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ADP, OPEC, Services and UK PMI - Stacked Wednesdsay

By Minipip
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Markets continued their momentum into Tuesday, things to look out for in Wednesday's session to maintain the positivity.

Markets shot higher yesterday once again as investors snatched up growth stocks. Bond yields fell, boosting the tech stocks.  And the global news gave traders hope that easing on aggressive interest rate hikes by the fed, could come before the year is up.

A big positive was the news about job openings, data showed that they fell to the lowest since June 2021. This illustrates that even the piping hot job market is cooling. Although, more news on jobs will come later in the week with the government's report on the labour market for September.

One interesting topic that traders are following is the deal with Twitter. Elon Musk intends to buy Twitter for $44 billion (£38.3 billion), in fact, this took another turn on Tuesday as Musk hinted that he would proceed with his original offer. Both parties are due in court this month, all that remains is to see if and when they can agree.

Here are the events that could affect the markets today:

ADP payrolls

  • The ADP nonfarm job report is due at 13:15 GMT. Experts are estimating to see 200,000 jobs added in September, which would mean a 132,000 increase to the prior month.

OPEC meeting

  • Members of the Organisation of the Petroleum Exporting Countries are meeting In Switzerland with other associates to discuss production targets. Investors are expecting a big cut, possibly as many as one million barrels a day. The meeting is due to start at 11:00 GMT.

Services activity

  • The ISM non-manufacturing business activity reading is due at 15:00 GMT. Experts are expecting the number to be 57, a drop from 60.9.

UK PMI

  • Over in the UK, the Composite Purchasing Managers index is due at 9:30 GMT. Analysts forecasted a reading of 49 as in the prior month it was 49.6.

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