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Quick heads up. Two critical datapoints are coming out today.Durable Goods will give us a read on business investment (and whether businesses are nervous about the Cliff) and Case-Shiller is the gold standard of housing indices.
US durable goods orders (8:30 EDT): Orders for Boeing planes climbed higher in October and provide support to the headline data. We expect orders to increase by 0.8% in October (Consensus: -0.7%, previous: 9.8%). Excluding the effect of transportation orders, we expect orders to decline by 0.6% in October, reflecting an earlier reported drop in industrial production of manufactured goods due to factory shutdowns around Hurricane Sandy.
US Case-Shiller home price index (9:00 EDT): We expect the Case-Shiller 20-city home price index to show a 3.6% y-o-y increase in September as price gains continue to spread across the country (Consensus: 2.98%, previous: 2.03%). An increasing number of major cities each month are now experiencing year-on-year price gains – 17 in August compared with three in January.
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