A key week is coming with major events on Wednesday with Fed’s Chair Janet Yellen testifies and the OPEC meeting. Furthermore, the E.U. consumer price index will be released as well as the unemployment rate. In the U.S., ISM manufacturing PMI and the ISM prices paid will come out.
The week is starting with the release of the E.U. Financial Stability Review early in the morning. The U.S. new home sales will be announced as well.
On Tuesday, early in the morning, the BoE will announce the Financial Stability report. In Germany, the Gfk consumer confidence survey will be published and is estimated to rose to 10.8 for December from 10.7 before. Later in the day, numerous speeches will follow from FOMC members, Dudley, Powell, and Harker, as well as the BoC Governor Poloz.
In the middle of the week, OPEC meeting will take place as members will have a meeting in Vienna on November 30 with some non-OPEC producers, including Russia, to decide if they are going to extend the current output cap agreement. In the U.K. mortgage approvals and consumer credit for October will be published. The industrial confidence, as well as, the services sentiment and the consumer confidence, for the Euro area as a whole in November, will be announced at the same time. The consumer confidence is expected to turnaround to -0.2 in November from 0.1 the previous month. Moreover, the services sentiment is predicted to rose marginally to 16.7 this month from 16.2 the prior month. In the U.S., the preliminary GDP index for Q3 is estimated to pick higher to 2.2% % from 2.1%, while the annualized indicator is predicted to rose at 3.2% versus 3.0% before. Later, Fed Yellen testifies and traders will hang on every word to gauge sentiment for December’s FOMC meeting. Finally, FOMC member Williams will have a speech and Fed will release the Beige Book.
Read the full financial markets weekly outlook on JFD Research.