What to Watch in the Day Ahead - Tuesday, Aug. 25
(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) The Conference Board, an industry group, issues the index of consumer attitudes. The U.S. consumer confidence index is expected to rise to 93.4 in August from 90.9 last month.(1000/1400) Separately, the S&P/Case Shiller composite index of 20 metropolitan areas releases for June. The index in June is projected to have gained 5.1 percent, year over year. (0900/1300) Also, financial firm Markit's preliminary reading of its Purchasing Managers Index for the service sector is predicted to edge higher to 56.0 in August from the final reading of 55.7 in July. (0945/1345) Best Buy Co Inc reports its second-quarter earnings. The electronics retailer has stabilized its business by aggressively cutting costs under the Renew Blue program but concerns about its market share and margins in the face of intensifying competition persist. Investors will be looking for comments on the pipeline of product launches, real estate optimization, new investments in its online business and store-in-store partnerships with OEM's. Toll Brothers Inc, the largest luxury U.S. homebuilder, is likely to report a jump in third-quarter orders, as the housing recovery gathers steam. Latest data showed a rise in housing starts as well as mortgage applications, suggesting the market was firing on all cylinders. Demand is expected to spike in the next few weeks, ahead of a possible interest rate increase in September. Toll Brothers is better positioned than most other national homebuilders since its affluent customers are less affected by fluctuations in mortgage rates. Investors will be looking for comments on whether Toll expects increases in selling prices to moderate over the next few months. Bank of Montreal kicks off the earnings season for the Canadian banks by reporting third-quarter results. The lender is expected to record an increase in profit, driven by strength in its wealth management and consumer lending businesses. Bank of Canada Deputy Governor Lawrence Schembri will speak at the Canadian Association for Business Economics' policy conference in Kingston, Ontario. Schembri's topic will be "The Long-Term Evolution of House Prices: An International Perspective". Brazil's central bank releases the current account deficit for July. The figure is forecast to have expanded to $6.700 billion last month from $2.547 billion in June. Economists also expect Brazil to have attracted $6 billion from foreign direct investments last month. (0930/1330) LIVECHAT: U.S. Rate View with TD Securities' Gennadiy Goldberg Data dependence? China and Greece? Markets are hardly convinced that a rate hike is coming in September, and the July minutes did little to provide certainty about the countdown to lift-off. GMF welcomes Gennadiy Goldberg, US Strategist for Rates, FX and Commodities at TD Securities USA, for a chat about what to expect at the September Fed meeting.(1030/1430) To join the Global Markets Forum, click here: bit.ly/1kTxdKD (Compiled by Hardik Vyas in Bengaluru; Edited by Maju Samuel)
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