What to Watch in the Week Ahead and on Monday, May 24

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21/05/2021 19:30

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ON MONDAY

Federal Reserve Board Governor Lael Brainard speaks on "Digital Currencies" before virtual
Consensus by CoinDesk Conference. (0900/1300) Federal Reserve Bank of Cleveland President
Loretta Mester gives opening remarks before virtual "Cleveland Fed Conversations on Central
Banking: Diversity and Central Bank Communication" event. (1100/1500) Federal Reserve Bank of
Atlanta President Raphael Bostic speaks on "Public Policy Responses to COVID Pandemic" before
virtual Homer Hoyt Institute's Weimer School of Advanced Studies in Real Estate and Land
Economics session. (1200/1600) Federal Reserve Bank of Kansas City President Esther George
speaks at Kansas City Fed's virtual Agricultural Symposium. (1730/2130)

PROMOTION
LIVECHAT - REUTERS GLOBAL MARKETS FORUM
Reuters FX Buzz Analyst Jeremy Boulton takes questions on G7 currencies and select EM FX pairs.
(0700/1100) To participate, click here https://www.refinitiv.com/en/products/refinitiv-messenger/editorial-communities-financial-forums


REST OF THE WEEK

A slew of economic data including GDP, jobless claims and durable goods are scheduled for
release next week. On Thursday, the U.S. government is scheduled to release the second estimate
of first-quarter gross domestic product and it is expected to have risen 6.5%. On the same day,
a report from the U.S. Census Bureau is expected to show orders for durable goods rose 0.7% in
April, after rising 0.8% in March. Initial jobless claims data for the week ended May 22 is also
due for release on Thursday. Consumer spending data is due on Friday and it is forecast to have
grown at a decreased rate of 0.6% in April, after surging 0.4% in March. Personal income for the
same duration is expected to tumble 14.8%, after rising 21.1% in March. Consumer sentiment data
is due on Tuesday and the index is expected to edge down to 119.0 in May, after jumping to a
14-month high of 121.7 in April. Data from the Commerce Department on Tuesday is expected show
new home sales edged down to a seasonally adjusted annual rate of 0.975 million units in April,
compared with 1.021 million units in March. University of Michigan is scheduled to release data
for consumer sentiment on Friday.

On Thursday, U.S. President Joe Biden is expected to unveil the first detailed budget proposal
of his term in office, offering a window into his priorities from defense spending to deficit
reduction. 

On Wednesday, Nvidia Corp is expected to show a rise in first-quarter revenue as demand for its
graphic chips used in gaming devices and data centers soared during the pandemic.

On Thursday, Dollar General Corp is expected to post a drop in first-quarter profit on lower
demand for essentials due to easing coronavirus-related curbs, compared with a year earlier when
Americans stockpiled goods during the lockdowns. On the same day, Dollar Tree Inc is expected to
post an increase in first-quarter profit as Americans used their stimulus checks to spend more
at discount stores. Investors will look out for comments from both the retailers on current
levels of demand.

On Thursday, Costco Wholesale Corp is set to post higher third-quarter revenue as customers,
armed with fresh stimulus checks, spent more at the wholesale retailer's stores, while the
rollout of vaccines and easing of COVID-19 curbs also boosted consumer confidence.

Dell Technologies Inc is expected to post higher first-quarter revenue on Thursday, as the
remote working environment continues to fuel demand for its PCs and notebooks.

Amazon.com Inc on Wednesday plans to announce how shareholders voted on proposals for a racial
equity audit and a report on whether its products contributed to human rights violations, as
part of the online retailer's annual meeting.

On Wednesday, apparel chain Abercrombie & Fitch Co is expected to post an increase in
first-quarter net sales as Americans return to brick-and-mortar stores following speedy COVID-19
vaccinations and easing restrictions. Investors will look out for comments on current levels of
demand.

