Look ahead 22/11/23: eurozone consumer confidence; US durable goods
Big economic data points including the latest eurozone consumer confidence print, US initial jobless claims and durable goods, post Fed minutes, could change the mood of the markets as investors head into a shortened trading week.
Earnings of note include those from Sage Group, ThyssenKrupp, and Britvic.
(Video summary)
Eurozone consumer confidence plunges
Angeline Ong discusses what to expect in the trading markets on Wednesday, November 22nd.
She starts by talking about the flash consumer confidence numbers in the eurozone, which are predicted to be negative 17.6. Basically, this means that people in the eurozone are not feeling very confident about the economy.
Ong explains that even though everyone is focused on the US dollar right now, European central bank officials are saying that interest rates probably won't be cut anytime soon. They think that rates have reached a point where they won't go any lower and will stay steady for a while. This is different from what the market expects, which is a rate cut from the Federal Reserve (Fed) in the first quarter of next year.
Ong also mentions two important things happening in the US: the release of durable goods orders and initial jobless claims. These are big indicators of how the US economy is doing. It's especially important because it's a shortened trading week due to the Thanksgiving holiday. Many people are already thinking ahead to Thanksgiving, as well as Cyber Monday and Black Friday sales.
Ong also points out that the OPEC+ annual outlook, which is happening this weekend, might have an impact on energy markets.
Earnings
Moving on to earnings, Ong explains that even though the earnings season is ending, there are still some notable reports to pay attention to. Sage Group will release its four-year numbers, and they had a 12% increase in recurring revenue for the first nine months of the year.
Kingfisher will also release its third quarter trading statement, and Britvic will release its four-year numbers. These reports will give insight into how these companies are doing financially.
In Germany, Ong suggests keeping an eye on ThyssenKrupp, a company that makes submarines and car parts. Their stock price has been lower than before, and investors are curious about where their future revenue will come from. In September, ThyssenKrupp announced plans to focus on green technology and launch a program to meet their goals. This will be an important update to listen for.
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