What to Watch in the Day Ahead - Thursday, December 5
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On the U.S. economic tap, the Labor Department is expected to say in its latest report that initial claims for state unemployment benefits likely rose 2,000 to a seasonally adjusted 215,000 for the week ended Nov. 30. Continued jobless claims are projected to have dipped to 1.905 million for the week ended Nov. 23 from 1.907 million in the prior week. Separately, the country’s trade deficit likely narrowed in October to $75 billion from $84 billion in September, the Commerce Department's Bureau of Economic Analysis is set to report.
Federal Reserve Bank of Richmond President Thomas Barkin is due to speak before in-person Charlotte Regional Business Alliance 2024 Economic Outlook event in Charlotte, N.C. (1215/1715)
Chevron is scheduled to release its 2025 capital spending budget for new oil and gas projects, a closely watched estimate for future energy production and refinery project costs. The 2025 spending figure is expected to decline compared to 2024's about $18.5 billion budget with the winding down of investment in its Kazakhstan expansion and Anchor offshore platform in the Gulf of Mexico.
Gary Gensler, the outgoing chair of the U.S. Securities and Exchange Commission, is due to deliver an address and participate in a Q&A session at the American Bar Association's federal regulation of securities winter meeting.
Kroger is expected to post a rise in third-quarter sales buoyed by strong demand for groceries and essentials. Investors will look out for comments on Kroger’s pending $25 billion mega-deal with Albertsons and about the company's focus on e-commerce expansion.
Discount store operator Dollar General is expected to post a rise in third-quarter revenue, helped by steady demand for its groceries and essentials. Investors will look out for comments on holiday demand, impact of retail shrink trends, inventory levels, and annual forecasts.
Jack Daniel's maker Brown-Forman is forecast to report a decline in second-quarter revenue, hurt by weak demand for premium spirits, including whisky and tequila. Investors will look out for comments on annual forecasts, and efforts to cut costs and boost demand.
In Canada, the country’s trade deficit is projected to have narrowed to C$79 million in October from C$1.26 billion in September. Additionally, Ivey Purchasing Managers Index (PMI) data for November is also due for release.
Canada’s Toronto-Dominion Bank’s fourth-quarter earnings are expected to be impacted by its U.S. anti-money laundering issues. Investors will closely watch the bank's progress on its U.S. business's balance sheet restructuring plan. Separately, the Bank of Montreal is expected to show a fall in fourth-quarter earnings as it sets aside bigger loan loss provisions to cover bad loans. Investors will watch for management's comments on the strength of its US business, which has struggled due to slugging loan growth and tight margins.
In Latin America, Brazil is forecast to post a trade surplus of $7.8 billion in November, up from a surplus of $4.343 billion in the previous month. Separately, Mexican Finance Minister Rogelio Ramirez de la O and central bank head Victoria Ceja are scheduled to speak alongside other officials at an event hosted by the nation's main stock exchange.
Reporting by Ananya Roy in Bengaluru; Editing by Tasim Zahid
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