Tuesday’s stimulus bill “deadline” came and went without any deal announcement. Plenty of head fakes and comments on being close to a deal streamed in across Tuesday morning, afternoon, evening, and through the rest of the week as fingers started to get pointed at the lack of progress.
Markit’s surveys of the services and manufacturing environment both stayed solidly in expansionary territory with preliminary October readings of 56.0 and 53.3, respectively. The service's value was a bit above expectations of 54.6 while manufacturing fell just below expectations of 53.5.
China’s economy expanded by 4.9% in Q3 over the prior year. While missing expectations, it was a notable increase from the 3.2% seen in Q2.
Eyes are in Q3 GDP with the advance reading coming in next week, with expectations of a 30%+ annualized figure.