Personal consumption expenses: The consumer spending index is the Fed’s preferred measure of inflation and the latest data will be closely watched ahead of the central bank’s monetary policy meeting on November 3. The core consumer spending index, which strips out volatile components such as energy and food, is expected to rise 0.2% in September, after a 0.3% increase in August, according to a survey of economists. This would increase the increase from the previous year to 3.7 percent.
big oil: Investors will be watching how well the recent surge in oil prices to a seven-year high works for ExxonMobil and Chevron, which announced their earnings before Wall Street’s opening bell. According to Refinitiv, Exxon is expected to generate more than $6.5 billion in net income, a level not seen since 2016. Chevron’s net income is expected to exceed $4.2 billion, also its highest in years.
US revenue: Newell Brands, the company behind the Sharpie and Sunbeam brands, reports to the bell, as is Colgate-Palmolive. You will join a growing list of companies highlighting the strength of consumer demand and the impact of supply chain disruption. Royal Caribbean Cruises is expected to see a jump in sales for the third quarter as it manages to sail again in the United States after a long hiatus during the pandemic.
Consumer confidence: University of Michigan consumer confidence is expected to remain unchanged at 71.4 in October, unchanged from a provisional for the month. Consumer confidence is believed to have clouded over the past few weeks and months due to rising inflation and declining purchasing power, but some economists believe that the historically high savings rate may still be fueling the buying frenzy.
Mexico’s GDP: According to Refinitiv, Mexico’s economic growth in the three months to the September quarter is expected to rise 6 percent from the previous year, a moderate increase compared to 19.6 percent three months ago.
Colombian interest rates: The Colombian central bank is expected to raise the benchmark interest rate by 0.25 percentage points to 2.25 percent, keeping it among the group of Latin American economies that raise interest rates to curb inflation. The Banco de la República board announced its first rate hike since 2016 at the end of September.
This post has been modified to reflect that the University of Michigan consumer confidence data was an update of its original values.
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