What to Watch in the Week Ahead and on Monday, December 2
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ON MONDAY
The Institute for Supply Management (ISM) is expected to report that U.S. manufacturing activity likely rose to 47.5 in November from 46.5 in October. Additionally, S&P Global will also release their manufacturing final PMI numbers for November. Separately, the Commerce Department's Census Bureau is scheduled to release monthly construction spending figures that probably gained 0.1% in October after a similar reading in September.
Fed Governor Christopher Waller is scheduled to speak on the economic outlook before the American Institute for Economic Research Monetary Conference, "Building a Better Fed Framework," (1515 /2015). On the same day, NY Fed President John Williams is slated to participate in a conversation organized by the Queens Chamber of Commerce (1630 /2130).
The U.S. Drug Enforcement Administration will hold a preliminary hearing regarding the proposed rescheduling of marijuana. The hearing was initially expected to include extensive witness testimony, but that aspect has been delayed until 2025.
Canada's S&P Global manufacturing PMI numbers for November is slated for release. The country’s manufacturing activity rose to 51.1 in October from 50.4 in September, its highest level since February 2023.
From Latin America, Brazil's and Mexico's S&P Global manufacturing PMI numbers are on the radar. Chile's central bank is schedule to release the country's IMACEC economic activity index figures for October.
REST OF THE WEEK
On Wednesday, Fed Chair Jerome Powell will participate in a moderated discussion before the New York Times DealBook Summit (1345/1845). A raft of other Fed officials is also due to speak during the week. On Tuesday, Fed Board Governor Adriana Kugler will speak on "Labor Market and Monetary Policy" before the Detroit Economic Club (1235/1735). Separately, Chicago Fed President Austan Goolsbee will give closing remarks before the hybrid Midwest Agriculture Conference, "The Changing Landscape for Agricultural Inputs," (1545 /2045). On Wednesday, Federal Reserve Bank of St. Louis President Alberto Musalem will speak on the U.S. economy and monetary policy before the Global Interdependence Center College of Central Bankers Symposium (0845/1345). On Thursday, Richmond Fed President Thomas Barkin is scheduled to speak before in person Charlotte Regional Business Alliance 2024 Economic Outlook event (1130 /1630). On Friday, Fed Board Governor Michelle Bowman is slated to participate virtually in discussion before the Missouri Bankers Association Executive Management Conference (0915 /1415). Separately, Chicago Fed President Austan Goolsbee will participate in a fireside chat before the hybrid 38th Annual Economic Outlook Symposium (1030 /1530). Additionally, Cleveland Fed President Beth Hammack will speak on the economic outlook before the City Club of Cleveland Friday Forum (1200/1700). Separately, San Francisco Fed President Mary Daly may participate in the "Emerging Technology and the Economy" conversation hosted by the Hoover Institution, (1300 /1800).
A week filled with significant data lies ahead for the U.S. with a focus on the labor market. On Friday, the Labor Department's employment report is expected to show that non-farm payrolls in November increased by 190,000 jobs after a growth of 12,000 jobs in October. Meanwhile, the unemployment rate is expected to rise 4.2% in November from 4.1% in October. Private payrolls probably climbed by 200,000 jobs, after falling 28,000 jobs in October. On Tuesday, Job Openings and Labor Turnover Survey, or JOLTS report, is expected to show 7.298 million job openings in October from 7.443 million in September. On Wednesday, the ADP national employment report is expected to show that private employment likely grew by 150,000 jobs in November after advancing by 233,000 jobs in the month before. Furthermore, on Thursday, initial jobless claims for the week ending November 30 are forecast to rise to 215,000 up from 213,000 the previous week. Apart from employment data, the Institute for Supply Management (ISM) is expected to report that the country's non-manufacturing PMI likely inched down to 55.6 in November from 56.0 in the prior month. Additionally, S&P Global composite and services final PMI data for October are also due on Wednesday. On the same day, the Commerce Department is expected to report that monthly factory orders likely rose 0.2% in October after falling 0.5% in September. The department, on Thursday, is also likely to post that the country's international trade deficit narrowed to $74.7 billion in October from $84.4 billion in September. Additionally, consumer credit data on Friday is expected to show borrowing rose by $10 billion in October after increasing by $6 billion in September.
On Tuesday, Salesforce is expected to report its slowest third-quarter revenue growth in more than a decade as it faces softer spending in its traditional cloud business and stiff competition from rivals.
UnitedHealth Group's leadership will host an investor day conference on Wednesday expanding on the company's 2025 outlook and strategy.
On Tuesday, executives at global grains merchant and crop processor Archer-Daniels-Midland are hosting a conference call with analysts to discuss their delayed third-quarter results, which were released on Nov 18 after the company secured an extension from the SEC. The company restated its financial statements for 2023 and the first two quarters of 2024 after finding more accounting irregularities similar to those that prompted ADM to part ways with its chief financial officer in September.
Dollar store operator Dollarama is expected to report a rise in third-quarter revenue on Wednesday, helped by resilient demand for its affordable grocery and essentials offerings. Investors will look out for comments on annual forecasts, cost-saving efforts, and holiday sales.
Jack Daniel's maker Brown-Forman is expected to report a decline in second-quarter revenue on Thursday, 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.
On Wednesday, Royal Bank of Canada's fourth-quarter profit is expected to rise as Canada's biggest bank benefits from its HSBC Canada acquisition and strong capital markets. Separately, Toronto-Dominion Bank's fourth-quarter earnings are expected to be impacted by its U.S. anti-money laundering issues on Thursday. Investors will closely watch for the bank's progress on its U.S. business's balance sheet restructuring plan.
On Thursday, Canada's leading index for November is set for release along with the country's trade balance data for October. On the same day, the Ivey Purchasing Managers Index for October is also expected. On Friday, Canada's employment change data is on the radar.
From the Latin American economic diary, on Tuesday, Brazil's statistics agency IBGE is scheduled to post the country's gross domestic product (GDP) for the third quarter. Additionally, the nation's IPC-FIPE inflation index for September is also on the radar on Tuesday, while industrial output figures for October are due on Wednesday. S&P Global will release November composite and services PMI figures for the country on Wednesday. Separately, Brazil's trade balance data is set for release on Thursday. On Friday, both Brazil and Chile are scheduled to report their inflation figures for November. Additionally, Argentina's statistics agency, INDEC, is scheduled to release its industrial output figures for October on Friday.
Compiled by Ashitha Salus; Editing by Tasim Zahid
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