On the U.S. economic calendar this week we’ll get new figures on durable goods orders, personal income and spending, consumer sentiment, and the second estimate of real (adjusted for inflation) GDP growth in the second quarter.
The consensus estimates are that GDP growth came in at 2% in the second quarter (from 2.1% growth in the first estimate), while personal spending advanced 0.5% in July and durable goods orders rose 1.2% (0.1% ex-transportation orders). Overseas, Japan will release a batch of economic data covering unemployment, industrial production, and retail sales this week. But trade issues should remain squarely in focus this week given the escalating threats between the U.S. and China lately. The Financial Times reports “The US-China trade war will continue to hover over markets when they open this week after Donald Trump told U.S. companies last Friday that they should leave China, adding he would raise tariffs on $300bn of Chinese goods from 10 per cent to 15 per cent at the end of the month.” We take a look at the trend in trade flows between the U.S., China, and the rest of Asia for the major scrap commodities in this week’s ISRI Market Report. Have a great week!