What’s in Today’s Report:
- G-20 Preview (What’s Expected, Bullish If, Bearish If, and Market Reactions)
- Oil Update – A Bullish Inventory Number (And a Major Gasoline Supply Disruption)
Futures are marginally higher again and this morning is largely a repeat of Wednesday morning as a news article that is positive on U.S.—China trade in tone, yet offers no new information, is causing a mild rally.
The South China Morning Post (a government media source) posted an article stating the U.S. and China will reach a temporary trade “truce” at the G-20.
Economic data was sparse and is not moving markets.
Today we do get some notable economic reports, including Final Q1 GDP (E: 3.1%), Jobless Claims (E: 218K) and Pending Home Sales (E: 0.6%).
The GDP report will get the most attention but the claims data is the most important release today, but that said none of these reports should move markets. Instead, we will continue to be glued to the scrolling ticker for any reports or updates on what’s expected at the G-20, as that event continues to hover like a cloud over all markets this week.