November 13, 2014 / 7:43 PM / 4 years ago

What to Watch in the Day Ahead - Friday, Nov. 14

(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) Retail sales data will likely show a rebound in October after the previous month’s report showed consumers had pulled back on spending. The U.S. Commerce Department is expected to report that retail sales were up 0.2 percent in October, up from September’s 0.02 percent decline (0830/1330). The Labor Department releases data on export and import prices, both seen falling last month (0830/1330). Also releasing in the day is the Thomson Reuters/University of Michigan preliminary gauge of consumer sentiment (0955/1455), and the Commerce Department’s data on business inventories (1000/1500). St. Louis Fed President James Bullard gives a presentation on the U.S. economy and monetary policy before a financial forum hosted by the St. Louis Regional Chamber. Separately, Federal Reserve Vice Chair Stanley Fischer moderates and Federal Reserve Board Governor Jerome Powell participates in the “Monetary Policy Spillovers and Cooperation in a Global Economy” panel before the European Central Bank, Federal Reserve Board, and Federal Reserve Bank of New York Conference: Global Research Forum on International Macroeconomics and Finance, in Washington. Shares of Virgin America Inc, a low-cost airline partly owned by Richard Branson, are expected to start trading on the Nasdaq. The company’s initial public offering is expected to be priced at $21-$24 per share, valuing the airline at about $1.04 billion at the top end of the range. The company is selling 13.1 million of the 13.3 million shares in the offering, which is expected to raise up to $320 million. Large U.S. investment managers ranging from hedge fund titan William Ackman to mutual fund powerhouse Fidelity Investments report to U.S. regulators what U.S. stocks they held at the end of the third quarter, releasing quarterly 13-F data. The filings shed light on what the smart money liked and disliked as plans for corporate takeovers at companies including Valeant, Allergan, Actavis and others switched into high gear; regulatory probes at Herbalife lingered as the company missed earnings and the stock market briefly hit another high before quickly selling off just before the end of the quarter. Statistics Canada is scheduled to release manufacturing sales data which is expected to show that sales increased 1.1 percent in September after showing a sharp decline of 3.3 percent in August (0830/1330). Brazil’s statistics agency IBGE releases its report on September retail sales. Retail sales have disappointed as the economy slipped into recession in the first half of the year. Economists said political uncertainty ahead of the October presidential election might have weighed on consumer sentiment, which has weakened to the lowest in more than five years (0600/1100). Separately, Mexico issues central banks minutes which will provide further detail on how much policymakers are worried that recent social unrest could crimp the modest economic recovery. The Banco de Mexico left its main interest rate steady at a record low of 3 percent on Oct. 31 and argued that a recent spike in prices will fade next year. (Compiled by Ayesha Sruti Ahmed in Bangalore; Edited by Don Sebastian)

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