The attention next week will switch from central banks to corporate earnings. However, more Fed officials are set to take the mic, which should give traders on both sides of the interest-rate divide something to talk about.
There’s nothing quite like grist for the mill to keep the forex market buzzing. On tap next week are Lorie Logan, Neel Kaskari, Jeffrey Schmid, Patrick Harker, Michelle Bowman and Beth Hammack.
The Bank of Canada is penciled in for an interest-rate decision. In October, Canada said the annual rate of inflation fell to 1.6% in September. It was the second consecutive month that inflation had come in below the central bank’s target of 2%. So, the BoC could cut rates by as much as 0.5%.
Malaysia will tell us how much its economy expanded by in the third quarter. In the second quarter, the economy grew 5.9% compared to 4.1% in the first three months. Third-quarter growth could moderate to 4.9%. But it would still put the country firmly on track to grow between 4.8% and 5.3% this year.
Inflation numbers will be on show in Malaysia and Singapore. The rate of inflation in Malaysia could have risen to 2.0% in September from 1.9% a month earlier. Meanwhile, the headline inflation rate in Singapore could have fallen from 2.2% to 1.9% in September. But core inflation could be unchanged at 2.7%.
Corporate Events
Tesla (Nasdaq: TSLA) could report a drop in earnings, whilst revenue could have climbed in the third quarter. The decline in earnings might be due to pricing pressures, as Tesla competes with a host of low-cost EV makers. Of greater interest will be how Tesla plans to recover from the negative market reactions to its long-awaited Robotaxi event.
Industrial conglomerate 3M (NYSE: MMM) will report third-quarter numbers. In July, it said that adjusted earnings grew 39% even though revenue was down 0.5%. At the time, the Post-it note maker raised its profit guidance following a strong first-half performance.
Coca-Cola (NYSE: KO) is expected to report a fall in third-quarter revenue but profit is forecast to be marginally higher. Coca-Cola’s customers are not immune to inflationary pressures that are impacting household budgets. The key, however, will be how the soft-drinks maker manages its pricing across its global markets.
Plane maker Boeing (NYSE: BA) just seems to lurch from one crisis to the next. Apart from problems with its 737, it is having to deal with unhappy workers and a shortage of cash. Parts of the business should still be doing well. Its plane-servicing division could benefit from rising demand for air travel. Meanwhile, its defence business could continue to be boosted by higher military spending. But will that be enough to satisfy the market?
Kimberly-Clark (NYSE: KMB) could report slightly lower third-quarter revenue and profit. The tissue maker has been facing challenges from the shifting spending patterns of households in the face of inflationary pressures. Additionally, the maker of Andrex toilet paper is facing rising manufacturing costs. Whilst the results may be disappointing, its insights could be enlightening.
A bunch of Singapore REITs are pencilled in for quarterly results. They include full-year results from Frasers Centrepoint Trust (SGX: J69U) and half-year results from Mapletree Logistics Trust (SGX: M44U) and Mapletree Pan Asia Commercial Trust (SGXM N2IU).
General Motors (NYSE: GM) is forecast to post a near-10% rise third-quarter earnings, whilst revenue could inch a little higher. The car maker has been shifting its focus to electric vehicles, which it hopes will achieve operating profit.
Other companies with results include GE Aerospace (NYSE: GE), Canadian National Railway (NYSE: CNI), Mattel (NYSE: MAT) and Nestle Malaysia (KLSE: 4707).
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Disclosure: 3M, Coca-Cola, Frasers Centrepoint Trust, Mapletree Pan Asia Commercial Trust, Canadian National Railway and Nestle Malaysia are components of DKIP.
