SHANGHAI, Oct. 28 (SMM) –A series of US economic data will come under the spotlight today.
It is expected that US GDP growth will accelerate to 2.5% in Q3, and some even predict 3% growth, citing robust export growth, especially soybean exports. Besides, manufacturing PMI was stable, wholesale inventories and new home sales were positive in September, also supporting GDP growth. However, consumer products imports were poor in September, and capital investment was mild, so some market players are not quite optimistic over Q3 GDP.
The euro zone’s economic climate index was 104.9 in September, better than forecast and August, due mainly to strengthening confidence in industrial sectors in major members of the euro zone. The euro zone’s economic climate index is expected to rise further in October.
US core PCE price index and CPI have been rising since April 2015. CPI improved at faster pace in July, August and September. As such, PCE price index and core PCE price index should improve as well in Q3.
IBD’s US consumer confidence index rose more than expected in October, but the University’s Michigan’s preliminary consumer confidence index and the Conference Board’s consumer confidence index were much lower than expected in October, partly due to uncertainty over US presidential election result.
See SMM price forecast, please click: Base Metals to Subject to Market Sentiment, with Eyes on US Q3 GDP Results
