April 13, 2020 Headlines

The overnight session was relatively calm with both Hong Kong and London markets closed for holiday. Equity futures are slightly lower ahead of the open, and Treasury yields are up 2-3 bps in the belly and long-end of the curve. The first wave of Q1 corporate earnings announcements will begin this week, and most companies will likely struggle in providing forward guidance given the uncertain duration of social distancing guidelines. Oil prices were initially higher overnight on the OPEC agreement to cut production, but prices are now essentially unchanged on the day. There are concerns that the agreement won’t be enough to save smaller U.S. shale producers facing insolvency. On the monetary policy front, the Fed continues to taper back its purchases of Treasuries and MBS as it looks to settle in to a more “normal” schedule with markets more calm.

Jason Haley
Chief Investment Officer

DateEventSurveyActualPriorRevised
4/14/2020Import Price Index MoM-3.10%—-0.50%—
4/14/2020Import Price Index ex Petroleum MoM-0.20%—0.20%—
4/14/2020Import Price Index YoY-5.00%—-1.20%—
4/14/2020Export Price Index MoM-1.90%—-1.10%—
4/14/2020Export Price Index YoY——-1.30%—
4/15/2020MBA Mortgage Applications——-17.90%—
4/15/2020Retail Sales Advance MoM-8.00%—-0.50%—
4/15/2020Retail Sales Ex Auto MoM-5.00%—-0.40%—
4/15/2020Retail Sales Ex Auto and Gas-6.10%—-0.20%—
4/15/2020Retail Sales Control Group-1.90%—0.00%—
4/15/2020Empire Manufacturing-35—-21.5—
4/15/2020Industrial Production MoM-4.10%—0.60%—
4/15/2020Capacity Utilization73.70%—77.00%—
4/15/2020Manufacturing (SIC) Production-4.40%—0.10%—
4/15/2020Business Inventories-0.40%—-0.10%—
4/15/2020NAHB Housing Market Index55—72—
4/15/2020U.S. Federal Reserve Releases Beige Book
4/15/2020Net Long-term TIC Flows——$20.9b—
4/15/2020Total Net TIC Flows——$122.9b—
4/16/2020Housing Starts1300k—1599k—
4/16/2020Housing Starts MoM-18.70%—-1.50%—
4/16/2020Building Permits1300k—1464k1452k
4/16/2020Building Permits MoM-10.50%—-5.50%-6.30%
4/16/2020Philadelphia Fed Business Outlook-30—-12.7—
4/16/2020Initial Jobless Claims5350k—6606k—
4/16/2020Continuing Claims——7455k—
4/16/2020Bloomberg Consumer Comfort——49.9—
4/17/2020Leading Index-7.00%—0.10%—

 

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