Summary:
- API report could be the most important reading scheduled for today
- Two noteworthy releases from the US economy
- Financial reports from Continental, Walt Disney
Today’s economic calendar is relatively light in terms of macroeconomic readings, albeit there are three notable events worth looking at. Moreover, the earnings season on Wall Street is well under way, hence there will be another slew of financial reports, including those from companies such as Continental or Walt Disney.
US data – NFIB small firms business confidence (11:00 am BST) and JOLTS (3:00 pm BST): Admittedly, there are no particularly crucial macroeconomic prints, they could be worth looking at amid quite the tepid calendar for Tuesday. In case of business confidence among small firms in the US, the consensus suggests a marginal decline from 103.6 to 103.5. One needs to underline that consumer confidence in the US holds close to its record levels following a Trump’s victory in the presidential election, so even as there is a deterioration it cannot be treated negatively for US assets. Besides, there will be a reading of JOLTS (Job Openings and Labor Turnover Survey) which produces data on job openings, hires, and separations. The forecasts indicates 5.700m while the prior release was 5.666m.
9:40 – API report on oil inventories: Oil prices are hovering just under $50 (WTI) and $53 (Brent) as the API report is expected to come in later in the day. That release has tended to exert some pressure on oil prices of late as it’s a precursor of the governmental data which is unveiled a day later. It’s worth stressing that while the API showed a pick-up in oil stocks by 1.8m last week, it wasn’t confirmed by the DoE which saw oil prices higher in the aftermath.
Earnings season on Wall Street: Continental and Walt Disney are poised to share their earnings with investors after a closing bell.
WTI oil prices are drawing a triangle formation which could be broken in the aftermath of the API report. Source: xStation5