May 8, 2014 / 6:48 PM / 4 years ago

What to Watch in The Day Ahead; Friday, May 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) Brazil’s state-run oil company Petrobras is expected to announce first-quarter results with profit seen falling on the cost of an early retirement program. A net 1.6 billion real charge against earnings was announced on May 5 to pay for the planned voluntary layoff of more than 8,000 employees. ArcelorMittal, the world’s largest steel producer, is already benefiting from stronger U.S. growth and said there were signs of real demand improvement in Europe. Investors will watch for whether this was followed up in the first quarter and will look for comments on Ukraine, where it has a large presence. Federal Reserve Bank of Dallas President Richard Fisher speaks on “Limits of U.S. Monetary Policy” before the Louisiana Bankers Association 2014 Convention in New Orleans. (1200/1600) The Commerce Department will release wholesale inventory data for March. Wholesale inventories are forecast to rise 0.5 percent after an increase of 0.5 percent in February. (1000/1400) Marriott, Starwood and Hyatt reported strong occupancy and room rates in the United States, benefiting from increased business travel and Hilton is likely to follow suit when it reports first-quarter results. But the hotel operator, reporting for the second time as a public company, will have to do more than post good results this quarter to cheer investors as analysts say the stock is fairly priced. 3D printer maker Stratasys is expected to post first-quarter results. Its rival, 3D Systems, said last week it expects to get most of the revenue and profit it forecast for 2014 in the second half of the year when it launches new products and services. Both companies are investing heavily in new products and services, even as technology major HP is gearing up to enter the nascent industry. Investors will be looking out for comments on HP’s planned entry and the demand for consumer printers made by MakerBot, which Stratasys bought last June. Statistics Canada is scheduled to issue its April employment report, with economists predicting modest job growth of 12,000 and the unemployment rate holding steady at 6.9 percent. The data should add to evidence that the economy is strengthening gradually after a weather-related weak patch, although a recent central bank survey showed only about half of employers expected to increase their payrolls in the next year. (0830/1230) Minutes from Mexico’s April 25 central bank meeting are scheduled for release and are expected to provide more details on where policymakers see economic “green shoots” after highlighting marginally improving risks to growth in their April decision. The Banco de Mexico kept its main interest rate on hold at a record low of 3.50 percent on April 25, noting tame price pressures and highlighting signs of improving economic growth that bode for steady borrowing costs ahead. Separately, Peru’s central bank will announce whether it will hold the benchmark interest rate at 4 percent as it has for the past five months. (Compiled By Ayesha Sruti Ahmed in Bangalore)

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