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What to Watch in the Week Ahead and on Monday, June 17



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ON MONDAY


Federal Reserve Bank of Philadelphia President Patrick Harker is likely to speak on the economic outlook before the Global Interdependence Center 42nd Annual Monetary and Trade Conference. (1300/1700) Separately, Federal Reserve Board Governor Lisa Cook is scheduled to give acceptance remarks and receive an award at the 70th Anniversary Celebration of the Marshall Scholarship hosted by the Marshall Forum. (2100/0100)


On the U.S. economic front, New York Fed is likely to report manufacturing output index for the month of June. The index is likely fell to 9.25, from negative 15.60 in May.


GameStop announced that its virtual annual meeting of stockholders, scheduled for June 13, 2024, was convened and adjourned, without any business being conducted, due to technical difficulties with the third-party hosting site. The meeting will be reconvened at 1230/1630.


On the Canadian economic front, the country’s housing starts number for May is due. The housing starts is likely to show a reading of 246,500 in May, compared to 240,200 in April.


Chile's central bank is expected to announce its decision on interest rates.



REST OF THE WEEK


On the U.S. economic calendar, a report from the Commerce Department, on Tuesday, is scheduled to show retail sales likely rose 0.2% in May, after remaining flat in April. Retail sales, excluding autos, is expected to rise 0.2% in May, after a similar gain in the month before. In a separate report, on the same day, the Commerce Department is set to show business inventories likely added 0.3% in April, after falling 0.1% in the previous month. Meanwhile, industrial production data is set to rise 0.3% in May after remaining unchanged in April. Capacity Utilization likely came in at 78.5% in May, compared to 78.4% in April. On Friday, S&P Global is due to report flash PMIs for June. The flash manufacturing PMI reading is expected to be 50.9, compared to 51.3 in the previous month. The flash services PMI likely came in at 53.4, compared to 54.8 in the previous month. Meanwhile, a report from the Commerce Department is likely to show existing home sales fell to a seasonally adjusted annual rate of 4.10 million units in May, down from 4.14 million units in April. Separately, on Thursday, the Labor Department is expected to report that initial jobless claims for the week ending June 15 fell by 4,000 to 238,000. Continued jobless claims for the week ended June 8 is also due to be released. On the same day, in a report from the Commerce Department's Census Bureau will report that housing starts likely rose to a seasonally adjusted annual rate of 1.370 million units in May, gaining from 1.360 million units recorded in the previous month. Building permits number is expected to remain unchanged at 1.440 million units in May.


Federal Reserve Bank of Richmond President Thomas Barkin is likely to participate in an MNI Webcast discussion on Tuesday. He will also speak on the economic outlook before the Richmond chapter Risk Management Association, on Thursday. On Tuesday, Federal Reserve Bank of Boston President Susan Collins is scheduled to speak before the Lawrence Partnership Annual Meeting & 10th Year Anniversary. Separately, on Tuesday, Federal Reserve Bank of Dallas President Lorie Logan is expected to participate in moderated question-and-answer session before the Headliners Club Speaker Series. Additionally, on the same day, Federal Reserve Board Governor Adriana Kugler is likely to participate in conversation on the economic outlook and monetary policy at the Peterson Institute of International Economics. Also, Federal Reserve Bank of St. Louis President Alberto Musalem is scheduled to speak at a CFA Society St. Louis luncheon on Tuesday. Federal Reserve Bank of Chicago President Austan Goolsbee is expected to participate in "Economic and Monetary Policy" panel before hybrid 2024 Marshall Forum on the same day.


Accenture is expected to report a minor fall in third-quarter revenue as it faces weaker demand for its IT consulting services in an uncertain economy on Thursday.


GE Aerospace will outline its vision and path forward as a stand-alone company on Wednesday.


On Thursday, U.S. District Judge Matthew Kennelly will hold a bench trial on AstraZeneca's (AZ) defenses to Pfizer's allegations that AZ's blockbuster lung cancer drug Tagrisso infringed patents belonging to Pfizer's Wyeth. Pfizer won a $104.5 million jury verdict against AZ in the case last month. The bench trial is set to last through Tuesday, June 25.


On Wednesday, the Bank of Canada will publish the minutes of its monetary policy meeting held on June 5.


On the Canadian economic calendar, retail sales data is scheduled for release on Friday. Retail sales likely gained 0.7% in April, after slipping 0.2% in March. Also, the country’s producer prices data for May is on the radar.


On the Latin American economic front, Mexico’s retail sales data for April is due on Thursday. The country’s retail sales fell 0.2% in March. Additionally, Argentina's retail sales data for April and trade balance data for May are scheduled to be released on Wednesday.




Compiled by Kumar Satyam; Editing by Ravi Prakash Kumar

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