wednesday, existing home sales likely fell to a seasonally adjusted annual rate
of 3.77 million units in November after touching 3.79 million in October. New home sales, due
Friday, are expected to grow by 6,000 units to a seasonally adjusted annual rate of 685,000
units in November. 

On Wednesday, Micron Technology will likely report its results for the first quarter of fiscal
2024. Investors will focus on the indications of industry demand and pricing dynamics. 

FedEx is expected to post a higher second-quarter profit on Tuesday. 

Atlanta Fed's President Raphael Bostic is expected to speak on the U.S. economy, outlook for
business, and the Federal Reserve's role before a Harvard Business School Club of Atlanta alumni
luncheon in Atlanta, Georgia, on Tuesday. 

On Thursday, Nike is expected to post a marginal rise in its second-quarter revenue as demand
for its sneakers holds up, but pressures remain in its wholesale business. Investors will be
looking out for the company's outlook, comments on margins, competition and trends in China.

General Mills is expected to see a rise in its second-quarter sales on Wednesday, betting on
high prices for its products like meal kits, snacks and cereals. Investors will look for
forward-looking comments on consumer demand trends, volume impacts, North American trends, pet
segment and further price increases ahead of the holiday quarter.

On Thursday, Carnival is expected to post a rise in its fourth-quarter revenue, banking on solid
demand for cruise vacations and higher pricing. Investors will look out for comments on the
impact of fuel costs on the company's earnings in 2024.

The U.S. FDA is expected to decide on Wednesday whether or not to approve the drug Tarpeyo for
the treatment of a type of kidney disease called IgA Nephropathy. The drug is being developed by
Calliditas Therapeutics and Everest Medicine.

Friday's data is expected to show that Canada's October GDP likely grew 0.2% after 0.1% growth
in September. On Tuesday, Statistics Canada is scheduled to show the country's annual inflation
rate likely rose to 2.9% in November, compared with 3.1% in October. Month-over-month, the
consumer price index is expected to fall 0.2% in November, after rising 0.1% the month before.
Meanwhile, Canada's retail sales, due to be released on Thursday, are expected to gain 0.8% in
October after climbing 0.6% in the previous month. Separately, the budget balance data is also
set for release on Friday.

In Latin America, Mexico's inflation numbers for the first half of December are due on Thursday.
Mexico's economic activity data, as measured by the IGAE index, is expected to be released on
Friday. The country's trade balance data is also due for release on the same day. Retail sales
numbers in Mexico for October are scheduled for release on Wednesday. Meanwhile, the IBC-Br
index, a key predictor of Brazil's gross domestic product, is expected to post a 0.10% rise in
October after declining 0.06% the month before. Separately, Argentina's economic activity, due
on Thursday, is expected to decrease by 0.8% in October, following a dip of 0.7% in September.
The country's unemployment data is also scheduled for release on the same day. Argentina's trade
deficit is expected to be at $55 million in November, compared with $454 million the month
before. Lastly, on Tuesday, Chile's central bank will likely cut its benchmark interest rate by
50 basis points to settle at 8.50%. 

    

 (Compiled by Sandhra Sam in Bengaluru; Editing by Tasim Zahid)
 ((SandhraMariam.Sam@thomsonreuters.com;))