Year-End Rally or Not? Three Events to Watch
What’s in Today’s Report:
- Year-End Rally or Not? Three Events to Watch
- Weekly Market Preview: Can the Rebound Continue?
- Weekly Economic Cheat Sheet: Two of the “Big Three” Monthly Economic Reports This Week
Futures are moderately lower following a sharp drop in cryptocurrencies, hawkish Bank of Japan commentary and underwhelming Chinese economic data.
Bitcoin fell 5% as pressure on the crypto space increased, although there was no specific reason for the declines.
BOJ Governor Ueda told markets the BOJ would strongly consider a rate hike at its next meeting, pressuring stocks.
Economically, the Chinese non-manufacturing PMI fell to 49.5 vs. (E) 50.1, the lowest reading in three years.
Today focus will be on the November ISM Manufacturing PMI (E: 49.0) and the key here is stability, specifically that we do not see the PMI “fall away” from 50 and badly miss expectations (if it does, it could be signaling sudden deterioration in the manufacturing sector, which would be a negative economic surprise).
