What to Watch in the Day Ahead - Wednesday, July 8
(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) Federal Open Market Committee issues minutes from its meeting of June 16-17. (1400/1800) Separately, Federal Reserve Bank of San Francisco President John Williams speaks on the economic outlook before the International Conference of Commercial Bank Economists. (1400/1800) Also, Treasury Secretary Jack Lew participates in "Dodd-Frank at 5: a Conversation with Treasury Secretary Jacob J. Lew" at an event hosted by the Brookings Institution's Hutchins Center on Fiscal and Monetary Policy in Washington. (0830/1230) Aluminum maker Alcoa Inc kicks off U.S. corporate second-quarter earnings season after markets close. Many aluminum producers have cut capacity or shut down completely as London Metal Exchange prices and falling physical premiums show no signs of improving amid rising exports of semi-fabricated products from China and high energy costs. Alcoa said it would close its Pocos de Caldas smelter in Brazil, which has a capacity below 100,000 tonnes per year. The U.S. Federal Reserve reports the outstanding credit extended to American consumers. A seasonally adjusted number is expected to have decreased to $18.50 billion in May from April's $20.54 billion. (1500/1900) The Mortgage Bankers Association releases its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand. (0700/1100) Federal Reserve Bank of Kansas City issues Labor Market Conditions Indicator (LCMI) for June. The LCMI are two monthly measures of labor market conditions based on 24 labor market variables. One indicator measures the level of activity in labor markets and the other measures momentum in labor markets. The South Carolina House of Representatives is due to vote on a bill to remove the Confederate flag from State House grounds. South Carolina's Senate passed legislation to remove the Confederate battle flag from the state house, where it has flown for five decades despite being viewed by many as a symbol of slavery. Statistics Canada releases the value of building permits for May. Analysts forecast the permits to have declined 5 percent after it rose 11.6 percent in the previous month. (0830/1230) Canadian Finance Minister Joe Oliver will speak at a Canada-China finance summit in Toronto. Encana Corp CEO Doug Suttles and Greg Abel, the head of the Berkshire Hathaway's energy unit, will speak on North American energy supply and demand at the Calgary Chamber of Commerce. A two-day annual TD Securities Energy Conference continues in Calgary. Companies including Cenovus Energy Inc, Suncor Energy Inc, Canada Oil Sands Ltd, Crescent Point Energy Corp, Canada Natural Resources Ltd and Husky Energy Inc will take part in panel discussions and give investment presentations. Brazil's consumer prices likely rose 0.83 percent in June, the highest for the month since 1996, according to the median of 25 forecasts for an increase in the benchmark IPCA price index. Prices rose 0.74 percent in May. (0800/1200) Economists expect Chile's inflation rate to have increased to 0.30 percent in June from 0.20 in the previous month. French financial sector executives meet on the second day of an annual conference. BNP Paribas Chairman Jean Lemierre is due to speak at the conference on a panel entitled "Internationalization Strategies of Financial Institutions in the Global Economic Recovery". (Compiled by Hardik Vyas in Bengaluru; Edited by Don Sebastian)
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