What to Watch in the Day Ahead - Friday, August 2
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The U.S. Labor Department's monthly jobs report is expected to show that non-farm payrolls likely increased by 175,000 jobs in July after advancing by 206,000 jobs in June. The private payrolls are slated to have climbed 148,000 in July after advancing 136,000 in the previous month. The unemployment rate in July likely remained unchanged at 4.1%. Annually, average hourly earnings likely rose 3.7% in July after increasing 3.9% in June. Average workweek hours are slated to remain unchanged at 34.3% in July. Meanwhile, the Commerce Department is set to release data on factory orders, which are expected to have dipped by 2.9% in June, following a 0.5% decrease in May.
Exxon is scheduled to report its first profit following the acquisition of U.S. shale firm Pioneer Natural Resources for the second quarter. The top U.S. oil producer is expected to post earnings of $8.5 billion, or $2.01 per share. Results benefited from higher U.S. shale and Guyana oil production, partially offset by weaker refining margins and lower natural gas prices.
Chevron is expected to report a second-quarter profit of $5.4 billion, or $2.92 per share, down from an adjusted profit of $5.8 billion a year ago. The company had warned in April of lower sequential oil production from overhauls in Kazakhstan and the U.S. Gulf of Mexico. Investors will be looking for an update on its proposed purchase of rival Hess, a deal that has been tied up by a challenge from Exxon Mobil and a regulatory review.
Pipeline operator Enbridge is expected to report a fall in second-quarter profit from a year ago, hurt by low oil transport volumes. Investors and analysts will look out for comments on full-year growth expectations.
Church & Dwight is scheduled to post a rise in second-quarter revenue, buoyed by resilient demand for its higher-priced fabric and personal care products in the United States and Europe. Investors will look out for comments about demand trends, volume growth, planned price hikes, and forecast updates the company provides.
On the Latin American front, Brazil's government statistics agency IBGE is scheduled to show annual industrial output increased 1.2% in June, following a 1% decrease in the prior month. The IPC Fipe inflation index data is also due.
Compiled by Dhanya Manjunath Hegade in Bengaluru; Editing by Shreya Biswas
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