What to Watch in the Day Ahead - Wednesday, December 6
05/12/2023 19:34
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Market participants will be on the watch for the release of the U.S. ADP National report ahead
of Friday's U.S. non-farm payrolls data. Private payrolls are expected to have risen by 130,000
in November, compared with a 113,000 rise in October. A separate report from the U.S. Commerce
Department is expected to show the country's trade deficit likely widened to $64.2 billion in
October from a deficit of $61.5 billion in the month before.
The chief executives for the nation's eight largest banks will testify before the U.S. Senate
Banking Committee, where they will face questions about their business and hiring practices,
support for the U.S. economy, and other matters.
Campbell Soup is expected to post a dip in its first-quarter sales as benefits stemming from
higher prices of its soups and sauces start to fade while demand also slows. Investors will look
for the company's annual forecast, comments on pricing, demand trends and expectations for a
return to volume growth.
U.S. oil producer Exxon Mobil is likely to release the 2024 oil and gas production outlook and
spending plan, including its recent deals for Pioneer Natural and Denbury.
From the Canadian economic schedule, the Bank of Canada's rate decision will be a key event for
market speculators. The Canadian central bank will likely hold its key overnight interest rate
at 5%. Separately, Ivey PMI, which measures Canada's economic activity, is due for release.
Meanwhile, the country's trade surplus will likely have contracted to C$1.60 billion in October
after posting a surplus of C$2.04 billion in the previous month.
Brown-Forman is expected to post a rise in its second-quarter revenue on resilient demand for
higher-priced spirits such as Jack Daniel's, Woodford Reserve and Old Forester. Investors will
look for comments on costs for the company, including raw materials like agave, grains and wood,
and other cost inputs like labor.
Brazil's inflation, as measured by the IGP-DI price index, is expected to have risen 0.58% in
November from 0.51% in the month before. Meanwhile, Brazil's public sector is expected to record
a primary budget surplus of 17.6 billion reais in October, while the nominal budget balance of
the public sector for the same month is likely to show a deficit of 41.75 billion reais.
Separately, Mexico's consumer confidence data for November is due for release.
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(Compiled by Sandhra Sam in Bengaluru; Editing by Tasim Zahid)
((SandhraMariam.Sam@thomsonreuters.com;))