What to Watch in the Day Ahead - Wednesday, November 15

CorMedix

14/11/2023 19:30

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After a soft consumer price index data, investors will shift their focus to producer price
figures. The Labor Department is expected to report producer price index (PPI) for final demand
likely rose 0.1% in October after gaining 0.5% in the month before. In the 12 months through
October, the PPI likely increased 1.9%. The narrower measure of PPI, which strips out food and
energy components, gained 0.3% in October after rising by the same margin in September. The
so-called core PPI likely increased 2.7% year-on-year in October. Another report by the Commerce
Department is expected to show retail sales likely fell 0.3% in October, following a 0.7% gain
in the month before. The Commerce Department is also scheduled to report business inventories
likely rose 0.4% in September, matching the increase in August.

Target is expected to post a fall in third-quarter sales, reflecting weakness in demand stemming
from strained consumer spending due to still-high borrowing costs and food prices. Investors
will look for comments and forecasts for the all-important holiday season along with anything
related to promotions offered by the company, inventory level as well as on customers also
cutting back on groceries and essentials.

Federal Reserve Vice Chair for Supervision Michael Barr is scheduled to testify before the U.S.
House Financial Services Committee hearing, "Oversight of Prudential Regulators," in Washington.
(0930/1430) Federal Reserve Bank of Richmond President Thomas Barkin is expected to speak on
"The Housing Challenge" before the Virginia Governor's Housing Conference in Hampton, Virginia.
(1530/2030)

U.S. President Joe Biden is scheduled to meet Chinese President Xi Jinping in the San Francisco
Bay for their first talks in a year. Biden will hold a press conference after he meets with Xi
Jinping.
    
Networking equipment maker Cisco Systems is expected to post a rise in first-quarter revenue
when it reports results, driven by easing supply chain hurdles, which are helping in backlog
fulfillment for its networking products.
    
TJX Cos is expected to post a rise in third-quarter revenue, helped by strong demand from
inflation-hit customers looking for promotional deals and bargains. Investors will look for
comments on demand trends, commentary around the holiday season and any outlook the company
provides.

Catalent is set to release its first-quarter results before markets open in its first report
after settling with activist investor Elliott Investment Management. The company, which helps
manufacture Novo Nordisk's popular weight-loss drug Wegovy, has been facing manufacturing snags,
and the focus will be on updates on its annual outlook and quarterly revenue and profit.

The U.S. FDA is expected to provide briefing notes before an advisory committee meeting where a
panel will vote for or against recommending the approval of Merck's cough drug. 

Statistics Canada is expected to report that Canadian factory sales likely fell 0.1% in
September, mainly due to decreases in the primary metal, chemical and transportation equipment
subsectors. Wholesale trade was most likely unchanged in September after rising 2.3% the month
before.

Canadian grocery and pharmacy retailer Loblaw Cos is expected to post a rise in third-quarter
revenue as consumers seek lower-cost alternatives for necessities and cut down on spending on
higher-margin discretionary items. Investors will watch for remarks on the holiday season,
private label brands and promotional initiatives for the coming year.

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