Daily Comments
US data due out today: the ISM manufacturing index and construction spending
01.09.2010 14:15:00 Zareena Sayeedova, Senior Analyst, Global Markets (Finam)
On Wednesday, September 1, a plethora of economic data will be released in the United States. We will be watching mainly for construction spending, the ISM manufacturing index and weekly fluctuations in crude oil inventories, based on the EIA report.
The two former indicators are scheduled to come out at 14:00 GMT. Construction spending is expected to shrink 0.5% in July, which seems quite predictable, given the previously disclosed housing market figures, both new and existing home sales. As per the August reading of the ISM manufacturing gauge, which measures business activities in manufacturing sectors, it is projected to slip from 55.5 to 53.0.
Crude oil inventories are expected to show a second consecutive build, which could amount to 1.1 mn bbl this time, whereas the API survey pointed to a far larger increase (4.8 mn bbl).
The following companies are due to announce their earnings today:
- Ford Motor (no time is given); - Hovnanian Enterprises (after-hours).
By 10:05 GMT, S&P 500 stock index futures were trading up 1.14%, while DJIA stock index futures were up 1.06%.
