US futures and European markets trading with caution ahead of Q3 GDP reading for UK and Unemployment claims for US
While the economic docket is full with fairly big data events today, we had another record high for the Dow on Wall Street yesterday. The S&P 500 on the other hand, faced headwinds due to a disappointing consumer confidence number, which we predicted yesterday. However, the index did manage somehow to finish marginally higher.
Asian trading session also felt the heat of the political instability among China and Japan and the equity markets closed somewhat mixed.
The main focus for traders during the European session will be the Q3 GDP reading for the UK’s economy which is due at 09:30 GMT. I am not expecting any kind of a massive surprise in this reading and it is more than likely that reading of 0.8% could be confirmed, once the data is released. The important thing to focus in this reading will be the amount of export which is driven by this quarter’s growth, and how the private consumption have been over this quarter.Read More