Economic calendar: Oil and earnings in the spotlight

Summary:

  • Delayed US trade balance data to be released in the early afternoon

  • DOE report expected to show another inventory build

  • Number of major US companies scheduled to report earnings today

Economic calendar on Wednesday looks quite empty with just two noteworthy prints scheduled for release. Delayed US trade balance data for November will be released in the early afternoon and weekly DOE report will see daylight two hours later. In meantime, stock traders may want to stay on guard as the earnings season is still on the roll and a range of report releases will take place today.

1:30 pm GMT - US, Trade balance for November. While the US trade balance data seldom moves the market it is wise to follow it in the light of the ongoing US-China trade spat. The US government shutdown caused trade data, among others, to be delayed and investors will be offered reading for November today. As the print will be significantly outdated at the moment of the release, one should not expect any major price moves unless a major deviation from estimate of -$54 billion is spotted.

3:30 pm GMT - DOE report on oil inventories. Less oil is flowing to the US as OPEC+ output cuts and sanctions on Venezuela are taking their toll. Nevertheless, it did not translate into stockpile draws so far. Yesterday’s API release signalled a build of 2.5 million barrels, over two times bigger than expected. However, it may take some time before change in fundamentals becomes visible in data. Apart from that, it should be noted that we are slowly heading into a period of seasonal stockpiles declines.

Central bank speakers scheduled for today:

  • 1:35 pm GMT - BoC Deputy Governor Timoty

  • 11:05 pm GMT - Fed’s Quarles

Major US companies reporting earnings today:

  • Twenty-First Century Fox (FOX.US)

  • General Motors (GM.US)

  • Humana (HUM.US)

  • Eli Lilly (LLY.US)

  • MetLife (MET.US)

  • Prudential Financial (PRU.US)

  • Take-Two Interactive Software (TTWO.US)

  • Regeneron Pharmaceuticals (REGN.US)

While oil prices seems to be struggling around the $62 handle two consecutive higher highs were painted. However, before any bigger upward move can occur bulls need to overcome the resistance zone ranging around the $63 handle. Source: xStation5

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