US: Rig count and Empire State manufacturing survey in focus - BBH

Research Team at BBH, suggests that the North American session features the April Empire State manufacturing survey.

Key Quotes

“The March reading was the among the first data points to suggest the manufacturing sector was improving after a nearly year-long slump. More improvement is expected. The government’s March industrial production and manufacturing output will also be reported. The University of Michigan’s consumer sentiment measure, and perhaps more importantly, its survey of inflation expectations will also be reported. The February TIC data will be reported after the markets close.

Separately, we will be looking for the NY Fed’s update of its new GDP tracker and the latest US rig count. This weekend’s OPEC and non-OPEC meeting in Doha to ostensibly discuss a freeze appears to have been largely discounted. The IEA warned this week that a freeze without output cuts would have little meaningful impact in the already oversupplied market. News this week indicated that US output fell below 9 mln barrels a day for the first time in 17 months was blunted by the fact that crude inventories rose by more than 6 mln barrels.”