April 24, 2020 Headlines

The Treasury curve is essentially unchanged this morning while equity futures point to an opening in positive territory spurred by a $484 billion stimulus passed by Congress yesterday. Oil has rebounded somewhat after its rough start to the week with WTI hovering around $17 a barrel. The recent equity rally has started to lose steam as the recent spate of economic data points to a severe slow down. US durable orders came out this morning revealing the sharpest decline since 2014, falling by 14.4%. Much of the decline can be traced to a civilian aircraft, which fell by 300%. Core capital goods, which excludes more volatile assets like aircraft and military hardware, increased by 0.1%. Later this morning the University of Michigan will release its consumer sentiment survey which is expected to show reading of 68, a 2 point decline from last month, and would be the lowest level since 2011.

Hafizan Hamzah
Director, Investment Management Group

Date Event Survey Actual Prior Revised
4/20/2020 Chicago Fed Nat Activity Index -3 -4.19 0.16 0.06
4/21/2020 Existing Home Sales 5.25m 5.27m 5.77m 5.76m
4/21/2020 Existing Home Sales MoM -9.00% -8.50% 6.50% 6.30%
4/22/2020 MBA Mortgage Applications -0.30% 7.30%
4/22/2020 FHFA House Price Index MoM 0.30% 0.70% 0.30% 0.50%
4/23/2020 Initial Jobless Claims 4500k 4427k 5245k 5237k
4/23/2020 Continuing Claims 16738k 15976k 11976k 11912k
4/23/2020 Bloomberg Economic Expectations 29 46.5
4/23/2020 Bloomberg Consumer Comfort 41.4 44.5
4/23/2020 Markit US Manufacturing PMI 35 36.9 48.5
4/23/2020 Markit US Services PMI 30 27 39.8
4/23/2020 Markit US Composite PMI 27.4 40.9
4/23/2020 New Home Sales 642k 627k 765k 741k
4/23/2020 New Home Sales MoM -16.10% -15.40% -4.40% -4.60%
4/23/2020 Kansas City Fed Manf. Activity -37 -30 -17
4/24/2020 Durable Goods Orders -12.00% -14.40% 1.20% 1.10%
4/24/2020 Durables Ex Transportation -6.50% -0.20% -0.60% -0.70%
4/24/2020 Cap Goods Orders Nondef Ex Air -6.70% 0.10% -0.90% -0.80%
4/24/2020 Cap Goods Ship Nondef Ex Air -7.00% -0.20% -0.80% -0.90%
4/24/2020 U. of Mich. Sentiment 68 71
4/24/2020 U. of Mich. Current Conditions 72.4
4/24/2020 U. of Mich. Expectations 70
4/24/2020 U. of Mich. 1 Yr Inflation 2.10%
4/24/2020 U. of Mich. 5-10 Yr Inflation 2.50%


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