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U.S. Commerce Department releases preliminary data for gross domestic product for the fourth quarter, which is expected to have increased 2.1 percent. (0830/1330) Meanwhile, University of Michigan’s final February reading on the overall index on consumer sentiment is likely to come in at 94.0, above the preliminary February reading of 93.6. (1000/1500) In a separate report, the National Association of Realtors issues its January Pending Home Sales Index. (1000/1500)
Federal Reserve Bank of Cleveland President Loretta Mester, Federal Reserve Bank of New York President William Dudley, Federal Reserve Vice Chair Stanley Fischer, and former Federal Reserve chair Ben Bernanke, European Central Bank Vice President Vitor Constancio and Bank of Japan Deputy Governor Hiroshi Nakaso participate in the U.S. Monetary Policy Forum 2015 Annual Conference sponsored by the Initiative on Global Markets at the University of Chicago Booth School of Business, in New York.
Contract driller Rowan Companies Plc, which has remained largely cushioned from the effect of an over-supplied rigs market in 2014 owning to its long-term contracts, is likely to face headwinds this year. Hurt by a steep drop in oil prices, oil producers continue to cut on exploration and production activities. Due to this, dayrates for rigs and newer contracts continue to soften. Rowan is expected to face challenges with contracting its rigs through 2015. When the company will report its earnings for the fourth quarter, investors will look for any comments on cost saving in light of the adverse market conditions.
Chile’s government is scheduled to release data for labor market. The jobless rate for November to January is likely to have increased 6.2 percent. (0700/1200) Separately, the Central bank of Chile will release the minutes of February’s interest rate decision. (0630/1130) (Compiled by Sourav Bose in Bengaluru; Editing by Saumyadeb Chakrabarty)