Good morning, Traders!
It is Friday the 11th of August. Here are some things to look out for today.
President Joe Biden referred to China's economic problems as a "ticking time bomb" and Communist Party leaders as "bad folks," his latest jab at President Xi Jinping's government even as his administration seeks to improve overall relations with Beijing. The Federal Reserve is making progress against inflation while also improving its understanding of labour market complexities. Patrick Harker, President of the Federal Reserve Bank of Philadelphia, stated. As economists assess the likelihood of recessions in major economies around the world, a slew of recent data show that a downturn in global commerce has already begun.
08:30 AM ET
US PPI for July
YoY - Median Forecast: 0.7% | Prior: 0.1% | Range: 0.9% / 0.5%
MoM - Median Forecast: 0.2% | Prior: 0.1% | Range: 0.4% / -0.1%
Core YoY - Median Forecast: 2.5% | Prior: 2.6% | Range: 2.6% / 2.4%
Core MoM - Median Forecast: 0.2% | Prior: 0.1% | Range: 0.3% / 0%
10:00 AM ET
University of Michigan Sentiment Prelim for August
Median Forecast: 71.3 | Prior: 71.6 | Range: 75 / 67.5
13:00 PM ET
The Baker Hughes Rig Count
Oil - Prior: 525
Total - Prior: 659