MarketDeal24.Com – Advanced estimates of US GDP will show that the world’s largest economy grew at an annual rate of 30.6% from July to September, the second-largest increase since 1947. Demand for domestic products and business activity has increased since the coronavirus restrictions were lifted, while demand for external products has also increased.
Other economic reports include PCE Price Index, Durable Product Orders, Third Quarter Employment Cost Index, CB Consumer Confidence; New and pending home sales reports; The Chicago Federal Reserve’s National Activity Index, the Dallas Fed’s Manufacturing Index will be released this week.
Investors will keep an eye on the big companies’ earnings reports this week. This week Alphabet, Apple, Amazon, Facebook, 3M, Spotify, Pfizer, Gilead Sciences, Merck, General Electric, Ford, Boeing, Caterpillar, Mastercard, Visa, Exxon Mobil, and Chevron will release their earnings reports.
In addition, Canada, Brazil, and Colombia have lowered their interest rates. Canada will release their monthly GDP and producer prices this week; Mexico will release their third-quarter GDP and trade balance.
In the UK, investors will keep an eye on their mortgage approvals, housing prices, CBI trades, new car sales and the Bank of England’s economic guidance.
The ECB will decide on their economic policy where the market expects no change in the cost of borrowing but everyone is waiting to see if a new incentive will be announced as the second phase of the corona outbreak increases.
GDP, unemployment report, and inflation report for eurozone countries will publish this week. The eurozone economy is expected to grow slightly in the third quarter, but the unemployment rate hit a two-year high in September. Investors will also look at the eurozone business survey, Germany’s Ifo business climate, and retail sales.
In Asia, all eyes will be on the fifth session of the 19th Communist Party of China, where experts are looking at the country’s five-year economic and social plan. Traders will focus on the October manufacturing and non-manufacturing PMIs.
The Bank of Japan will discuss its economic policy this week but no change is expected. Banks, Retail Sales, Consumer Confidence, Unemployment Rates, Industrial Production Quarterly Report for September will be released this week.
In addition, South Korea, Taiwan, and Hong Kong’s third-quarter GDP advance estimates will be released. South Korea’s Consumer and Business Confidence, Economic Production and Retail Sales report will be released.
Consumer and producer prices for Australia’s third quarter will be released. New Zealand’s Trade Balance, ANZ Business Confidence, and Roy Morgan Business Confidence will be published this week.