What to Watch in the Day Ahead - Wednesday, June 24
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The U.S. Commerce Department is expected to release its final gross domestic product figure, showing the economy shrank 0.2 percent in the first quarter. Last month, the government slashed its estimate to show GDP shrunk at a 0.7 percent annual rate instead of growing at 0.2 percent as it estimated earlier. Separately, the department also issues first-quarter revised data for corporate profits. (0830/1230)
Monsanto Co, the subject of intense investor scrutiny as it seeks to acquire rival Syngenta AG, reports third-quarter earnings. The market is hoping to learn more about Monsanto's plans to win over shareholders at Syngenta, whose board has thus far rebuffed Monsanto's advances.
Home furnishings retailer Bed Bath & Beyond Inc is expected to report first-quarter profit and sales in line with analysts' average estimate, according to Thomson Reuters StarMine data. However, the results may be hurt by currency headwinds and the prolonged slowdown in West Coast port earlier this year. The company's margins is also expected to be pressurized by higher coupon costs and direct selling expenses. Investors will be looking out for the retailer's second-quarter profit forecast as well as any changes to its full-year outlook.
Lennar Corp, the second largest U.S. homebuilder, is expected to report a higher second-quarter profit, as it sold homes at higher prices. However, revenue could have been affected as heavy rainfall in southern United States likely impacted home closings. Lennar has a high exposure to Houston in the south, which accounted for about 10 percent of its total homebuilding revenue in 2014. Investors will look for an update to the company's 2015 forecast.
On the second day of General Motors Co's event, CEO Mary Barra, Global Product Chief Mark Reuss and North American Chief Alan Batey participate in executives meetings. During the two-day event the company introduces two new products, discuss product introductions, Chevrolet growth plans and talk about electrification, tech and R&D plans.
Fiat Chrysler CEO Sergio Marchionne presents the first new Alfa Romeo model in Milan. The revamp of the brand is at the center of the carmaker's plan to boost global vehicle sales by 60 percent to 7 million vehicles by 2018. The company forecast Alfa Romeo's sales would multiply more than fivefold to 400,000 vehicles in 2018 through a 5 billion-euros investment to add eight new models and ramp up production.
Canadian gold miners Alamos Gold Inc and AuRico Gold Inc hold special shareholder meetings to consider a $1.5 billion merger plan, unveiled in April. Shareholders of both companies will vote on the combination.
Brazil's central bank will release its quarterly inflation report, with economic growth and inflation projections key to determining whether it will keep raising interest rates. The projections for coming years will show if the bank has succeeded in anchoring inflation expectations to make good on its promises to bring inflation back to the 4.5 percent of inflation target in 2016. (0830/1230) Brazil's central bank issues capital flows and foreign reserves data. (1130/1530)
Mexico's central bank releases data on inflation for the first half of June. Inflation is expected to have risen 0.12 percent, compared with the 0.53 percent drop during the first half of May. In another report, the country's National Statistics Agency releases economic activity data for April. (0900/1300)
LIVECHAT - Live from the Euromoney Global Borrowers & Investors forum - Robert Stheeman, chief executive, United Kingdom Debt Management Office Join Robert Stheeman on the sidelines of the annual Euromoney Global Borrowers & Investors conference as he looks at the capital markets through the lens of a sovereign issuer. We will be talking to Robert at 0615 ET (1015 GMT). To take part in the discussion and ask your own questions, join the Global Markets Forum by clicking here: bit.ly/1kTxdKD (Compiled by Nivedita Balu; Editing by Savio D'Souza)
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