What’s in Today’s Report:
- Is Inflation The Next Big Thing? (How to be Positioned)
- OPEC Meeting Preview: Bullish If/Bearish If
Futures are modestly lower following a generally quiet night as markets digest this weeks’ gains ahead of jobless claims and the Powell speech.
On the coronavirus front, news was again positive as Austria and Denmark became the first European countries to begin to lift coronavirus restrictions.
Economic data overnight was better than feared as German exports and British IP both beat estimates.
Today focus will be on Jobless Claims (E: 5 MM) and the Powell speech (10:00 a.m. ET). For claims, it’d be a positive surprise if they declined from last week’s number and that’d add to the good news from this week, while a spike towards 10MM would be a modest negative vs. expectations.
For the Powell speech, markets just want reassurance that the Fed is committed to doing whatever it takes to ensure orderly operation of markets, which is what we should get.