What to Watch in the Week Ahead and on Monday, July 8
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ON MONDAY
Exxon Mobil is scheduled to issue a preview of its first quarterly earnings, including the results of its Pioneer Natural Resources acquisition. The filing provides margin and volume information on its energy businesses and is closely watched because it provides a preview of earnings and clues to how other oil and gas suppliers will fare.
On the Latin American front, Brazil's June inflation data, as measured by the IGP-DI price index, is due.
REST OF THE WEEK
On Thursday, the U.S. Labor Department is scheduled to show consumer price index (CPI) in June likely rose 0.1% after remaining unchanged in May. Annually, the CPI is projected to show a 3.1% increase in June, compared to a 3.3% gain in the previous period. Core CPI is expected to reflect a 0.2% increase in June after a similar reading in May. In the 12 months through June, the core CPI likely rose 3.4%. Also on Thursday, the initial jobless claims for state unemployment benefits likely rose 2,000 to 240,000 for the week ended July 6. Meanwhile, on Friday, the producer price index (PPI) for final demand likely inched up 0.1% in June after falling 0.2% in May. In the 12 months through June, the PPI is forecast to have increased 2.2%. Separately on the same day, the University of Michigan's preliminary reading on the overall index of consumer sentiment is expected to be 68.5 in July compared with 68.2 in June. On Tuesday, the National Federation of Independent Business is expected to report its reading of the Small Business Optimism Index for June. Separately, on Wednesday, the Commerce Department's Census Bureau is set to release wholesale inventories data for May.
On Tuesday, Fed Chair Jerome Powell is set to deliver semi-annual monetary policy testimony before the Senate Banking Committee. Separately on the same day, Fed Governor Michelle Bowman is scheduled to give introductory remarks before the 'Financial Inclusion Practices and Innovations' conference. Fed's Michael Barr is also expected to speak at the conference. On Wednesday, Chicago Fed's Austan Goolsbee is scheduled to speak at a virtual event. On Thursday, St. Louis Fed's Alberto Musalem is set to speak on the U.S. economy and monetary policy before the Little Rock Regional Chamber's 'Power Up Little Rock' event. Separately on the same day, Atlanta Fed's Raphael Bostic is set to speak on economic inclusion before the National Credit Union Administration Diversity, Equity, and Inclusion (DEI) Summit.
Citigroup is expected to report a rise in second-quarter profit on Friday, with analysts and investors looking for updates on the bank's turnaround plan. The third-largest U.S. bank has restructured its sprawling business this year and cut jobs to reduce expenses and create a leaner company. CEO Jane Fraser's commentary will offer key insights to investors on Citi's growth plans going forward and, more broadly, the outlook for market-sensitive businesses like investment banking, interest income and loan demand.
Wells Fargo is expected to report a rise in quarterly profit on Friday with analysts and investors looking out for executive commentary on the outlook for interest income and loan demand. The fourth-largest U.S. bank, which has sought to expand its Wall Street operations, will likely see gains in trading and investment banking. Also in focus are potential updates on the timeline for the U.S. Federal Reserve to lift an asset cap on the lender, which was imposed in 2018.
On Thursday, PepsiCo is expected to post a rise in second-quarter revenue on steady demand for its sodas in the U.S. and international market helping offset weakness in its snacks business. Investors will look out for comments on prices hikes, discounting, benefit during the Paris Olympics and rising costs.
Slim Jim beef jerky maker Conagra Brands is expected to post a decline in fourth-quarter revenue on Thursday, hurt by sluggish demand for its packaged meals and snacks. Investors will look out for comments on demand, pricing actions, the impact of input costs such as labor and raw materials, and annual forecasts.
On Thursday, Delta Air Lines is expected to report a quarterly profit. However, the focus will be on the industry's pricing power after Southwest and American Airlines flagged discounting pressure.
On the Canadian economic front, the building permits data for May is due on Friday.
For Latin America, Mexico's consumer confidence index and inflation data for June are expected on Tuesday. On Wednesday, Brazil's IPCA inflation index for June is set to be released. On Thursday, Brazil's IBGE is expected to report the country's retail sales data for May. On the same day, Peru's central bank's interest rate decision is due. Mexico's industrial output data for May is set for release on Friday.
Compiled by Indrishka Bose; Editing by Tasim Zahid
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