Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow
Top-tier US macro data in focus
Market participants look ahead to the release of a trio of economic reports on inflation, retail sales and manufacturing due Wednesday, for signs of improvement in the U.S. economy, which could further cement investor expectations that the Federal Reserve will raised rates for a third time this year in December.
Analysts expect the rate of inflation rose 0.2% in October, compared to an 0.1% rate in the previous month.
On the manufacturing front, the New York Fed’s Empire State manufacturing index – a gauge of New York-area manufacturing – is expected to show a decline in November from the previous month.
Economists forecast retail sales growth dropped to 0.2% in October, down from 1% in September as disruptions caused by Hurricanes Harvey and Irma are expected to continue to weigh on the sector.
Ahead of the reports, the dollar traded sharply lower against its rivals.
U.S. crude oil stockpiles to resume weekly decline?
A fresh batch of inventory data from the Energy Information Administration (EIA) on Wednesday is expected to show a decline in U.S. crude stockpiles following a surprise increase in supplies last week.
Analysts forecast crude inventories rose by about 2.2 million barrels for the week ended Nov. 11.
Crude oil prices have made a volatile start to the week, falling 2% on Tuesday after the EIA said it expected global growth demand to weaken and oversupply in global crude markets to persist through the second quarter of 2018.
Crude oil futures settled at $57.70, down 2%.
UK labour data in the spotlight
Labor market data is expected to show wage growth remained stagnant in September despite record low unemployment.
Data from the Office for National Statistics is expected to show, average weekly earnings grew by 2.2% year on year in September, marginally higher than 2.1% August.
As for the jobs figures, the unemployment rate is expected to remain steady at 4.3%, the lowest level in more than 40 years.
The pair has traded in the low $1.30s for over a month, however, traders continued to fret over risks to the downside amid rising political and Brexit-related uncertainties.
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