Focus on US, UK GDP

In the US, the main focus will be on the preliminary Gross Domestic Product (GDP) for the third quarter. There are downside risks given the lower exports and imports and continuous weakening in consumer spending.

The consumer confidence for November is expected to remain at a record low as tough times are expected to continue in the US. A view on the labour market will be provided by the initial jobless claims and continuing claims figures.

A snapshot on consumer dynamics will be provided by the November final Michigan Consumer Sentiment survey along with a view on the personal income, spending and consumption.

On the activity front, market participants will go through the durable goods order for the month of July, whereas bloated inventory and restrictive access to the credit markets are likely to continue pressure the housing market during 2009.

In Europe, the main focus will be the unemployment figure for October. The Consumer Price Index (CPI) estimate is also scheduled for release this week.

A view on the manufacturing sector will be provided by the industrial new orders figure for the euro area. The business climate indicator will also provide a view on the economic development in the region. A number of confidence indicators will be published within the Eurozone area, including consumer, economic, industrial and services confidence surveys for November and the release of the current account figures for September.

In the UK, the preliminary third quarter GDP figure will provide a view on the state of the British economy. In the housing sector, markets will delve into the Nationwide house price figures for November. The GFK Consumer Confidence survey will provide a view on the level of confidence in the UK whereas the CBI distributive trades report and private consumption figures will provide a snapshot on sales volume in the country.

The preliminary UK government spending, import and export figures for the third quarter will close the week's data release.

This article has been prepared by Bank of Valletta plc, which is licensed to conduct investment services business by the MFSA, for your general information only. This information is not a solicitation or offer by the bank to acquire or sell securities, nor does it constitute any form of advice by the bank. Appropriate advice should be obtained before making any such decision. Past performance is not necessarily a guide to future performance and the value of your investments may fall or rise.