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WFC - Wells Fargo & Co News Story

$45.64 -0.1  -0.2%

Last Trade - 12/05/21

Sector
Financials
Size
Large Cap
Market Cap £133.64bn
Enterprise Value £300.67bn
Revenue £51.40bn
Position in Universe 54th / 6853

What to Watch in the Week Ahead and on Monday, April 12

Fri 9th April, 2021 7:31pm
(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 MONDAY

U.S. President Joe Biden plans to meet with a bipartisan group of U.S. House and Senate
lawmakers, on his proposed $2.3 trillion infrastructure and jobs plan.

Goldman Sachs Group Inc President and Chief Operating Officer John Waldron is likely to speak in
the Economic Club of New York online forum.

Economic and Social Council, Annual Economic and Social Council forum on financing for
development follow-up including the special high-level meetings of the Council with the World
Bank, IMF, WTO and UNCTAD are scheduled.

Federal Reserve Bank of Boston President Eric Rosengren is expected to speak on the economic
outlook before a virtual event hosted by the Newton-Needham Regional Chamber. (1300/1700) 

The world's largest copper producers gather virtually for their annual meeting as demand for the
red metal is on the rise from a recovering global economy and the electrification trend.
    
PROMOTION
LIVECHAT – REUTERS GLOBAL MARKETS FORUM
Mike Dolan, Reuters Editor at Large, Finance and Markets, discusses themes in play for the
upcoming week. (1000/1400) To join the conversation click here https://refini.tv/2P8N0Wp

    
REST OF THE WEEK

The largest U.S. bank by assets JPMorgan Chase & Co is expected to report first-quarter
earnings, on Wednesday, and provide commentary on retail consumer behavior and corporate lending
activity, as the economy continues to struggle from the impacts of the coronavirus pandemic. On
the same day, Goldman Sachs Group Inc is expected to report first-quarter results and provide
insight on if the bank's trading division can continue its streak of record-setting revenues.
The bank is also expected to provide an update on its progress on ambitious growth targets it
set last year. Wells Fargo & Co, the fourth-largest U.S. bank by assets, is also scheduled to
report first-quarter earnings on Wednesday.

Bank of America Corp, the second-largest U.S. bank by assets, will report first-quarter
earnings, on Thursday, and give insights into how consumers and commercial clients are behaving
as the economy recovers from the coronavirus pandemic. On the same day, Citigroup Inc, the
third-largest U.S. bank by assets, will report first-quarter earnings. BlackRock Inc is also
expected to report first-quarter earnings on Thursday. Morgan Stanley is likely to report
first-quarter earnings on Friday.
    
On the U.S. economic schedule, the Labor Department is expected to release consumer prices data
for March, on Tuesday. The seasonally adjusted figure is likely to rise 0.5% from an increase of
0.4% in February. In the 12 months through February, the CPI is expected to shoot up 2.5% from a
rise of 1.7% in February. The core CPI is likely to rise to 1.5% from a rise of 1.3% on a
year-on-year basis. Excluding the volatile food and energy components, the CPI is to rise 0.2%
in March from 0.1 in February. On Wednesday, the department is also expected to post import
prices data for March. It is likely to show an increase of 0.9% after a rise of 1.3% in
February. On Thursday, data for initial jobless claims for the week ended April 10 is expected
to be released. It is likely to show a reading of 700,000 after a rise of 744,000 in the
previous week. Separately, on the same day, the Philadelphia Federal Reserve is likely to
release data for business conditions index for April. It fell to 44.5 in April, after surging to
a reading of 51.8 in March. Retail sales data for March is expected to be released on Thursday.
It is likely to post a rise of 5.5% from a fall of 3.0%. Excluding autos, it might rise to 5.0%
from a drop of 2.7%. Additionally, industrial output data for March is expected to be released
on the same day. It is likely to show a rise of 2.8% from a fall of 2.2% in February. Data for
business inventories, for February, is also scheduled for release. It is likely to show a rise
of 0.5% from 0.3% in January. The National Association of Home Builders' Housing Market index
data, for April, is expected to be released on Thursday. It is likely to show a reading of 83
from 82 in March. 

