What to Watch in the Week Ahead and on Monday, May 13
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ON MONDAY
Federal Reserve Bank of Cleveland President Loretta Mester will likely participate in a discussion before the Central Bank Communications: Theory and Practice Conference hosted by the Federal Reserve Bank of Cleveland (0900/1300).
Tencent Music Entertainment is expected to report first-quarter revenue above estimates as the company sees steady growth in paid subscription and advertising services.
Statistics Canada is scheduled to report building permits data for March. The value of Canadian building permits likely fell 3.3% in March, after rising by 9.3% in February.
The world’s largest cobalt producers, including Glencore and Gecamines, are expected to gather in New York for the annual Cobalt Congress.
REST OF THE WEEK
A raft of economic data from the U.S. is scheduled for release in the week. On Wednesday, the Labor Department is scheduled to release consumer price index (CPI) data, which is likely to show a rise of 0.4% in April after a similar gain in March. On a yearly basis, the CPI likely increased 3.4% after rising 3.5% in the previous month. For April, the core CPI is expected to gain 0.3%, after it posted a rise of 0.4% in the month before. The core CPI likely advanced 3.6% on an annual basis in April, slowing down from the 3.8% rise in March. On Tuesday, the Labor Department's Bureau of Labor Statistics is expected to report that the producer price index (PPI) for final demand rose 0.3% in April after gaining 0.2% in March. In the 12 months through April, the PPI is expected to increase 2.2%, after adding 2.1% in the month before. Excluding the volatile food and energy components, PPI likely edged up 0.2% in April after having advanced by the same amount the month before. On Wednesday, a report by the Commerce Department is likely to show that U.S retail sales increased 0.4% in April after advancing 0.7% in March. Core retail sales are forecast to have risen 0.2% in April after gaining 1.1% in the previous month. On Thursday, the Commerce Department's Census Bureau will report housing starts likely rose to a seasonally adjusted annual rate of 1.420 million units in April, gaining from 1.321 million units recorded in the previous month. Separately, the building permits number is expected to rise to 1.480 million units in April from 1.467 million units reported in March.
Separately, on Wednesday, a report from the Commerce Department's Census Bureau is scheduled to show business inventories remained unchanged, after gaining 0.4% in the previous month. On the same day, U.S. homebuilder confidence, as measured by the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index, likely remained unchanged in May at a reading of 51. On Thursday, the Labor Department’s weekly jobless claims data is likely to show initial claims for state unemployment benefits fell 12,000 to a seasonally adjusted 219,000 for the week ended May 11. On the same day, a report from the Federal Reserve is expected to show industrial production likely rose 0.1% in April, after climbing 0.4% in March.
On Thursday, Walmart's first-quarter earnings performance in the face of signs of weaker discretionary spending could likely add fresh fuel to a rally that has propelled its shares to record highs or potentially spook investors looking to justify the heavyweight retailer's pricey valuation.
Federal Reserve Bank of Cleveland President Loretta Mester is scheduled to speak on the economic outlook on Thursday, at the Wayne Economic Development Council Briefings for Business (B4B) event (1200 /1600). On Wednesday, Federal Reserve Bank of Minneapolis President Neel Kashkari is expected to participate in a fireside chat on the economy (1200/1600). Meanwhile, on Thursday, Federal Reserve Bank of Atlanta President Raphael Bostic will likely speak on the economic outlook in a moderated conversation hosted by the Jacksonville Business Journal (1550 /1950). On the same day, Federal Reserve Bank of Philadelphia President Patrick Harker is likely to speak on "The Economic Impact of Higher Education and Healthcare Institutions” and is due to participate in a conversation at hybrid 2024 Anchor Economy Conference (1030/1430).
On Tuesday, Home Depot is expected to log a decline in first-quarter revenue as U.S. customers reduce spending on big-ticket purchases and home renovation projects due to high inflation. Investors will look out for comments on the demand recovery and any change in the fiscal 2024 outlook.
Semiconductor equipment supplier Applied Materials is expected to report a decline in its second-quarter revenue on Thursday, likely to be hit by weak demand due to U.S. export restrictions on the shipments of advanced chips and chipmaking equipment to China. Investors will be looking for commentary on the company's China shipments.
Chinese e-commerce giant Alibaba is likely to report fourth quarter and full fiscal year 2024 results on Tuesday.
Cisco Systems, on Wednesday, is expected to report a fall in third-quarter revenue as clients rein in spending on its networking equipment to clear excess inventory.
Deere is expected to post a slump in second-quarter revenue on Thursday, as demand for its tractors and combines take a hit from a softening agriculture sector, with farmers pulling back on spending due to lower crop prices and farm incomes. Investors will be watching for the company's forecast, its comments on dealer inventories, production and margins.
On Tuesday, Alphabet CEO Sundar Pichai is scheduled to give a keynote at Google's annual developer conference in Mountain View, California, and is likely to debut more integration of AI into Google's products and online services.
Baidu's first-quarter earnings are scheduled for release on Thursday. The focus will be the commercialization of its large language model, Ernie. This includes details about the Ernie model itself and its contributions to Baidu's major business lines, such as search and cloud services.
