Morning activity is very similar to yesterday, with a slightly better tone in risk markets contributing to modest gains in global equities and higher Treasury yields. Chinese economic data released overnight was better than expected, which is the primary catalyst for today’s tone, but the response has been limited given on concerns that it may strengthen China’s position in the final stages of trade negotiations with the U.S. Multiple Fed leaders will be speaking today, including St. Louis Fed President James Bullard (known to be a little less reserved in his public comments).

Jason Haley
Managing Director, Investment Management Group
04/15/19Empire Manufacturing810.13.7
04/15/19Net Long-term TIC Flows$51.9b-$7.2b
04/15/19Total Net TIC Flows-$21.6b-$143.7b
04/16/19Industrial Production MoM0.20%-0.10%0.10%0.10%
04/16/19Manufacturing (SIC) Production0.10%0.00%-0.40%-0.30%
04/16/19Capacity Utilization79.20%78.80%78.20%79.00%
04/16/19NAHB Housing Market Index636362
04/17/19MBA Mortgage Applications-3.50%-5.60%
04/17/19Trade Balance-$53.4b-$49.4b-$51.1b
04/17/19Wholesale Inventories MoM0.30%1.20%
04/17/19Wholesale Trade Sales MoM0.30%0.50%
04/17/19U.S. Federal Reserve Releases Beige Book
04/18/19Retail Sales Advance MoM1.00%-0.20%
04/18/19Retail Sales Ex Auto MoM0.70%-0.40%
04/18/19Retail Sales Ex Auto and Gas0.40%-0.60%
04/18/19Retail Sales Control Group0.40%-0.20%
04/18/19Philadelphia Fed Business Outlook1113.7
04/18/19Initial Jobless Claims205k196k
04/18/19Continuing Claims1722k1713k
04/18/19Bloomberg Consumer Comfort59.8
04/18/19Bloomberg Economic Expectations47.5
04/18/19Markit US Manufacturing PMI52.852.4
04/18/19Markit US Services PMI5555.3
04/18/19Markit US Composite PMI54.6
04/18/19Leading Index0.40%0.20%
04/18/19Business Inventories0.30%0.80%
04/19/19Housing Starts1230k1162k
04/19/19Housing Starts MoM5.90%-8.70%
04/19/19Building Permits1300k1296k1291k
04/19/19Building Permits MoM0.70%-1.60%-2.00%