What to Watch in the Day Ahead - Thursday, July 9
(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) PepsiCo Inc is likely to report second-quarter profit and sales above average analyst estimate, according to Thomson Reuters StarMine. PepsiCo's snack business, which includes Lays and Doritos chips, has been the driving force for the company for nearly two years as soda sales decline amid a general shift towards drinks perceived as healthier. The strong dollar, however, could take a bite out of profits, PepsiCo said in April and cut full-year revenue and earnings forecast by about 7 percentage points. Investors will be looking for comments on how PepsiCo plans to boost sales in its drinks business, especially after introducing a slew of new sodas such as aspartame-free Diet Pepsi and craft sodas with natural flavors. The U.S. Labor Department releases the number of Americans filing new claims for unemployment benefits. Initial claims are expected to have declined by 6,000 to a seasonally adjusted 275,000. Analysts also forecast the number of people still receiving benefits to have also dropped 16,000 to 2.248 million. (0830/1230) Drugstore operator Walgreens Boots Alliance Inc releases third-quarter results. Walgreens said in April that it would take a "back-to-basics approach" for its U.S. pharmacy and retail operations with a focus on convenience, pharmacy modernization and customer care. The company is expected to report a quarterly profit above the average analyst estimate, according to Thomson Reuters StarMine. Federal Reserve Bank of Kansas City President Esther George speaks on monetary policy and the economic outlook before the Stillwater Economic Forum, hosted by the Federal Reserve Bank of Kansas City's Oklahoma Branch. (1310/1710) Also, Federal Reserve Bank of Minneapolis President Narayana Kocherlakota speaks on "Fiscal Policy and the Long-Run Neutral Real Interest Rate" before a "Central Banks and Fiscal Authorities" panel at the Deutsche Bundesbank "Turning Points in History: How Crises Have Changed the Tasks and Practice of Central Banks" conference. (0545/0945) Separately, Federal Reserve Board Governor Lael Brainard speaks on regulatory reform and implementation five years after passage of Dodd-Frank Act before the Bipartisan Policy Center Financial Regulatory Reform Initiative and Managed Funds Association "Dodd-Frank at Five" event. (1015/1415) International Monetary Fund Economic Counselor and Director of Research Department Olivier Blanchard and the Deputy Director of Research Department Gian Maria Milesi-Ferretti participate in news conference in Washington to release the World Economic Outlook. Canada Mortgage and Housing Corp releases housing starts numbers for June. Ground-breaking activity in Canada is estimated to have slumped to 190,000 units from 201,705 units in May. (0815/1215) Also, economists expect the New Housing Price Index for May to have increased at the same pace as in April. The prices edged up 0.1 percent in April from March. (0830/1230) China's consumer inflation likely edged up in June as food prices steadied, while producer prices extended their decline well into a fourth year, reinforcing expectations that more support measures are needed to revive sluggish demand. Consumer inflation is expected to have picked up in June but only marginally to 1.3 percent from a year earlier, compared with May's 1.2 percent. (2130/0130) Mexico's inflation data for June is expected to show the annual pace of consumer price gains in Latin America's No. 2 economy remains near a record low, giving policymakers room for keeping interest rates down. (0900/1300) LIVECHAT: FX CORNER: Independent FX trader Jeremy Wilkinson-Smith Popular forum guest Jeremy Wilkinson-Smith, who has been trading FX markets since he was 14, joins us at 0500 ET/0900 GMT. Currently combining the spot FX, forwards, options, equity derivatives and fixed income derivatives markets with his university studies, Jeremy is sure to bring a refreshing outlook on the major currency pairs and global economic and macro events. To join the Global Markets Forum, click here bit.ly/1kTxdKD (Compiled by Hardik Vyas in Bengaluru; Editing by Kirti Pandey)
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