What to Watch in the Day Ahead - Wednesday, September 18
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Monetary policy easing cycle in the U.S. is set to begin with the conclusion of the Federal Reserve's latest policy meeting where policymakers are poised to announce their first rate cut after four years of raising interest rates. Market bets are swinging between a 25 bps or a 50 bps rate cut. Investor focus will also be on the Fed's quarterly economic projections, including rate expectations, referred to as the "dot plot".
Europe's second-top court is expected to rule on Alphabet unit Google's challenge against a 1.49 billion euro fine issued by EU antitrust regulators in 2019 for anti-competitive practices in search advertising brokering. Separately, the court is also scheduled to rule on an appeal brought by Qualcomm against a 242 million euro fine imposed by the European Commission in 2019 over selling 3G baseband chipsets below cost, with the aim of forcing its competitor Icera out of the market.
On the U.S. economic tap, the Commerce Department's Census Bureau is expected to report that housing starts rose to a seasonally adjusted annual rate of 1.310 million units, from 1.238 million units in July. Building permits likely advanced 1.410 million units in August, compared to 1.406 million units in the prior month.
The U.S. Securities and Exchange Commission is set to vote on a proposal to reduce the minimum size of price increments for stock price quotations and trading, one part of a larger overhaul of equity market structure that the agency unveiled in 2022.
Cheerios maker General Mills is expected to post a decline in first-quarter revenue, hurt by lower demand for its high-priced breakfast cereals, snack bars and pet foods. Investors will look out for comments on demand, pricing actions, impact of input costs, comments on impact of recent divestiture and annual forecasts.
John Kerry, former climate czar under the Biden administration, EQT CEO Toby Rice and Mexico Pacific LNG CEO Sarah Bairstow are scheduled to speak on the second day of GasTech conference in Houston. Additionally, Meg O'Neil, CEO of Woodside Energy, is set to appear in an interview at the conference.
In Latin America, Argentina's official INDEC statistics agency is expected to show that the country's second-quarter gross domestic product shrank 1.4% year-over-year, having contracted 5.1% in the first quarter. Brazil's central bank is expected to raise its interest rate by 25 bps from the current 10.5% level in the first hike since 2022.
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Compiled by Lactus Fernandes in Bengaluru; Editing by Vijay Kishore
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