What to Watch Wednesday: European PMI Numbers Set to Be Released
Wednesday September 23, starts off with one major economic report coming out overseas. Eurozone Manufacturing PMI numbers are set to come out at 4 a.m. Eastern. These results come from Markit, which surveys over 5,000 businesses in the eurozone. TheStreet's Jim Cramer will focus on this economic data as U.S. stock markets are linked to what's happening in Europe. He said, 'Any strength in Europe could take away the upside pressure in the dollar which is vital as we go into the earnings period.' There are a few notable reports to look out for on the U.S. economic calendar. We get the MBA mortgage applications at 7 a.m. Additionally, the PMI manufacturing index comes out at 9:45 a.m. Economists are expecting the number to increase slightly to 53.1, a reflection of moderate factory growth. Next, we get the weekly oil inventory data from the Energy Information Administration. All eyes are on this report as Bloomberg surveys predict crude oil stocks to decline by 1.65 million barrels a day for the week ending September 18. Last but not least, Atlanta Federal Reserve Bank President Dennis Lockhart is giving a speech in Columbus, Georgia at 12:30 p.m. TheStreet’s U-Jin Lee reports in New York.
