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

4/20/2020Chicago Fed Nat Activity Index-3-
4/21/2020Existing Home Sales5.25m5.27m5.77m5.76m
4/21/2020Existing Home Sales MoM-9.00%-8.50%6.50%6.30%
4/22/2020MBA Mortgage Applications-0.30%7.30%
4/22/2020FHFA House Price Index MoM0.30%0.70%0.30%0.50%
4/23/2020Initial Jobless Claims4500k4427k5245k5237k
4/23/2020Continuing Claims16738k15976k11976k11912k
4/23/2020Bloomberg Economic Expectations2946.5
4/23/2020Bloomberg Consumer Comfort41.444.5
4/23/2020Markit US Manufacturing PMI3536.948.5
4/23/2020Markit US Services PMI302739.8
4/23/2020Markit US Composite PMI27.440.9
4/23/2020New Home Sales642k627k765k741k
4/23/2020New Home Sales MoM-16.10%-15.40%-4.40%-4.60%
4/23/2020Kansas City Fed Manf. Activity-37-30-17
4/24/2020Durable Goods Orders-12.00%-14.40%1.20%1.10%
4/24/2020Durables Ex Transportation-6.50%-0.20%-0.60%-0.70%
4/24/2020Cap Goods Orders Nondef Ex Air-6.70%0.10%-0.90%-0.80%
4/24/2020Cap Goods Ship Nondef Ex Air-7.00%-0.20%-0.80%-0.90%
4/24/2020U. of Mich. Sentiment6871
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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