Fed Chair Jerome Powell Speaks Today
STOCK INDEX FUTURES
Stock index futures are lower.
The 8:45 central time November S&P global manufacturing PMI is expected to be 49.6.
The 9:00 November Institute for Supply Management manufacturing index is anticipated be 47.5.
The 9:00 October construction spending report is predicted to show a 0.3% increase.
Federal Reserve Chair Jerome Powell will speak at 10:00 and also at 1:00 PM at a roundtable discussion.
Powell’s comments will probably be neutral to slightly hawkish on balance.
The technical aspects have become much more supportive to stock index futures since late October.
The HCOB euro zone manufacturing PMI in November was 44.2, which compares to the predicted 43.8.
The final reading of the S&P Global/CIPS U.K. manufacturing PMI improved for a third month in a row to 47.2 in November from 44.8 in October. The reading was also up from a preliminary November estimate of 46.7.
The Nationwide House Price Index in the U.K. fell 2.0% year-on-year in November 2023, for a tenth consecutive decline, and compared to forecasts of a 2.3% drop. This is the least decline in house prices since February.
The Swiss economy expanded 0.3% on the quarter in the third quarter, beating forecasts of a 0.1% gain.
The unemployment rate in Japan in October was 2.5% when 2.6% was expected.
INTEREST RATE MARKET FUTURES
There is a growing consensus among analysts that the Federal Reserve has concluded its rate hiking cycle.
Other Federal Reserve speakers today are Austan Goolsbee at 9:00 and Lisa Cook at 1:00.
Financial futures markets are predicting there is almost a 100% probability that the Federal Open Market Committee will keep its fed funds rate unchanged at its December 13 policy meeting.
Interested in more futures markets? Explore our Market Dashboards here.
Risk Warning: Investments in Equities, Contracts for Difference (CFDs) in any instrument, Futures, Options, Derivatives and Foreign Exchange can fluctuate in value. Investors should therefore be aware that they may not realise the initial amount invested and may incur additional liabilities. These investments may be subject to above average financial risk of loss. Investors should consider their financial circumstances, investment experience and if it is appropriate to invest. If necessary, seek independent financial advice.
ADM Investor Services International Limited, registered in England No. 2547805, is authorised and regulated by the Financial Conduct Authority [FRN 148474] and is a member of the London Stock Exchange. Registered office: 3rd Floor, The Minster Building, 21 Mincing Lane, London EC3R 7AG.
A subsidiary of Archer Daniels Midland Company.
© 2021 ADM Investor Services International Limited.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM. The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.