What to Watch in the Day Ahead - Wednesday, November 27
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It will be a data-heavy day in the United States, with a raft of economic data scheduled for release. The Commerce Department's Bureau of Economic Analysis will report that the Personal Consumption Expenditures (PCE) Price Index likely rose 2.3% on an annual basis in October, following a 2.1% increase in September. On a monthly basis, the PCE price index is projected to show a 0.2% rise in October. Excluding volatile food and energy components, the PCE price index is anticipated to show a 0.3% gain on a month-on-month basis. In the 12 months leading up to October, core PCE is expected to have increased 2.8%, compared to a 2.7% rise in the previous 12-month period. Separately, the bureau is expected to forecast a 0.3% rise in consumer spending in October, compared to a 0.5% increase reported in September. Additionally, the bureau is also scheduled to post the second estimate of the country's third-quarter GDP which may have risen 2.8%, in line with the previous estimate. Meanwhile, the Commerce Department's Census Bureau will likely release the country's durable goods and nondefense capital goods figures too. Orders for durable goods likely increased 0.5% in October after falling 0.7% in the month of September. Orders for durable goods, excluding transport, may have gained 0.2% in the previous month after rising 0.5% in September. Furthermore, the Labor Department's Bureau of Labor Statistics will report initial claims for state unemployment benefits for the week ended Nov. 23 probably climbed to 216,000 from 213,000 in the previous week. The number of people receiving benefits after an initial week of aid, or continuing claims, likely remained unchanged at 1.908 million for the week ended Nov. 16. Lastly, the National Association of Realtors (NAR) is due to release pending home sales figures that likely dropped 0.2%, after rising 7.4% in September.
From the Latin American front, the Bank of Mexico is scheduled to present revised inflation and economic growth forecasts for the country. The bank's governing board may provide commentary from its five members. Separately, the nation's statistics agency is set to post the country's trade balance figure for October.
Compiled by Ashitha Salus; Editing by Shreya Biswas
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