US: Focus on advance goods trade balance and home price index - Nomura
Analysts at Nomura suggest that based on incoming container shipping data at major US ports, they expect a slight widening in trade deficit to $64.2bn in October (Consensus: $64.9bn deficit).
“Net exports showed steady improvement in Q3, adding a decent 0.4pp to real GDP growth. With healthy global demand, we expect steady increases in goods exports in coming months. Further, consistent with healthy domestic activity, we expect continued increases in goods imports.”
“Case-Shiller home price index: Home prices have been rising steadily as buyers compete for a limited supply of homes for sale, worsening home affordability. The CaseShiller 20-city composite index rose 5.92% y-o-y in August, but the number of listings for sale remains low by historical standards. With strong demand from consumers, pressure on home prices likely persisted in September. We expect a continued y-o-y rise in the Case-Shiller 20-city composite index.”