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Day Ahead: Top 3 Things to Watch

Stock MarketsAug 27, 2019 05:01PM ET
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Investing.com - Here are the top three things that could rock markets tomorrow.

1. Tiffany Earnings Due

Tiffany & Co (NYSE:TIF) is slated to report second-quarter earnings results on Wednesday, before the opening bell.

Worldwide spending will be closely watched after revenue in the first quarter got hit by a loss of spending by Chinese tourists amid the ongoing U.S.-China trade war.

In its first quarter, Tiffany said it anticipated 2019 worldwide net sales increasing by a low single-digit percentage over the prior year and earnings per share growing by a low-to-mid-single-digit percentage.

Tiffany is expected to report earnings of $1.04 per share on revenue of $1.06 billion, according to consensus estimates from Investing.com.

2. Fed Jawboning on the Menu

As uncertainty over whether the U.S. and China will resume trade talks dominates market direction, investors will likely welcome the opportunity to hear from Federal Reserve members for further signs the U.S. central bank will cut its benchmark rate next month.

Richmond Federal Reserve President Thomas Barkin will speak at 12:20 pm ET (4.20pm GMT). San Francisco Fed President Mary Daly will speak at 5:30 pm ET (9.30pm GMT.)

Expectations for an aggressive Fed rate cut at the central bank’s next meeting were dented by better-than-expected consumer confidence data, suggesting the U.S. economy remains on solid footing.

While the Fed is still expected to cut rates in a few weeks, a sense that consumers remain largely shielded from the trade war implies a quarter point, rather than a half-point rate cut, BMO said.

3. U.S. Crude Inventories on Tap

The weekly EIA crude inventories data, due Wednesday, is expected to show oil stockpiles fell for a second-straight week, adding to the deeper production decline by major oil producers.

The Joint Ministerial Monitoring Committee of OPEC and non-cartel oil producers (OPEC+) reported today that OPEC+ production limits, in place since the end of last year, reached 159% compliance in July 2019, up 22 percentage points from a month earlier.

WTI futures snapped a four-day losing streak today to settle 2.4% higher at $54.37 a barrel.

Crude production, which remains close to record highs, will also be in focus as domestic output appears to be tailing off.

"After hitting consistent record-high production levels earlier in the year, the pace of U.S. output has steadily slowed down, and oil could start to see more support as energy markets continue to tighten,” said Edward Moya, a market analyst at Oanda.

Day Ahead: Top 3 Things to Watch
 

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