What to Watch in the Week Ahead and on Monday, November 18
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ON MONDAY
On the U.S. economic front, the National Association of Home Builders' housing market index is expected to have a reading of 44 for November, a one-point improvement over October.
Chicago Fed President Austan Goolsbee is expected to give welcome remarks before the Financial Markets Group Fall Conference hosted by the Federal Reserve Bank of Chicago.(1000/1500)
On Canada's economic radar, the national housing agency is anticipated to release the country's housing start figures for October. The seasonally adjusted annualized rate of housing starts likely rose to 242,500 units from 223.800 units in September.
In Latin America, Chile’s third-quarter GDP data is scheduled for release.
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REST OF THE WEEK
Nvidia will report its third-quarter results on Wednesday where analysts expect the AI chip leader to record a jump in revenue. Investors will be looking for indications of sales of Nvidia's latest Blackwell processors and demand for AI chips from hyperscalers.
Many major U.S. retailers are scheduled to report their quarterly earnings in the week. Walmart is scheduled to release its third-quarter results on Tuesday where it is expected to post a stronger-than-expected rise in same-store sales and raise its full-year outlook. Next is U.S. big-box retailer Target, which is expected to post a rise in third-quarter revenue on Wednesday. The market is keen to hear the retailers' plans for the holiday shopping period, the health of the consumer and spending trends following the U.S. presidential election.
On the U.S. economic calendar, S&P Global is scheduled to report its flash manufacturing PMI on Friday which likely ticked up to 48.8 this month, from a reading of 48.5 in October. Its flash services PMI is forecast to have inched to 55.3 in November, from 55.0 in the previous month. The Labor Department's Bureau of Labor Statistics on Thursday will report initial claims for state unemployment benefits for the week ended November 16 probably climbed to 223,000 from 217,000 in the week before. Meanwhile, data from the Commerce Department on Tuesday is slated to show housing starts likely dipped to 1.335 million units in October from 1.354 million units recorded in September. Building permits are forecasted to have increased to 1.430 million units in October from 1.425 million units in September. Separately, the National Association of Realtors will announce the existing home sales report. In the report, home sales likely rose to a seasonally adjusted rate of 3.93 million units last month from 3.84 million units recorded in September.
On Thursday, Cleveland Fed President Beth Hammack may give welcome remarks and participate before the 2024 Financial Stability Conference: Emerging Risks in a Time of Interconnectedness and Innovation, hosted by the Cleveland Fed and the Office of Financial Research (0845/1345 & 1230/1730) Separately, Chicago Fed President Austan Goolsbee is expected to participate in a moderated question-and-answer session before the Central Indiana Corporate Partnership. (1225/1725)
Lowe's is expected to post a decline in third-quarter revenue on Tuesday hurt by lower discretionary spending as customers shy away from large-scale home remodels as interest rates remain high. Investors will look for comments on hurricane-related demand lift in the quarter following Home Depot's comments on the same. Focus will also be on comments around China's tariff-related impact and U.S. demand recovery trajectory in 2025.
Off-price retailer TJX Companies is expected to report a rise in third-quarter revenue on Wednesday, helped by strong demand for its discounted offerings, especially as the holiday season sales have started. Investors will look out for comments on annual forecasts, cost-saving efforts, and holiday sales boosts, including on higher-margin discretionary goods.
Deere is expected to report a sharp fall in its fourth-quarter profit when it reports results on Thursday. Investors will be looking for commentary on farm equipment demand and dealer inventories.
Analysts expect Baidu's revenue to fall in the September quarter, hurt by macroeconomic pressures on its advertising business. Analysts are looking for commentary on how it expects to recover as the company reports on Thursday.
TurboTax parent Intuit is expected to report higher first-quarter revenue on Thursday, helped by steady demand for its tools to manage finances.
Medtronic will report second-quarter results before markets open on Tuesday. Investors will look out for comments around surgical procedure volumes and demand for its medical devices. Any updates to the annual profit outlook would also be closely watched.
On Tuesday, Statistics Canada is scheduled to release the country's inflation data. Canada's annual inflation likely rose 1.9% in October after increasing 1.6% in September. Consumer prices likely jumped 0.3% in October on a month-on-month basis, after declining 0.4% in September. The agency will also release October producer prices data on Thursday and retail sales data on Friday. Retail sales for September is likely to show a rise of 0.4%.
In Latin America, Argentina’s trade balance data for October is due for release on Wednesday and economic activity data on Friday. On Mexico’s economic tap are third-quarter GDP data, IGAE economic data for September and inflation data for the first half of November, all releasing on Friday.
Compiled by Ashitha Salus in Bengaluru; Editing by Vijay Kishore
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