What’s on the economic calendar
At the bottom of the hour we get PPI data and the Empire Fed. The market will look past PPI but the Empire Fed includes benchmark revisions so that could add a wrinkle to a sector that’s beaten up.
The lone Canadian data point comes with the existing home sales report at 1400 GMT. The latest indications show a pickup in Canadian housing activity.
At 1530 GMT, the US releases the latest petroleum inventory data. The consensus is for a 1100K build. Here’s what the API reported late yesterday:
- Crude +0.3mb
- Cushing +0.1mb
- Distillate +3.4mb
- Gasoline -1.1mb
The Fed is another angle to watch. I don’t expect anything market moving from Harker (1600 GMT), Daly (16090 GMT) or Kaplan (1700 GMT) but the Beige Book is notable. It’s a forward-looking anecdotal report so it should be picking up some optimism and business investment on the heels to phase one deal announcement.