The day ahead: Thursday

August 26, 2009

Offsetting upbeat economic data earlier in the week, investors brace for a revised down U.S. Q2 GDP number foretelling a lengthy and fragile economic recovery.

* The second reading of the U.S. Q2 GDP is expected to result in a downward revision to minus 1.5 percent on an inflation-adjusted annualized basis, compared with an original reading of minus 1.0 percent.

* The Federal Deposit Insurance Corp holds its regular quarterly briefing on its outlook for bank failures and the state of the deposit insurance fund.

* Quarterly results are expected from American Eagle, Novell and Bebe Stores.

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