SHANGHAI, Mar. 2 (SMM) –Market attention will focus on US February ADP employment report and the euro zone’s January PPI, as well as changes in US crude oil stocks on Wednesday.
It is expected that US February ADP employment will be revised down slightly. However, there are also bright spots in US labor market. US initial jobless claims have been around 300,000 for 51 weeks in a row.
The euro zone’s annualized CPI for January, though higher than preliminary reading and December 2015, grew less than expected. The euro zone’s annualized PPI also missed forecast in December 2015. This makes 2% inflation target impossible to achieve for the foreseeable future. The euro zone’s PPI may see limited improvement in January.
The API’s US crude oil stocks surged 9.9 million barrels last week, with stocks in Cushing up 1.8 million barrels. Crude oil futures contract for April delivery saw a nosedive immediately after release of the crude oil stocks.
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