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just-released U.S. economic data contained no big surprises and did not move the markets significantly. Durable goods orders in August rose 0.2% from July, versus expectations of a 1.0% decline. Personal income in August was in line with expectations at up 0.4%. Personal spending in August was up only 0.1% from July, versus expectations of up 0.3%.
Asian stocks were mostly weaker, while European stock markets were mostly higher in overnight trading. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins.
Slowing global economic growth is in focus late this week. China reported its industrial profits dropped 2% in August, year-on-year. Producer price deflation also deepened in August. Other economic data released from the world’s second-largest economy Friday also showed China’s imports of raw commodities generally declining. The U.S.-China trade war has significantly crimped China’s economic growth.
Meantime, there was more dour economic news coming out of the European Union. The Euro zone September consumer confidence index was reported at minus 6.5 from minus 7.1 in August. Industrial confidence was reported at minus 8.8 in September from minus 5.8 in August.
The world marketplace is seeing risk appetite somewhat blunted by the U.S. House of Representatives considering impeaching President Trump. Whether Trump actually gets impeached seems unlikely at this time. However, the inquiry by the House is very likely to bog down the U.S. government to a standstill on new legislation, and is likely to hurt Trump’s foreign policy agenda.
