US: Durable goods orders and Fed speak in the limelight today - TDS

In view of analysts at TDS, US durable goods for August are forecast to post a feeble rebound (+0.2%) compared with mkt (+1.0%). 

Key Quotes

“We expect a pullback in defense aircraft to offset an increase in the rest of the transportation category, leaving ex-transport orders to underperform the headline print with a 0.1% advance (market: 0.2%). The market expects a slightly stronger 0.3% increase in capital goods orders, but Hurricane Harvey will distort the data. August pending home sales are the only other release and consensus is looking for a 0.5% decline.” 

“Fed speak continues with Fed Governor Brainard, Minneapolis Fed President Kashkari, St. Louis Fed President Bullard and Boston Fed President Rosengren. Brainard are Kashkari are the voters but Brainard will be speaking at a minority banking forum and her comments are likely to echo yesterday’s speech, which did not touch on policy. Brainard speaks at 14:00 ET while Kashkari will speak before that at 9:15 ET. Bullard speaks later at 13:30 ET on the economic outlook and monetary policy, but we would note that he holds a far more dovish bias than most Fed officials. Rosengren is not scheduled to speak until after the close at 19:00 ET.”

“Canada: Governor Poloz will give his first speech since the July rate hike at 11:45 ET in Newfoundland. The topic for Poloz’s speech is “The Meaning of “Data Dependence”: An Economic Progress Report”  and it will be followed by a 12:55 ET press conference. Meanwhile, the third round of NAFTA negotiations conclude in Ottawa.”