What to Watch in the Day Ahead - Thursday, September 28

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A host of Federal Reserve speakers, including Chair Jerome Powell, are scheduled to speak through the day. The U.S. central bank chief will speak at the "Conversation with the Chair: A Teacher Town Hall Meeting" event and is likely to participate in a moderated discussion. (1600/2000) Austan Goolsbee, the Chicago Fed president, is scheduled to give a policy speech before the Peterson Institute for International Economics. (0900/1300) Separately, Fed Governor Lisa Cook is scheduled for closing remarks at the "Minorities in Banking Forum" event. (1300/1700) In New York City, Richmond Fed’s Thomas Barkin will speak on "The New Job Hierarchy." (1900/2300)

U.S. economy’s strength is set to be underscored by the final estimate of the country’s gross domestic product, which likely grew at an annualized rate of 2.1% in the second quarter, matching the previous estimate. While the labor market remains resilient in the face of Federal Reserve’s interest rate hikes, initial claims for state unemployment benefits are expected to have edged up by 14,000 to a seasonally adjusted 215,000 for the week ended Sept. 23. The continuing claims are likely to have topped to 1.675 million for the week ended Sept. 16 from 1.662 million previously. Separately, the National Association of Realtors (NAR) is expected to show pending home sales likely fell 0.8% in August, after increasing 0.9% in the month before.

Nike Inc is expected to report a modest increase in its first-quarter 2024 sales, as its sneakers and apparel continue to see steady demand even as the sportswear giant grapples with a choppy recovery in China and a tough U.S. wholesale environment. Investors will be focused on the company's outlook for the holiday season and comments on current demand trends, inventory levels and margins.

Accenture Plc is expected to report a rise in fourth-quarter revenue driven by rising cloud adoption and the use of generative artificial intelligence across enterprises.

U.S. Senator Elizabeth Warren, Democrat of Massachusetts, is expected to deliver remarks on the future of the U.S. Consumer Financial Protection Bureau days before the U.S. Supreme Court hears a challenge to agency's constitutionality.

Mexico’s central bank will likely hold its benchmark interest rate at 11.25% for the fourth consecutive time, while the country’s jobless rate is likely to have stood at 3.2% in August compared with 3.1% in July. Elsewhere in Latin America, Brazil’s IGP-M Inflation Index for September is expected to show a 0.40% rise. Separately, Brazil's central government is likely to report a primary budget deficit of 26.70 billion reais in August. Meanwhile, a separate report will likely show that the country's economy may have created a net 178,000 formal jobs in August.

Compiled by Sameer Kulkarni in Bengaluru; Editing by Tasim Zahid


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