A string of U.S. data is due, oil moves higher, global markets are mixed and the U.K. is set to give its Autumn Statement. Here are four things to know in the market on Wednesday, November 23.
1. A String of U.S. Data is Due
The U.S. will release a string of data just before the Thanksgiving holiday. In early morning, initial jobless claims and durable goods orders data is due.
Shortly after, the house price index reading for December is due.
Markit will publish its manufacturing PMI data for November.
New home sales data is due later in the morning.
In late afternoon, the release of the Fed’s meeting minutes will come through.
2. Oil Moves Higher
Investors are still hopeful that OPEC will reach an agreement to freeze production output at their official meeting on November 30.
The group completed a two-day meeting on Tuesday, and decided that the matter will be debated at the official meeting next week. The group is considering a production cut of 4%-4.5% for all members except Nigeria and Libya.
U.S. crude futures were up by 0.27% to $48.16 per barrel, while Brent oil gained 0.29% to $49.26 a barrel.
3. Global Markets are Mixed
Light trading is expected on Wednesday in the U.S., as markets will be closed on Thursday for a holiday.
U.S. futures suggested a flat opening after indices closed the previous session at record highs.
Dow futures were unchanged, Nasdaq 100 futures were down 3 points, and S&P 500 futures were down one point.
In Europe, stocks were mixed as investors focused their attention on service and manufacturing data from the euro zone.
Asian stocks were at a one-week high.
4. The U.K. Set to Give Autumn Statement
U.K. Chancellor of the Exchequer Philip Hammond will outline a number of measures to help working class families in the Autumn Statement due early in the morning.
Hammond is expected to deliver the first official estimate of Brexit’s impact on the U.K.’s economy.
