Futures are sharply lower, but they could get help from Consumer Confidence data, if it comes in better than expected at 10 AM ET.
That’s just what Deutsche Bank expect.
Consensus is for a rise to 52, but Deutsche Bank expect a significant beat. Here’s why:
Last week’s consumption data showed a 0.4% rise in October after September was revised 0.1% higher to +0.3%. This is important since most of the increase was in durable goods (+1.9%), a sign that perhaps consumers are gaining confidence in their financial outlook. To that end, we expect consumer confidence to rise approximately 5 points to 55.0.
So, all of that good consumption data has been leading up to this.
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