On the U.S. economic calendar this week we’ll get new releases on trade, job openings, labor productivity & costs, factory orders, consumer sentiment, and consumer credit.
The consensus forecasts are that labor productivity growth slowed to 1% in the third quarter, U.S. factory orders declined 0.5% in September, and the trade deficit narrowed to $52.5 billion in September. Overseas, Germany releases new numbers on industrial production and factory orders this week, while new euro zone economic forecasts are due out from the European Commission on Thursday. China releases trade data late in the week and the Financial Times reports that “On Thursday China’s commerce ministry will hold a weekly news conference amid worries that a first-stage trade deal with the U.S. might not be ready in time for Mr. Trump and Mr. Xi to sign at an Asia-Pacific Economic Cooperation summit in Chile later in November.” Wall Street will be looking out for any new trade talk developments along with quarterly earnings reports from Disney, Under Armour, Ralph Lauren, Qualcomm, Booking Holdings, and TripAdvisor this week. We’ll have a recap of the week’s key economic, trade, commodity, and scrap market highlights in next week’s ISRI Market Report. Have a great week!