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There’s plenty of macroeconomic events on the agenda in the week beginning Monday 28th, leaving investors with plenty to sink their teeth into. Here’s some of the key events on the economic calendar:
ECB President Draghi’s speech
European Central Bank President Mario Draghi is due to testify before the European Parliament’s Economic Committee in Brussels on Monday. The ECB chief will give his perspective on recent economic and financial developments, potential impacts of Brexit on Eurozone activity and retrace the monetary policy outlook.
OPEC meeting - what’s next for oil?
OPEC countries will meet in Vienna on November 30 and are expected to come to an agreement to cut oil production. While an OPEC output deal is likely, it is the details of the deal that will make the difference to investor appetite. Either the price of a barrel will recover above $50 for a sustainable rise towards $55 by the end of the year, or the price will resume its slide for a renewed attempt towards the $45 level.
Global PMI figures
On Thursday, final manufacturing PMI figures will hit the global markets. Japan, China, the Eurozone, the UK, the US and Canada will all release their latest Purchasing Manager indices. The PMI figures are expected to trigger talks on the health of the global recovery. As the Chinese manufacturing data could impact activity in the commodity markets, the convergence/divergence within the Eurozone economies, and the strength of the UK’s manufacturers post the Brexit should be the main highlights of the data stream.
US Jobs report
Friday’s US jobs data, while important, is expected to be one of the least relevant jobs reports of 2016, simply because the Federal Reserve is 100% expected to hike interest rates at December’s meeting. In this context, even a surprisingly weak jobs report is not expected to keep the Fed back from hiking rates in December.