What to Watch in the Week Ahead and on Monday, June 10
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ON MONDAY
Morgan StanleyCEO Ted Pickis scheduled to speak at the bank's annual U.S. Financials, Payments & Commercial Real Estate Conference.
CEO Tim Cookdelivers remarks at Apple's Worldwide Developers Conference, where the tech giant is expected to focus on Artificial Intelligence.
A panel of U.S. Food and Drug Administrationadvisers will discuss the safety and efficacy of Eli Lilly's Alzheimer's disease drug donanemab. The meeting will be closely watched by doctors, patients, investors, and the industry as Lilly seeks to gain approval for a keenly anticipated competitor to Eisai and Biogen's Leqembi.
REST OF THE WEEK
The Federal Open Market Committee (FOMC)starts its two-day meeting on Tuesday and will announce its decision on interest rates on Wednesday, followed by Fed Chair Jerome Powell's news conference. The policy rateis widely expected to remain in the current 5.25%-5.5% range, unchanged since last July.
On the U.S. economic calendar, a key inflation report is set to be released on Wednesday, shortly before the Fed's policy statement. The consumer price index (CPI)is expected to have risen 0.1% in May, compared to a 0.3% gain in April. In the 12 months through May, the CPI likely advanced 3.4%, matching April's growth. Excluding the volatile food and energy components,the CPIprobably climbed 0.3% in May, mirroring April's increase. On an annual basis, this so-called Core CPI is forecast to have ticked up 3.5% in May, compared to a 3.6% hike in April. Producer prices data are scheduled for release on Thursday. The producer price index (PPI) for final demandlikely inched up 0.1% in May, after advancing 0.5% in April. In the 12 months through May, the PPI is forecast to have climbed 2.6%, after gaining 2.2% in the previous month. Separately, on Thursday, the Labor Department's weekly jobless claims report is expected to show initial claims for state unemployment benefitsfalling to 225,000 in the week ending June 8 from 229,000 the week before. Meanwhile, other economic data, including importand export pricesfor May and University of Michigan's preliminary reading on the overall index of consumer sentimentfor June, are due on Friday.
Teslaholds its annual shareholder meeting on Thursday, where investors will vote on a key proposal related to CEO Elon Musk's pay. It has become a contentious issue after some proxy advisory firms have urged shareholders to vote against his compensation, which was voided by a judge earlier this year. Shareholders will also cast votes on proposals related to relocating the firm to Texas from Delaware and the election of board directors.
Oracleis expected to post a rise in fourth-quarter revenue on Tuesday as booming demand for artificial intelligence drives up enterprise cloud transitions.
Adobeis expected to report a rise in second-quarter revenue on Thursday, helped by strong demand for its artificial intelligence integrated photography, illustration, and video software.
Federal Reserve Bank of New York President John Williamswill moderate a discussion with Treasury Secretary Janet Yellenbefore the Economic Club of New York on Thursday. On Friday, Federal Reserve Bank of Chicago President Austan Goolsbeeis expected to participate in a fireside chat before the Iowa Farm Bureau Economic Summit.
Wells Fargo & CoChief Financial Officer Mike Santomassimowill present on Tuesday at the Morgan Stanley U.S. financials, payments & CRE conference. Bank of America's President Regional Banking Dean Athanasiawill speak at the conference on the same day. Andy Sieg, Head of Wealth at Citigroup, will present at the same event on Wednesday.
Auto executives including General MotorsCFO Paul Jacobsonand FordCFO John Lawleras well as top executives from Rivian, Lucid, Autoliv, BorgWarner, Aptiv and others are scheduled to speak at the Deutsche Bank auto conference in New York on Tuesday and Wednesday.
Head of U.S. Federal Aviation Administration Mike Whitakerwill testify before Senate Commerce Committee on agency's oversight of Boeingand other airplane manufacturers.
Rohit Chopra, director of U.S. Consumer Financial Protection Bureau, will testify before U.S. Senate Banking Committee on Wednesday, for first time since Supreme Court upheld constitutionality of agency's funding structure. On Thursday, Chopra will appear before the House Financial Services Committee to deliver a second day of testimony on Capitol Hill on his agency's semi-annual report.
The U.S. House Financial Services Committeewill hold a hearing on Wednesday at which top bank regulators, including the outgoing chair of the U.S. Federal Deposit Insurance Corporation, are expected to testify about the results of an independent probe of sexual harassment, racial discrimination, and other misconduct in the FDIC workforce.
Republican presidential candidate Donald Trumpwill participate in a moderated, closed-door discussion at Business Roundtable’s Quarterly Meeting in Washington, D.C., on Thursday. Trump's campaign has been courting America's wealthiest individuals - with some success - in a bid to close a fundraising gap with Democratic President Joe Biden.
Bank of Canadagovernor Tiff Macklemis expected to participate in a panel discussion at the 2024 Conference of Montreal on Wednesday. The Bank of Canada deputy governor Sharon Kozickiwill give a speech at the Canadian Association for Business Economics in Ottawa on Thursday on the Bank’s use of exceptional monetary policy tools in the COVID-19 pandemic and the importance of public accountability in times of crisis and beyond.
Statistics Canada is expected to release data on factory saleson Friday, which most likely rose 1.2% in April, after falling 2.1% in March. Also on Friday, wholesale tradefigures is seen advancing 2.8% in April, after a 1.1% decrease in March. The country's building permitsdata for April is due on Tuesday.
In Latin America, Brazil's official statistics agency IBGE is expected to release inflationdata for May on Tuesday. Crucial April service sectordata for the country is expected on Wednesday, followed by April retail salesdata on Thursday. Peru's central bankis expected to announce its interest rate decisionon Thursday. Peru's trade balancedata for April is due on Thursday. Mexico's industrial outputdata for April is slated on Tuesday. Argentina's May inflationdata is on the calendar for Thursday.
Compiled by Nachiket Tekawade and Ankita Yadav in Bengaluru; Editing by Ravi Prakash Kumar
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