Written Commentary
Busier run of second division data unlikely to distract markets for long; digesting UK PSNB, Norway GDP; awaiting UK CBI Industrial Trends, US Existing Home Sales; Richmond and Philly Fed surveys; Chalco tops earnings; UK 10-yr Index-linked auction; focus on Fed speakers; S&P US Bank downgrades and China concerns likely to cast a shadow
US Existing Home Sales see little changed, as low inventories continue to drag along with higher mortgage rates
EVENTS PREVIEW
There is a little more in the way of economic data today, but the array of weaker than expected Norwegian GDP, better than expected UK PSNB, with UK CBI Industrial Trends survey and US Existing Home Sales, Philly Fed Services and Richmond Fed surveys ahead, are rather unlikely to create much of a stir in financial markets. Today’s Fed speakers lean towards the more dovish side of the FOMC, above all Goolsbee, and may voice some scepticism on any further rate hikes, though probably sticking to the ‘high for longer’ mantra.
The BRICS summit gets underway in South Africa, with the notable absence of Putin, and amid some divisions among founding members about expanding membership, and as previously noted the rather nonsensical idea of forming a common BRICS currency up for discussion.
Chalco leads the run of corporate earnings, which also has results from US retailers Dick’s Sporting Goods and Macy’s. Per se, ongoing concerns about China’s economic outlook, rising US Treasury yields and the latest bank downgrades by S&P are likely to continue to be the dominant factors.
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