As November 5 approaches, the number of eyes on the US elections is increasing (more if possible). In fact, the importance of the event is such – even on an economic level – that the meeting of the Federal Reserve, which would normally take place this week, was scheduled after the general elections.
Despite the lack of a decision from the Fed on interest rates, there will be this week an accumulation of key data for the economic outlook, as well as the avalanche of financial results that the country’s most important companies will publish.
On Tuesday we will know data on house prices, consumer confidence and job openings; Third quarter GDP will be released on Wednesday; Thursday, personal income and spending and Friday, the October jobs report.
“Keep in mind that some of the recent U.S. data was likely impacted by Hurricanes Helene and Milton. Although the impact is expected to fade in the coming months as affected areas recover, any signs of weakness economic could quickly turn into an electoral weapon in the race for the White House elections”, underlines Allianz Global Investors.
In Europe, Germany will be the center of attention. The GfK consumer confidence index will be released on Tuesday, followed on Wednesday by data on unemployment, inflation and preliminary GDP for the third quarter. “In particular, the German GDP data will attract a lot of interest, as analysts predict a sixth contraction in growth in the last eight quarters,” the experts point out.
