What to Watch in the Week Ahead and on Monday, October 14
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ON MONDAY
Federal Reserve Bank of Minneapolis President Neel Kashkari will participate in a panel discussion at the Central Bank of Argentina's Money and Banking Conference on "Fiscal Deficits, Monetary Policy and Inflation" in Buenos Aires, Argentina. (0900/1300) Later in the day, Kashkari is scheduled to participate in a fireside chat hosted by the Department of Economics at Torcuato di Tella University on "The Current State of U.S. Monetary Policy" in Buenos Aires, Argentina. (1700/2100)
Federal Reserve Board Governor Christopher Waller will speak on the economic outlook before a conference hosted by Stanford University on "A 50-Year Retrospective on The Shadow Open Market Committee and Its Role in Monetary Policy" in Stanford, California. (1500/1900)
Brazil's economic activity data for August is due. Mexico's September consumer confidence data is also scheduled for release.
REST OF THE WEEK
Bank of America is expected to report a fall in third-quarter profit on Tuesday, hurt by lower interest income at the second-largest U.S. lender. Analysts and investors will closely watch out for the management's outlook on net interest income. Also on Tuesday, Goldman Sachs is scheduled to report its third-quarter results. The bank is expected to see higher profit as fees from advising on mergers and underwriting stock and bond offerings offsets weakness in its trading unit. Separately, Citigroup is scheduled to report its third-quarter results on Tuesday. Analysts expect lower profit due to a jump in loan loss provisions. On Wednesday, Morgan Stanley will report its third-quarter results. Analysts expect higher profit, helped by a fertile environment for dealmaking. Additionally, PNC Financial Services is expected to report a drop in third-quarter profit on Tuesday due to lower interest income. Analyst and investor focus is expected on the bank's outlook for the key metric heading into the fourth quarter of 2024 and into the next year, following the Federal Reserve's larger-than-expected 50 basis point rate cut in September.
Johnson & Johnson is expected to report third-quarter earnings before markets open on Tuesday. Investors will closely watch the performance of its electrophysical and surgical devices, and updates on the launch of Rybrevant combination as first-line treatment for lung cancer patients. Focus will also be on any forecast changes, updates on its V-wave acquisition and talc litigation.
On the U.S. economic calendar, Commerce Department data scheduled for release on Thursday is expected to show retail sales rising 0.3% in September, compared to a 0.1% gain in August. Separately on Thursday, Federal Reserve data will show overall industrial production likely slipped 0.1% in September, after advancing 0.8% in August. On Wednesday, the Labor Department is expected to report import prices fell 0.3% in September, following a similar decrease in August. Export prices likely declined 0.4% in September, compared to a 0.7% drop in August. Weekly jobless claims data due on Thursday will show initial claims for state unemployment benefits probably fell to 255,000 in the week ended October 12, from 258,000 in the previous week. Housing data on Friday is slated to show housing starts likely dipped to 1.349 million units at a seasonally adjust annual rate in September, from 1.356 million units recorded in August. Building permits - considered among the more forward-looking housing market indicators - are forecast to have decreased to 1.450 million units in September, from 1.470 million units in August.
Federal Reserve Bank of San Francisco President Mary Daly will speak and participate on Tuesday in a moderated conversation at event hosted by the New York University Stern School of Business in New York. Separately, Federal Reserve Board Governor Adriana Kugler is scheduled to participate on Tuesday in a moderated discussion on "Career Opportunities and Diversity in Economics" before the "Exploring Careers in Economics - Fall 2024" webcast conference hosted by the Federal Reserve Board. Additionally, on Tuesday, Federal Reserve Bank of Atlanta President Raphael Bostic will participate in a moderated conversation on the economic outlook and impact on small business with the Gathering Spot in Atlanta.
Federal Reserve Bank of Chicago President Austan Goolsbee will give welcome remarks on Thursday before the Fifth Annual Exploring Career Pathways in Economics and Related Fields Conference in Chicago.
