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U.S. Day Ahead: Big day for Ben on the Hill

Tuesday, July 16, 2013 - 02:22

July 16 - Fed Chair Ben Bernanke presents his economic outlook before the House Financial Services Committee in his first day of testimony on Capitol Hill.

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Here's what you'll be talking about Wednesday at number three improvements in housing market are likely to drive a June's numbers you'll know at 8:30 AM. Housing starts are expected to jump to 950000. Units up from 9141000. In May. I have -- as gains should be about the same for single and multifamily homes for all starts and permits. Building permits are expected to come in slightly higher at one million for June from 985000. A month ago. Tis the season for bank earnings Bank of America the country's second largest bank reporting second quarter earnings in the morning. Investors are keen to see -- BS they joins the wave of strong bank earnings from JPMorgan Citibank and Goldman Sachs. Bank of America is expected to report earnings per share of 25 cents on revenue of almost 23 billion dollars. Compared with earnings per share up nineteen cents on lower revenues for the same period last year. Investors will be looking for an update on the thorny issue of mortgage lending lawsuits. And no one here about progress on the bank's plans for significant cost cuts. But on the bright side the stocks up 77%. Over the last year. Take a look at this table for some of the many other companies releasing earnings including PNC Bank of New York today IBM and Intel. And your main event. More Ben Bernanke the Fed -- testifies on Capitol Hill. For the first time ever the financial services committee will release Bernanke's testimony at 8:30 AM. Before the hearing at 10 AM. Which could add some edge to the futures market. Analysts expect Bernanke to reinforce his recent passage of keeping interest rates low and provide a clearer picture of how the Fed sees the recent economic data. But don't expect Bernanke to discuss plans for his own future despite widespread expectation he'll leave when his term ends in January. You can watch the testimony live on Reuters Insider. And keep on Tesla the stock -- 14% today we'll have to watch what happens with Elon -- baby Wednesday. Stay with Reuters for more videos and Reuters dot com slash Reuters TV and follow us on Twitter at Reuters Insider. I'm -- not bad this is Reuters.

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U.S. Day Ahead: Big day for Ben on the Hill

Tuesday, July 16, 2013 - 02:22

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