What to Watch in the Day Ahead - Thursday, March 10
(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 number of Americans filing for unemployment benefits as measured by the U.S. Labor Department is expected to have decreased 3,000 to a seasonally adjusted 275,000. (0830/1330) Separately, the Treasury Department is likely to show a $200 billion budget deficit in February, contrasting a $55 billion surplus in January. (1400/1900) Meanwhile, the Commerce Department will release its services sector report for the fourth quarter. The European Central Bank is almost certain to cut rates deeper into negative territory and agree on some kind of adjustment to its 1.5 trillion euro asset buying program. Any change in QE is going to have unintended side effects and only limited functionality since monetary policy is deep in unconventional territory, nearing its limits. The most likely outcome is a combination of modest measures with a strong verbal commitment to take further action if necessary. (0745/1245) Dollar General Corp reports fourth-quarter results on Thursday. The No.2 U.S. discount retailer cut its full-year sales forecast in December after sales growth slowed in its third quarter, as its core low-income customer base held back spending. Weak consumer spending likely weighed on results this quarter as well. Larger rival Dollar Tree and big-box rival Wal-Mart reported lower-than-expected quarterly sales, hit by a strong dollar and a drop in food prices. United Technologies Corp holds a session with investors and analysts to detail the state of its businesses. The annual event comes just after the company scotched a merger approach by Honeywell and amid a $1.5 billion overhaul of United Technologies' operations aimed at consolidating factories and cutting costs. News Corp CEO Robert Thomson will meet EU antitrust chief Margrethe Vestager with the focus on Google. Rupert Murdoch's News Corp is one of more than a dozen complainants who have urged the European Commission to act against Google for allegedly abusing its dominance in the online search market. The meeting comes as Vestager ponders whether to penalize Google which could include a fine up to 10 percent of its global revenue and force it to change its business practices. Canada's industrial capacity use likely decreased slightly in the fourth quarter compared to its reading for the third quarter. Capacity utilization is forecast to have decreased to 81.6 percent in the fourth quarter, a little down from 82.0 percent in the previous quarter. (0830/1330) Separately, economists forecast a 0.2 percent gain in new home prices in January from December. (0830/1330) New Canadian Liberal Prime Minister Justin Trudeau, keen to improve ties with the United States that deteriorated under his Conservative predecessor Stephen Harper, visits Washington for the first time since coming to power. Officials on both sides say Trudeau and U.S. President Barack Obama, who share many of the same progressive ideas, get on better than the nations' two leaders did during the time of Harper, who hectored the United States in a failed bid to push through approval of the Keystone XL pipeline. Trudeau will hold talks with Obama in the Oval Office and the two are then due to hold a joint news conference where they will unveil a number of joint declarations on fighting global warming and improving the flow of goods across the two nations' long-shared border. Trudeau will then take part in a lunch hosted by U.S. Secretary of State John Kerry before attending a White House state dinner - the first Canadian prime minister to be so honored since 1997. Bank of Canada Governor Stephen Poloz will make introductory remarks at a Canadian Institute for Advanced Research lecture. Brazilian retail sales, measured by the government statistics agency IBGE, are likely to have dropped 0.60 percent in January from December. Sales volumes fell 2.7 percent in December from November. (0700/1200) LIVEBLOG - ECB Press Conference with Reuters specialist markets correspondent Marc Jones Join GMF members and Reuters specialist markets correspondent Marc Jones to listen to ECB President Mario Draghi and discuss market reaction. (0830/1330) To join the Global Markets Forum, click here bit.ly/1kTxdKD (Compiled by Sourav Bose in Bengaluru; Editing by Sriraj Kalluvila)
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