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Day Ahead - Top 3 Things to Watch

Stock MarketsJul 12, 2019 04:19AM ET
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Investing.com -- Here's the three things that could rock markets tomorrow.

Wholesale Inflation on Tap

Wholesale inflation figures arrive Friday, a day after U.S. consumer prices topped economists’ expectations.

The Labor Department will issue the June producer price index (PPI) report at 8:30 AM ET (12:30 GMT). On average, economists expect that the PPI rose 0.1% last month with the core PPI, which excludes volatile food and energy prices, rising 0.2%, according to forecasts compiled by Investing.com.

That would bring year-over-year PPI growth to 1.6% and core PPI growth up 2.2%.

The PPI is considered a leading indicator, measuring the input prices for goods sold at a retail level.

Rig Counts on Tap

The weekly installment of drilling activity from Baker Hughes on Friday will provide investors with clues on U.S. oil production, which remains a notch below production records set in December 2018.

Data last week showed the number of oil rigs operating in the U.S. fell by 5 to 788.

The weekly rig count is an important barometer for the drilling industry and serves as a proxy for oil production and oil services demand.

Crude futures on Thursday settled 23 cents lower, or 0.4%, at $60.20 a barrel, as OPEC's forecast for slower crude demand next year exacerbated fears of a surplus in crude supplies, which would weigh on oil prices.

China Trade Data in Focus

Traders will look to China’s June trade data for clues about the health of the world’s second largest economy, with both exports and imports forecast to show a decline.

China’s exports are expected to have declined by 2.0% year-on-year, from 1.1% rise in May, while the decline in imports is forecast to have slowed to 4.5% following an 8.5% slump in May.

The faster fall in imports than exports is expected to widen the country’s trade surplus.

Day Ahead - Top 3 Things to Watch
 

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Comments (1)
Seth Thomas
Seth Thomas Jul 11, 2019 7:04PM ET
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Quote of the day: "Data last week showed the number of oil rigs operating in the US rose fell by 5 to 788." I hate it when the rig count rises falls. I always make lose money when that happens.
Alon Ashkenazi
Alon Ashkenazi Jul 11, 2019 7:04PM ET
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thank you for this
Gustavo P
Gustavo P Jul 11, 2019 7:04PM ET
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that's due to what is known in statisticians' terms as the Trump effect. Also known as "what the heck did you just say?" :-)
Jeff Gann
Jeff Gann Jul 11, 2019 7:04PM ET
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all them positive losses
 
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