What to Watch in the Day Ahead - Wednesday, Dec. 10

Tue Dec 9, 2014 2:35pm EST
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(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) The Mortgage Bankers Association releases its seasonally adjusted index of mortgage application activity for the United States, which includes refinancing and home purchase demand, fell 7.3 percent in the week ended Nov. 28. Refinancing applications fell 13.4 percent for the prior week, while the gauge of loan requests for home purchases - a leading indicator of home sales - rose 2.5 percent (0700/1200). Separately, the Department of Treasury releases federal budget results for November (1400/1900). Meanwhile, Federal Reserve Bank of Kansas City issues Labor Market Conditions Indicator for November. Costco's first-quarter profit is expected to beat analysts' average estimate as more promotions boost sales and membership at in the holiday season. The wholesale retailer, which caters to higher-income customers than those of Wal-Mart Stores and Target Corp, will also benefit as wealthier U.S. shoppers are likely to drive sales, according to a National Retail Federation survey. Investors will be interested in knowing how the company fared during Thanksgiving Day and Black Friday, also of interest would be any full-year or quarterly forecast. Marianne Lake, chief financial officer of J.P. Morgan Chase & Co speaks at an investor conference. Lake may update the company's outlook for the fourth quarter. McDonald's Chief Executive Don Thompson and McDonald's USA President Mike Andres will participate in an investor briefing. The fast food chain reported a steeper than expected drop in global sales for November and had warned that weak sales would hit fourth-quarter earnings. LPL Financial Holdings Inc, one of the five biggest retail brokerage firms by number of financial advisers, will present its outlook for 2015. The company's CEO will discuss regulatory problems, market share opportunities and outlook at an investor conference. As the biggest "independent" broker/dealer - firms whose brokers contract for products and services but are not full-time employees - LPL is a benchmark for the fastest-growing sector of the securities industry. Bank of Canada will release its twice-yearly financial system review. This is "a detailed review of developments in the financial system and an analysis of policy direction in the financial sector". Following that, Governor Stephen Poloz will hold a news conference, accompanied by Senior Deputy Governor Carolyn Wilkins. Mexico's national statistics agency releases gross fixed investment data for September. According to analysts, the gross fixed investment will dip 0.65 percent from the previous month after rising 0.40 percent in August (0900/1400).

(Compiled by Astha Rawat in Bengaluru; Editing by Joyjeet Das)