Delta Air Lines Inc is expected to report a first-quarter loss before the market opens, on
Thursday, kicking off quarterly results for U.S. airlines struggling to emerge from the
coronavirus pandemic.

Health insurer UnitedHealth Group Inc is expected to report first-quarter earnings, on Thursday.
Investors will focus on comments about the company's future M&A and investment strategy under
its new chief executive officer, and the company's medical costs as the COVID-19 pandemic hits
demand for elective medical procedures.

Federal Reserve Bank of Philadelphia President Patrick Harker is likely to speak virtually to
the Delaware State Chamber of Commerce Economic Outlook, on Tuesday. Separately, Federal Reserve
Bank of Kansas City President Esther George gives opening and introductory remarks before
Federal Reserve Bank of Minneapolis virtual event, "Racism and the Economy: Focus on the
Economics Profession." On the same day, Federal Reserve Bank of San Francisco President Mary
Daly shall moderate "Panel 2: Keynote Conversation on Racism and the Practice of Economics"
before Federal Reserve Bank of Minneapolis virtual event, "Racism and the Economy: Focus on the
Economics Profession." On Thursday, Daly is likely to speak on financial stability and monetary
policy before virtual Money Marketeers of New York University event. Federal Reserve Bank of
Atlanta President Raphael Bostic (from Atlanta), Federal Reserve Bank of Cleveland President
Loretta Mester (from Cleveland) and Federal Reserve Bank of Boston President Eric Rosengren
(from Boston) are expected to participate in "Conclusion with Federal Reserve Bank System
Leadership" discussion before Federal Reserve Bank of Minneapolis virtual event, "Racism and the
Economy: Focus on the Economics Profession." Also, Raphael Bostic gives closing remarks before
Federal Reserve Bank of Minneapolis virtual event, "Racism and the Economy: Focus on the
Economics Profession." On Wednesday, Bostic is expected to participate in discussion on
"Redesigning Cities to Tackle Systemic Racism" before virtual Georgia Tech School of
Architecture Redesigning Cities series. On Thursday, Bostic is expected to participate in an
interview before the virtual event, "The Atlantic's Progress Report: The State of the Black
Community." On Wednesday, Federal Reserve Bank of New York President John Williams is likely to
speak in moderated discussion webinar organized by the Rutgers Finance Society. Federal Reserve
Bank of Dallas President Robert Kaplan, on Wednesday, is scheduled to moderate a conversation on
national and global economic issues before virtual Global Perspectives. Federal Reserve Bank of
Cleveland President Loretta Mester, on Thursday, is expected to give a virtual student lecture
on "Economic Inclusion" before an event hosted by Swarthmore College.

Novavax Inc's Vice President for clinical development, Vivek Shinde, is expected to discuss the
company's COVID-19 vaccine candidate, NVX-CoV2373, at a fireside chat during the Goldman Sachs
Recovery Inoculated virtual conference, on Tuesday. 

Statistics Canada is expected to release manufacturing sales data for February on Thursday. It
likely fell 1.0%, after gaining 3.1% in January. 

Brazilian retail sales for February is scheduled to release on Tuesday. The year-on-year figure
fell 0.30% in January. The country's inflation data, as measured by the IGP-10 price index for
April, is expected to release on Thursday. It rose 2.99% in March. Argentina is expected to
release monthly consumer prices data for March on Thursday. It likely rose 4.1% in March, after
increasing 3.6% in February. Peru is likely to release its GDP data for February on Thursday.
The economy contracted 0.98% in January. 


 (Compiled by Pooja Kesavan in Bengaluru; Editing by Ramakrishnan M.)
 ((Pooja.Theikkattu@thomsonreuters.com;))
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