10 Things You Need To Know - December 5, 2017

Key data releases this week include: durable goods orders (Mon), ISM non-manufacturing index (Tue), nonfarm productivity (Wed), nonfarm payrolls (Fri), and consumer sentiment (Fri).
Haver
November 29, 2017
Economic growth was revised up to 3.3% (AR, 2.3% y/y) during Q3'17 from an advance estimate of a 3.0% gain. The latest figure was the strongest in three years and equaled expectations in the Action Economics Forecast Survey.
Haver
November 28, 2017
The Conference Board Consumer Confidence Index increased 2.6% during November (18.4% y/y) to 129.5 following an upwardly revised 4.6% October improvement. The index was at its highest level since November 2000. The Action Economics Forecast Survey expected a decline in the index this month to 124.0.
Haver
November 30, 2017
Personal income rose 0.4% (3.4% y/y) during October following an unrevised 0.4% September increase. These gains are the largest since February and compared to a 0.3% rise expected in the Action Economics Forecast Survey. Personal consumption expenditures rose 0.3% (4.2% y/y) after a 0.9% jump, revised from 1.0%. A 0.2% gain had been expected.
Haver
December 1, 2017
The ISM manufacturing sector composite index slipped to 58.2 during November from 58.7 in October. Despite recent declines, the index has indicated expansion in factory sector activity for fifteen straight months. A level of 58.4 had been expected in the Action Economics Forecast Survey.
Bloomberg
November 29, 2017
Individual eurozone states' growth rates are more closely aligned than at any time since the creation of the monetary union in 1999, according to European Central Bank data. "Probably the most important thing for a monetary union is convergence," ECB President Mario Draghi said, though analysts point out that poorer southern European members need to maintain and improve productivity to bring them into closer alignment with the north.
Bloomberg
November 27, 2017
China's leading fund manager Zhang Qinghua says the premium yield spread between corporate and government bonds may widen further in 2018, resulting in higher money-market borrowing costs. The government intends to shrink the corporate debt burden and curtail leverage, but fears are emerging that the policy could adversely affect equities and dampen economic growth.
Financial Times
November 30, 2017
Global renminbi transactions dropped in October to their lowest point since April 2014, disappointing China's hopes for acceptance of the currency in world markets.
Nikkei Asian Review
December 4, 2017
The Bank of Japan is slowing growth of the money supply, leading bond-market participants to revise projections for next year to account for tightening monetary policy. The central bank expanded the money supply by $458 billion in November, the smallest increase in four years.
Barron's
December 4, 2017
Deutsche Bank last week joined a small but growing list of major banks that think the Fed could raise its interest-rate target four times in 2018, in addition to a quarter point increase at the December 12-13 meeting of the FOMC.