Investors are awaiting second-tier U.S. economic data today, which, amid the prolonged government shutdown, will have to “suffice” as indicators of the economic outlook across the Atlantic. The macro calendar is not particularly busy, with attention focused on the October reading of the Philadelphia Fed Manufacturing Index (Philly Fed).
In the UK, data on GDP, construction spending, and services came in somewhat weaker than expected, although industrial production surprised to the upside. During the Asian session, markets also received soft labor market data from Australia, where the unemployment rate rose from 4.2% to 4.5%, although employment growth exceeded expectations.
Macro Calendar
12:15 PM GMT (CA) – Housing Starts (October): 257k forecast vs 245.8k previous
12:30 PM GMT (US) – Philly Fed Index (October): 10 forecast vs 23.2 previous
Central Bank Speakers
1 PM GMT – Fed’s Waller, Miran, and Barr
2PM GMT – Fed’s Bowman
2:45PM GMT – BoE’s Mann
2:45 PM GMT – ECB’s Kocher
4 PM GMT – ECB’s Lagarde
5:30 PM GMT – BoC’s Macklem
6:30PM GMT – BoE’s Greene
Earnings Calendar
- Before U.S. market open: Charles Schwab, Marsh & McLennan, Intuitive Surgical, BNY Mellon, U.S. Bancorp, Travelers
- After market close: CSX Corp, Interactive Brokers
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