January 14, 2016 / 7:34 PM / in 3 years

What to Watch in the Day Ahead - Friday, Jan 15

(The Day Ahead is an email and PDF publication that includes the day's major stories and
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. Thomson One users can register at RT/DAY/US. All times in ET/GMT)

U.S. retail sales were likely flat in December as a decline in purchases of automobiles and
receipts at service stations offset gains in other categories. A Reuters survey of economists
forecast retail sales stayed unchanged after increasing 0.2 percent in November. (0830/1330) The
so-called core retail sales, which correspond closely with the consumer spending component of
the gross domestic product, are seen rising 0.4 percent after increasing 0.5 percent in
November. (0830/1330) Separately, the Producer Price Index is expected to show a 1.0 percent
drop in December compared with a 1.1 percent decline in the prior month. (0830/1330) Business
inventories for November (1000/1500) and manufacturing and industrial output for December
(0915/1415) are among other reports slated for the day.

Citigroup Inc, the third-largest U.S. bank, is expected to report a rise in fourth-quarter
earnings. Citi may have felt the sting of a $300 million repositioning charge the bank has
announced for the quarter as it resizes infrastructure and capacity throughout its businesses.
The bank will cut at least 2,000 jobs this month, according to media reports. Some analysts also
worry that Libor and foreign exchange manipulation legal costs could be higher than expected,
and that Citi could take a hit from a potential slowdown in emerging markets, where the bank
makes over 40 percent of its revenue.
Wells Fargo & Co, the biggest U.S. residential mortgage lender, is expected to report a
fourth-quarter profit above analysts' estimates due to rising loan growth. The company bought
assets worth about $32 billion from GE in October. Investors will be interested in knowing about
the bank's energy loan portfolio, its exposure being the largest among the big U.S. banks, in
the light of falling oil prices and also what the bank expects from the portfolio in 2016.
Federal Reserve Bank of San Francisco President John Williams gives opening remarks before the
Bay Area Council Economic Institute 9th Annual Forecast Conference in California. (1110/1610) 
Later, Federal Reserve Bank of Dallas President Robert Kaplan participates in a session before
the Dallas Assembly Luncheon. (1300/1800) 
Analysts expect BlackRock Inc, the world's largest asset manager, to post its second straight
quarterly profit decline when it reports fourth-quarter earnings. Investors will examine how the
company's business, which includes $4.5 trillion across index funds and more exotic investments
designed for institutional investors, held up during a bloody quarter for some global investors.
PayNet's Canadian small business lending index is due for November. The index rose to 140.8 in
the prior month, signaling that companies in the energy-dependent economy adjusted to sharply
lower oil prices. (0500/1000) Separately, the industry group for Canadian real estate agents
will release existing home sales data for December. (0900/1400)
LIVECHAT-THE WEEK AHEAD with Reuters markets editor Mike Dolan
Join Mike Dolan as he goes through the key macroeconomic and political themes for the coming
week (0600/1100) To join the Global Markets Forum, click here bit.ly/1kTxdKD

 (Compiled by Astha Rawat in Bengaluru; Editing by Kirti Pandey)
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