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Analysts at Nomura suggest that in today’s US session, the release of Philly Fed survey and existing home sales data will garner maximum attention.

Key Quotes

“After an unusually large drop in August, we expect the Philly Fed manufacturing index to increase 3.1pp to 15.0 in September, reflecting steady growth in the manufacturing sector. As is the case with the Empire State survey, we see US trade policy as posing some downside risk to the forecast but believe that, for now, strength in aggregate demand will outweigh any trade concerns.”

Existing home sales: We expect existing home sales to increase 0.4% mo-m to an annualized pace of 5.36mn in August. If realized, the expected gain would be the first increase in existing home sales in five months. Pending home sales have been mixed recently but a sharp drop in existing home sales in the Northeast, which dragged down sales during July, could rebound and help increase total sales during the month.”