Here is what you need to know.
An OPEC production cut is on shaky ground. Iraq and Iran are said to stil have doubts about the cartel’s plan to bring down production to 32.5-33.0 million barrels a day, three sources told Reuters. West Texas Intermediate crude oil is higher by 0.4% at $48.21 per barrel.
The November FOMC minutes are coming. Traders will get a glimpse into the thought process of the Federal Reserve and look for any clues as to if the FOMC will raise rates at its December meeting. Currently, World Interest Rate Probability data compiled by Bloomberg shows a 100% chance for a 25 basis point rate hike in December. The minutes will cross the wires at 2 p.m. ET.
Europe’s PMI beats. Markit’s flash composite PMI figure for the eurozone printed at 54.1, suggesting the European economy is growing at its fastest pace of 2016. The euro is little changed near 1.0635 against the dollar.
Britain’s Autumn Statement is due out. Chancellor Philip Hammond will deliver the government’s first major update on economic and fiscal policy since Brexit, and is expected to announce a shift away from the austerity-based policies of his predecessor George Osborne. The statement will be released at 7:30 a.m. ET.
GameStop expects a tough holiday season. The video game retailer expects same store sales at established stores to fall between 7% and 12% during the crucial holiday quarter as more gamers download games to their consoles.
Hewlett Packard Enterprise misses on revenue. The commercial computer business that was spun off from HP last year earned an adjusted $0.61 per share on revenue of $12.5 billion. Wall Street was expecting adjusted earnings of $0.60 on revenue of $12.85 billion.
Markets are closed on Thursday for Thanksgiving. They will reopen for a short session on Friday with the stock market and US Treasury market closing at 1 p.m. ET and 2 p.m. ET, respectively.
Stock markets around the world trade mixed. Australia’s ASX (+1.3%) led the overnight gains while Germany’s DAX (-0.6%) lags in Europe.
Earnings reporting is light. John Deere reports ahead of the opening bell and Ctrip.com releases its quarterly results after markets close.
US economic data is heavy. Durable orders and initial jobless claims are due out at 8:30 a.m. ET before Markit US Manufacturing PMI crosses the wires at 9:45 a.m. ET and new home sales and University of Michigan consumer confidence are announced at 10 a.m. ET. Additionally, Department of Energy oil inventories and the Baker Hughes rig count are will be released at 10:30 a.m. and 1 p.m., respectively.
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