Morning Juice – US Session Prep

Good Morning, Traders!
Happy Friday, it is the 15th of November, here is what to look out for today.

Sentiment
Global stocks fell after Jerome Powell signalled that the Federal Reserve was not in a hurry to lower interest rates, and concern grew over the composition of President-elect Donald Trump’s cabinet.

US equity futures pointed to a second day of declines on Wall Street, with Nasdaq 100 contracts falling.
The pharmaceutical industry was among the biggest laggards this morning after Trump appointed a prominent vaccine sceptic to a key health-policy position.
Drugmakers Moderna, Novavax, and BioNTech all fell in New York premarket trading. Vaccine manufacturers Sanofi, GSK, and AstraZeneca also fell following the news.

The S&P 500 has now lost roughly one-third of its trough-to-peak gains since the US presidential election, as some of the optimism about corporate growth under Trump fades.
There is also a recognition that interest rates will fall more slowly than expected, with recent data indicating that inflation pressures remain elevated and Powell confirming that the Fed will ease policy gradually.

Docket
08:30 ET
US Retail Sales for October
MoM – Median Forecast 0.3% | Prior 0.4% | Range 0.6% / -0.1%
Core MoM – Median Forecast 0.3% | Prior 0.5% | Range 0.5% / -0.4%

New York Fed Manufacturing for November
Median Forecast 0 | Prior -11.9 | Range 10 / -7

Canadian Sales MoM for October
Manufacturing – Median Forecast -0.8% | Prior -1.3% | Range 0.6% / -0.8%
Wholesales – Median Forecast 0.9% | Prior -0.6% | Range 0.9% / 0.9%

09:15 ET
US Industrial Production MoM for October
Median Forecast -0.4% | Prior -0.3% | Range 0.1% / -1.4%

10:00 ET
US Business Inventories for September
Median Forecast 0.2% | Prior 0.3% | Range 0.4% / 0.1%

Speakers
08:30 ET
Fed’s Goolsbee appears on CNBC.
ECB’s Panetta speaks.

09:00 ET
Fed’s Collins gives opening remarks at economic conference Boston Fed.
Her remarks will focus on the conference topic and will not cover monetary policy.
Text is expected.

10:00 ET
ECB’s Lane moderates a policy panel at a seminar titled ‘A Fragmenting Trading System: where we stand and implications for policy’, as part of G-7 Finance Track events organized by Banca d’Italia in Rome, Italy.

10:15 ET
ECB’s Cipollone participates in a panel discussion on productivity at CER Ditchley Park conference ‘A European path to higher economic growth’ in Chipping Norton, UK.

10:30 ET
Fed’s Collins appears on Bloomberg TV.

13:15 ET
Fed’s Williams gives opening remarks at a New York Fed alumni event.
Text is expected.

14:05 ET
Fed’s Goolsbee appears on Bloomberg TV.

Good luck!