What to Watch in the Day Ahead - Friday, July 28

PDC Energy

27/07/2023 19:31

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On the U.S. economic calendar, the Commerce Department is expected to release personal
consumption expenditures (PCE) price index figures for June. Excluding the volatile food and
energy components, the PCE price index likely increased by 0.2% in June, after rising 0.3% in
the month before. In the 12 months through June, the so-called core PCE price index likely rose
4.2%. Consumer spending, which accounts for more than two-thirds of U.S. economic activity,
likely shot up 0.4% in June, following a 0.1% gain in May. Separately, the University of
Michigan's final July reading of consumer sentiment is expected to remain unchanged at 72.6.

Exxon Mobil Corp is expected to post earnings of about $2.04 per share, less than half the
year-ago net, according to analysts' consensus estimate, on lower natural gas and refining
margins. Year-ago results were bolstered by sky-high oil and gas prices on market turmoil from
Russia's invasion of Ukraine. 

Chevron Corp, the second-largest U.S. oil producer, is expected to report June-quarter profit
fell by nearly half from a year ago, on weaker oil and gas prices and declining oil refining
margins. Results are the first since it disclosed a deal to acquire shale producer PDC Energy.

The U.S. Financial Stability Oversight Council meets to discuss recent events, including updates
on its efforts to assess financial risk from climate change and the transition from Libor. U.S.
Treasury Secretary Janet Yellen is expected to preside over meeting of Financial Stability
Oversight Council at Treasury Department.

Procter & Gamble Co is expected to post a rise in fourth-quarter revenue, boosted by higher
prices and resilient demand for its products like Tide detergent as well as Pantene shampoo.
Investors will look for the company's comments on strong dollar, further price increases, easing
cost pressures, recovery in China and a hit to demand due to higher prices.
    
Colgate-Palmolive Co is expected to post a rise in second-quarter revenue helped by consistent
price hikes and steady demand for its essential products. Investors will look out for comments
on further price increases, higher costs, pet food business and an impact to volumes due to
price hikes.

Health insurer Centene Corp is set to report second-quarter results. Investors will lookout for
commentary on rising medical costs flagged by larger peers like UnitedHealth Group.

Church & Dwight Co Inc is expected to post a rise in second-quarter revenue, benefiting from
higher prices as well as steady demand for its products including liquid detergents and
mouthwash. Investors will be on the lookout for comments regarding the company's forecast,
margin recovery, any shift in consumer spending and impact from still-high inflation.

Statistics Canada is expected to report the country's economy likely expanded 0.3% in May, after
remaining flat in the previous month.

Brazil's statistics agency IBGE is expected to show the jobless rate likely fell to 8.2% in
June, after dropping to 8.3% in the previous month. Chile's central bank is expected to cut its
benchmark interest rate by 50 basis points to 10.75% in July, after holding it steady at 11.25%
in the previous month.

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 (Compiled by by Shreya Sabharwal in Bengaluru; Editing by Shweta Agarwal)
 ((Shreya.Sabharwal@thomsonreuters.com;))