Investing.com – Here’s a preview of the top 3 things that could rock markets tomorrow
An update on Canada’s economic growth outlook
Canada’s economic growth is expected to have turned positive in September, after economic growth in August missed expectations.
Economists’ expect the data to show GDP grew at an annualised rate of 0.1% in the September.
The GDP data is expected to be closely monitored as investors gauge the progress of Canada’s economy, following the Bank of Canada’s decision to hike rates this year.
USD/CAD traded at C$1.2904, up 0.31%, as the recent slump in oil prices has weighed on the oil-sensitive loonie.
Baker Hughes rig count
The weekly instalment of drilling activity from Baker Hughes on Friday, will provide investors with fresh insight into U.S. oil production and demand after data last week showed the number of oil rigs operating in the US rose by 9 to 747, the highest in almost a month.
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 settled 10 cents higher at $57.40 a barrel on Thursday after OPEC announced it would extend cuts in oil output by nine months through 2018 on Thursday.
US macro data in focus
Investors look ahead to trio of report slated for Friday on manufacturing construction spending and vehicles sales.
ISM manufacturing PMI for November is expected to cool to 58.4 from 58.7 in October, while construction spending for October is forecast to rise to 0.5% compared to 0.3% in the previous month.
Vehicle sales which measures the annualized number of new vehicles sold domestically is forecast at 17.5 million in November, well below the 18.09 million sales last month.
Ahead of the economic reports, the dollar fell 0.3% to 92.94 against a basket of major currencies.