What to Watch in the Day Ahead - Friday, Dec 4

Thu Dec 3, 2015 2:35pm EST
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(The Day Ahead is an email and PDF publication that includes the day's major stories and events, analyses and other features. To receive The Day Ahead, Eikon users can register at . Thomson One users can register at RT/DAY/US. All times in ET/GMT) U.S. job growth likely remained solid in November, holding the unemployment rate at a 7-1/2 year low of 5 percent, which would seal the case for a December interest rate hike by the Federal Reserve. The anticipated sturdy payrolls gains would also suggest that a recent slowdown in consumer spending was temporary and that the economy remains on strong footing. According to a Reuters survey of economists, nonfarm payrolls probably increased 200,000 last month. While that would be a step-down from October's robust 271,000 jobs, it would still be more than enough to keep up with population growth. (0830/1330) Separately, the Commerce Department issues data for October international trade. The trade gap is likely to fall $40.5 billion. (0830/1330) The Federal Reserve Bank of New York President William Dudley and European Central Bank President Mario Draghi participate in a meeting of the Economic Club of New York. (1200/1700) Meanwhile, Philadelphia Fed President Patrick Harker gives welcome remarks before "The New Normal for the U.S. Economy" forum hosted by the Federal Reserve Bank of Philadelphia. (1015/1515) Separately, the Federal Reserve Bank of St. Louis President James Bullard speaks on "Neo Fisherianism" before "The New Normal for the U.S. Economy" forum hosted by the Federal Reserve Bank of Philadelphia. (1545/2045) The Federal Reserve Bank of Minneapolis President Narayana Kocherlakota speaks on "Monetary Policy Renormalization" in the same forum. (1610/2110) OPEC member countries are due to meet in Vienna to set output quotas for the coming months amid an ongoing oil price slump. Expectations are high that the meeting will choose to continue pumping crude at record levels to defend market share against non-member oil producers such as the United States and Russia. Meanwhile, Saudi Arabia appears to have floated the idea of a global deal to balance oil markets and lift prices from around the lowest levels in six years although fellow producers Iran, Iraq and Russia rejected its main idea of cutting output. Canada's economy is expected to have shed 10,000 jobs in November, keeping the unemployment rate at 7.0 percent. Analysts anticipate a pullback after the labor market was surprisingly strong in October as it was boosted by temporary hiring related to the federal election. Canada's trade deficit is expected to have narrowed in October to C$1.70 billion, compared to September's deficit of C$1.73 billion. Analysts will be looking to see whether a recent pick up in exports will be sustained. Growth in exports, particularly in the non-energy sector, are seen as key to the Bank of Canada's outlook. The United Auto Workers union after several decades of vain attempts is expected to have won its first organizing vote among workers at a foreign-owned U.S. auto assembly plant, at the Volkswagen AG factory in Chattanooga, Tennessee. Federal labor officials are expected to announce the result of a vote of only a fraction of the plant's workforce, but observers say it will be a significant victory and a launching pad for the union's efforts to organize other foreign-owned plants in the South. Bank of Greece releases its annual monetary policy report. Markets will be looking for projections on the Greek economy and comments on progress Greece has made in implementing its bailout, next steps needed to exit the crisis. LIVECHAT - THE WEEKAHEAD with Reuters markets editor Mike Dolan Join Mike as he goes through the key macroeconomic and political themes for the coming week. (0600/1100) To join the Global Markets Forum, click here bit.ly/1kTxdKD (Compiled by Sourav Bose in Bengaluru; Editing by Maju Samuel)