Awaiting GDP, Home Sales Reports
A couple of economic reports are coming out today: third-quarter gross domestic product at 8:30 a.m. and new- and existing-home sales at 10 a.m. The GDP report is expected to show that the economy contracted by 0.5 percent from July to September, and both home sales reports are expected to show declines. Consumer sentiment will also be released at 10 a.m.
Britain had its own GDP report today, showing that its economy fell by 0.6 percent in the third quarter. Markets there were still up by about 0.6 percent as of 6:20 a.m. EST. Other European indexes were also higher. Asian stocks, however, were largely lower, on news of an interest-rate cut from China and Toyota's lower profit forecast. Markets in Hong Kong and South Korea were down close to 3 percent;China's more than 4.5 percent. Japanese markets were closed for a national holiday.
Oil for February delivery is trading below $40 a barrel, and, at the moment, U.S. stock markets are poised to open higher. Check back for updates.
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