Economic calendar: Second reading of US GDP

Summary:

  • Second reading of US GDP for Q1 seems to be the most important print for today
  • Preliminary inflation data from Spain for May
  • Weekly data on US oil inventories

8:00 am BST - Spanish inflation for May: The preliminary inflation data for May from France came in below expectations. Today we will be offered another release on this topic from Spain where the consensus points to a 1.1% YoY increase in terms of HICP. That means a notable deceleration compared to 1.6% seen in April. If this release also disappoints, it could be another reason for selling the shared currency which is already trading pretty low against the US dollar (1.1134 at the time of writing). At the same time the data on retail sales from Spain will also be released.

1:30 pm BST - Second reading on US GDP for Q1: Along with the second reading of US GDP more details will also be published (more actual data, less estimates). Let us recall that the preliminary reading from the US came in well above expectations, however, the details turned out to be much less optimistic as growth was mainly driven by inventories and net exports. At the same time, private consumption slowed down notably and investment spending was also weakish. The consensus for today’s reading is 3% QoQ (annualized) compared to 3.2% reported some time ago. Along with the second GDP report, we will also get weekly initial jobless claims and the foreign trade report for April (the consensus points to a slightly wider deficit compared to that seen in March).

3:00 pm BST - US pending home sales: The consensus suggests a 0.5% MoM increase in April

4:00 pm BST - DoE release on US oil inventories: On Wednesday the API showed a larger than expected draw in headline US oil inventories (a fall of 5.3 million barrels). In turn, the Bloomberg consensus before the governmental report points to a modest decline of 1 million barrels. In addition to the headline figure, gasoline inventories are expected to have fallen 0.6 million barrels while distillate inventories are forecast to have risen 0.5 million barrels.

Central bankers’ speeches:

  • 8:30 am BST - BoE’s Ramsden

  • 5:00 pm BST - Fed’s Clarida

  • 7:15 pm BST - BoC’s Wilkins

After rebounding from the local support at around $58, WTI oil prices are climbing before the DoE report. Source: xStation5

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Morning wrap (27.11.2020)
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