Morning Juice – US Session Prep (3rd December)

Sentiment
US stock futures are signaling a second day of modest gains as traders wager that economic data due later Wednesday will reinforce expectations for an interest-rate cut next week. Bitcoin extended its rebound. Traders are piling into bets that a new Federal Reserve chair and the release of delayed economic data this month will support Donald Trump’s calls for lower interest rates. Swiss inflation unexpectedly stalled in November and an underlying measure slowed to a four-year low, a setback for central bank officials just days before their final interest-rate decision of 2025. The UK and Japan are responding to investor demand to boost short-term borrowing, a shift in strategy that offers governments lower interest payments but exposes them to potentially costly rates swings at the time of debt rollovers.

Docket
08:15 ET
US ADP Employment Change for November 
Forecast: 10K | Prior: 42K | Range: 50K / -50K 

09:15 ET
US Industrial Production MoM for September
Forecast: 0.1% | Prior: 0.1% | Range: 0.5% / -0.4%

09:45 ET 
US S&P Services PMI Final for November
Forecast: 55 | Prior: 55 | Range: 55.5 / 54.8

10:00 ET
US ISM Services PMI for November
Forecast: 52 | Prior: 52.4 | Range: 53.2 / 49.5

US Quarterly Employment & Wages Q2

10:30 ET
Weekly EIA Crude Oil Inventories
Forecast: -2M | Prior: 2.774M | Range: 3.095M / -3.233M

Speakers
08:30 ET
ECB’s Lagarde speaks at the Committee on Economic and Monetary Affairs (ECON) and will discuss the Quarterly assessment of the ECB’s Monetary Policy

10:00 ET
Trump participates in the White House Internship Program class photo

12:00 ET
BoE’s Mann speaks on a panel at the GIC College of Central Bankers Symposium about reserve currencies

14:00 ET 
Nvidia’s CEO Huang meets the GOP Bank Committee

14:30 ET
Trump makes an announcement

Good Luck!