Reports from abroad likely to set the economic tone
WEEKLY MARKET COMMENTARY |
Financial markets this week will largely be influenced by data and policy decisions from abroad. Chief among these will be the third-quarter gross domestic product report from China. This will likely set the tone for European and North American asset markets and is expected to show that China growth has slowed to below the official target of 7 percent. On that same day Canada will hold what is expected to be a closely contested federal election. On Wednesday the Bank of Canada will announce its policy rate decision, which will likely remain at .50 percent, and on Thursday the European Central Bank will probably announce it is keeping its policy rate unchanged.
Meanwhile, in the U.S. there is a light week of economic data ahead that will primarily consist of housing, jobless claims and consumer sentiment readings. The Federal Reserve will send out six speakers to shape public expectations with Chair Janet Yellen making brief introductory remarks at a conference on Tuesday.