What to Watch in the Day Ahead - Tuesday, May 14

Canoo

13/05/2024 19:31

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Investors will keep a keen eye on the U.S. Labor Department's Bureau of Labor Statistics report,
which is expected to show that the producer price index (PPI) for final demand rose 0.3% in
April after gaining 0.2% in March. In the 12 months through April, the PPI is expected to
increase by 2.2% after adding 2.1% in the month before. Excluding the volatile food and energy
components, PPI likely edged up 0.2% in April after having advanced by the same amount the month
before. Annually, the core PPI is expected to rise 2.4% in April after gaining 2.4% in March.

Federal Reserve Chair Jerome Powell is scheduled to participate in a moderated discussion with
De Nederlandsche Bank President Klaas Knot at the annual general meeting of the Foreign Bankers’
Association.(1000/1400) Separately, Federal Reserve Governor Lisa Cook is likely to speak on
growth and change at community development financial institutions at "Expanding Access to
Capital for CDFIs," hosted by the Federal Reserve Bank of New York. (0910 /1310)

    Home Depot is expected to log a decline in first-quarter revenue as U.S. customers reduce
spending on big-ticket purchases and home renovation projects due to high inflation. Investors
will monitor comments on the demand recovery and any change in the fiscal 2024 outlook.

Chinese e-commerce giant Alibaba will likely report fourth quarter and full fiscal year 2024
results.

    Alphabet CEO Sundar Pichai is scheduled to give a keynote at Google's annual developer
conference in Mountain View, California, and is likely to announce a greater integration of AI
into Google's products and online services.

U.S. President Joe Biden is expected to announce new tariffs on Chinese strategic industries,
including electric vehicles.

Electric vehicle maker Canoo is expected to report first-quarter results. Analysts and investors
will look for commentary about the company's strategy as EV sales are slowing and consumers
grapple with high interest rates in an uncertain economy.

A report from Statistics Canada is likely to show that the country’s wholesale trade declined
1.3% in March after remaining flat the previous month.

In Latin America, Brazil's statistics agency IBGE is scheduled to publish the country's service
sector growth data for March, which is likely to show a growth of 0.2%, compared to a 0.9%
decrease in February. On an annual basis, service sector growth is expected to have declined
2.5% after gaining  2.5% in February. Separately, Argentina's statistics agency, INDEC, is
expected to show that monthly inflation likely stood at 9% in April, after rising 11% the month
prior. Meanwhile, annual inflation is forecast to rise 289.2% in the same month after gaining
287.9% in March.

 (Compiled by Anjana Jayakrishnan Nair in Bengaluru; Editing by Ravi Prakash Kumar)
 ((AnjanaJayakrishnan.Nair@thomsonreuters.com;))