- British Goverment will release the first budget post-Brexit
European markets open with moderate rises on Wednesday (Ibex: + 0.16%) in a day in which two catalysts will focus the attention of investors. On one hand, the minutes of the last meeting of the Federal Reserve (Fed) will be published after European closing time. On the other side, the British Chancellor of the Exchequer, Philip Hammond, will present the 'Autumn Statement' on the economic situation of the country meeting.
Today sees Eurozone PMIs for November; durable goods orders for October from the US, which are expected to bounce 1.7% on a headline basis after a -0.3% slump last month, but ease to 0.1% on a core basis vs. 0.4% previously; US new home sales (seen -0.5%; and final Michigan consumer confidence.
We also get the Fed minutes from November, though the market is already lined up behind a December move. Indeed, thoughts might already be turning to who is likely to be the Fed: as Bloomberg notes, President-Elect Trump will fill two vacant posts there in early 2017, and as many as four of the seven governors in time. In short, it’s not just Twin Peaks, or the Supreme Court, that could see interesting new characters ahead. “Another slice of that incredible cherry pie, please.”
The next OPEC meeting, scheduled for Wednesday 30, will continue to generate news. This Tuesday, the price of oil ended up falling and the chronicles speak of new doubts about the possibility that the producing countries reach an agreement to cut the production. OPEC members are considering a cut of between 4% and 4.5%. However, it is not clear that Iran and Iraq will endorse the agreement.