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Epic Research
Market sentiments got off to a constructive start ahead of the much anticipated budget talks in the U.S after President Barack-1.20% cut Obama short his vacation to return back to the Production (MoM) cliff of tax Industrial office to continue negotiations in an aim to avert the fiscal-0.50% hikes and spending cuts that kicks in at the New Year. Also buoying the mood was hopes for further stimulus in Japan. Looking ahead in the evening session, the Industrial Production YOY% weekly U.S jobless claims figures in the evening could project stagnation in the number of claims, a sign that the job market continues to MNI December Business Sentiment Indicator pulverize under pressure withstanding Federal Reserve’s view. Furthermore, heating up the table this evening would be the much watched for U.S consumer confidencePurchasing Manager Chicago data, which could project a fall in confidence toDecin contrast 51the previous month figure of an indication that ebb and flow negotiations over the budget is dampening mood among patrons. This data tend to have a significant Pending Home Sales MoM impact on crude oil prices as rising confidence often support oil prices to inch higher or visa versa. The housing sector in the U.S has been Pending recuperation for the bright spot so far and supportingHome Sales YoY the U.S economy, sales of new homes most likely rose 3.30 percent, a three year high21:00 the economic data slated for release in the evening. The series of upright housing data off-late are clearly pointing to-82 as per continual EIA Natural Gas Storage Change euphoria for the sector which remained in the doldrums since a recession in 2009. On the whole, market moves are likely to remain DOE U.S. Crude Oil Inventories captive to budget deal talks in spite of some key economic events.