Friday September 2, 2016

(This is Brian Hamilton filling in for Mark Vickery while he is on vacation)

Stock futures inched forward today, as all eyes will be on this morning’s unemployment rate, and nonfarm payrolls data.  The unemployment rate is expected to drop to 4.8% from 4.9%, and is seen as the last major hurdle for the Feds before they decide to raise rates or not during their September meeting.

Oil prices shot up overnight as Russian President Vladimir Putin stated that he would like for Russia and OPEC to make a deal regarding a production cap.  President Putin went on to say that he would likely support a plan to crimp production at the G20 summit in China next week.  Lastly, Putin said that Russia is prepared to sell a 19.5% stake in Rosneft PJSC, the country’s largest listed oil producer, as early as the end of 2016. 

In Europe, producer prices in the euro region rose by +0.1%, the lowest monthly reading since April.  Also, the European Union started their two day meetings today; the major issues being discussed are the fallout from the Brexit, and global banks attempting to preserve their access to the single market. 

Brian Hamilton