What to Watch in the Day Ahead - Thursday, April 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) Walgreens Boots Alliance Inc will report second-quarter fiscal 2015 results. Analysts expect earnings may miss estimates slightly due to weak gross margins driven by pharmacy reimbursement pressures. Investors will watch out for management comments on the second-half of 2015 and fiscal 2016, integration of Alliance Boots, update on the synergies target, cost cutting efforts, plans to manage gross margins, ongoing generic inflation, step-down related to Medicare Part D which the company has been pursuing heavily. Also in focus will be any update on plans to increase wages as labor groups have started targeting drug chains. The U.S. Labor Department issues its weekly update on new applications for unemployment insurance claims, which likely climbed last week. Continued claims are seen rising in the latest week adding to signs the labor market might be faltering. The latest monthly unemployment report released last Friday showed tepid job growth in the last two months. (0830/1230) Separately, the U.S. Commerce Department releases February number for wholesale inventories. Analysts polled by Reuters expect both inventories and sales to have risen last month. (1000/1400) Constellation Brands Inc, known for brands such as Corona beer, Robert Mondavi wine and Svedka vodka, is expected to report fourth-quarter profit and sales above analysts' average estimates, according to Thomson Reuters StarMine, largely helped by sales of higher-priced beer. The company had said in its third-quarter report that it was on track to meet its full-year goals and expected its wine brands such as Ravenswood to outperform the broader U.S. wine category. Investors will be looking for forecasts for fiscal 2016. LIVE CHAT - Bidding up the dollar on global weakness with Marc Chandler Across developed and emerging economies the recurring theme of dollar strength is building into the second quarter, reinforcing bets that rising U.S. interest rates will only put more muscle behind the greenback. Join Marc Chandler, Brown Brothers Harriman's senior vice president and global head of markets strategy, for a conversation about currencies and economics in the Global Markets Forum. (1000/1400) To join the Global Markets Forum, click bit.ly/1kTxdKD In a decision that could reshape U.S. tobacco regulation, an advisory panel to the U.S. Food and Drug Administration will vote on whether Swedish Match should allowed to claim its smokeless tobacco products known as snus are less harmful than cigarettes. The vote, to be taken after two days of discussion, could pave the way for the first FDA approval of a modified risk tobacco product and set a precedent for companies seeking to make similar claims. A group of experts will meet at the Securities and Exchange Commission to possibly propose reforms concerning proxy access and SEC rules governing dueling proposals between shareholders and management. SEC Chair Mary Jo White and other commissioners are expected to make an appearance. At the same time, SEC top compliance official Andrew Bowden will speak to the mutual fund directors forum. IMF Managing Director Christine Lagarde gives her traditional "curtain-raiser" speech ahead of the IMF and World Bank's spring meetings in Washington next week. She is likely to focus on the risks from Fed tightening and also discuss currency issues and economic growth in Europe, including Greece. Statistics Canada issues February data for building permits, which is expected to increase by 5 percent. The value of Canadian building permits issued in January sank by 12.9 percent. (0830/1230) Separately, data will likely show new home prices in Canada were unchanged in February after it fell 0.1 percent in the previous month. (0830/1230) Joe Oliver, Canada's finance minister, will have a regular meeting with economists to discuss their projections ahead of the April 21 budget. He bases the budget on their forecasts. He will hold a news conference after the meeting. Mohamed A. El-Erian, chief economic advisor at Allianz, the corporate parent of PIMCO, will be giving a speech in Toronto about geopolitical threats and their impact on economies and markets. Peru's central bank decides whether to hold the benchmark interest rate at 3.25 percent for the third month in a row as economic growth remains weak and the sol currency slides. Separately, the central bank of Mexico will publish the minutes of March policy meeting (1000/1400) and Mexico's statistics agency releases data for March inflation. (1000/1400) (Compiled by Sourav Bose in Bengaluru; Editing by Savio D'Souza)
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