JD.com is expected to post a rise in first-quarter revenue on Thursday, boosted by steady demand thanks to hefty discounts.
Video game publisher Take-Two Interactive is expected to report a fall in fourth-quarter revenue on Thursday, hit by weak demand for its popular titles like "Grand Theft Auto" and "NBA 2k" as consumers cut back on spending amid a challenged economic outlook.
Under Armor is expected to post a drop in fourth-quarter revenue on Thursday, as weak consumer demand impacts sales in the apparel maker’s wholesale channel. Investors will watch out for comments on benefits from the company’s ongoing cost reduction measures, as well as strategies on discounts for the year.
Electric vehicle maker Canoo is expected to report first-quarter results on Tuesday. Analysts and investors will be looking for commentary about the company's strategy as EV sales are slowing, as consumers are grappling with high-interest rates in an uncertain economy.
On the Canadian front, factory sales numbers for April are likely to be released by Statistics Canada on Wednesday. Factory sales are expected to have declined 2.7% after growing 0.7% in March. On the same day, the Canadian Mortgage and Housing Corporation (CMHC) is scheduled to forecast that housing starts likely declined to 236,000 units in April, from 242,200 in March. Separately, Canada's wholesale trade data for March is set for release on Tuesday.
Canada Goose is expected to report a rise in fourth-quarter revenue on Thursday, helped by a rebound in sales in China even as the luxury parka maker sees weak demand in the U.S. Investors will eye for comments on consumer sentiment in China and North America, margin recovery, and the forecast it provides the for next fiscal year.
On the Latin American front, Brazil’s IBGE agency, on Tuesday, is scheduled to release the country's services activity figures for March. In addition, Brazil's inflation data for May, as measured by the IGP-10 price index, is set for release. Separately, the country’s key IBC-BR economic activity index for March is slated for release on Wednesday. Meanwhile, Argentina's consumer price index figures for April are expected for release on Tuesday.
Compiled by Anjana Jayakrishnan Nair in Bengaluru; Editing by Ravi Prakash Kumar
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Δήλωση αποποίησης ευθύνης: Οι οντότητες του ομίλου XM Group παρέχουν υπηρεσίες σε βάση εκτέλεσης μόνο και η πρόσβαση στην ηλεκτρονική πλατφόρμα συναλλαγών μας που επιτρέπει στον ενδιαφερόμενο να δει ή/και να χρησιμοποιήσει το περιεχόμενο που είναι διαθέσιμο στην ιστοσελίδα μας ή μέσω αυτής, δε διαφοροποιεί ούτε επεκτείνει αυτές τις υπηρεσίες πέραν αυτού ούτε προορίζεται για κάτι τέτοιο. Η εν λόγω πρόσβαση και χρήση υπόκεινται σε: (i) Όρους και προϋποθέσεις, (ii) Προειδοποιήσεις κινδύνου και (iii) Πλήρη δήλωση αποποίησης ευθύνης. Ως εκ τούτου, το περιεχόμενο αυτό παρέχεται μόνο ως γενική πληροφόρηση. Λάβετε ιδιαιτέρως υπόψη σας ότι τα περιεχόμενα της ηλεκτρονικής πλατφόρμας συναλλαγών μας δεν αποτελούν παρότρυνση, ούτε προσφορά για να προβείτε σε οποιεσδήποτε συναλλαγές στις χρηματοπιστωτικές αγορές. Η πραγματοποίηση συναλλαγών στις χρηματοπιστωτικές αγορές ενέχει σημαντικό κίνδυνο για το κεφάλαιό σας.
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Οποιοδήποτε περιεχόμενο τρίτων, καθώς και περιεχόμενο που εκπονείται από την ΧΜ, όπως απόψεις, ειδήσεις, έρευνα, αναλύσεις, τιμές, άλλες πληροφορίες ή σύνδεσμοι προς ιστότοπους τρίτων το οποίο περιέχεται σε αυτήν την ιστοσελίδα παρέχεται «ως έχει», ως γενικός σχολιασμός της αγοράς και δεν αποτελεί επενδυτική συμβουλή. Στον βαθμό που οποιοδήποτε περιεχόμενο ερμηνεύεται ως επενδυτική έρευνα, πρέπει να λάβετε υπόψη και να αποδεχτείτε ότι το περιεχόμενο δεν προοριζόταν και δεν έχει προετοιμαστεί σύμφωνα με τις νομικές απαιτήσεις που αποσκοπούν στην προώθηση της ανεξαρτησίας της επενδυτικής έρευνας και ως εκ τούτου, θα πρέπει να θεωρηθεί ως επικοινωνία μάρκετινγκ σύμφωνα με τους σχετικούς νόμους και κανονισμούς. Παρακαλούμε εξασφαλίστε ότι έχετε διαβάσει και κατανοήσει τη Γνωστοποίησή μας περί Μη ανεξάρτητης επενδυτικής έρευνας και την Προειδοποίηση ρίσκου όσον αφορά τις παραπάνω πληροφορίες, τις οποίες μπορείτε να βρείτε εδώ.
