September 22, 2014 / 6:44 PM / 4 years ago

What to Watch in the Day Ahead - Tuesday, Sept. 23

(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) Carnival Cruises, the world’s largest cruise operator, is due to report third-quarter earnings. The company warned in June that higher competition in its biggest market, the Caribbean, would hurt profits. But analysts say recent pricing trends suggest that the company is on track to come in at the top end of its profit forecast at $1.44 per share, with some help from high demand in Europe and Asia. However, analysts are still cautious whether the company will be able to boost profits next quarter as increased capacity in the Caribbean cruise market leads to lower ticket prices and margins. Investors will be looking for comments on the strength of the Asia and Alaska cruise market and whether it will be strong enough to offset Caribbean’s weakness. Carnival is expected to beat both profit and sales estimates, according to StarMine. Markit will release its Manufacturing PMI Flash figures for September (0945/1345). The Federal Housing Finance Agency is scheduled to release its House Price Index for July (0900/1300). In June, the index was at 212.7. Federal Reserve Bank of Richmond issues Manufacturing and Services indices for September (1000/1400). Various Fed speakers attend the conference on “Community Banking in the 21st Century” sponsored by the Federal Reserve System and the Conference of State Banking Supervisors in St. Louis. Federal Reserve Bank of St. Louis President James Bullard gives welcome remarks. Federal Reserve Bank of Kansas City President Esther George speaks on “The U.S. Banking System” before the conference and St. Louis. Federal Reserve Board Governor Jerome Powell gives introductory remarks. Federal Reserve Bank of Kansas City President Esther George speaks at the conference and later speaks on the U.S. economy before the Federal Reserve Bank of Kansas City Economic Forum. Separately, Federal Reserve Bank of Minneapolis President Narayana Kocherlakota speaks on “You, Monetary Policy and the Economy: The Fed’s Perspective” before a town hall meeting with Northern Michigan University students.

CarMax, the Walmart of used car dealers, is expected to be hurt by increased supply and lower prices in the used car market when it reports second-quarter earnings. With auto sales recovering from their recession-era slump, the industry’s supply of used cars has started to rise again, driving down prices. The company will also come under pressure if U.S. regulators decide to implement increased scrutiny on non-bank auto lenders. Investors will be looking for comments on demand and regulatory oversight. Home furnishings retailer Bed, Bath & Beyond reports second-quarter results after the market closes. Analysts expect earnings of $1.14 per share for the quarter. Federal Reserve Bank of Philadelphia launches its Non-manufacturing Business Outlook Survey (NBOS). Survey respondents categorize the change in general business activity from the previous month to the current month and provide information about specific business indicators. The NBOS asks questions similar to those of the Philly Fed’s Manufacturing Business Outlook Survey. The questions cover changes in business activity, new orders, employment, supplier deliveries, prices, inventory change and sentiment, backlog of orders, export orders, and imports. Respondents also provide their assessment of general business conditions over the next six months. U.S. Trade Representative Michael Froman is expected to meet his Japanese counterpart, Akira Amari, for talks about the Trans-Pacific Partnership, a 12-nation trade deal being negotiated among Pacific Rim trading partners. The second day of the Reuters Russia Investment Summit being held in Moscow, where during closed on-the-record sessions Reuters journalists will interview top leaders, CEOs, leading executives and more in Russia, including: Russian Finance Minister Anton Siluanov; Russia’s Central Bank Head of Monetary Policy Ksenia Yudaeva; Home Credit and Finance Bank Russia CEO Ivan Svitek; Energy Fund Founder and former Russian Energy Minister Igor Yusufov; RusHydro Deputy CEO George Rizhinashvili; Cherkizovo CEO Sergei Mikhailov; Russian Minister for Crimean Affairs Oleg Savelyev; and Uralkali Head of Sales Oleg Petrov. Markit’s flash release of the manufacturing, services and composite PMIs, covering thousands of firms across the euro zone and used as an indicator of growth is scheduled for release (0400/0800). The Canada retail sales data likely rose in July, but at a slower pace than the preceding month when it rose 1.1 percent to a record level. Statistics Canada is expected to show a gain of 0.5 percent for this month (0830/1230). Mexico will release data that will show how retail sales fared in July, after picking up slightly in June (0900/1300). Argentina’s trade surplus is crucial as its sole access to foreign currency given that it is barred from international capital markets. Exports have been tumbling due to recession in Argentina’s key trade market, Brazil, and due to falling commodity prices. Thus, Argentina has been reducing imports by restricting the amount of dollars available to importers (1500/1900). (All analysts’ estimates are according to Thomson Reuters I/B/E/S/) (Compiled By Nandi Kaul in Bangalore; Editing by Don Sebastian)

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