April 14, 2020 Headlines

Treasury prices are slightly higher this morning after risk assets retreated from their overnight highs. China’s March trade data came in better than expected which spurred a risk on move in trading during the Asian session. Currently, both the Dow and S&P are pointing to opening in the green as we head into an earnings season teeming with uncertainty.

On the domestic data front, import prices fell by 2.3%, less than the median expectation of a 3.2% decline, while February’s reading was revised lower to -0.7% from -0.5%. The March decline was the steepest fall in three years and was driven by a price war between Russia and Saudi Arabia over the cost of oil. If energy costs were excluded, the change in import prices was flat. The general expectation is that import prices will continue to fall, even net of energy, as the global shutdown hampers demand.

Hafizan Hamzah
Director, Investment Management Group

Date Event Survey Actual Prior Revised
4/14/2020 Export Price Index MoM -1.90% -1.60% -1.10%
4/14/2020 Export Price Index YoY -3.60% -1.30%
4/14/2020 Import Price Index MoM -3.20% -2.30% -0.50% -0.70%
4/14/2020 Import Price Index ex Petroleum MoM -0.20% -0.10% 0.20%
4/14/2020 Import Price Index YoY -5.00% -4.10% -1.20% -1.30%
4/15/2020 MBA Mortgage Applications -17.90%
4/15/2020 Retail Sales Advance MoM -8.00% -0.50%
4/15/2020 Retail Sales Ex Auto MoM -5.00% -0.40%
4/15/2020 Retail Sales Ex Auto and Gas -5.20% -0.20%
4/15/2020 Retail Sales Control Group -2.00% 0.00%
4/15/2020 Empire Manufacturing -35 -21.5
4/15/2020 Industrial Production MoM -4.00% 0.60%
4/15/2020 Capacity Utilization 74.00% 77.00%
4/15/2020 Manufacturing (SIC) Production -4.20% 0.10%
4/15/2020 Business Inventories -0.40% -0.10%
4/15/2020 NAHB Housing Market Index 55 72
4/15/2020 U.S. Federal Reserve Releases Beige Book
4/15/2020 Net Long-term TIC Flows $20.9b
4/15/2020 Total Net TIC Flows $122.9b
4/16/2020 Housing Starts 1300k 1599k
4/16/2020 Housing Starts MoM -18.70% -1.50%
4/16/2020 Building Permits 1292k 1464k 1452k
4/16/2020 Building Permits MoM -11.00% -5.50% -6.30%
4/16/2020 Philadelphia Fed Business Outlook -30 -12.7
4/16/2020 Initial Jobless Claims 5625k 6606k
4/16/2020 Continuing Claims 13630k 7455k
4/16/2020 Bloomberg Consumer Comfort 49.9
4/17/2020 Leading Index -7.20% 0.10%


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