– South African GDP to slow, but by less than consensus expects
– Hungarian central bank to cut 25bps
– US durable goods orders to fall
– Spain to sell 77, 168 days bills and Italy to sell 2019, 2026 bonds today
What to watch for today
USD: Sandy impact? Our economists believe that US data on today’s calendar might show signs of the impact of Hurricane Sandy. Specifically, we expect durable goods to pare back some of the strong gains reported in September with a -1.5%mom headline print and a -1.0%mom core, and a sharp correction in consumer confidence from 72.2 to 65.0. The latter in particular is most likely to suffer from the halt in economic activity and damages caused by Hurricane Sandy on the US east coast. Large surprises to the downside are likely to push US front end yields lower, with negative implications for USDJPY.
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Credit Suisse