BT Three Minute Markets Update

We should start +0.3% despite markets finishing flat everywhere, US with soft consumer spending data affected by Hurricane Sandy. AUD = USD 1.043. Reserve expected to cut the cash rate this month.

Second GDP estimate +2.7%, much higher than the first: inventories +0.8% instead of -0.1%, net exports +0.1% instead of -0.2%; consumption growth revised down but savings declined; Hurricane Sandy still affecting employment; pending home sales encouraging.

October new home sales -1,000, significantly below the +190,000 consensus; fiscal cliff woes affecting the manufacturing sector.

3 good reports: October durable goods flat (+9.2 September, concensus expecting -0.7); September Case-Schiller Index +0.4%, bang on concensus, sixth monthly increase in a row; Confidence board report 73.7, concensus expecting 73 the figure.

We'll start flat today after a small fall, FTSE -0.6%, DAX -0.2%, S&P -0.2%, Dow -0.3%, maybe due to no agreement about Greece but probably a correction for Friday's strength.

We'll start +0.7% after a good day for 'Black Friday': FTSE +0.5%, DAX +0.9%, US opened up and stayed up for the short trading session: Dow and S&P +1.3%.

Jobless claims declined 41,000 as the Hurricane Sandy factor dimishes, as expected.

FTSE +0.2%, DAX +0.7%, S&P and Dow -0.1% Europe traded quietly, ignoring the discussion on Greece and in the US Bernanke delivered a mixed message regarding the fiscal cliff; but there were very good housing figures released, highest since July 2008.

October's existing home sales +2.1% (consensus expecting -0.3%, September -0.9% after being revised down).

It was an interesting session in that Europe was down, the FTSE and the German market both down by 1.3%, but the US market finally had an up session. For the week, the S&P rose by 1.4% and the Dow by 1.8%.

We will be up at the start despite another negative session with a huge jobless claims increase but attributed to Hurricane Sandy so it can be ignored; Europe down: FTSE and DAX -0.8%, US oscillated all day: S&P and Dow -0.2%

We'll be -1% at the start after an ugly session: Europe -1%, Dow and S&P -1.4% - not due to lower retail sales, but to Preident's determination to end the Bush tax cuts for the wealthy.

We may start up after markets got a weak hand-off from Asia, Australia fell yesterday: FTSE +0.3%, DAX almost flat, Dow -0.5%, S&P -0.4%

No guidance for us as markets were close to flat despite Greece passing a harsh budget: FTSE, DAX and Dow flat, S&P +0.1%

US GDP growth expected to be revised up with the US economy doing better than we thought. FTSE -0.1%, DAX -0.6%, Dow flat, S&P +0.2% (-2.1/-2.4 for the week)