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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