What to Watch in the Day Ahead - Wednesday, March 23
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New U.S. single-family home sales are expected to have rebounded in February, suggesting the housing market recovery remains intact despite a recent sharp drop in purchases of previously owned homes. New home sales are estimated to have risen 3.2 percent to an annual rate of 510,000 units, according to a Reuters survey of economists. (1000/1400) Separately, the Mortgage Bankers Association will release its index on mortgage application activity. (0700/1100)
Cheerios cereal maker General Mills Inc's third-quarter sales are expected to miss the average analyst estimate, according to Thomson Reuters StarMine data. The company has been cutting jobs, divesting plants and selling brands to reduce expenses. It is also investing in gluten-free foods and cutting back on sodium in its products to cater to changing consumer preferences.
Federal Reserve Bank of Philadelphia President Patrick Harker gives welcome remarks before the "Book Launch: Shared Prosperity in America's Communities" event. (1730/2130)
A two-day media preview begins for 2016 New York International Auto Show, which opens in the Easter weekend. Several key auto executives, including Fiat Chrysler's Harald Wester, who heads the Maserati and Alfa brands, and Carlos Ghosn, the chief executive of Nissan and Renault, will be interviewed.
The U.S. Supreme Court will consider appeals brought by Christian groups demanding full exemption from the requirement to provide insurance covering contraception under President Barack Obama's signature healthcare law. The eight justices will consider seven related cases on whether non-profit groups that oppose the requirement on religious grounds can object under the federal Religious Freedom Restoration Act to a compromise measure offered by the Obama administration.
ChemChina is offering $465 per share in cash for agrichemicals and seeds group Syngenta AG in a deal worth around $43 billion. The offer in Switzerland and the United States is set to commence and is supposed to run until May 23 if not extended.
Canadian Finance Minister Bill Morneau will give his first post-budget speech at a breakfast meeting in Ottawa. (0700/1100) Separately, Canadian Innovation Minister Navdeep Bains gives a speech in Toronto and he could face questions on possible federal aid for struggling plane maker Bombardier Inc. Sources say Ottawa has finished examining a bid by the firm for $1 billion in aid and it is set to announce a decision within weeks.
Canadian gold miner Eldorado Gold Corp is expected to report a fall in fourth-quarter profit, hurt by a slump in gold prices. The company said on Tuesday its Greek unit Hellas Gold was granted a license by Greece's environment ministry for its Olympias mine, removing a hurdle in developing its project in the north of the country. Continued...