July 7, 2014 / 6:34 PM / 4 years ago

What to Watch in The Day Ahead; Tuesday, July 8

(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) Aluminum maker Alcoa kicks off the U.S. corporate earnings season after North American markets close, announcing its results for the second quarter. Investors may look for comments from Alcoa executives on possible plans to diversify away from the commodity aluminum business at a time when the market is highly over supplied. The company recently bought a global supplier of aerospace jet engine components, made largely out of nickel-based alloys and titanium, for $2.85 billion. There may also be questions on possible future smelter capacity cuts following a number of curtailments. Executives may also be asked about Indonesia’s bauxite export ban and how it may affect Alcoa. The National Federation of Independent Business is scheduled to issue the Small Business Optimism Index for June. (0730/1130) Separately, the Federal Reserve is expected to release consumer installment credit for May, which surged by $26.85 billion, to $3.18 trillion, in April. (1500/1900) Federal Reserve Bank of Richmond President Jeffrey Lacker is scheduled to speak on “Economic Outlook, July 2014” before a luncheon. (1300/1700) Federal Reserve Bank of Minneapolis President Narayana Kocherlakota will also speak on “Monetary Policy and the Economy”. (1345/1745) Chile is scheduled to release its inflation reading for June. A weaker peso in recent months has spurred inflation to multi-year highs. The inflation rate accelerated from an annual 1.5 percent in October to 4.7 percent last month, well above the central bank’s 2-4 percent target range, giving it a reason to pause in its easing cycle. (0800/1200) Brazil’s annual inflation rate probably hovered around the top end of the official target at 6.5 percent in June. Stubborn inflation is a major theme in the country’s upcoming presidential election, complicating President Dilma Rousseff’s campaign for a second term. (0800/1200) The Senate Banking Committee will conduct a hearing on the role of high-frequency traders in the markets, featuring testimony from the CEOs of ICE (NYSE) and BATS, as well as executives from the Nasdaq, Invesco and Citadel.

Compiled by Sourav Bose in Bangalore; Editing by Simon Jennings

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