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The U.S. Federal Reserve's policy-setting committee is due to conclude a two-day meeting and an
announcement on interest rates is widely expected. While solid data on consumer spending,
housing and employment have been supportive of a rate hike, the case for higher borrowing costs
has been undermined by recent global financial markets turmoil. A survey of 80 economists showed
45 expected the central bank to keep its short-term interest rate near zero. Fed Chair Janet
Yellen holds a news conference following the Federal Open Market Committee meeting. (1400/1800)
Adobe Systems (NASDAQ:ADBE) Inc, the maker of Photoshop, reports third-quarter results. Its profit is expected
to be slightly above analysts average estimate. Adobe is switching from traditional box licenses
to web-based subscriptions for its Creative Cloud software bundle in search of a
more-predictable recurring revenue stream. Analysts expect Creative Suite 6 to drive subscriber
growth, and new offerings such as the stock image service to boost average revenue per user.
U.S. Commerce Department issues housing starts and building permits data for the month of
August. The housing starts likely retreated from a near eight-year high in July, but an
anticipated rise in building permits should indicate that housing remains on solid footing.
Building permits are expected to have risen to a 1.16 million-unit pace from 1.13 million units
in July. Economists expect groundbreaking fell to a seasonally adjusted annual pace of 1.17
million units last month from 1.21 million units in July. Also, the Commerce Department will
announce second-quarter current account data. (0830/1230)
Drugstore chain operator Rite Aid Corp is likely to report second-quarter profit above analysts
average estimate. The company lowered its full-year profit forecast in June after reporting
lower-than-expected first-quarter earnings, hurt by interest costs and taxes related to the
acquisition of pharmacy benefits manager EnvisionRx. Larger rival CVS estimated third-quarter
profit below estimates due, in part, to lower reimbursement rates. However, analysts expect Rite
Aid to have handled reimbursement pressures better.
United Technologies (NYSE:UTX) CEO Greg Hayes presents at a Morgan Stanley (NYSE:MS) investor conference in what will
be the first time he has spoken publicly to Wall Street since July when the U.S. conglomerate
cut its 2015 outlook for a third time. His presentation comes just after United Tech separated
the Otis elevators business, and the climate, control and securities division into standalone
units, and named new leaders for those businesses, the latest organizational shake-up since
Hayes took the reins of the company in November.
LIVECHAT: U.S. MACRO FOCUS with Nationwide's David Berson
Nationwide Chief Economist David Berson discusses the state of the U.S. economy, as the Federal
Reserve closes in on lift-off and markets are buffeted by uncertainty and fear. (1000/1400) To
join the Global Markets Forum, click here: http://bit.ly/1kTxdKD
LIVECHAT: TRADING CANADA - John Stephenson on energy investing
John Stephenson, the president of a hedge fund and author of a book on commodity investing,
joins Global Markets Forum for a discussion on oil prices, mining investments and Canadian
housing. (1030/1430) To join the discussion, click here: http://bit.ly/1kTxdKD
(All references to a company's results expected to beat or miss analysts average estimates are
according to Thomson Reuters StarMine, unless mentioned otherwise)