LONDON (MNI) - The economic docket on Wednesday kicks off with German
Construction Orders at 0600GMT.
At 0700GMT Spanish Producer Price Index data is released.
Another German release is due to hit the wires at 0800GMT, the IFO Business
At 0830GMT the first UK release of the day is scheduled, the first estimate
of Q3 GDP alongside the Index of Services data. Market consensus is for 0.3%
growth, in-line with Q1 and Q2. If this were to transpire it would equate to
1.4% annual growth, the weakest rate since Q2 2012. Figures already released
showed a slowdown in services and construction early in Q3.
Services, only recently the primary driver of growth in the UK, dipped in
July according to official data already released. Business surveys indicate that
activity remained subdued in August and September but managed to avoid dipping
into contractionary territory.
The construction sector, which also saw a sharp fall in July, looks to have
continued it decline throughout Q3 according to survey data. If this is
confirmed by official data it will denote the second consecutive quarterly fall
for construction activity.
Also at 0830GMT is the UK BBA Mortgage Lending data.
The first US release of the day comes at 1100GMT, the MBA weekly mortgage
Also at 1100GMT back in the UK PM Theresa May will face another round of
US Durable Goods data will be released at 1230GMT. Durable goods orders are
expected to rise by 1.1% in September after a 2.0% rebound in August, though the
impact of the hurricanes presents a downside risk. Boeing orders rose to 72 from
33 in August, suggesting nondefense aircraft orders should post a solid gain.
Orders excluding transportation are expected to rise 0.5% for a second straight
At 1300GMT FHFA Home Price Index is scheduled.
The Bank of Canada will announce interest rates at 1400GMT, following
consecutive rate hikes tha Bank are expected to keep policy on hold.
Alongside this announcement is New Home Sales data. New home sales are expected
to slip further to a 555,000 annual rate in September following larger declines
in the previous two months. Unadjusted sales were down 2.2% from a year earlier
before seasonal adjustment. Home supply rose by 3.6% in August, lifting the
months supply to 6.1 months, so there should be adequate homes available for
sale when demand returns.
1430GMT sees DoE Weekly Crude Stocks data hit the wires.
Rounding off the day at 1515GMT Bank of Canada Governor Stephen Poloz and
Senior Deputy Governor Carolyn Wilkins press conference at the National Press
Theatre, Ottawa, following their earlier rate announcement.
--MNI London Bureau; +44 203 865 3809; email: email@example.com