CORRECTED-What to Watch in the Day Ahead - Wednesday, March 9
(Corrects Bank of Canada item to say "Canadian dollar has rallied since the bank kept rates steady at its last meeting in January," from "the recent weakness in the Canadian dollar") The U.S. Commerce Department's data on January wholesale inventories could shed more light on how much of drag inventories will be on first-quarter growth. Revised fourth-quarter GDP data showed businesses had made less progress than previously thought in reducing the inventory overhang during the quarter. A Reuters survey of economists forecast wholesale inventories falling 0.2 percent in January after decreasing 0.1 percent in December. (1000/1500) Square Inc will report its first quarterly results since its market debut in November. The mobile payments company, headed by Twitter CEO Jack Dorsey, is expected to report fourth-quarter revenue slightly below estimates, according to Thomson Reuters StarMine data. The company faces intense competition in the payments market and has been investing heavily in new hardware. Box Inc is expected to report higher fourth-quarter revenue, according to Thomson Reuters StarMine data. The cloud storage provider, which had forecast better-than-expected fourth-quarter revenue in December, has benefited as more users sign up for its services. Investors will be looking for the company's first-quarter forecast. The Bank of Canada is expected to hold interest rates at 0.50 percent, opting for patience over action as it waits to see the impact of the government's expected spending measures and as it allows the effects of last year's two rate cuts to filter through the economy. Analysts will be looking to see whether the bank comments on the Canadian dollar, which has rallied since the bank kept rates steady at its last meeting in January. (1000/1500) Canadian Pacific Railway Ltd Chief Executive Hunter Harrison, who is immersed in a campaign to merge the company with U.S. railroad operator Norfolk Southern Corp, will address the JPMorgan Aviation, Transportation & Industrials Conference. Brazil's inflation rate probably eased slightly in February as a deep recession drags on, economists predict, underpinning expectations of a possible interest rate cut later this year. Consumer prices as measured by the benchmark IPCA index likely gained 10.47 percent in the 12 months through February, down from a 12-year high of 10.71 percent in January. Prices probably rose 1.0 percent in February from January, slowing from an increase of 1.27 percent in the previous month. (0700/1200) Mexico's annual inflation is expected to have risen faster than its previous reading. Inflation in the 12 months through February is likely to have increased to 2.94 percent, up from a 2.61 percent rate in January. (0900/1400) LIVECHAT - GOLD'S GATHERING GLITTER with strategist Axel Merk, fund Manager and CIO at Merk Investments Fund manager and CIO at Merk Investments, Axel sees Federal Reserve policies and a new era of markets volatility as reasons gold may outpace other assets and deserves a bigger place in institutional portfolios. Axel will also take questions on currencies and European central banks. (1000/1500) To join the Global Markets Forum, click here bit.ly/1kTxdKD (Compiled by Sourav Bose in Bengaluru; Editing by Sriraj Kalluvila)
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