SHANGHAI, Nov. 22 (SMM) –Market will eye euro zone consumer confidence index and US existing home sales on Tuesday.
Housing starts in the US rose 26% MoM and hit 9-year high in October, with annualized units beating 1.17 million units expected and 1.05 million units in September. Home prices stayed high in October, suggesting house inventories were tight. Even if existing home sales for October are slightly below forecast, US housing market outlook remains positive.
The euro zone’s consumer confidence index has been rising most of the months over the past year. Preliminary consumer confidence index should rise as well in November. ECB president said this year is the first year that GDP in the euro zone has recovered to level seen before the 2008 global financial crisis.
Investors will close watch ECB president’s speech today to seek clues as to tone for next month’s monetary policy.
See SMM price forecast, please click: Base Metals to Lurch Higher, SMM Says