What to Watch in the Day Ahead - Thursday, June 22

Intercept Pharmaceuticals

21/06/2023 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)
    
Federal Reserve Chair Jerome Powell is scheduled to testify at U.S. Senate Banking Committee.
(1000/1400) Federal Reserve Board Governor Michelle Bowman is expected to give opening remarks
before the "Policy Summit 2023: Communities Thriving in a Changing Economy" conference hosted by
the Federal Reserve Bank of Cleveland, in Cleveland, Ohio. (0955/1355) Federal Reserve Bank of
Cleveland President Loretta Mester is likely to speak on the economic and policy outlook at the
same conference in Ohio. (1000/1400) Separately, Federal Reserve Bank of Richmond President
Thomas Barkin is scheduled to speak on economy before the Risk Management Association RVA
Chapter, in Richmond, Virginia. (1630/2030) Federal Reserve Board Governor Christopher Waller is
set to give opening remarks before the Central Bank of Ireland and International Journal of
Central Banking Research Conference, in Dublin, Ireland. (0400/0800)

On the U.S. economic calendar, the Labor Department is expected to report initial claims for
state unemployment benefits likely decreased 2,000 to a seasonally adjusted 260,000 for the week
ended June 17. The number of people receiving benefits after an initial week of aid, a proxy for
hiring, likely rose to 1.782 million during the week ended June 10 from 1.775 million in the
previous week. The National Association of Realtors is expected to show existing home sales
likely fell to 4.25 million units in May from 4.28 million in April. The Commerce Department is
anticipated to post current account deficit likely expanded to $217.5 billion in the first
quarter from a deficit of $206.8 billion in the fourth quarter of 2022.
    
Accenture Plc is expected to report a rise in third-quarter revenue as businesses turned to the
IT services company to help boost AI adoption.

U.S. Treasury Secretary Janet Yellen is set to brief journalists in Paris before the start of
summit in the French capital on a new financial pact between rich and poor countries on debt and
climate financing.

Federal Deposit Insurance Corporation Chairman Martin Gruenberg is scheduled to deliver remarks
on strengthening bank capital requirements after several high-profile bank failures.
    
The chief executives of top tech companies, including OpenAI and Amazon Web Services, are
expected to speak at the Bloomberg Technology Summit in San Francisco.

Netflix Inc's co-Chief Executive Officer Ted Sarandos is scheduled to hold a news conference in
Seoul as he visits South Korea to meet Prime Minister Han Duck-soo and other key officials.
Sarandos' trip to South Korea comes after announcing a $2.5 billion investment during South
Korean President Yoon Suk Yeol's state visit to the U.S. in April.

After delaying the target action date from May 29, the U.S. Food and Drug Administration (FDA)
is expected to give its decision for Sarepta Therapeutics Inc's gene therapy for Duchenne
muscular dystrophy. The therapy has an 8-6 backing from the advisory panel. Separately, the FDA
is also set to decide on the use of Intercept Pharmaceuticals Inc's oral tablets for the
treatment of a type of fatty liver disease known as non-alcoholic steatohepatitis (NASH).
    
Dallas Fed is set to release the first-quarterly survey of regional oil and gas executives since
oil producing group OPEC+ agreed to continue production cuts through 2024. Earlier surveys had
disclosed a dim outlook for oil production growth in Texas, New Mexico and Louisiana.

Darden Restaurants Inc is expected to post a rise in fourth-quarter revenue, helped by steady
consumer demand for its brands such as Olive Garden and LongHorn Steakhouse despite increased
menu prices. Investors will be looking for impact of commodity and labor costs on margins as
well as indications of further rise in prices and a possible shift in consumer dining patterns.

Bank of Mexico will hold its monetary policy meeting and is widely expected to keep its
benchmark interest rate on hold at its current 11.25% as it waits for more evidence that
inflation is headed toward its 3% target. Separately, Mexico's national statistics agency INEGI
is expected to report headline inflation likely rose 0.15% in the first half of June, after
falling 0.32% in the previous month. On a yearly basis, inflation likely gained 5.30%. Core
inflation likely rose 0.22% in the first half of June, following a gain of 0.18% in the previous
month. 

Argentina's statistics agency is expected to report the country's economy likely grew 1.50% in
the first quarter, after expanding by 1.90% in the previous quarter. The country's unemployment
rate data for the first quarter is also due.
    
    

 (Compiled by Samarendra Sahoo in Bengaluru; Edited by Shilpi Majumdar)
 ((samarendra.sahoo@thomsonreuters.com;))