American Eagle Outfitters Inc's first-quarter sales are expected to nearly double, when it
reports results on Wednesday, boosted by strong demand for its jeans and leggings. Investors
will be on the lookout for commentary on whether the momentum can continue in the months ahead.

On Thursday, Salesforce.com Inc is expected to show a rise in first-quarter revenue driven by
sustained demand for its cloud-based software during the COVID-19 pandemic.

Chinese e-commerce platform Pinduoduo Inc is expected to post a rise in first-quarter revenue on
Wednesday, as demand for online shopping remained robust following the pandemic.

On Tuesday, Federal Reserve Vice Chair for Supervision Randal Quarles testifies on "Supervision
and Regulation" before virtual Senate Banking Committee hearing. On Wednesday, Quarles speaks on
"Insurance Regulation" before virtual National Association of Insurance Commissioners (NAIC)
International Insurance Forum. On the same day, he also speaks on the economic outlook before
virtual Hutchins Center on Fiscal and Monetary Policy Event: "A Conversation with the Fed's
Randal Quarles."

U.S. Treasury Secretary Janet Yellen chairs a meeting of Financial Literacy and Education
Commission on Wednesday, focusing on role of financial education in reducing economic inequity.

On Wednesday, U.S. Senate Banking, Housing and Urban Affairs Committee conducts hearing with
chief executives of major Wall Street banks as Democratic lawmakers step up scrutiny of the role
industry has played in helping Americans recover from COVID-19 pandemic.

On Wednesday, a proxy battle between Exxon Mobil Corp and activist shareholders seeking to
improve performance and accelerate its renewable fuels efforts will be decided at its annual
general meeting. Investors also vote on splitting the chairman and CEO's roles, on how a move to
net zero carbon emissions would impact its business, and whether its climate lobbying meets its
commitment to the greenhouse gas reducing Paris Accord.

On Friday, an initial conference is scheduled in the U.S. Securities and Exchange Commission's
lawsuit accusing AT&T Inc and three executives of selectively disclosing material nonpublic
information in 2016 about disappointing smartphone sales to research analysts who then lowered
their revenue forecasts, enabling the telecommunications company to beat Wall Street estimates.
The SEC accused AT&T of violating regulation, which requires that it disclose market-moving
information to everyone at once. The conference is before U.S. District Judge Paul Engelmayer in
Manhattan.

On Wednesday, a Massachusetts judge will hear arguments in a lawsuit by Robinhood Markets Inc
seeking to block state regulators from enforcing a new rule underlying their charges that the
online brokerage encourages inexperienced investors to place risky trades without limits.
Massachusetts Secretary of State Bill Galvin, the state's top securities regulator, is seeking
to revoke Robinhood's broker-dealer license.

On Tuesday, executives from Delta Air Lines Inc and American Airlines Group Inc are expected to
be present at the 2021 Wolfe Research Global Transportation & Industrials Conference.

On Wednesday, Bank of Montreal is scheduled to report its second-quarter results. Canadian
Imperial Bank of Commerce, Toronto-Dominion Bank and Royal Bank of Canada are scheduled to
report their second-quarter results on Thursday. National Bank of Canada reports its
second-quarter results on Friday.

Canada's budget balance data for March is due for release on Friday. The country posted a
deficit of C$14.37 billion in February. 

On Wednesday, Deputy Bank of Canada Governor Timothy Lane is scheduled to take part in a panel
discussion on "The Future of Digital Currencies in Canada".

On Thursday, Mexico central bank will publish minutes from its last monetary policy decision.
Investors will be on the lookout for comments on the future trajectory of interest rates and
risks to inflation and economic growth. Mexico's first-quarter GDP numbers are due for release
on Wednesday. The country's trade balance data will be released on Tuesday. Brazil's statistics
agency IBGE will release consumer price data for the month to mid-May on Tuesday. Brazilian
consumer inflation rose 6.17% in the month to mid-April.

 (Compiled Yoganand KN in Bengaluru; Editing by Shailesh Kuber)
 ((Yoganand.KN@thomsonreuters.com))