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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