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The Day Ahead: Top 3 Things to Watch

Stock MarketsDec 07, 2017 16:30
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© Reuters. What to watch out for in tomorrow's session – Here’s a preview of the top 3 things that could rock markets tomorrow

It’s 'Jobs Friday'

Nonfarm payrolls data, arguably one of the most important economic events of the month, is expected to show the US economy created 200,000 jobs in November.

Economists forecast the jobless rate fell to 4.1% while average hourly earnings is expected rise to 0.3% from 0% in October.

Investors will assess the nonfarm payrolls report for clues about the strength of the economy which could provide fresh direction for the dollar, United States 1-Year, and gold, as labor market conditions are one the measures the Federal Reserve considers in its monetary policy decisions.

The data comes ahead of the Federal Reserve’s two-meeting slated for Dec. 12-13 at which investors widely expect the Fed to raised its benchmark rate for third time this year.

UK macro data in focus

Investors look to a trio of reports on manufacturing, industrial production and trade, for clues on the strength of the UK economy amid investor optimism that the recent deadlock in Brexit talks is nearing an end, paving the way for UK-EU negotiations on a trade deal.

Economists’ forecast manufacturing growth in October fell 0.1% from 0.7% in the previous month, while industrial growth is expected to have cooled to 0% in October.

The UK’s trade balance, which measures the difference in value between imported and exported goods and services, is expected to widen to -£11.45 billion in October from -£11.25 billion in September.

GBP/USD rose 0.57% to $1.3468.

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 rose last week.

The weekly rig count is an important barometer for the drilling industry and serves as a proxy for oil production and oil services demand.

At Thursday’s settlement price, crude futures rose 1.3% to settle at $56.67 a barrel amid fears of supply disruption in Nigeria and the Middle East.

The Day Ahead: Top 3 Things to Watch

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