What to Watch in the Day Ahead and on Monday, September 30
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ON MONDAY
Federal Reserve Chair Jerome Powell is set to speak on the economic outlook before the National Association for Business Economics 66th Annual Meeting, "Finding Harmony in the Noise: Transitioning to a New Normal," in Nashville. (1355/1755) Separately, Fed Board Governor Michelle Bowman is scheduled to discuss the economic outlook and monetary policy before the Georgia Bankers Association President/CEO Conference in Charleston, South Carolina. (0850 /1250)
Google is set to hold an event with Malaysia Prime Minister Anwar Ibrahim in attendance, where further partnerships will be announced as part of the $2 billion investment the tech giant announced in the Southeast Asian country earlier this year.
Carnival Corp is expected to report a rise in third-quarter revenue helped by strong demand for cruise vacations and higher ticket prices.
Reuters is scheduled to interview Unilever CEO Hein Schumacher during the Reuters IMPACT conference.
On the Latin American economic calendar, Brazil's primary budget data for August is set for release. Separately, Chile's statistics agency INE is due to report manufacturing output and unemployment rate for August.
REST OF THE WEEK
On the U.S. economic calendar, a slew of data releases are scheduled. On Friday, the Labor Department's employment report is expected to show that non-farm payrolls in September increased by 140,000 jobs after a growth of 142,000 jobs in August. Meanwhile, the unemployment rate of the economy is expected to remain unchanged at 4.2% in September. For the same month, private payrolls probably climbed by 120,000 jobs, after adding 118,000 jobs in August. S&P Global's final reading of the manufacturing Purchasing Managers' Index (PMI) for September is slated for release on Tuesday. S&P Global is also likely to report its final readings of Services and Composite PMI for September on Thursday. Meanwhile, Institute of Supply Management (ISM) is expected to report that its manufacturing PMI reading for September likely rose to 47.5 from 47.2 in August on Tuesday. The ISM is set to report on Thursday that its non-manufacturing PMI probably came in at 51.6 in September, up from 51.5 in August. On Tuesday, the Labor Department's Job Openings and Labor Turnover Survey, or JOLTS report, is expected to show 7.670 million job openings in August, down from 7.673 million in July. The Commerce Department's Census Bureau data, on Thursday, is projected to show that factory orders likely gained 0.1% in August after jumping 5% in July. On Tuesday, construction spending is expected to show a 0.2% rise in August, after dropping 0.3% in July. On Wednesday, the ADP employment report is expected to show that private employment grew by 120,000 jobs in September, after advancing by 99,000 jobs in the month before. On Thursday, the Labor Department is scheduled to show weekly jobless claims climbing to 220,000 for the week ending September 28.
A host of Federal Reserve policymakers are scheduled to attend various events through the week. On Wednesday, Richmond Fed President Thomas Barkin is due to speak on the national economic outlook before the 2024 WilmingtonBiz Conference and Expo in Wilmington, North Carolina. On Tuesday, he is also scheduled to participate in the "Technology-Enabled Disruption: Implications of AI, Big Data, and Remote Work" conference organized by the Federal Reserve Banks of Atlanta, Boston and Richmond. Atlanta Fed President Raphael Bostic, Fed Board Governor Lisa Cook, and Boston Fed President Susan Collins are also scheduled to attend the same event. On Thursday, Raphael Bostic and Minneapolis Fed President Neel Kashkari are set to participate in the hybrid "Featuring Frontier Research to Enhance Economic Opportunity and Inclusive Growth" 2024 Research Conference at the Federal Reserve Bank of Minneapolis. New York Fed President John Williams is due to give opening remarks before the conference, "The Future of New York City: Focus on Jobs" at the Federal Reserve Bank of New York on Friday. St. Louis Fed President Alberto Musalem and Michelle Bowman are due to participate, on Wednesday, before the Community Banking Research Conference 2024: "Where Research and Policy Meet." On the same day, Cleveland Fed President Beth Hammack is set to give welcome remarks before the 2024 Minorities in Banking Forum hosted by the Federal Reserve Bank of Cleveland.
Nike is expected to post a decline in first-quarter revenue on Tuesday, hurt by weak consumer demand as innovation lags amid stiff competition from Hoka and Roger Federer-backed On. Investors will look out for comments on new CEO Elliott Hill's plans for Nike, new innovations, cost-cutting measures and updates on Olympic-driven consumer interest.
Corona beer maker Constellation Brands is expected to post a rise in second-quarter sales on Thursday, helped by strong demand in beer category and higher pricing. Investors will look out for comments on annual forecast, pricing strategies and the $2.5 billion write-down in its wine and spirits business.
On Friday, EBay is set to urge a federal judge to conclude that punitive damages are not available to a Massachusetts couple who sued the e-commerce company after they were the victims of a bizarre stalking and harassment campaign carried out by several of its now-former employees after an online newsletter they published drew the ire of top executives.
Slim Jim beef jerky maker Conagra Brands is expected to post a decline in first-quarter revenue on Wednesday, hurt by weaker demand for its packaged meals and snacks. Investors will look out for comments on demand, pricing actions, impact of input costs and annual forecasts.
Hot sauce maker McCormick is expected to post a decline in third-quarter revenue on Tuesday, hurt by sluggish demand for its pricey spices and seasonings. Investors will look out for comments on demand, pricing actions, promotional activity and annual forecasts.
Ryanair Group CEO Michael O'Leary holds a news conference in Dublin on Thursday.
On Thursday, Tellurian shareholders are due to vote on the proposed sale of the U.S. liquefied natural gas developer for $900 million. Australia's Woodside Energy offered $1 per Tellurian share plus an assumption of $300 million in debt for the company to expand its LNG footprint by taking over construction of the company's Driftwood LNG project in Louisiana.
Canada's S&P Global Manufacturing PMI for September is set for release on Tuesday and economic activity data for the same period on Friday.
Latin American investors will look forward to Brazil's S&P Global services and composite PMI readings for September on Thursday, while manufacturing PMI data might be released on Tuesday. Meanwhile, on Wednesday, the IPC-Fipe inflation index for September and industrial output numbers for August are scheduled to be released. On Friday, the country's September trade balance figures are due. For Mexico, S&P Global manufacturing PMI data will be on the radar on Wednesday, while unemployment data is set to be reported on Friday. Separately, Chile's IMACEC economic activity data is scheduled for release on Tuesday.
Compiled by Lactus Fernandes in Bengaluru; Editing by Vijay Kishore
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