Focus on US inflation data

Japanese economy

Japan ended the month in positive territory, the first after three consecutive months of losses. The same performance is expected for US and European indices.

Japan's factory output rose for a second straight month in October. Industrial production rose 1% in October month-over-month (MoM), following a 0.5% rise the previous month. Economists anticipated a 0.8% rise. Retail sales increased by 4.2% in October year-over-year (YOY). Economists were expecting an acceleration of 5.9%.

China's PMI

China's manufacturing activity contracted for a second straight month in November. NBS manufacturing the Purchasing Managers (PMI) came in at 49.4, missing expectations of 49.7. Last month, the survey unexpectedly fell into contraction territory, to 49.5. Factory PMI has contracted for seven out of the past eight months, rising above the 50-point mark only in September. Services PMI fell to 50.2 in November from 50.6 last month, indicating activity in the vast service sector and construction continues to slow.

German retail sale

In Germany, retail sales rose more than forecast in October, by 1.1% MoM. The market had anticipated a 0.4% rise. Later this morning, at 8.55 a.m., the unemployment rate is forecast to remain at 5.8%.

Eurozone CPI

10 a.m., consumer price index in the eurozone for the month of November. consumer price index (CPI) growth is forecast to slow further, down to 2.7% year-over-year (YoY) from 2.9% in October. That would be the seventh month of deceleration.

Canadian GDP

On the other side of the Atlantic. The market awaits Canadian gross domestic product (GDP) for the third quarter. Quarter-on-quarter, the consensus is for no growth at all, for a second consecutive quarter. The CAD is currently trading at a two-month low against the greenback. In the US, the market expects more indications that consumer inflation is slowing. At 1.30pm, the core Personal Consumption Expenditures (PCE) price index is expected to rise by 3.5% in October YoY, after a 3.7% rise the previous month.

Dr. Martens

Dr. Martens profit before tax fell 55% to £25.8 million. Revenue decreased by 5%, primarily driven by weakness in US wholesale. Given macro-economic uncertainty, the shoemaker withdraws our previous guidance of high single-digit revenue growth in FY25.

Dell Technologies

Dell Technologies is due to report tonight, after the closing bell. The Street anticipates earnings of $1.46 per share on revenue of $23.01 billion. Dell Technology stock rose by more than 30% in the last three months, a rally triggered by better-than-expected earnings, revenue, and forecasts in its last quarterly report. Analysts see Dell benefiting from booming demand for artificial intelligence servers. Following Dell's last set of numbers, Morgan Stanley said the group was "emerging as an early Gen-A winner." Investors will want to see further proof of that on Thursday.

Crude oil

The Thanksgiving Day holiday last week contributed to a drop in fuel demand, as reflected in the latest Emergency liquidity assistance (ElA) data. Crude inventories rose by 1.6 million barrels last week, compared with analysts' expectations for a 933,000-barrel drop. Gasoline stocks rose by 1.8 million barrels, while distillate stockpiles rose by 5.2 million barrels in the week.

OPEC+

The Organization of the Petroleum Exporting Countries (OPEC+) will hold its virtual ministerial meeting today. According to Reuters, the latest talks ahead of the full meeting today focused on an additional oil supply cut to support the market. OPEC+ currently pumps around 43 million barrels per day, or over 40% of global supply. They already have supply cuts in place of about 5 million bpd, or about 5% of global demand.