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

DateEventSurveyActualPriorRevised
4/14/2020Export Price Index MoM-1.90%-1.60%-1.10%—
4/14/2020Export Price Index YoY—-3.60%-1.30%—
4/14/2020Import Price Index MoM-3.20%-2.30%-0.50%-0.70%
4/14/2020Import Price Index ex Petroleum MoM-0.20%-0.10%0.20%—
4/14/2020Import Price Index YoY-5.00%-4.10%-1.20%-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-5.20%—-0.20%—
4/15/2020Retail Sales Control Group-2.00%—0.00%—
4/15/2020Empire Manufacturing-35—-21.5—
4/15/2020Industrial Production MoM-4.00%—0.60%—
4/15/2020Capacity Utilization74.00%—77.00%—
4/15/2020Manufacturing (SIC) Production-4.20%—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 Permits1292k—1464k1452k
4/16/2020Building Permits MoM-11.00%—-5.50%-6.30%
4/16/2020Philadelphia Fed Business Outlook-30—-12.7—
4/16/2020Initial Jobless Claims5625k—6606k—
4/16/2020Continuing Claims13630k—7455k—
4/16/2020Bloomberg Consumer Comfort——49.9—
4/17/2020Leading Index-7.20%—0.10%—

 

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