Huitong.com, November 26th - Welcome to the US non-farm report and OPEC meeting next November. The foreign media survey expects the number of non-agricultural employment in the United States to increase by 180,000 in November, and the unemployment rate is expected to remain unchanged at 4.9%. OPEC will meet on November 30 to coordinate production cuts. Russia, which is not an OPEC oil producer, may also participate, but there are still differences within OPEC about which countries should cut production and reduce production.

List of important economic data next week:

Monday (November 28) Pre-Event Predicted Value 23:30 US Dallas Fed Business Activity Index in November - 1.51.5 Tuesday (November 29) Pre-Event Predicted Value 7:30 Japan October Unemployment Rate (%) 3.03.07:50 Japan's October seasonally adjusted retail sales monthly rate (%) 0.31.115:45 France's third quarter GDP annual rate initial value (%) 1.11.118:00 euro zone November economic sentiment index 106.321:00 Germany 11 Monthly CPI annual rate initial value (%) 0.821:30 US third quarter real GDP annualization rate correction value (%) 2.93.023:00 US November Chamber of Commerce Consumer Confidence Index 98.6101.2 next day 5:30 US as of API crude oil inventories changed during the week of November 25 (10,000 barrels) -128 US API gasoline inventories changed as of November 25 (10,000 barrels) 268 Wednesday (November 30) Pre-event value forecast 8:01 UK 11 Gfk Consumer Confidence Index -3-321:15 US ADP Employment in November (10,000) 14.71621:30 US October Core PCE Price Index Annual Rate (%) 1.71.7 US October Core PCE Price Index Monthly Rate (%) 0.10.121:30 Canada's September adjusted GDP annual rate (%) 1.31.8 Canada September seasonally adjusted GDP monthly rate (%) 0.20.121: 30 US October personal expenditure monthly rate (% 0.50.523:00 US October seasonally adjusted housing sales index monthly rate (%) 1.50.223: 30 US as of November 25th EIA crude oil inventory changes (10,000 barrels) -125.5 US as of November 25 Week EIA gasoline stock changes (10,000 barrels) 231.7 times 03:00 am US economy Beige Book Thursday (December 1) pre-event value forecast 8:30 Japan November Nikkei / Markit manufacturing PMI final value 51.19 : 00 China November official manufacturing PMI51.251.09: 45 China November financial new manufacturing PMI51.250.816: 50 France November Markit manufacturing PMI final value 51.551.616: 55 Germany November Markit manufacturing PMI final value 54.417: 00 euro zone November Markit manufacturing PMI final value 53.717: 30 UK November Markit manufacturing PMI54.354.618:00 Italy third quarter GDP annual rate final value (%) 0.921: 30 US as of November 26 initial jobless claims (Million) 25.122:45 US November Markit manufacturing PMI final value 53.923:00 US November ISM manufacturing PMI51.952.1 US October construction expenditure monthly rate (%) -0.40.5 Friday (December 2) event Pre-value forecast 8:30 Australia October seasonally adjusted retail sales monthly rate (%) 0.60.317: 30 UK November Markit construction industry PMI52.652.218:00 Europe District October PPI annual rate (%) -1.521:30 US November seasonally adjusted non-agricultural employment population (10,000) 16.118.0 US November unemployment rate (%) 4.94.9 US November average hourly wage annual rate (%) 2.82 .821:30 Canada's unemployment rate in November (%) 77 Canada's employment change in November (10,000) 4.390 times 02:00 US as of December 2, the total number of oil wells Baker Hughes total drilling (mouth) 593

Next week reminder

Monday (November 28th) Keywords: Draghi speech

At 22:00 Beijing time, European Central Bank President Mario Draghi made an introductory statement at the quarterly hearing of the European Parliament Economic and Monetary Affairs Committee.

On November 21, Draghi publicly stated that he has promised to maintain the sustainability level of monetary easing to ensure that inflation reaches below or close to 2% in the medium term.

Tuesday (November 29th) Keywords: US GDP revision, Dudley speech

Focusing on the US third-quarter GDP revision is expected to cause short-term fluctuations in the US dollar. Given that the market has fully reflected the Fed’s interest rate hike expectations, it is expected that even if the data is brilliant, the boost to the US dollar will be relatively short-lived.

At 21:15 Beijing time, William Dudley, the chairman of the US Federal Reserve Bank of New York, gave a speech on the theme "The economic growth opportunity of Puerto Rico and the lessons learned by the American municipality facing a similar crisis." The market is expected to have limited impact.

In addition, at 09:00 Beijing time, Bank of Canada Governor Stephen Poloz gave a speech at CDHoweInstitute. Focus on the impact on the Canadian dollar.

Concerned about the API crude oil inventory data to be released the next morning, if the inventory increases significantly, it will drag down the oil price.

Wednesday (November 30) Keywords: OPEC meeting, ADP data, US core PCE price index, EIA inventory, Beige book

OPEC will meet on November 30 to coordinate production cuts. Russia, which is not an OPEC oil producer, may also participate, but there are still differences within OPEC about which countries should cut production and reduce production.

Most analysts believe that some form of production reduction agreement will be reached, but whether the strength is enough to support oil prices is still uncertain.

Kay's macro expectation that the OPEC meeting on November 30 will reaffirm its commitment to maintain production below 33 million barrels per day. During the meeting, it is expected that OPEC will reach an agreement even if it is for the face.

It continues to point out that the agreement cannot be mandatory, so it is unlikely that there will be a significant decline in production after the meeting. The price of US and Brazil at the end of the year is expected to remain at US$45/barrel. The sustainable recovery of oil prices will wait until next year.

EIA crude oil inventory data is expected to cause large fluctuations in oil prices. In addition, investors should also pay attention to the OPEC meeting news, the impact of inventory will be overshadowed by OPEC.

ADP employment data is often seen as a weathervane for non-agricultural employment reports. If the ADP employment data is brilliant, it will boost the market's optimism about Friday's non-agricultural data.

The US core PCE price index is a key indicator for the Fed to measure inflation. This data will bring fluctuations in the short-term trend of the US dollar.

At three o'clock the next morning, the Federal Reserve will announce the Beige Book of Economy. This will provide a perspective on how the Fed views the current economic trends.

In addition, 2016 FOMC voting committee, Cleveland Fed President Loretta Mester attended a luncheon to talk about monetary policy and economic prospects.

Thursday (December 1st) Keywords: National PMI

Concerning the impact of Caixin PMI on the RMB and the Australian dollar, the UK manufacturing PMI will also bring fluctuations to the pound. The impact of the ISM manufacturing PMI on the US dollar in November is even worse than the final value of the Markit manufacturing PMI in November.

Friday (December 2) Keywords: non-agricultural, Canadian employment data

Next week, the US non-farm payroll report will be ushered in. The foreign media survey expects the number of non-agricultural employment in the US to increase by 180,000 in November. The unemployment rate is expected to remain unchanged at 4.9%.

Marvin Loh, senior global market strategist at BNYMellon, said that unless the US employment data is bleak next week, others will prompt the Fed to act. Even if the employment data is particularly weak, the impact may be greatly reduced, as the transitional data will be revised.

In addition, investors need to pay attention to Canadian employment data. Due to the simultaneous release of US and Canadian employment data, the Canadian dollar is facing a short-term shock risk, but the impact of non-agriculture will overshadow the impact of Canadian employment data.