What’s in Today’s Report:
- Jobs Report Preview
- EIA Analysis and Oil Market Update
Futures are slightly lower following a mostly quiet night of news as markets look ahead to tomorrow’s jobs report.
Chinese inflation data undershot expectations with CPI rising 1.0% vs. (E) 1.9% while PPI fell –1.4% vs. (E) -1.3% and Chinese authorities should continue to add stimulus to their economy (which will be good for global growth).
Politically, focus today will be on President Biden’s budget and the proposed tax increases, but there’s no chance the budget passes and the details of it won’t move markets.
Focus today will stay on the data and the key report will be Jobless Claims (E: 196K). Claims have remained stubbornly low and any movement above 200k will be welcomed by markets as it’ll hint there’s some deterioration in the labor market.