Economic calendar: Focus on US GDP report and PCE inflation

• Second release of US GDP for Q3

• US core PCE inflation seen remaining unchanged at 1.7% YoY in October

• API report showed a surprise inventory build yesterday

9:00 am GMT - Poland, unemployment rate for October. Expected: 5.1%, previous: 5.1%

1:30 pm GMT - US, GDP report for Q3 (second release) and durable goods orders for October. First revision of the US GDP data for the third quarter of 2019 will be released today. The headline measure is unlikely to deviate much from the preliminary value of 1.9% QoQ. However, each subsequent release contains less estimates and more actual data therefore it is more useful for analysis. Preliminary durable goods orders data for October is expected to show a 0.9% MoM decline.

2:45 pm GMT - US, Chicago PMI for November. Expected: 47 pts, previous: 43.2 pts

3:00 pm GMT - US, PCE inflation and pending home sales for October. PCE inflation is the Fed's preferred measure of price growth therefore it is worth to keep track of it. Core gauge is expected to remain unchanged at 1.7% YoY. Simultaneously, personal and income data for October will be released and both measures are expected to show a 0.3% MoM increase. Last but not least, pending home sales are expected to rise 0.2% MoM in October.

3:30 pm GMT - DOE report on oil inventories. API report released yesterday a surprise build in crude inventories - 3.6 mb against expected 0.3 mb decline. 0.3 mb decline is also expected from today’s DOE report but it may be smarter to use yesterday’s API print as a forecast. Gasoline stockpiles are seen rising 1.5 million barrels while distillate inventories are expected to increase by 1.3 mb.

Central bankers’ speeches

• 9:30 am GMT - ECB’s Lane

Major US companies reporting earnings today

• Deere & Co (DE.US) - before market open