What to Watch in the Week Ahead and on Monday, August 12
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ON MONDAY
Barrick Gold will announce its second-quarter results, where the gold miner is expected to share comments on M&A, forecast for copper projects and gold prices.
REST OF THE WEEK
Investors are keenly awaiting the United States' latest inflation print, due on Wednesday, to better understand the country's economic health amid fears of a hard landing. The consumer price index is expected to rise 0.2% in July, after falling 0.1% in June. Annual inflation likely remained unchanged at 3% in July. Meanwhile, core inflation is forecast to have increased 0.2% on a month-on-month basis and 3.2% annually in July. On Tuesday, the Labor Department's Bureau of Labor Statistics is expected to show the producer price index for final demand gained 0.2% last month after being unchanged in May. In the 12 months through July, the PPI increased 2.2%, compared with 2.6% reported in the previous period. Additionally, the bureau is scheduled to report import prices data for July on Thursday. Import prices likely dropped 0.2% last month, after staying flat in June. Weekly jobless claims data is also due on the same day. Meanwhile, the Commerce Department's Census Bureau is set to release retail sales data on Thursday, where a 0.3% increase is expected in July, compared with a flat reading in June. The Federal Reserve's report on industrial production, due Thursday, is likely to show a 0.2% drop for July, following a 0.6% rise in June. Friday will see the release of housing data from the Commerce Department. Single-family housing starts likely fell to a seasonally adjusted annual rate of 1.33 million units in July from 1.353 million units in June. Separately, on Friday, University of Michigan's preliminary reading on the overall index of consumer sentiment for August likely came in at 67.5, compared with a final reading of 65 in July.
Retail giant Walmart is expected to post a rise in second-quarter sales on Thursday, its slowest quarterly sales growth in two years, as shoppers trade down and flock to discount chains for better deals. Investors are keen on hearing whether easing inflation and the Fed's proposed rate cuts in September will spur spending in the back half of the year, impacts from production disruptions in Bangladesh and the company's plans for the holiday season.
Many Federal Reserve speakers are scheduled to attend various events through the week. Chicago Fed President Austan Goolsbee is due to participate in a fireside chat before the Angeles Investors' Q3 Summit and Awards event on Friday. Separately, Atlanta Fed President Raphael Bostic is set to speak on the economic outlook in a moderated conversation before the Conference of African American Financial Professionals in Atlanta on Tuesday. On Thursday, Philadelphia Fed President Patrick Harker is scheduled to speak at an event titled, "From Rasters to Rows: New Methods and Applications in Automated Data Extraction." The same day, St. Louis Fed President Alberto Musalem is due to speak on the U.S. economy and monetary policy before the Greater Louisville Inc. Regional Economic Development Update.
On Tuesday, Home Depot is expected to post a decline in second-quarter same store sales as cash-strapped Americans pulled back on spending on big ticket home renovations. Investors will watch out for comments on a possible recovery in the back half of the year as inflation pressures ease.
On Thursday, Chinese e-commerce giant Alibaba Group is expected to report a rise in revenue for the June quarter, as its focus on lower-priced goods helps stir up demand amid cautious consumer spending. Investors will be watching for the company's profit growth, its commentary on its Hong Kong listing, competitive pressures and the strength of its international business.
Applied Materials is expected to report a higher third-quarter revenue on Thursday, driven by surging demand for its semiconductor tools as customers are investing heavily to produce AI chips. Investors will be looking for commentary on its China business in the wake of widening trade spat between the United States and China.
Cisco is expected to post a decline in revenue in the fourth quarter on Wednesday, as worries of an uncertain economy hit orders for its networking hardware.
Deere is due to report its second-quarter earnings on Thursday. Investors will be looking for any demand commentary, impact on its sales due to high interest rates and falling farm income.
Cardinal Health will report its results for the fourth quarter before market opens on Wednesday. Investors will lookout for comments on its pharmaceutical unit selling costly specialty drugs as well as any update on its annual profit outlook.
On Thursday, Kate Spade owner Tapestry is expected to post a fall in fourth-quarter revenue, as the company battles weak demand for luxury products in the United States and China amid choppy economic recovery. Investors will watch out for comments on demand trends in China.
Singapore's Grab is expected to report a rise in second-quarter revenue. However, the rise is likely to be its slowest in years, signaling softness in its ride-hailing and food delivery businesses. Investors will focus on the outlook for the key September quarter, a typically strong period due to summertime tourism.
In Canada, wholesale trade for June and housing starts data for July are due on Thursday and Friday, respectively.
On the econ front in Latin America, on Friday, Brazil's August inflation as measured by the IGP-10 price index likely rose 0.35%, compared with a reading of 0.45% in the previous month. The country's June retail sales data is due on Wednesday. On the same day, Argentina's consumer price index for July will also be released.
Compiled by Ananya Roy in Bengaluru; Editing by Shreya Biswas
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