What to Watch in the Day Ahead - Thursday, February 29
28/02/2024 19:30
(The Day Ahead is an email and PDF publication that includes the day's major stories and
events, analyses and other features. To receive The Day Ahead, Eikon users can register at
DAY/US . Thomson One users can register at RT/DAY/US. All times in ET/GMT)
On the U.S. economic front, a report from the Bureau of Economic Analysis is expected to show
personal consumption expenditures (PCE) price index increased by 0.3% in January, after rising
0.2% in December. On an annual basis, the PCE price index advanced 2.4% in January. Excluding
the volatile food and energy components, the PCE price index likely climbed 0.4% last month,
compared to a 0.2% rise in the month before. In the 12 months through January, the core PCE
price index gained 2.8% in January after a 2.9% rise in December. Personal income likely grew
0.4% in January, following a 0.3% gain in the previous month. Separately, the Labour Department
will post its weekly jobless claims numbers. Initial jobless claims likely increased by 9,000 to
210,000 for the week ended 24 February. Meanwhile, the National Association of Realtors will
release pending home sales data.
Federal Reserve Bank of Atlanta President Raphael Bostic will speak on the economic outlook,
monetary policy and the state of the banking industry before the 2024 Banking Outlook Conference
hosted by the Federal Reserve Bank of Atlanta. (1550/1050) Meanwhile, Federal Reserve Bank of
Cleveland President Loretta Mester is scheduled to speak on "Financial Stability/Regulation"
before the Columbia University/Bank Policy Institute 2024 Bank Regulation Research Conference in
New York. (1815/1315) Additionally, Federal Reserve Bank of Chicago President Austan Goolsbee
will participate virtually in "Monetary Policy at an Unusual Time" hosted by the Princeton
University Bendheim Center for Finance. (1600/1100)
Dell Technologies is expected to post lower fourth-quarter revenue, hit by a sluggish recovery
in the personal computers markets. Investors will look for commentary on signs of recovery in
the sector and Dell's artificial intelligence-related orders.
Birkenstock is likely to post revenue growth for the first quarter on the back of strong demand
for its higher-priced shoes and sandals at a time when the footwear industry, in general, is
facing a slowdown. Investors will look out for comments on investments by the company in
direct-to-consumer channels, expanding in newer regions and any new product innovations.
Electric vehicle maker Fisker is expected to report a rise in fourth-quarter revenue due to a
jump in deliveries.
Skippy peanut butter maker Hormel Foods is likely to post a decline in first-quarter net sales,
hurt by high-priced meat products and ready-to-eat meals. Investors will look for comments on
pricing actions, demand, and annual forecasts.
Pfizer will host an "Oncology Innovation Day" to showcase its pipeline of cancer drugs, where
the drugmaker is targeting much of its growth as it looks to refocus away from its COVID-19
business. Newly appointed Chief Oncology Officer Chris Boshoff will speak at the event.
Design software maker Autodesk is expected to report higher fourth-quarter revenue, helped by
resilient demand for its products, even as economic uncertainty looms.
Best Buy is expected to log a decline in fourth-quarter sales as the U.S. electronics retailer
struggles with uncertain demand for TVs, laptops and other electronic products during the
holiday period. Investors will look for comments on promotion strategy, consumer health, and
demand going into 2024.
Hewlett Packard Enterprise is expected to report a fall in revenue in the first quarter on weak
client spending.
Zscaler is expected to report a rise in revenue in the second quarter on strong cybersecurity
spending.
NetApp is expected to report revenue growth in the third quarter on steady demand for cloud
service.
Statistics Canada is expected to show the Canadian economy grew 0.8% in the fourth quarter on an
annualized basis, following a 1.1% contraction in the previous quarter. On a monthly basis, GDP
likely rose 0.2% in December, after a similar growth in the prior month. Additionally, CBIF's
Business Barometer reading is also on tap. Separately, Canada's main oil-producing province of
Alberta is due to release the annual budget.
Canada's fifth largest bank, CIBC, is expected to show a fall in first-quarter profit. Investors
will watch for the impact of U.S. commercial real estate risks on its loan book and
management's comments on the performance of its mortgage portfolio. Separately, Canada's TD Bank
will likely report a fall in first-quarter adjusted profit, as the lender might set aside more
funds to cover potential sour loans.
On the Latin American front, Chile's manufacturing output data for January is scheduled to be
released.
(Compiled by Ankita Yadav; Editing by Tasim Zahid)
((Ankita.Yadav@thomsonreuters.com;))