On the U.S. economic calendar this week, we’ll get updated figures on new and pending home sales, personal income & spending, durable goods orders, trade, and consumer confidence. The consensus forecasts are that durable goods orders declined 1% in August while personal spending advanced 0.3% last month.
We’ll also get a revised estimate of second quarter real GDP growth, with only minor revisions expected to the previously reported 2% growth. Investors will also be paying attention to a number of speeches by Fed officials this week.
Overseas, the Financial Times reports “This week is set to bring more UK political drama, with the country’s Supreme Court expected to rule early in the week on whether Prime Minister Boris Johnson’s suspension of parliament was lawful.” We’ll also get PMI data for Germany, France, and the euro zone, while European Central Bank chief economist Philip Lane is scheduled to make a speech at the ECB’s conference on “Inflation in a Changing Economic Environment” in Frankfurt, the FT reports. In Asia, China is set to release data on profits at large industrial firms, with the Wall Street Journal reporting “Economists expect industrial earnings growth to remain sluggish, a major policy concern. Upstream players are struggling with falling prices due to soft demand, although consumer goods producers are benefiting from rising food prices. If companies aren’t making money, they will not only cut down on investment and production, but they will probably also cut wages. That is something Beijing doesn’t want to see.” Don’t miss next week’s ISRI Market Report for a recap of the week’s key economic, trade, commodity, and scrap market highlights. Have a great week!