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

Iron Mountain

21/02/2024 19:30

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On the U.S. economic tap are S&P Global flash PMIs for February, weekly jobless claims and home
sales data. The S&P Global flash manufacturing PMI is expected to show a reading of 50.5,
slightly down from the 50.7 reported in January, while the flash services PMI reading will
likely come in at 52.0 for February, compared to 52.5 in the previous month. The flash composite
PMI will also be released. In a report by the Labor Department, initial claims for state
unemployment benefits is expected to show a rise to 218,000 for the week ended Feb. 17, from
212,000 in the prior week. The number of people receiving benefits after an initial week of aid
will hit 1.885 million for the week ended Feb. 10, down from 1.895 million recorded in the
previous week. Also, the National Association of Realtors will report existing home sales rose
to a seasonally adjusted annual rate of 3.97 million units in January from 3.78 million units in
December.   
    
Moderna is expected to report its fourth-quarter earnings. Investors are likely to be focused on
the drugmaker's revenue forecast for its COVID-19 vaccine this year and commentary on the
potential approval of the RSV vaccine.
    
A host of Federal Reserve policymakers are scheduled to take part in different events. Federal
Reserve Bank of Minneapolis President Neel Kashkari will participate in a panel discussion on
economic trends and outlook for 2024 and the growth of Minnesota's economy hosted by Northside
Economic Opportunity Network (NEON) Community Conversations. (1700/2200) Federal Reserve Board
Governor Christopher Waller is due to speak on the economic outlook before the Notre Dame Club
of Minnesota and University of St. Thomas Finding Forward Speaker Series (1935/0035). Also,
Federal Reserve Board Governor Lisa Cook is scheduled to speak on "Sources of Uncertainty in the
Short Run and the Long Run" before the Annual Conference of the Julis-Rabinowitz Center for
Public Policy & Finance (JRCPPF) – "Empirical Macrofinance in the Long Run: New Insights on the
Global Economy." (1700/2200) Federal Reserve Vice Chair Philip Jefferson is set to speak on the
U.S. economic outlook and monetary policy before a Peterson Institute for International
Economics webcast. (1000 /1500) Federal Reserve Bank of Philadelphia President Patrick Harker is
scheduled to speak on the economic outlook before an event hosted by the University of Delaware
Center for Economic Education. (1515/2015)
    
Accounting software maker Intuit is expected to post higher second-quarter revenue, driven by
robust demand for its artificial intelligence-infused products, assisting small businesses in
managing their financial needs.
    
Grab is expected to report a rise in fourth-quarter revenue, but the growth rate may be narrower
than the last few quarters. The Southeast Asian internet firm's bottomline will be in focus and
it could post operating profit for the second quarter in a row, driven by a host of
cost-reduction measures implemented last year.
    
Beverage maker Keurig Dr Pepper is expected to post a rise in fourth-quarter net sales, helped
by steady demand for its sodas and drinks. Investors will look for comments on pricing actions,
demand, comment on coffee business and annual forecast.
      
Iron Mountain is expected to report a rise in revenue in the fourth quarter, helped by a
recovery in tech spending.
    
Insulet is set to report its fourth-quarter results after markets close. The focus will be on
the insulin pump maker's comments on the full-year sales forecast. 
    
Live Nation Entertainment is expected to report a rise in fourth-quarter revenue as it benefits
from strong concert demand amid upbeat consumer spending.

Teleflex is set to report fourth-quarter results after markets close. Investors will look out
for the medtech company's quarterly performance given a pick-up in volumes of surgical
procedures at hospitals and its 2024 forecast print.
    
Arcadium, the lithium producer formed in early 2024 by the merger of Livent and Allkem, is set
to post its fourth-quarter results amid a weak pricing environment for the battery metal.
    
Statistics Canada will post retail sales data for December which likely increased 0.8%, after a
0.2% drop in the previous month.
    
In the Latam region, Mexico's central bank is scheduled to release minutes from their most
recent monetary policy meeting. Also, Mexico's national statistics agency INEGI will report that
final gross domestic product (GDP) for the fourth quarter likely grew 2.4% on an annual basis,
following a similar growth recorded in the previous quarter. Month-on-month, the country's
economy grew 0.1% in the fourth quarter, same as in the third quarter. The IGAE economic
activity will likely show a contraction of 0.2% in December, compared to a drop of 0.5% in the
previous month. Annually, the country's economy likely grew 0.7% in December. Furthermore,
statistics agency INEGI will report Mexican headline inflation likely rose 0.15% in the first
half of February, compared to 0.49% rise in the previous month. The core inflation for the first
half of February likely rose 0.28%, after a 0.25% growth reported in January. Separately,
Argentina's official statistics agency is set to report a contraction of 2.3% in the country's
annual economic activity for December, after a 0.9% contraction posted in November.

 (Reporting by Ananya Roy in Bengaluru; Editing by Shailesh Kuber)
 ((Ananya.Roy@thomsonreuters.com;))