Analysts at TD Securities note that the market is projecting the trade deficit to shrink further at the start of Q4 to USD -48.6bn in October from -52.2bn in the month before.

• “Separately, consensus expects initial jobless claims to remain subdued at 215k for the week of Nov 30, essentially unchanged vs the prior week. The print would maintain claims close to record lows, suggesting the labor market remains resilient.”