In this shortened trading week, Tuesday will be a busy day with the release of Canadian retail sales, U.S. third quarter GDP and U.S. consumer confidence.
Markets will receive the second print of U.S. GDP for the third quarter, which is expected to come in down to -0.5% from the previous reading of -0.3%. Core PCE is expected to remain unchanged at +2.9% while personal consumption is also forecast to hold still, in negative territory at -3.1%.
Headline Canadian retail sales for September are expected to rise 0.4%, following August's 0.3% decline. Sales excluding autos are expected to rise 0.2% for the month following a previous 0.3% decline.
Economists are expecting no change in U.S. consumer confidence for November. The consensus is calling for the index to print a 38.0, in line with October's level.
The U.S. will receive more housing data, with the release of the S&P/CaseShiller Home Price Index for the third quarter. The expectation is for the index to post an annual 17.1% decline, down further from the prior quarter's 15.4% drop.
The Federal Housing Finance Agency (FHFA) will also release its housing price index for September. U.S. house prices are expected to decline by 0.7%, down further from last month's
0.6% drop.
Manufacturing activity will also be a source of interest for markets, with the release of the Richmond Fed's manufacturing index for November. The index is forecast to come in at -26 reading, unchanged from the prior month.
All times in EST:
8:30 CA Retail Sales (M/M) September Exp: +0.4% Prior: -0.3%
8:30 CA Retail Sales Less Autos (M/M) September Exp: +0.2% Prior: -0.3%
8:30 US GDP (Q/Q) Annualized Q3 Preliminary Exp: -0.5% Prior: -0.3%
8:30 US Personal Consumption Q3 Preliminary Exp:-3.1% Prior: -3.1%
8:30 US GDP Price Index Q3 Preliminary Exp: +4.2% Prior: +4.2%
8:30 US Core PCE (Q/Q) Q3 Preliminary Exp: +2.9% Prior: +2.9%
9:00 US S&P/CaseShiller Home Price Index September Exp: 163.0 Prior: 164.6
9:00 US S&P/CaseShiller Composite-20 (Y/Y) September -16.9% Prior: -16.6%
9:00 US S&P/CaseShiller US Home Price Index (Q/Q) Q3 Prior: 155.3
9:00 US S&P/CaseShiller US Housing Price Index (Y/Y) Q3 Exp: -17.1% Prior: -15.4%
10:00 US Consumer Confidence November Exp: 38.0 Prior: 38.0
10:00 US Richmond Fed Manufacturing Index November Exp: -26 Prior: -26
10:00 US House Price Index (M/M) September Exp: -0.7% Prior: -0.6%
10:00 US House Price Purchase Index (Q/Q) Q3 Prior: -1.4%
11:30 US Treasury To Sell $35B in 328-Day Cash Management Bills
11:30 US Treasury To Sell $32B in 4-Weeks Bills
13:00 US Treasury to Sell $26B in 5-Year Notes
17:00 US ABC Consumer Confidence Exp: -53 Prior: -52
By Steve Stecyk and edited by Megan Ainscow
©CEP News Ltd. 2008