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(CEP News) - Markets will be watching for any signs of improvement in the economy on Wednesday, with the release of U.S. mortgage applications, wholesale inventories and Canadian labour productivity.
House prices are declining, and markets will be interested to see if U.S. mortgage applications continue to rise. In the prior week, applications for mortgages rose by 112.1%. Later in the day, U.S. wholesale inventories for October will be released, expected to fall 0.2% following a 0.1% decline in September. In the afternoon, the U.S. government will release the November budget deficit. The consensus is calling for the deficit to continue to grow to $171.0 billion, up from the previous deficit of $98.2 billion. In Canada, markets will receive third-quarter labour productivity, expected to grow 0.2% after declining 0.2% in the second quarter. Markets will also be interested to see if energy prices will continue their downward trend. According to analyst estimates, crude oil inventories are expected to increase by 1300k barrels, compared to the prior 456k decline. Gasoline inventories are forecast to fall by 400k barrels following the previous 1534k drop. All times in EST: 7:00 US MBA Mortgage Applications W/E December Prior: +112.1% 8:30 CA Labor Productivity (Q/Q) Q3 Exp: 0.2% Prior: -0.2% 10:00 US Wholesale Inventories October Exp: -0.2% Prior: -0.1% 10:35 US DOE U.S. Crude Oil Inventories W/E December 5 Exp: 1300k Prior: -456K 10:35 US DOE U.S. Gasoline Inventories W/E December 5 Exp: -400k Prior: -1534K 10:35 US DOE U.S. Distillate Inventory W/E December 5 Exp:-1500k Prior: -1721K 10:35 US DOE U.S. Refinery Utilization W/E December 5 Exp: 0.00% Prior: -1.82% 10:35 US API U.S. Crude Oil Inventories W/E December 5 Prior: -2257K 10:35 US API U.S. Gasoline Inventories W/E December 5 Prior: -416K 10:35 US API U.S. Distillate Inventory W/E December 5 Prior: 3143K 11:30 US U.S. to Dell $20B in 278-Day Cash Management Bills 13:00 US Treasury to Sell $28B in 3-Year Notes 14:00 US Monthly Budget Statement November Exp: -$171.0B Prior: -$98.2B By Steve Stecyk,
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, edited by Megan Ainscow,
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