Yesterday's session brought German Business Confidence data. The Ifo Business Climate Index for German industry and trade rose considerably to 109.0 points in November from 108.2 points in October. No change was expected. Assessments of the current business situation improved. Optimism with a view to future business developments also continued to increase for the third consecutive month. The German economy remains unaffected by growing uncertainty worldwide. Not even the Paris attacks had a negative impact on survey data.
In the US session figures
GDP and Consumer Confidence were released.
GDP increased at an annual rate of 2.1% in the third quarter of 2015, according to the "second" estimate released by the Bureau of Economic Analysis. The increase in real GDP in the third quarter primarily reflected positive contributions from personal consumption expenditures (
PCE), nonresidential fixed investment, state and local government spending, residential fixed investment, and exports that were partly offset by a negative contribution from private inventory investment. Imports, which are a subtraction in the calculation of GDP, increased.
The Conference Board Consumer Confidence Index, which had decreased moderately in October, declined further in November. The Index now stands at 90.4 (1985=100), down from 99.1 in October. Analysts were predicting increase to 99.3. The Present Situation Index decreased from 114.6 last month to 108.1 in November, while the Expectations Index declined to 78.6 from 88.7 in October.
There will be no major data releases from Eurozone so we can expect steadier morning part of the session. In the US session Durable Goods Orders, Unemployment Claims and New Home Sales figures are scheduled for a release. Analysts predict 1.6% increase in Durable Goods Orders and incline to 273,00 in Unemployment Claims. New Home Sales should edge up to 500,000.
Figures to watch:
Durable Goods Orders (Wednesday 14:30)
Unemployment Claims (Wednesday 14:30)
New Home Sales (Wednesday 16:00)