Federal Reserve Bank of Minneapolis President Neel Kashkari will moderate a morning keynote policy panel on Friday before the "Macroeconomic Policy Perspectives: Banking, Regulation, and Macroeconomic Outcomes" conference hosted by the Federal Reserve Bank of Minneapolis. Separately on Friday, Federal Reserve Bank of Atlanta President Raphael Bostic is expected to give a lecture "Economic Education and Fed 101" before high school students as part of a Mississippi Council on Economic Education event in Jackson, Mississippi. Later on Friday, Bostic is expected to speak on the economic outlook, importance of financial literacy and economic education before a Mississippi Council on Economic Education Forum on American Enterprise luncheon in Jackson, Mississippi. Also on Friday, Federal Reserve Board Governor Christopher Waller is expected to speak on "Decentralized Finance" before the Nineteenth Annual Vienna Macroeconomics Workshop at the Institute for Advanced Studies in Vienna, Austria.
Netflix is expected to report a rise in revenue in the third quarter on Thursday helped by its ad-tier and crackdown on password-sharing.
Blackstone reported on Thursday that its third-quarter distributable earnings rose year-on-year, driven by a surge in asset sales within its private equity and credit divisions, which offset a downturn in its real estate unit.
UnitedHealth Group will report its third-quarter results before markets open on Tuesday. Investors will look for medical costs for the health insurer and changes to its 2024 outlook. Any update regarding the cyberattack at its Change Healthcare unit will also be closely monitored. On Thursday, Elevance Health will report third-quarter results before markets open on Thursday. Investors will closely focus on medical costs for the insurer as they seek to understand the demand trends for medical services and the implications of these expenses. Color on the U.S. government's quality ratings for health insurers will also be under scrutiny.
Walgreens is expected to report fourth-quarter results on Tuesday, its first earnings report since the drugstore chain slashed its fiscal-year profit forecast and announced new store closures. Investors will focus on its fiscal 2025 profit view amid persistent pressure from weak consumer spending and low pharmacy reimbursements.
Abbott Laboratories is expected to report its third-quarter results on Wednesday. Investor focus will be on the performance of its heart devices and continuous glucose monitors.
Procter & Gamble is expected to post a rise in first-quarter revenue on Friday, boosted by resilient demand for its products like Tide detergent as well as Pantene shampoo. Investors will look out for the company's comments on the impact from the port strike, volume growth, recovery in China and demand boost from Fed rate cuts.
United Airlines is expected to report strong quarterly earnings on Tuesday. The focus will be on its pricing power as well as the outlook for aircraft deliveries. Analysts are also looking for an update on its growth plans in 2025.
U.S. insurer Travelers Companies is set to report its third-quarter results on Thursday. Investors want to know the extent to which the active Atlantic hurricane season will hurt profits. A call between executives and analysts will follow.
State Street is expected to report a surge in third-quarter profit on Tuesday, as the custodian bank benefits from higher fees earned by managing client assets with stock markets hovering near record highs.
Brokerage firm Charles Schwab's third-quarter earnings is expected on Tuesday. Analysts expect its interest costs on debt and deposits to lower its profit.
U.S. Bancorp is likely to report a fall in third-quarter profit on Wednesday, as its interest income shrinks due to subdued loan demand and higher deposit costs. Also on Wednesday, Citizens Financial is expected to report a lower profit third-quarter profit as the bank shells out more to hold onto customers' deposits. Truist is expected to report a higher profit in the third quarter on Thursday, benefiting from a revival in investment banking that is likely to boost its fees and commission income. Separately on Thursday, M&T Bank is poised to report its third-quarter results on Thursday. Wall Street expects a lower Q3 profit as interest income is expected to be hit by higher deposit costs. Also on Thursday, KeyCorp's profit is expected to fall sharply in the third quarter. Analyst and investor focus will be on the bank's outlook for interest income in the fourth quarter and next year. On Friday, Fifth Third Bancorp's third-quarter profit is expected to shrink as the regional lender sets aside more money to cover potential loan losses.
Statistics Canada is scheduled to release the country's inflation data on Tuesday. Canada's annual inflation likely cooled further to 1.8% in September after reaching the Bank of Canada's 2% target in August. Consumer prices declined by 0.2% in September on a month-on-month basis, mirroring the same rate of decline seen in August. Separately. Canada's factory sales data, due on Wednesday, are expected to show a 1.5% drop in August, after gaining 1.4% in July. The country's housing starts data for September is also scheduled for release on Wednesday.
Argentina's September trade balance data is due on Friday. Chile's central bank is expected to announce a decision on interest rates on Thursday.
Compiled by Nachiket Tekawade in Bangalore; Editing by Vijay Kishore
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