This week's key data from the US: watching for GDP Q1 - UOB

Analysts at UOB Group offered an insight into this week's key data from the US.

Key Quotes:

"The key data focus out of the US will be the advance reading of GDP 1Q data on Friday. Bloomberg’s survey shows a consensus estimate that the economy grew 1.2% saar. Housing data also features in the week ahead, with S&P CaseShiller house prices and new home sales data on Tuesday. 

April consumer confidence is also due. Wednesday’s session is relatively quiet, but Thursday’s releases could lead to some fine tuning of GDP expectations, where we receive durable goods orders and the advance estimate of March’s goods trade deficit. Advance estimates for March retail and wholesale inventories and weekly initial claims are also due at the same time, followed by March pending home sales and April’s Kansas City Fed manufacturing survey. 

On Friday, we will receive April’s Chicago PMI and the final reading of the University of Michigan consumer sentiment index data for April. On the corporate earnings front, there will be about 194 S&P500 companies reporting this week. 

Also this week, all eyes will be on Congress, who will need to pass the final FY 2017 spending bills by Friday (or a continuing resolution) in order to avert a government shutdown."