Day Ahead: Top 3 Things to Watch for Jan. 3

Investing.com – Here are three things that could rock the markets tomorrow.

1. ISM PMI Seen Rising

On the U.S. economic calendar tomorrow the highlight will be the Institute of Supply Management’s measure of December manufacturing.

Those numbers will come out at 10:00 AM ET (15:00 GMT).

The is predicted to have ticked up to 49 last month, according to economists’ forecasts compiled by Investing.com.

data arrive at the same time, with a 0.3% rise seen for November.

In Europe, German December jobs numbers come in at 08:55 GMT, with economists looking unemployment change to show a of 2,000 for the month, with the staying steady at 5%.

2. Fed Minutes Arrive

The Federal Reserve will release the of its December meeting at 2:00 PM ET (19:00 GMT), although the market seems to have made up its mind that this tightening trend is over for now.

The FOMC left its benchmark rate unchanged at 1.5% to 1.75% last month and indicated it was happy with where monetary policy stands.

The Fed’s next meeting is Jan. 28-29 and there’s a more-than-95% it will keep rates steady, according to Investing.com’s .

In fact, the markets aren’t looking for any rate movement for 2020, with a chance of more than 50% that the fed funds rate will be the same when the FOMC decides this December.

3. Oil Stockpile Build Expected

Like the Fed minutes, weekly oil inventory numbers are delayed due to the market holiday this week.

They’ll arrive tomorrow at 11:00 AM ET (16:00 GMT) when the Energy Information Administration issues its report.

for the week ended Dec. 27 are expected to have dropped by about 3.3 million barrels, according to forecasts compiled by Investing.com.

are forecast to have risen by 2.1 million barrels. are seen posting a build of 1.8 million barrels.

U.S. oil production will also be closely watched, with traders concerned about a jump in shale oil supply given oil’s high prices to end the year.

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