Wednesday, November 27, 2019
TODAY’S GAME PLAN: HAPPY THANKSGIVING!
DATA/HEADLINES: At 8:30ET the second reading of third-quarter GDP will be accompanied by personal consumption, core PCE, and durable goods orders. Weekly initial jobless claims data is at the same time. At 10:00 a.m. personal income and spending numbers are published, with the PCE deflator update expected to show the core reading held at 1.7%. Pending home sales for October are also released at that time. We also have a $32B 7yr note auction at 11:30am and the latest Fed beige book is due at 2:00 p.m.
The House impeachment inquiry moves on to a new phase next week, with a public hearing scheduled for Dec. 4 where Trump will be invited to present his defense. German Oct imports -0.1%m/m; U.K Nov BRC shop prices -0.5%y/y, China Oct industrial profits -9.9%y/y.
U.S. index futures rose slightly to a record high, mirroring gains in Europe after President Trump said that talks on the first phase of a deal were nearly done, adding he is holding up the agreement to ensure the U.S. gets a better deal. Equities climbed across Asia except in China, where data showed the economy slowing further. Deere & Co. fell in pre-market trading after income guidance missed estimates.
EQUITIES: pre market movers at bottom of this page
E-mini S&P is up 0.11%, Nasdaq +0.2%, RTY +0.04%. SPX has Fibonacci extension target of 3155.
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