Key data releases this week include: durable goods orders (Wed), FHFA house prices (Wed), new home sales (Wed), pending home sales (Thu), 3Q GDP (Fri), and consumer sentiment (Fri).
Haver
October 20, 2017
The National Association of Realtors reported that sales of existing homes rose 0.7% (-1.5% y/y) during September to 5.390 million units (SAAR) after an unrevised 1.7% decline to 5.350 million in August. Despite the rise, sales remained near the lowest level in a year. Expectations were for 5.300 million sales in the Action Economics Forecast Survey.
Financial Times
October 16, 2017
French President Emmanuel Macron will ask EU leaders to take a more protectionist stance in trade talks with South America, Australia and New Zealand, defending French farmers and workers.
Deutsche Welle/Agence France-Presse/Deutsche Presse-Agentur/Reuters/The Associated Press
October 20, 2017
Politico Pro
Friday, October 20, 2017
German Chancellor Angela Merkel expressed confidence that despite difficulties with Brexit negotiations, the EU and UK can come up with a deal. "If we are all clear in our minds, I have absolutely no doubt that we can reach a good result," she said after the first day of a summit of EU leaders in Brussels.
China Daily
October 19, 2017
The New York Times
Wednesday, October 18, 2017
The economy in China grew 6.8% in the third quarter from a year earlier, the government's statistics agency said. Strong exports, government spending and lending by state-owned banks primarily drove the expansion.
South China Morning Post
October 23, 2017
In the 15 major cities closely monitored by the Chinese government, the prices of new homes were flat or declining in September, the National Bureau of Statistics said. Total sales fell from a year ago for the first time since March 2015.
Bloomberg
October 23, 2017
Tokyo's stocks surged and the yen weakened after Japanese Prime Minister Shinzo Abe scored a commanding victory in national elections. The outcome was widely viewed as a sign that Japan will stick with its loose monetary policy in an effort to drive inflation up to 2%.
Barron’s
October 23, 2017
RBC Capital Markets economists estimate that a reduction in the marginal corporate tax rate to 20%, from an estimated current 27% effective tax rate, would add $10.50 to the S&P 500 companies earnings per share and 200 points to its current price level.
Barron’s
October 23, 2017
“When stated in terms of lifetime dollar wealth creation, the entire gain in the U.S. stock market since 1926 is attributable to the best-performing four percent of listed companies,” according to Arizona State University finance Professor Hendrik Bessembinder.
U.S. News & World Report/The Associated Press
October 20, 2017
Market News International
Friday, October 20, 2017
An economic downturn far less severe than the Great Recession could force the Federal Reserve to return interest rates to zero and bring back bond buying, Chair Janet Yellen said. Because economic conditions have driven short-term interest rates so low, the central bank has little room to stimulate growth through rate cuts, leaving the Fed with asset purchases as the only real option, she said.

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