Guardian Stockbrokers Key Economic News Thursday 26 November 2020

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The key points from today’s economic news, brought to you by Guardian Stockbrokers.


FOMC minutes: concerns about rising Covid-19 cases remain

Minutes of the US Federal Reserve’s (Fed) November monetary policy meeting indicated that policymakers expressed concerns about the rising coronavirus cases in the country and new restrictions imposed to contain the spread of the virus. The Fed officials believe that the country has witnessed economic progress but much more is needed to get the economy back to pre-Covid levels.

US annualised GDP climbed less than expected in 3Q 2020

In the US, the second estimate of an annualised GDP registered a jump of 33.10% on a QoQ basis in 3Q 2020, compared to a fall of 31.40% in the prior quarter. Markets were expecting GDP to record an advance of 33.20%.

US durable goods orders climbed more than expected in October

In the US, flash durable goods orders rose 1.30% on a MoM basis in October, compared to a revised advance of 2.10% in the prior month. Market expectations were for durable goods orders to climb 0.90%.

US consumer sentiment index dropped more than anticipated in November

In the US, the final consumer sentiment index dropped to a level of 76.90 in November, compared to a level of 81.80 in the previous month. Market anticipations were for the Reuters/Michigan consumer sentiment index to ease to 77.00.

US new home sales unexpectedly dropped in October

In the US, new home sales slid 0.30% on a MoM basis in October, compared to a revised rise of 0.10% in the previous month. Markets were expecting new home sales to record a rise of 1.50%.

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