The S&P/Case-Shiller index of U.S. house prices will probably show a year-to-year rise of 5.15 percent, the fastest in 11 months. U.S. consumer confidence for September at 10 a.m. will help expectations for whether a Fed rate increase is likely this year. Confidence is expected to fall back from a seven-month high struck in August, possibly in reaction to the turmoil that caused havoc in financial markets over the summer.
Japan’s Prime Minister Shinzo Abe, who is beginning a second three-year term as leader of his Liberal Democratic Party will speak in New York investors and traders will be scrutinising his speech.
Royal Dutch Shell Plc’s decision to end its $7 billion search for oil in the Arctic Ocean off the coast of Alaska is the latest bit of bad news for a state that went from producing one in every four barrels in the U.S. to an afterthought during the shale boom. “Alaska used to be the No. 1 oil producer in the U.S.,” said Carl Larry, head of oil and gas for Frost & Sullivan LP in Houston. “Now there are a lot easier places and better ways to find and produce oil.”
Alaskan oil production topped out in 1988 at more than 2 million barrels a day. It’s declined steadily since then, falling below 500,000 last year for the first time since the late 1970s, according to the Energy Information Administration.
Euro-area economic confidence unexpectedly increased in September as sentiment in the industrial and services sectors improved. The index of executive and consumer confidence rose to 105.6 in September from a revised 104.1 in August, the European Commission said. Economists predicted a decline to 104.1.