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UK and US GDP data in focus next week
On Monday, the release of flash PMI results for France, Germany, the Eurozone as a whole, (for manufacturing and services) and the US (manufacturing PMI only) will provide data watchers with the first available information on economic trends in November. US existing home sales will also be released.
Notable data releases on Tuesday include flash Japan manufacturing PMI and German Ifo. From the US we will see US GDP and consumer confidence data released by the Conference Board. The GDP number will be a second estimate for the third quarter. A first estimate showed that the US economy grew 1.5% (annualized rate) in the three months to September, slightly below both signals from the PMI and the consensus. An upwards revision is therefore not unlikely.
On Wednesday the Bank of Japan monetary policy meeting minutes will be published. Then there will be a flurry of data out of the US since Thursday will be a holiday for Thanksgiving, so certain data will be released a day earlier, such as US jobless claims and durable goods orders. Other US data include, personal spending and income, flash services PMI, new home sales and revised University of Michigan consumer sentiment.
On Thursday the economic calendar will be light, and the US trading session is expected to be quiet due to the Thanksgiving holiday.
On Friday there will be a raft of data out of Japan, which include inflation, unemployment and household spending. Later in the European session the main focus will be on UK growth data. The Office for National Statistics releases its second estimate of third quarter GDP numbers. A first estimate suggested that the UK economy grew 0.5% in the three months to September, which was slightly below forecasts.
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