What to Watch - Thursday, Nov. 27 and Friday, Nov. 28
(The Day Ahead is an email and PDF publication that includes the day's major stories and events, analyses and other features. To receive The Day Ahead, Eikon users can register at . Thomson One users can register at RT/DAY/US. All times in ET/GMT.) Thursday, November 27 The 12 members of the Organization of the Petroleum Exporting Countries (OPEC) meet in Vienna to discuss a possible cut in output to bolster prices. OPEC leader Saudi Arabia and fellow member the United Arab Emirates signaled at the group's meeting that they were unlikely to push for a major change in oil output to prop up prices that have sunk by a third since June. Statistics Canada releases third-quarter current account data. The median forecast in a Reuters survey of economists is for the deficit to decline to C$11.10 billion from C$11.87 billion in the second quarter (0830/1330). Lorraine Mitchelmore, president and Canada country chair of Shell Canada Ltd, gives a speech on how Canada can lead on the economy and the environment. Brazil's President Dilma Rousseff is expected to announce the appointment of a fiscal conservative banker and former treasury secretary, Joaquim Levy, to lead her economic team in her second term. Levy would succeed long-serving finance minister Guido Mantega and could be sworn in within days as Rousseff scrambles to recover credibility among investors worried about the stagnation of the Brazilian economy and the deterioration of its fiscal accounts to the point where Brazil risks a credit rating downgrade in 2015. Former deputy finance minister Nelson Barbosa is expected to become planning minister in charge of the budget. Central bank president Alexandre Tombini is expected to stay on. Friday, November 28 Canada releases gross domestic product data for the third quarter, forecast to have risen at an annualized rate of 2.1 percent after 3.1 percent in the second quarter. The Bank of Canada had forecast 2.3 percent for the quarter in its October Monetary Policy Report. Along with that, Canada's monthly GDP will be released for September. The economy shrank by 0.1 percent in August but is estimated to have bounced back by 0.4 percent in September, with strong support from exports, manufacturing, wholesale trade and building permits. Meanwhile, Statistics Canada also releases October producer prices (0830/1330). Brazil's economy probably recovered slightly in the third quarter after a mild recession in the first half of the year, offering relief to President Dilma Rousseff and her newly announced economic team. Still, economists warn the rebound may be short-lived (0600/1100). Separately, Brazil's central bank releases its monthly report on the federal budget. The primary balance is a gauge closely watched by investors because it measures a country's ability to service its debt (0600/1100). Mexico fiscal balance data for October is scheduled for release (1530/2030). Separately, Argentina's government is due to release October industrial production data (1400/1900). (Compiled By Astha Rawat in Bangalore; Editing by Savio D'Souza)
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