What to Watch in the Day Ahead - Thursday, September 26
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A host of U.S. Federal Reserve policymakers are due to speak at different events. Federal Reserve Chair Jerome Powell is set to give opening remarks before the 2024 Treasury Market Conference hosted by the Federal Reserve Bank of New York. (0920/1320) At the same event, New York Fed President John Williams (0925 /1325) and Fed Vice Chair for Supervision Michael Barr (1030 /1430) are also scheduled to speak. Separately, Fed Board Governor Michelle Bowman is due to speak before the Mid-Sized Bank Coalition of America Board of Directors Workshop in Washington. (0915 /1315) Meanwhile, Boston Fed President Susan Collins is set to host virtually a fireside chat with Fed Board Governor Adriana Kugler on financial inclusion as part of the Boston Fed's Financial Inclusion and Banking Supervision Workshop. (0910/1310) At the same workshop, Minneapolis Fed President Neel Kashkari is also scheduled to host virtually a fireside chat with Michael Barr. (1300 /1700) Fed Board Governor Lisa Cook is set to participate in a roundtable discussion with Community Stakeholders, hosted by the Cleveland Fed and Columbus State Community College in Ohio. (1030 /1430) Lisa is also scheduled to give a lecture "Artificial Intelligence and the Labor Force" before the Ohio State University President and Provost's Diversity Lecture and Cultural Arts Series. (1800/2200)
On the U.S. economic calendar, the final reading of gross domestic product is expected to come in at 3% for the second quarter. The core PCE Prices final for the second quarter is likely to have risen 2.8% in line with the preliminary figures. Additionally, the Commerce Department's Census Bureau will likely report a 2.6% drop in orders of durable goods for August, after advancing 9.8% in the previous month. Separately, the Labor Department is expected to release weekly initial jobless claims, which are likely to rise by 6000 to 225,000 for the week ended September 21. Meanwhile, continued jobless claims for the week ended September 14 probably increased to 1.838 million from 1.829 million in the week prior. The National Association of Realtors is expected to report that its Pending Home Sales Index likely rose 1% in August after falling 5.5% in the prior month.
Costco is expected to post a rise in fourth-quarter revenue on the back of steady demand for cheaper groceries at its membership-only stores from budget-conscious consumers. Investors will look for demand in discretionary categories heading into the holiday season.
OpenAI CEO Sam Altman is slated to join the Italian Tech Week event in Turin.
Southwest Airlines is set to hold its annual investor day, where it will unveil details of its turnaround strategy. The airline has been struggling to find its footing after the pandemic and is under pressure to evolve. Activist investor Elliott has launched a campaign to oust CEO Bob Jordan and other top executives, blaming them for the airline's underperformance.
A US court officer overseeing the auction of shares in a parent of Citgo Petroleum is set to submit the name of the winner of an about $8 billion auction of shares that will decide the future ownership of the oil refiner.
Canned-coffee maker Rise Brewing is expected to ask the 2nd Circuit to revive its lawsuit accusing PepsiCo of infringing its trademarks with its "Mtn Dew Rise" energy drink. A Manhattan federal court ruled for Pepsi last year after determining that Pepsi's energy drink was unlikely to cause consumer confusion with Rise's coffee.
In Latin America region, Mexico's central bank is set to announce its monetary policy decision. The central bank lowered its benchmark interest rate in a divided vote to 10.75% in August. Separately, Argentina's statistics agency INDEC is scheduled to show the country's current account surplus probably widened to $3.300 billion in the second quarter, having recorded a $240 million surplus in the prior quarter.
Compiled by Lactus Fernandes in Bengaluru; Editing by Vijay Kishore
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