Market Movers Today
There's a lot of US data on the agenda today. US durable goods orders are expected to show a decent increase following some softness in the past couple of months. Keep an eye on core shipments, which is a very good indicator for investment spending.
US personal consumption spending is expected to rise a solid 0.7% m/m in real terms in November after 0.1% m/m in October. This should put personal spending on track for robust growth in Q4. The core PCE deflator is expected to rise 0.1% m/m taking the annual core PCE inflation down to 1.5% from 1.6%.
US final GDP for Q3 is expected to be revised up to 4.3% q/q annualized from the initial estimate of 3.9%. If so, it would be the second quarter in a row with growth above 4%.
Finally US releases new home sales. Existing sales disappointed yesterday, showing a big drop in November. New home sales are expected to show a very small increase. Housing turnover has generally been weak this year and the soft new home sales are the main reason for weak residential construction as well.
Apart from the data flow focus continues to be on the oil market and developments in Russia.
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