Before the Bell: Jobless Claims, ISM, and Auto Sales Due

Data Releases

 

Tomorrow is the big release of the week, the Jobs number. Estimates from economists (for what that is worth) come in around 180,000 new hires up from 161,000 and wage growth is predicted to remain at a 7 year high. Which to us is meaningless as the wage bar has been lowered for 20 years.  All money is "hot" money of late, so watch for mini versions of what happened on election night today and tomorrow. Most believe it would take gargantuan surprise to defer a Fed rate hike.

Here are today's numbers.- Soren K.

Asia

  • China's Official Manufacturing Index was 51.7% for November- highest since 2012
  • PMI (non manufacturing) came in at 54.7%
  • Stocks rallied post data  to 2 month highs

Europe

  • EU Unemployment dropped to 9.8%, its lowest since 2009- so 2 % in Germany, 18% in Greece?
  • UK Manufacturing expansion disappointed, blamed on inflationary pressures- seems counterintuitive
  • EU stocks were flat to slightly lower post the releases

US Data (Eastern Time)

  • 8:30 Jobless Claims- expectations are 255k
  • 9:45- Markit's manufacturing PMI
  • 10:00- ISM Manufacturing- 51.5 expected, previous 51.9
  • 10:30- Nat Gas Inventories- -2 BCF in week prior
  • 2:00 PM- Auto Sales for November-consensus expectation is 17.9MM

 Markets as of 7:28 ET

Gold is softer while industrial commodities continue to be bolstered by expectations of increased demand. Stock futures in the US are sideways to slighly lower.

 

What We're Looking at Today in Trading

Glencore as inflation indicator, Technical signs that a bottom may be near in Gold and Silver, and the UK's "whiff of inflation" lingers. Posts to follow throughout the day on these topics if we dig up something useful to readers.

 

Good Luck

The Soren K. Group

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