What’s in Today’s Report:
- Market Multiple Table Chart
- EIA Analysis and Oil Update
Futures are modestly lower on a slightly hawkish Reuters article about ECB QE and as markets digest this week’s rally.
According to Reuters, the ECB is considering tapering its QE program in March, which is sooner than markets expected and is another reminder that global central banks will be removing accommodation throughout 2022.
Economic data was sparse overnight as Chinese CPI met expectations rising 0.4%.
Today the only notable economic report is Jobless Claims (E: 223K) and they should show continued improvement in the labor market. Additionally, markets will remain on the lookout for any official government data or more findings from MRNA/PFE on vaccine effectiveness against Omicron, and anything that implies substantial protection against infection and severe illness will be a tailwind on stocks (although at this point the market doesn’t view Omicron as a material threat so the tailwind won’t be that strong).
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