Another interesting week ahead as U.S.-China trade talks resume in Beijing and the Brexit saga continues to unfold/unravel.
The Financial Times reports, “The week begins in the UK with the question: What next for Theresa May and her Brexit deal? as Britain’s prime minister faces calls from Conservative MPs to resign, while her own ministers have discussed how to replace her. A special cabinet meeting will take place on Monday ahead of a key parliamentary vote on different Brexit options after ministers admitted Mrs. May’s deal was unlikely to ever win MP’s approval. The vote will be the first time the House of Commons will rank different Brexit options.” On the U.S. economic calendar, housing market data will feature prominently this week with new releases due out on home prices, housing starts & building permits, and pending and new home sales. The consensus forecasts are for a slowdown in starts and permits but an uptick in new home sales. Other important releases out this week will cover trade, GDP, personal income & spending, and consumer sentiment. Overseas, Japan releases a batch of economic data covering unemployment, industrial production, and retail sales in the world’s third largest economy. We’ll have a recap of the week’s key economic, trade, commodity, and scrap market highlights in next week’s Market Report. Have a great week and we look forward to seeing you soon at the 2019 ReMA Convention in Los Angeles!
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