Third quarter earnings season on Wall Street, new U.S. releases on housing starts & building permits, industrial production, and leading economic indicators, along with new Chinese data releases and fast-approaching Brexit deadlines are keeping investors busy this week. U.S. bank results are in focus this week with JP Morgan Chase, Goldman Sachs, Citigroup, and Wells Fargo having reported results on Tuesday while Bank of America and Morgan Stanley are scheduled to release results on Thursday.
Overseas, China comes out with new data on GDP, industrial production, and retail sales later in the week, following the release of mixed inflation and trade numbers earlier in the week (see below for details). As for Brexit, the Financial Times reports “This will be a key week for Brexit because Boris Johnson will need to ask Brussels for an extension on the UK’s withdrawal from the EU under the terms of the Benn Act if parliament has not approved either a deal or no-deal exit by Saturday. The House of Commons is due to hold a special session at the end of the week — dubbed Super Saturday — the first such session to be held on a weekend since 1982, when Falklands crisis was debated.” Don’t miss next week’s Market Report for a recap of the week’s key economic, commodity, and scrap market highlights.