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The US Markets Set A Tepid Start For The Week

American markets opened the week slightly lower on Monday. The Nasdaq Composite (COMP.IND) was flat, the S&P 500 (SP500) traded down 0.1%, while the Dow Jones Industrial Average (DJI) also fell 0.1%. The 10-year Treasury yield (US10Y) experienced a decrease of 4 basis points to 4.42%, whereas the 2-year yield (US2Y) dropped 3 basis points to 4.92%.

Jim Reid of Deutsche Bank said, “The upcoming week has several economic data points that will give economists a clearer sense of things, especially in the US. Thursday will feature personal income and spending data, which includes the Federal Reserve’s preferred measure of inflation — the Core Personal Consumption Expenditure. The slate of data for the US also includes the second reading of Q3 Gross Domestic Product (GDP) on Wednesday, while the Institute for Supply Management (ISM) Manufacturing Index, Auto Sales, and Chicago PMI will be on Friday.”

Reid also noted that the auctions for 2 and 5-year Treasury obligations were to take place on Monday, with a 7-year auction to follow on Tuesday. He remarked that “Supply has affected these markets both positively and negatively in recent weeks, so we’ll get an insight into investor demand for these short-term debt offerings.”

October’s New Home Sales Figures Revealed

The figures for October’s new home sales revealed a 5.6% month-on-month decline to 679,000 versus a projected total of 721,000. Paul Donovan of UBS commented that, “The US economy is generally less sensitive to interest rate movements. However, the state of the country’s housing sector reflects the impact that Federal Reserve policy tightening has had.”

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