“European markets remain cautiously optimistic as the ECB’s decision to hold rates signals stability, yet investors eagerly await further guidance on the economic recovery path.”
The US economy is set to release its preliminary estimate for third-quarter gross domestic product (GDP), with economists predicting a growth rate of 4.3 percent. This would be an acceleration from the previous quarter’s growth of 2.1 percent, showcasing the strength of the world’s largest economy.
Amazon, the ecommerce giant, is expected to announce an annual revenue increase of over 11 percent to $141.4 billion in the July to September period. The continuous spending by consumers on its platform and the strong demand for its cloud services have contributed to this positive outcome.
Several other companies are also reporting their earnings. Merck, Bristol Myers Squibb, UPS, Northrop Grumman, Honeywell, Altria, Hershey, Mastercard, and Royal Caribbean will release their earnings before the opening bell, while Intel, Chipotle, and Ford will report after the market closes.
In addition to earnings reports, there are important economic data releases. New orders for durable goods, which last for more than one year, are expected to have risen by 1.7 percent in September, compared to a 0.1 percent increase in August. Moreover, initial US jobless claims, which serve as a proxy for lay-offs, are projected to have increased by 10,000 to 208,000 last week.
On the regulatory front, US Securities and Exchange Commission chair Gary Gensler will be addressing climate disclosure rules at the US Chamber of Commerce. This highlights the increasing focus on climate-related issues within the financial industry.
Overall, these developments in the US economy, corporate earnings, and regulatory landscape are significant and can have implications for various sectors and stakeholders. Monitoring these events can provide valuable insights into the state of the economy and the direction in which it is heading.
