What to Watch in the Day Ahead - Friday, May 29
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The Commerce Department releases its preliminary gross domestic product figures for the first quarter. Analysts expect the data to show the economy eased 0.8 percent in the quarter. (0830/1230) The department also issues estimates for first-quarter corporate profits. (0830/1230)
Bank of Nova Scotia, Canada's third-biggest lender, is expected to report second-quarter results, following bullish results from other major Canadian banks such as Royal Bank of Canada and Toronto Dominion Bank.
Canada's economic growth is expected to have slowed significantly in the first quarter as the country absorbed the shock of sharply lower oil prices, a major export. Economists expect the economy grew at an annualized 0.3 percent, down from the fourth-quarter's 2.4 percent pace. That would be in line with the Bank of Canada's forecast that there was no growth in the first quarter, though the central bank sees the economy regaining momentum as the oil impact dissipates through the year. (0830/1230)
Brazil's statistics agency will issue first-quarter gross domestic product data. Brazil's economy probably contracted in the first quarter of 2015, sinking into what is likely to be its worst recession in 25 years. (0800/1200) Separately, Brazil's central bank releases its monthly report on the federal budget. The primary balance is a gauge closely watched by investors because it measures a country's ability to service its debt. Chile's government releases jobless rate data for April which is expected to have risen to 6.2 percent from 6.1 percent in March. (0800/1200) April factory output data will also be released. (0800/1200) Separately, Mexico's Finance Ministry releases fiscal budget data for April. (1530/1930) (Compiled by Nivedita Balu; Edited by Maju Samuel)
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