Daily Market Update 11/3/16

Mortgage rates inched lower Thursday following yesterday’s Fed decision to leave rates unchanged for now.  This morning, a court in the UK ruled that the government cannot begin the process to leave the European Union without Parliament’s approval, adding to the uncertainty surrounding Brexit.  Separately, the Bank of England surprised investors with new guidance that suggests further rate cuts are unlikely.  In the U.S., weekly Jobless Claims rose to 265,000, slightly above forecast.  Productivity increased 3.1%, beating expectations.  The Institute for Supply Management services index fell to 54.8, a bit weaker than expected.  Readings above 50.0 indicate expansion in the services sector of the economy.  Factory Orders rose 0.3%, close to forecast.  No other key data will be released today.

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