Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow
Top tier US economic data on tap
The initial reading of third-quarter US economic growth due Friday, measured by gross domestic product (GDP), is expected to confirm the U.S. economy grew at 2.5%, a slight decline from the 3.1% growth achieved in the second quarter.
The disruption due to hurricanes Harvey and Irma, however, are not expected to have weighed too heavily on third-quarter economic output.
“The recent hurricanes also present a challenge, though the data we have received suggest that the economy managed quite well through these distortions. The rise in inventories will offset slowing elsewhere,” a Bank of America (NYSE:BAC) economist said in a note.
Ahead of the GDP print, the dollar rose sharply against its rivals, hitting a three-month high amid a slump in the euro following somewhat dovish comments from European Central Bank president Mario Draghi.
Baker Hughes rig count
The weekly instalment of drilling activity from Baker Hughes on Friday, will provide investors with fresh insight into U.S. oil production and demand, after the number of active drilling rigs has slowed in recent weeks.
The weekly rig count is an important barometer for the drilling industry and serves as a proxy for oil production and oil services demand.
Crude futures settled 46 cents higher at $52.64 a barrel on Thursday after Saudi Arabian Crown Prince Mohammed bin Salman signalled his support for an extension to the Opec-led deal to curb output.
Another all-time high for bitcoin coming soon?
Following a split in its underlying software known as blockchain – which lead to the creation of bitcoin gold – bitcoin has since recovered, soaring close to its recent all time high of $6,190 on Thursday.
As well as the recent fork of its blockchain, bitcoin has come under intense scrutiny as detractors and regulators continued to warn investors against investing in the cryptocurrency space.
Warren Buffet was the latest name to slap the “bubble” label on bitcoin, describing it as a “real bubble”, adding that it’s difficult to value bitcoin because “it’s not a value-producing asset."
On the U.S.-based Bitfinex exchange, bitcoin rose to $5,950, up $225, or 3.94%.