IMF OUTLOOK
On Tuesday, the International Monetary Fund issues its semi-annual World Economic Outlook.
In July, the IMF upgraded its economic outlook this year for China, India and Europe while modestly lowering expectations for the United States and Japan. The organization projected the world economy to grow a lackluster 3.2% this year, unchanged from its previous forecast in April and down a tick from 3.3% growth in 2023.
GM RESULTS
Automaker General Motors reports its third-quarter financial results Tuesday before the bell.
Analysts forecast that Detroit-based GM earned $2.38 per share on $44.7 billion in revenue. GM easily beat Wall Street’s second quarter sales and profit projections as U.S. customers buying new GM vehicles last quarter paid an average of just under $49,900, helping boost the company’s net income 15% above a year ago.
HOUSING UPDATE
The National Association of Realtors gives its latest update on the U.S. housing market on Wednesday.
Economists project that sales of previously occupied homes inched up modestly in September to a seasonally adjusted annual rate of 3.92 million homes. In August, home sales fell to the slowest annual pace in nearly a year even as mortgage rates eased and the supply of properties on the market continued to rise. Home prices increased on an annual basis for the 14th consecutive month.
Existing home sales, in millions, seasonally adjusted annual rate:
April: 4.14
May: 4.11
June: 3.90
July: 3.96
Aug: 3.86
Sept. (est.): 3.92
Source: FactSet
