Canada’s trade deficit broadened more than was forecast as crude oil prices have pushed economic expansion into an energy nose dive. Oil export prices dropped 15% in October in a published report by Statistics Canada yesterday. Additionally, the trade deficit grew to $1.17 billion, with the September underperformance more than doubling after revisions.
Today, the US jobs report for November is published; expectations are for employers to have added 198,000 new positions and the unemployment rate to remain unchanged at 3.7%. Prominently, there is market anticipation for average hourly earnings to rise to 3.2% in year-over-year terms.
OPEC meetings in Vienna conclude today after Russian confrontations undid an output-cut deal Thursday. Today’s talks focus on curbing production by 1 million barrels a day, specifically led by OPEC members with an anticipated 650,000 barrels.
Germany Chancellor Angela Merkel has urged leaders of her Christian Democratic Union party to look to the future as they prepare to pick her successor on Friday. The frontrunners for the election today are Annegret Kramp-Karrenbauer and Friedrich Merz.