UK gross domestic product (GDP) in volume terms was estimated to have increased by 0.4% between Quarter 2 (Apr to June) and Quarter 3 (July to Sept) 2017, unrevised from the second estimate of GDP. Services remained the strongest contributor to growth in the output approach to GDP in Quarter 3 2017, with production also providing a positive contribution.
In the US session Durable Goods Orders and New Home Sales data was published. Orders for all durable goods -- items meant to last at least three years -- increased 1.3 percent as bookings for commercial and military aircraft rebounded. Core capital goods orders advanced at an 18 percent annualized rate in the three months through November, while those shipments moved ahead at a 14.9 percent pace. The data indicate spending on equipment will provide more fuel for economic growth after a third-quarter contribution that was the most in two years.
The Commerce Department said on Friday new home sales jumped 17.5 percent to a seasonally adjusted annual rate of 733,000 units last month. That was the highest level since July 2007 and followed October’s downwardly revised sales pace of 624,000 units. New home sales surged 26.6 percent from a year ago. That together with last month’s surge in single-family homebuilding and sales of previously owned homes suggests the housing market is regaining momentum after stalling this year.
There will be no data releases both from the UK and USA on Tuesday, and on Monday there will be no trading as it is Christmas Day.
