Oil futures are set to remain volatile this week ahead of the much-hyped meeting of the Organization of Petroleum Exporting Countries (OPEC). The cartel convenes in Vienna on Wednesday, November 30th, with markets feverishly anticipating members to agree a deal to cut output. Read our guide to trading around the OPEC meeting.

Spurred on by hopeful noises from OPEC oil ministries and Russia, Nymex crude oil and Brent crude have both rallied close to their 2016 highs on hopes that this time the world’s leading oil producers will cut output. But with the failed Doha talks fresh in the memory and the facts on the ground showing OPEC members are pumping more than ever, there is a strong chance to disappoint. US oil inventory data is also due on Wednesday.

Oil’s gains have come in the face of a sustained dollar rally that ought to be curbing commodities. Markets will continue to assess signals from president-elect Trump for a guide to the dollar’s direction of travel and Friday’s non-farm employment numbers will be important for the greenback. With markets now pricing in a 100% chance that the Federal Reserve will hike rates in December, it would take an absolute shocker of a payrolls number to shake that conviction.

PMI data is front and centre on Thursday, with manufacturing surveys from China, the US and Britain among the most closely watched.

Finally we can expect the euro and European bank stocks to be on tenterhooks ahead of the all-important Italian constitutional referendum on Sunday, December 4th.

Economic Calendar

(All times GMT)

Monday, 28 November

14:00 – Mario Draghi testimony on Brexit in European Parliament

23:50 – Japan household spending, unemployment rates, retail sales

Tuesday, 29 November

07:45 – French consumer spending

08:00 – Spanish flash CPI inflation

09:30 – UK net lending to individuals, mortgage approvals, M4 money supply

13:00 – German preliminary CPI inflation

13:30 – US preliminary (2nd reading)  Q3 GDP

15:00 – CB Consumer Confidence

20:00 – Reserve Bank of New Zealand financial stability report

22:00 – RBNZ governor Graeme Wheeler speaks

Wednesday, 30 November

All day – OPEC meetings

00:01 – UK GfK consumer confidence

07:00 – German retail sales

07:45 – French preliminary CPI inflation

10:00 – Eurozone CPI inflation flash estimate

10:30 – Bank of England financial stability report

13:15 – US ADP non-farm employment change

13:30 – Canada GDP m/m

15:30 – US crude oil inventories

Thursday, 1 December

01:00 – China official manufacturing PMI

01:45 – China Caixin manufacturing PMI

09:00 – Eurozone final manufacturing PMI

09:30 – UK manufacturing PMI

13:30 – US weekly unemployment claims

15:00 – ISM manufacturing PMI

Friday, 2 December

00:30 – Australia retail sales

09:30 – UK construction PMI

13:30 – US non-farm employment change, average earnings, unemployment rate

Sunday, 4 December

All day – Italy constitutional amendment referendum

Earnings Calendar

 

Monday, 28 November

Aberdeen Asset Management (AND) – Y/2016, EPS 0.193

Tuesday, 29 November

Tiffany & Co (TIF) – Q3/2017, EPS estimate 0.677

Topps Tiles (TPT) – Y/2016, EPS estimate 0.092

Wednesday, 30 November

Greene King (GNK) – S1/2017, EPS estimate 0.348

Zoopla (ZPA) – Y/2016, EPS estimate 0.122

Thursday, 1 December

Smith & Wesson Holding Corp (SWHC) – Q2/2017, EPS estimate 0.560

Daily Mail & General Trust (DMGT) – Y/2016, EPS estimate 0.514

Grainger (GRI) – Y/2016, EPS estimate 0.125

Friday, 2 December

Sears Holdings Corp (SHLD) – Q3/2017, EPS -4.060

Berkeley Group Holdings (BKG) – S1/2017

Source: Bloomberg

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