Existing home sales highlight economic calendar:

  • A few notable pieces of economic data out this morning. Existing home sales rose 3.2% m/m and 0.6% y/y in September to a 5.47M saar, beating the 5.36M consensus estimate. The median sales price of $234,200 was up 5.6% y/y, marking the 55th straight month of yearly price gains. First-time buyers made up 34% of all transactions, the biggest share in four years. Jobless claims rose 13K to 260K for the latest week, higher than the 250K consensus estimate. The Labor Department said there were no special factors influencing the data. The four-week average rose 2,250 to 251,750. The Philly Fed Index for October beat expectations, coming in at +9.7 vs +6.0 consensus and compared to +12.8 prior. New orders surged to +16.3 from +1.4 in the prior month, while the employment sub-index remained in contraction at -4.0. Leading indicators for September came in at +0.2, in line with consensus and up from the -0.2 reading in August.