What Will Traders Be Watching This Week?
BlackBull Markets | Nov 28, 2021 02:06PM ET
After tanking many equities at the end of last week, the new coronavirus variant out of South Africa will likely be of primary interest to investors leading to the end of 2021. Nonetheless, the show must go on, and several vital data reports from the world's major players are released this week.h2 Monday, Nov. 29/h2
Freshly re-elected Federal Reserve Chair Jerome Powell is scheduled to speak (pre-recorded). However, Powell won’t touch on US inflation, interest rates, and bond-buying issues. Investors might glean more critical information from the speeches of Fed representatives Richard Clarida (Vice-Chair), John Williams, and Michelle Bowman.
h2 Tuesday, Nov. 30/h2The Europeans Union’s inflation rate YoY for November is due. A rise from 4.1% the previous month to 4.4% is expected. Even so, It would be a shock for the European Central Bank to pull away from its ultra-accommodative stance in reaction.
We are graced with another Fed Chair speech on Wednesday. Investors should more closely watch this speech than the one on Monday.
Powell will testify before the US Senate in a speech titled Coronavirus and CARES Act. It will be interesting to see if Powell's tone on the transitory nature of inflation has changed to match that of US Treasury Secretary Janet Yellen.
Employment data from the US is due as well. First up is the US ADP employment change. Employment is forecast to rise by 525,000, marking a third straight month of such rises if actualized.
The November unemployment rate and nonfarm payrolls are due. A value in the Mid-500K is expected for NFP, while unemployment is expected to fall one percentage point to 4.5%.
With employment being a more significant factor for the Fed under Powell's tenure than previous Chairs, a solid report should help strengthen investors' current understanding of the Fed's position and timeline on rate hikes and tapering.
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