What to Watch in the Day Ahead - Thursday, Oct 1
(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) Automakers will report U.S. car and light truck sales for September. Analysts' expectations are for another strong month overall, with forecasts of an annualized sales pace of 17.6 million, up from 16.5 million in September 2014. Detroit automakers are expected to report continued strong demand for trucks and sport utility vehicles. In a separate report by the Labor Department, the initial claims for state unemployment benefits are expected to have risen by 3,000 to 270,000 for the week ended Sept. 26. (0830/1230) Meanwhile, construction spending is predicted to have risen 0.5 percent in August. (1000/1400) Separately, Markit will announce its final Manufacturing Purchasing Index for September after its preliminary reading of 53 earlier this month. (0945/1345) The Institute for Supply Management's index of national factory activity is expected to have fallen to 50.6 in September from 51.1 the month before. (1000/1400) Chipmaker Micron Technology Inc is expected to report fourth-quarter profit below estimates, according to Thomson Reuters StarMine data. The company has been buffeted by falling prices of chips used in computers. Micron makes both dynamic random access memory (DRAM) chips, used mostly in personal computers, and NAND memory chips for storing music, pictures and other data on smartphones, cameras and other mobile devices. But with analysts saying that the sector will find its feet after demand picks up in the first half of 2016, investors and analysts will be looking for any kind of positive commentary on chip prices and inventory. The company was also the subject of a much scrutinized $23 billion takeover bid from China's Tsinghua Unigroup Ltd. General Motors Co will lay out its short and long-term goals for all its businesses, regions and operations in its global business conference. In the 2014 review, GM gave a more specific timetable for its return to profits in Europe and outlined its plans to reduce the number of platforms on which its builds its cars and trucks globally to four from 26 over the subsequent decade. Federal Reserve Bank of San Francisco President John Williams will speak on the economic outlook before a Salt Lake Area community leaders event, in Salt Lake City, Utah. (1430/1830) Surgery Partners Inc's IPO is expected to price in the $23-$26/share range, valuing the company at up to $1.25 billion. The company will raise about $325 million at the mid-point of the range. The Tennessee-based, H.I.G Capital-owned company operates 94 ambulatory surgery centers and five hospitals in 28 states. Surgery Partners' competitors include Surgical Care Affiliates, AmSurg Corp and United Surgical Partners International, which recently struck a merger deal with Tenet Healthcare Corp. Automakers will release their sales figures in Canada for September. Their performance may offer insight into how consumers are responding to a sharp drop in the price of oil, which pushed the Canadian economy into recession in the first half of the year. In August, total light vehicle sales edged up 2.2 percent as General Motors' Canadian sales jumped 12 percent, Ford dropped 5 percent and Fiat Chrysler edged up 0.4 percent. Brazil is expected to post a trade surplus of $2.4 billion according to analysts, compared to a surplus of $2.69 billion in August. Also, the Purchasing Managers' Index for the Brazilian manufacturing sector is scheduled to be released. (0900/1300) LIVECHAT: Marshall Gittler, Head of Global FX Strategy , Iron FX Marshall Gittler, head of global FX strategy at Iron FX, joins the discussion on outlook for FX markets at 0500/0900. To join the Global Markets Forum, click here bit.ly/1kTxdKD (Compiled By Nayyar Rasheed in Bengaluru; Editing by Maju Samuel)
© Thomson Reuters 2016 All rights reserved.