April 20, 2020 Headlines

The big headline to start the week is the 35% collapse in West Texas Intermediate (WTI) oil prices. The May WTI contract, which expires tomorrow, has fallen below $12 per barrel as contracts are rolled to June to avoid taking delivery of unwanted supply. The June contract is trading more than $10 higher at $22 per barrel, which has been boosted by inflows from ETF investors. In the end, the significant supply glut continues to weight on oil prices, and the pending OPEC+ 10% supply cut pales in comparison to the unprecedented evaporation of demand amid the global economic shutdown. Treasury yields are down 1-2 bps across the curve, and S&P 500 futures are down 2% ahead of the open. President Trump said an increase of the SBA PPP would be announced as soon as today, as Congressional leaders continue to debate the details of another round of emergency funding.

Jason Haley
Chief Investment Officer

DateEventSurveyActualPriorRevised
4/20/2020Chicago Fed Nat Activity Index-3-4.190.160.06
4/21/2020Existing Home Sales5.25m5.77m
4/21/2020Existing Home Sales MoM-9.00%6.50%
4/22/2020MBA Mortgage Applications7.30%
4/22/2020FHFA House Price Index MoM0.30%0.30%
4/23/2020Initial Jobless Claims4450k5245k
4/23/2020Continuing Claims16476k11976k
4/23/2020Bloomberg Economic Expectations46.5
4/23/2020Bloomberg Consumer Comfort44.5
4/23/2020Markit US Manufacturing PMI3548.5
4/23/2020Markit US Services PMI3039.8
4/23/2020Markit US Composite PMI40.9
4/23/2020New Home Sales640k765k
4/23/2020New Home Sales MoM-16.30%-4.40%
4/23/2020Kansas City Fed Manf. Activity-37-17
4/24/2020Durable Goods Orders-12.00%1.20%
4/24/2020Durables Ex Transportation-6.00%-0.60%
4/24/2020Cap Goods Orders Nondef Ex Air-6.40%-0.90%
4/24/2020Cap Goods Ship Nondef Ex Air-7.00%-0.80%
4/24/2020U. of Mich. Sentiment67.471
4/24/2020U. of Mich. Current Conditions72.4
4/24/2020U. of Mich. Expectations70
4/24/2020U. of Mich. 1 Yr Inflation2.10%
4/24/2020U. of Mich. 5-10 Yr Inflation2.50%

 

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