The tone in risk markets remained positive overnight, with some headlines suggesting progress in China/U.S. trade negotiations. Treasury prices are little changed at the moment, and credit spreads are slightly tighter. While a Wall Street Journal is reporting that the White House is considering a new trade complaint against China (technology related), equity investors are responding favorably to a separate announcement from Chinese officials that the country will ease foreign ownership limits for auto and aircraft manufacturers. Germany’s Zew Index (tracks business sentiment) missed versus expectations in April, falling to the lowest level since November 2012. The weakness is being attributed to global trade tensions given Germany’s heavy reliance on exports. Fed Vice Chair for Supervision Randal Quarles will testify before the House Financial Services Committee this morning, and market participants will be watching for any announcements related to bank regulation changes, particularly the Supplementary Leverage Ratio.
Jason Haley
Managing Director, Investment Management Group
| Date Time | Event | Survey | Actual | Prior | Revised |
| 04/17/2018 | Housing Starts | 1267k | 1319k | 1236k | 1295k |
| 04/17/2018 | Housing Starts MoM | 2.50% | 1.90% | -7.00% | -3.30% |
| 04/17/2018 | Building Permits | 1321k | 1354k | 1298k | 1321k |
| 04/17/2018 | Building Permits MoM | 0.00% | 2.50% | -5.70% | -4.10% |
| 04/17/2018 | Industrial Production MoM | 0.30% | 0.50% | 1.10% | 1.00% |
| 04/17/2018 | Manufacturing (SIC) Production | 0.10% | 0.10% | 1.20% | 1.50% |
| 04/17/2018 | Capacity Utilization | 77.90% | 78.00% | 78.10% | 77.70% |
| 04/18/2018 | MBA Mortgage Applications | — | — | -1.90% | — |
| 04/18/2018 | U.S. Federal Reserve Releases Beige Book | ||||
| 04/19/2018 | Initial Jobless Claims | 230k | — | 233k | — |
| 04/19/2018 | Continuing Claims | 1845k | — | 1871k | — |
| 04/19/2018 | Philadelphia Fed Business Outlook | 21 | — | 22.3 | — |
| 04/19/2018 | Bloomberg Economic Expectations | — | — | 56 | — |
| 04/19/2018 | Bloomberg Consumer Comfort | — | — | 58 | — |
| 04/19/2018 | Leading Index | 0.30% | — | 0.60% | — |
| 04/23/2018 | Chicago Fed Nat Activity Index | — | — | 0.88 | — |
| 04/23/2018 | Markit US Manufacturing PMI | 55.6 | — | 55.6 | — |
| 04/23/2018 | Markit US Services PMI | 54 | — | 54 | — |
| 04/23/2018 | Markit US Composite PMI | — | — | 54.2 | — |
| 04/23/2018 | Existing Home Sales | 5.57m | — | 5.54m | — |
| 04/23/2018 | Existing Home Sales MoM | 0.50% | — | 3.00% | — |
| 04/24/2018 | FHFA House Price Index MoM | 0.40% | — | 0.80% | — |
| 04/24/2018 | S&P CoreLogic CS 20-City NSA Index | — | — | 205.1 | — |
| 04/24/2018 | S&P CoreLogic CS 20-City MoM SA | 0.70% | — | 0.75% | — |
| 04/24/2018 | S&P CoreLogic CS 20-City YoY NSA | — | — | 6.40% | — |
| 04/24/2018 | S&P CoreLogic CS US HPI NSA Index | — | — | 196.31 | — |
| 04/24/2018 | S&P CoreLogic CS US HPI YoY NSA | — | — | 6.18% | — |
| 04/24/2018 | New Home Sales | 628k | — | 618k | — |
| 04/24/2018 | New Home Sales MoM | 1.60% | — | -0.60% | — |
| 04/24/2018 | Richmond Fed Manufact. Index | 17 | — | 15 | — |
| 04/24/2018 | Conf. Board Consumer Confidence | 126 | — | 127.7 | — |
| 04/24/2018 | Conf. Board Present Situation | — | — | 159.9 | — |
| 04/24/2018 | Conf. Board Expectations | — | — | 106.2 | — |