November 20, 2014 / 8:29 PM / 4 years ago

What to Watch in the Day Ahead - Friday, Nov. 21

(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) Shoes and apparel retailer Foot Locker Inc is expected to report third-quarter results. Separately, women’s apparel retailer Ann Inc will also release its third-quarter results.

Federal Reserve Bank of Kansas City issues composite and manufacturing outlook indices for November (1100/1600). U.S. Federal Reserve Board Governor Daniel Tarullo testifies on “Physical Commodities” before the Senate Homeland Security & Governmental Affairs Permanent Subcommittee on Investigations (0930/1430). The Senate Banking subcommittee on financial institutions and consumer protection holds a hearing on the issue of regulatory capture following media reports of secretly recorded conversations between regulators at the Federal Reserve Bank of New York and officials at Goldman Sachs that raised questions about a too-cozy relationship. Witnesses include Federal Reserve Bank of New York President William Dudley; David Beim, Professor of Professional Practice, Columbia Business School; Robert Hockett, Edward Cornell Professor of Law, Cornell Law School; and Norbert Michel, Research Fellow in Financial Regulations, Heritage Foundation. Canada’s annualized inflation rate is expected to have held steady at 2 percent in October, in line with the Bank of Canada’s target, while the less-volatile core rate is forecast to edge up to 2.2 percent. The markets will be watching the report for what it might mean for Bank of Canada policy. However, the report is unlikely to change policymakers’ cautious stance as the central bank has said that the recent firming in inflation is largely due to temporary factors (0830/1330). Mexico’s economy likely grew at a slower pace in the third quarter as domestic consumption wobbled in Latin America’s No. 2 economy. A Reuters poll forecasts that Mexican gross domestic product in the third quarter likely grew 0.7 percent from the second quarter and 2.3 percent from a year earlier. In the second quarter, the economy had expanded 1 percent from the prior quarter and 1.6 percent from a year earlier. Services and construction could show some weakness, but strong auto production has helped support industrial output. Still, the growth may be weak enough to push the government to dial back its forecast of 2.7 percent annual growth this year (0900/1400). Separately, the Mexican national statistics agency releases September monthly economic activity index. Meanwhile, Argentina’s government is due to release September economic activity data (1400/1900). The U.S. Federal Communications Commission will vote to propose new rules on 911 services and the transition of phone networks to new-generation fiber. FCC Chairman Tom Wheeler will hold a press conference later and he is expected to face questions on his latest move on net neutrality and mergers. Swiss bank Credit Suisse is scheduled to be sentenced for its role in helping Americans dodge taxes. The bank entered a guilty plea in May and agreed to pay $2.6 billion to resolve charges that it helped wealthy Americans evade taxes.

Compiled by Sourav Bose in Bangalore; Editing by Kirti Pandey

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