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Jobs Data, OPEC+, OECD & More: 2 Dec. Week Ahead

Key data, from earnings to jobs reports and economic outlooks, are set to be released during the first week of December 2024. 

With this being the last month of the year, traders and analysts may want to monitor this week’s and next week’s releases to understand how the year’s end might affect the economy and the financial markets.

Let’s take a closer look at the week ahead:

Different data, charts and demographics seen on a virtual screen

OECD Economic Outlook: What Is Expected?

The Organisation for Economic Co-operation and Development (OECD), an intergovernmental organisation consisting of 38 countries, publishes four economic projections every year. These projections include economic analysis and cover aspects such as unemployment, government spending, revenues, and output, among other key data.

This week, the economic outlook is set to be released on Wednesday, 4 December. Interestingly, in its last economic outlook (in September), the OECD projected a global economic expansion of 3.2% for 2024 and 2025 and that the Fed’s interest rate will fall a tad to 3.5% (by the end of 2025) from the current 4.75%-5%. (Source: Investing)

Fedspeak & Powell Discussion: Will Anything Substantial Get Revealed?

On Wednesday, 4 December, Fed Chair Jerome Powell will participate in a moderated discussion at the New York Times DealBook Summit. Traders and investors will closely monitor any comments regarding the state of the US labour market and potential rate cuts (in the last meeting of the year), among other key revelations. 

In addition, traders and consumers may note the fact that other Fed members are set to speak this week. For example, New York Fed President John Williams, Governors Christopher Waller and Michelle Bowman, San Francisco Fed President Mary Daly,  St. Louis Fed President Alberto Musalem, Chicago Fed President Austan Goolsbee, and Cleveland Fed President Beth Hammack are all set to deliver remarks this week.

OPEC+ Meeting: How Will Oil React?

OPEC+, a group of oil-exporting countries that coordinate global oil production and affect oil prices, will meet on Thursday, 5 December. The Saudi Arabia and Russia-led cartel will determine whether to increase oil output or maintain it at current levels. 

The meeting's results are still unclear, but the projections point towards a postponement of any production increases as they try to digest the possible effects of Trump’s re-election on the market, especially given that he is expected to enforce oil sanctions on Venezuela and Iran. 

That said, many analysts project these production cuts to last about a month or two. Nonetheless, only time will tell what they actually decide.

NFPs: How Is the US Labour Market Faring?

Non-farm payrolls (NFPs), a key measure of the health of the US labour market, will be released on Friday, 6 December. This metric can also influence the Federal Reserve’s monetary policies. As such, traders may want to keep an eye on this week’s results to get a better understanding of what might be ahead.

The Expectations

While the report's results are yet to be determined, expectations are that the figures will show a rebound in the US labour market. According to Reuters economists, Friday’s data will see an addition of 183,000 jobs (in November). If this projection materialises, it will mark a rise of 12,000 from the month before.

Earnings Season Continues: Will It Affect Stock Traders?

Earnings season will continue with releases from diverse companies from various market sectors. Here are this week’s main ones:

Monday, 2 December:

Tuesday, 3 December:

Wednesday, 4 December:

Thursday, 5 December:

How might the reports affect stock traders? What will they reveal about the state of the economy? We’ll have to wait and see.

Conclusion

To conclude, the week ahead is set to be eventful, with key economic data and releases emerging from the world’s biggest economies, providing valuable economic insights as we near the end of the year. 

Only time will tell what the results will reveal and how it might affect the markets.

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