What to look forward in the New York session tomorrow?

Author: Greg Michalowski | Category: News

Jobless claims, factory orders, trade balance

As the North American session comes to a quiet close, what joy look forward to tomorrow.

  • The job numbers continue with the Challenger job cuts for November scheduled to be released at 7:30 AM ET/1230 GMT. The job cuts year on year fell by -33.5% last month.
  • The weekly initial jobless claims for the week of November 30 will also be released with expectations of 215K versus 213K last week. There was a little scare that perhaps the claims were trending more to the upside after back to back readings of 227K and 228K. However, last week's decline was back to familiar levels. Nevertheless the ADP employment number the day was a bit of a shock at 67K. US nonfarm payroll will be released on Friday with expectations for 185K versus 128K last month.
  • The US trade balance for the month of October will be released at 8:30 AM/1330 GMT with a deficit of $-48.5 billion as the estimate. That is better than the -52.5 billion in September
  • Canada international merchandise trade will also be released at 8:30 AM ET/1330 GMT. The estimate is for a deficit of -1.45 billion versus -0.98 billion in September.
  • At 10 AM ET, factory orders for the month of October will be released with expectations of 0.3% versus -0.6% last month. Durable goods orders are expected to come in at 0.6% with durable goods ex transportation also estimate at 0.6%.
  • Ivy purchasing managers index for the month of November will be released at 10 AM ET/1500 GMT. Last month the index came in at 48.2.  That was down from 48.7 in September. The index has a potential to be quite volatile. The high over the last year was at 60.6 in August while the low was last months 48.2.
Other events include:
  • OPEC meetings 2 day meeting will begin tomorrow
  • Bank of Canada's Lane will speak at 7:45 AM/1245 GMT
  • Feds Quarles will testify on Capitol Hill on supervision and regulation of banking.  He testified today as well but there was no information about monetary policy or the economy
  • The Atlanta Fed will release their latest estimate for fourth-quarter GDP. On December 2, they lowered their estimate to 1.3% from 1.7% in the previous report

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