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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives -- Ignore unavailable to you. Want to Upgrade?

To: yard_man who wrote (83002)	6/1/2016 6:50:34 AM
From: GROUND ZERO™	2 Recommendations Recommended By edu1102 Ericeira Read Replies (1) \| Respond to of 218297

Top 5 Things to Know In the Market on Wednesday 1. OECD warns on global economy, cuts U.S. GDP forecast The Organization for Economic Cooperation and Development (OECD) pulled no punches with its economic outlook on Wednesday insisting that the global economy was “stuck in a low-growth trap” as it cut the growth forecast for its 34 member countries to 1.8% for this year, from the prior estimate of 2.2% six months ago, and to 2.1% in 2017, compared to the previous 2.3%. OECD secretary-general Angel Gurría said that the world economy faces “a rather mediocre, a rather dismal outlook”. For the U.S., the OECD now expects growth of just 1.8%, down from February’s projection of 2%. 2. China manufacturing activity remains tepid, despite central bank liquidity Chinese factory activity hovered just above stagnation in May as the manufacturing purchasing managers’ index (PMI) held at 50.1, underlining concern over a hard landing for the world’s second largest economy. The data came despite the fact that its central bank said it had injected 290.57 billion yuan ($44.1 billion) into the economy in May via short- and medium-term liquidity facilities. 3. Euro zone factory growth weak ahead of U.S. manufacturing ISM Euro area manufacturing activity hit a three month low in May, according to data reported on Wednesday. Markit’s manufacturing PMI for the region dropped to 51.5 in May, closing in on the 50 mark that implies no growth at all. The data came as investors looked ahead to the ISM manufacturing PMI data for the U.S. that will be released at 14:00GMT, or 10:00AM ET. Economists expect a slip to 50.4 in May, just above stagnation. 4. U.S. oil falls below $49 ahead of OPEC meeting and supply data Crude was under pressure on Wednesday with the barrel of West Texas losing the $49 level as market participants awaited Thursday’s meeting of the Organization of the Petroleum Exporting Countries (OPEC) and dismissed the possibility of any dramatic announcement on a production cut, especially after Iran’s representative confirmed that it will not commit to any output freeze. Traders also looked ahead to fresh weekly information on U.S. stockpiles of crude and refined products. The American Petroleum Institute will release its inventories report later in the day, while Thursday’s government report could show crude stockpiles fall by 2.7 million barrels in the week ended May 27. U.S. crude oil futures dropped 1.51% to $48.36, at 9:56AM GMT, or 5:56AM ET, while Brent oil lost 1.70% to $49.04. 5. Japan delays sales tax hike Japanese Prime Minister Shinzo Abe said Wednesday he was planning to delay a scheduled sales tax hike by two-and-a-half years, amid ongoing weakness in the economy. Still, the yen strengthened against the dollar as worrisome data stateside on Tuesday reduced the chances for a Fed rate increase in June down to just 22.5% and put pressure on the greenback. investing.com GZ