(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) Investors will scour for a statement after the U.S. Federal Reserve meeting for any signs of when the Fed is likely to begin raising interest rates and the pace of any subsequent hikes. The central bank is unlikely to raise rates in this meeting but investors will watch for any hints from Fed Chair Janet Yellen.
Oracle Corp, the world’s leading database company, is expected to report lower revenue and profit for its fourth quarter as it transitions some of its businesses to a more investment-heavy cloud-computing model and copes with relatively weak overall technology spending by businesses in an uncertain economy.
Package shipping giant FedEx Corp will report fourth-quarter results. The company is considered an economic bellwether, with shipping activity used as a proxy for overall economic activity. While the stock has done well this year, the transportation sector has lagged significantly. Strong results could reverse that trend, though any weakness could suggest that the weakness in transports could spread to the broader market.
The Mortgage Bankers Association releases its index of mortgage application activity, which includes both refinancing and home purchase demand. (0700/1100)
General Electric Chief Executive Jeff Immelt speaks at the Economic Club of Washington and will discuss global competition and the Export-Import Bank.
Statistics Canada releases April wholesale trade data, which is expected to show an increase of 0.3 percent, slower than the 0.8 percent pace in the prior month. The value of wholesale trade in March rebounded after two consecutive months of declines. (0830/1230)
A Quebec Court judge in Sherbrooke will decide whether to approve a C$430 million settlement between companies, governments and the victims of a 2013 train derailment in Lac Megantic. Canadian Pacific Railway, which claims that the now defunct Montreal, Maine and Atlantic Canada Co railway is solely responsible for the tragedy that killed 47, had argued against the settlement in court earlier in the week.
Brazil’s central bank releases its IBC-Br index of economic activity for April, a monthly proxy for gross domestic product data. The data is expected to have fallen 0.4 percent, slightly better than the 1.07 percent drop in March. (0730/1130) Also, the central bank will release Brazil’s capital flows and foreign reserves data. (1130/1530)
LIVECHAT - IFR's CURRENCY CORNER - Take a look at the FX charts with technical analyst Martin Miller Technical analyst Martin Miller charts foreign exchange markets. To join the Global Markets Forum, click bit.ly/1kTxdKD (Compiled by Nivedita Balu; Editing by Savio D'Souza)