UK and US retail sales in focus today – Deutsche Bank

Analysts at Deutsche Bank suggest that the US and UK retail sales data are going to be the key economic releases for today’s session.

Key Quotes

“As for today’s calendar, this morning in Europe we’ve got October retail sales data out in the UK first thing, followed later on by the September trade balance reading for the euro area.”

“In the US the highlight is the October retail sales report which will be a first look for forecasters into Q4 consumer spending. The consensus is for a +0.5% mom headline reading, and +0.4% readings for the core and control group components – the latter of course important as it’s a direct input into the BEA’s estimate of consumers’ spending on goods in the GDP numbers.”

“Away from that we’ll also get regional November manufacturing reports from the NY and Philly Fed’s, October import price index, initial jobless claims, and September business inventories.”

“Away from the data it’s another busy day for ECB speakers with Coeure, Praet and de Guindos due to speak. The Fed’s Quarles will also appear before the Senate, before Chair Powell speaks again – albeit on hurricane recovery efforts so it’s unlikely to be market sensitive – and Bostic and Kashkari speak tonight.”