Tuesday, 3 December 2024: Analysis of Key Events and Reports

Tuesday, 3 December 2024: Analysis of Key Events and Reports

On Tuesday, 3 December 2024, several significant macroeconomic indicators and corporate reports are scheduled for release, which could substantially impact financial markets.

International Events:

• 10:00 MSK: Turkey – Consumer Price Index (CPI) for November. This indicator reflects inflation dynamics in the country. An increase in CPI may indicate rising price pressures, influencing the Central Bank of Turkey's decisions regarding interest rates.

• 10:30 MSK: Switzerland – Consumer Price Index (CPI) for November. Changes in Switzerland's inflation levels affect the monetary policy of the Swiss National Bank and, consequently, the Swiss franc's exchange rate.

• 15:00 MSK: Brazil – GDP for Q3 2024. Data on GDP growth or decline provide insights into Brazil's economic health, potentially affecting investment decisions concerning emerging markets.

• 18:00 MSK: USA – Job Openings and Labor Turnover Survey (JOLTS) for October. This indicator reflects labor demand and can serve as a gauge of labor market conditions, influencing expectations for Federal Reserve interest rate decisions.

• 00:30 MSK: USA – API Crude Oil Stock Change. Changes in crude oil inventories impact energy prices, directly affecting oil companies and the broader economy.

Speeches by central bank representatives, including Williams, Kugler, Goolsbee (Federal Reserve), and Cipollone (ECB), may provide additional signals regarding future monetary policy.

European Impact:

1. Inflation in Turkey and Switzerland:

   • Turkey: Rising inflation could lead to higher interest rates, potentially causing capital outflows from Europe to Turkey, affecting European financial markets.

   • Switzerland: Changes in Swiss inflation may influence the Swiss franc's value, impacting trade and investment flows between Switzerland and the Eurozone.

2. Brazil's Q3 2024 GDP:

   • As a significant trading partner, Brazil's economic performance can affect European export-oriented industries, especially in sectors like machinery and chemicals.

3. U.S. JOLTS Report:

   • Strong U.S. labor market data could lead to expectations of tighter monetary policy by the Federal Reserve, strengthening the dollar and potentially weakening the euro, impacting European exporters.

4. API Crude Oil Stock Change:

   • Changes in U.S. crude oil inventories can influence global oil prices. A rise in inventories might lead to lower oil prices, benefiting European economies reliant on energy imports.

Corporate Reports:

• Salesforce Inc ($CRM): Report after U.S. market close. Expected revenue growth of 7.1%, indicating stable development in the cloud solutions sector.

• Okta Inc ($OKTA): Expected revenue growth of 11.2%, reflecting increased demand for cybersecurity solutions.

• Marvell Technology Inc ($MRVL): Expected revenue growth of 2.2%, suggesting stability in the semiconductor industry.

• Pure Storage Inc ($PSTG): Expected revenue growth of 6.8%, indicating sustained demand for data storage solutions.

These corporate reports can influence European markets, especially if these companies have significant operations or partnerships within Europe.

In summary, the events of Tuesday, 3 December 2024, are poised to impact European financial markets through various channels, including trade relations, currency exchange rates, and commodity prices.