What to Watch in the Day Ahead - Wednesday, December 4

Dollarama

03/12/2024 19:38

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Investors await comments from Federal Reserve Chair Jerome Powell who is scheduled to
participate in a moderated discussion before the New York Times DealBook Summit in New York.
(1340/1840) Also, St. Louis Fed President Alberto Musalem is set to speak on the U.S. economy
and monetary policy before the Global Interdependence Center College of Central Bankers
Symposium in New York. (0845/1345) Separately, the Fed will issue the Beige Book later in the
day.

On the U.S. economic calendar, PMI data, employment numbers and factory orders are on the radar.
ISM non-manufacturing PMI for November is projected to show a reading of 55.5, compared to a
reading of 56 for October. S&P Global services and composite final PMIs for October are also
due. Separately, the Commerce Department is expected to report monthly factory orders likely
rose 0.2% in October after falling 0.5% in September. The latest ADP National Employment Report
is likely to show private payrolls dropped to 150,000 jobs in November from 233,000 jobs in the
previous month.

On the earnings front, discount retailer Dollar Tree is expected to post a rise in third-quarter
revenue, owing to steady demand at its stores. Investors will look for comments on holiday
demand, the impact of input costs and shrink trends, comments on the sale of Family Dollar
business, as well as annual forecasts. 
Dollar store operator Dollarama is expected to report a rise in third-quarter revenue, helped by
resilient demand for its affordable grocery and essentials offerings. Investors will look out
for comments on annual forecasts, cost-saving efforts, and holiday sales.
   
Nvidia chief executive Jensen Huang is due to speak about sovereign AI strategy at an event in
Bangkok, Thailand.

UnitedHealth Group's leadership will host an investor day conference expanding on the company's
2025 outlook and strategy.

Royal Bank of Canada's fourth-quarter profit is expected to rise as Canada's biggest bank
benefits from its HSBC Canada acquisition and strong capital markets.

In Latin America, Brazil's industrial output and S&P Global services and composite PMI figures
are due for release. Industrial output for the 12 months through October is forecast to have
surged 5.9%, after rising 3.4% in the previous 12-month period. On a monthly basis, October
output rose 0.2%, after increasing 1.1% in September. 

 (Reporting by Ananya Roy in Bengaluru; Editing by Vijay Kishore)
 ((Ananya.Roy@thomsonreuters.com;))