What’s in Today’s Report:
- Two Events to Decide the Year?
Futures are marginally lower as markets digest recent volatility following a mostly quiet Thanksgiving holiday.
Regarding U.S./China trade, there were numerous articles published overnight on the upcoming summit and while they varied in tone (both positive and negative) none of them changed expectations for the event.
Economically, the Nov. EU flash composite PMI declined and missed expectations, falling to 52.4 vs. (E) 53.0. That soft reading, combined with new lows in oil (down 2%) are the two “reasons” for the decline in futures this morning.
Today will be a typically quiet post-Thanksgiving Friday but there is an important economic report to watch: Composite Flash PMI (E: 54.8). Economic data has been more mixed lately, and a soft number here will fuel concerns the U.S. economy is losing momentum.
Finally, keep in mind that U.S. equity markets close at 1:00 p.m. ET.