What to Watch in the Day Ahead - Thursday, Sept 17
(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 U.S. Federal Reserve's policy-setting committee is due to conclude a two-day meeting and an announcement on interest rates is widely expected. While solid data on consumer spending, housing and employment have been supportive of a rate hike, the case for higher borrowing costs has been undermined by recent global financial markets turmoil. A survey of 80 economists showed 45 expected the central bank to keep its short-term interest rate near zero. Fed Chair Janet Yellen holds a news conference following the Federal Open Market Committee meeting. (1400/1800) Adobe Systems Inc, the maker of Photoshop, reports third-quarter results. Its profit is expected to be slightly above analysts average estimate. Adobe is switching from traditional box licenses to web-based subscriptions for its Creative Cloud software bundle in search of a more-predictable recurring revenue stream. Analysts expect Creative Suite 6 to drive subscriber growth, and new offerings such as the stock image service to boost average revenue per user. U.S. Commerce Department issues housing starts and building permits data for the month of August. The housing starts likely retreated from a near eight-year high in July, but an anticipated rise in building permits should indicate that housing remains on solid footing. Building permits are expected to have risen to a 1.16 million-unit pace from 1.13 million units in July. Economists expect groundbreaking fell to a seasonally adjusted annual pace of 1.17 million units last month from 1.21 million units in July. Also, the Commerce Department will announce second-quarter current account data. (0830/1230) Drugstore chain operator Rite Aid Corp is likely to report second-quarter profit above analysts average estimate. The company lowered its full-year profit forecast in June after reporting lower-than-expected first-quarter earnings, hurt by interest costs and taxes related to the acquisition of pharmacy benefits manager EnvisionRx. Larger rival CVS estimated third-quarter profit below estimates due, in part, to lower reimbursement rates. However, analysts expect Rite Aid to have handled reimbursement pressures better. United Technologies CEO Greg Hayes presents at a Morgan Stanley investor conference in what will be the first time he has spoken publicly to Wall Street since July when the U.S. conglomerate cut its 2015 outlook for a third time. His presentation comes just after United Tech separated the Otis elevators business, and the climate, control and securities division into standalone units, and named new leaders for those businesses, the latest organizational shake-up since Hayes took the reins of the company in November. LIVECHAT: U.S. MACRO FOCUS with Nationwide's David Berson Nationwide Chief Economist David Berson discusses the state of the U.S. economy, as the Federal Reserve closes in on lift-off and markets are buffeted by uncertainty and fear. (1000/1400) To join the Global Markets Forum, click here: bit.ly/1kTxdKD LIVECHAT: TRADING CANADA - John Stephenson on energy investing John Stephenson, the president of a hedge fund and author of a book on commodity investing, joins Global Markets Forum for a discussion on oil prices, mining investments and Canadian housing. (1030/1430) To join the discussion, click here: bit.ly/1kTxdKD (All references to a company's results expected to beat or miss analysts average estimates are according to Thomson Reuters StarMine, unless mentioned otherwise) (Compiled by Hardik Vyas in Bengaluru; Editing by Savio D'Souza)
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