US stocks are set to open slower on the back of disappointing earnings from a number of big retailer names, after a mixed bag of US data and amid growing Covid concerns in Europe.
On the one hand, Q3 GDP was revised up in the second estimate to 2.1%, from 2% thanks to stronger than initially estimated consumer spending. However, this was still short of forecasts of an increase to 2.2%. This is still down sharply from 6.7% in Q2 amid a resurgence of Covid, supply chain disruptions and labour shortages.
Alongside a slightly disappointing GDP print were weaker than forecast durable goods sales. Durable goods sales unexpectedly contracted in October to -0.5% month-on-month, down from -0.4% in September and well short of the 0.2% increase forecast.
On the other side of the coin, US jobless claims figures were impressive falling to a level not seen since 1969. The significant drop in jobless claims is offsetting weak data…
