Economic wrap: awaiting durable goods and FOMC minutes - Westpac

Analysts at Westpac offered an economic wrap.

Key Quotes:

"US existing home sales rose 2.0% in Oct (vs -0.6% expected) to a new cycle high, and look poised to rise further given the mild weather. Richmond Fed manufacturing rose from -4 to +4 (vs 0 expected), the first positive print since April.

Economic Event Risks Today

Australian construction work in Q3 should continue to fall, albeit at a more modest pace. Mining investment remains the culprit. Public sector activity however continues to show strength.

US core durable goods orders in Oct should remain weak. Transport should add to headline growth for the month.

FOMC minutes should show comfort regarding growth and inflation, and again signal a December hike with more to follow in 2017."