US: Expect modest pullback in ISM Non-manufacturing PMI to 59.0 - TDS

Analysts at TDS suggest that US ISM Non-manufacturing PMI for November is released at 10:00 ET and consensus is for a modest pullback to 59.0 from 60.1.

Key Quotes

“Momentum in the services sector is robust and last month’s ISM reading represented a post-crisis high, so a slight deterioration in the index should not be taken as bearish.”

“The October trade balance (8:30 ET) where markets look for the deficit to widen to $47.4bn from$43.5bn the prior month, which is in line with the weaker advance goods trade balance. Fed Chair Nominee Powell will also receive a full vote in the Senate at 10:00 ET. Powell is expected to be confirmed with bipartisan support.”