On the agenda today are US data on GDP, inflation, employment and sales of durable goods, on the last day of market trading before Thanksgiving.

GDP: Revised data is expected to show US economic growth was steady in the third quarter. Economists expect GDP to have risen at an annualised pace of 2.8 per cent in the third quarter, representing no adjustment from the preliminary reading.

Inflation: Price pressures in the US are expected to have increased, under the measure the Federal Reserve uses as its inflation target. The Personal Consumption Expenditures index is expected to be up 2.3 per cent in October from a year earlier, an acceleration from September’s 2.1 per cent and above the Fed’s 2 per cent target.

Other economic data: Weekly jobless claims are expected to tick up slightly to 216,000, while a report on durable goods is expected to show Americans’ demand for long-lasting goods bounced back during October, probably due to orders for large items such as aircraft.

Markets: Wednesday is the last full day of trading in the US before the Thanksgiving holiday. “Black Friday” is a half session but marks the final trading day for November, a month in which the S&P 500 is up 5.5 per cent and on course for its biggest monthly advance in a year.