August 11, 2020 Headlines

News that President Trump was considering cutting capital gains taxes sent stocks higher and Treasury prices lower. Risk assets were further lifted by strong economic data out of China as well as falling hospitalizations in California and New York.

Core PPI increased by 0.3% year over year, 0.1% higher than expected and the month over month change of 0.5% was the largest increase since 2018. The uptick points to a possible recovery in pricing power and a potential stabilization of the economy. The BLS will release July CPI tomorrow and the market is expecting an increase of 1.1% in core CPI year over year.

Hafizan Hamzah
Director, Investment Management Group

8/10/20JOLTS Job Openings5300588953975371
8/11/20NFIB Small Business Optimism100.598.8100.6
8/11/20PPI Final Demand MoM0.30%0.60%-0.20%
8/11/20PPI Ex Food and Energy MoM0.10%0.50%-0.30%
8/11/20PPI Ex Food, Energy, Trade MoM0.20%0.30%0.30%
8/11/20PPI Final Demand YoY-0.70%-0.40%-0.80%
8/11/20PPI Ex Food and Energy YoY0.00%0.30%0.10%
8/11/20PPI Ex Food, Energy, Trade YoY0.10%0.10%-0.10%
8/12/20MBA Mortgage Applications-5.10%
8/12/20CPI MoM0.30%0.60%
8/12/20CPI Ex Food and Energy MoM0.20%0.20%
8/12/20CPI YoY0.70%0.60%
8/12/20CPI Ex Food and Energy YoY1.10%1.20%
8/12/20CPI Index NSA258.543257.797
8/12/20CPI Core Index SA266.585266.065
8/12/20Real Avg Weekly Earnings YoY4.60%4.70%
8/12/20Real Avg Hourly Earning YoY4.30%4.10%
8/12/20Monthly Budget Statement-$137.5b-$119.7b
8/13/20Import Price Index MoM0.60%1.40%
8/13/20Import Price Index ex Petroleum MoM0.10%0.30%
8/13/20Import Price Index YoY-3.10%-3.80%
8/13/20Export Price Index MoM0.40%1.40%
8/13/20Export Price Index YoY-4.40%
8/13/20Initial Jobless Claims1100k1186k
8/13/20Continuing Claims15800k16107k
8/13/20Bloomberg Consumer Comfort44.9
8/14/20Retail Sales Advance MoM2.00%7.50%
8/14/20Retail Sales Ex Auto MoM1.30%7.30%
8/14/20Retail Sales Ex Auto and Gas1.00%6.70%
8/14/20Retail Sales Control Group0.80%5.60%
8/14/20Nonfarm Productivity1.50%-0.90%
8/14/20Unit Labor Costs7.20%5.10%
8/14/20Industrial Production MoM3.00%5.40%
8/14/20Capacity Utilization70.30%68.60%
8/14/20Manufacturing (SIC) Production3.00%7.20%
8/14/20Bloomberg Aug. United States Economic Survey
8/14/20Business Inventories-1.10%-2.30%
8/14/20U. of Mich. Sentiment7272.5
8/14/20U. of Mich. Current Conditions82.582.8
8/14/20U. of Mich. Expectations65.665.9
8/14/20U. of Mich. 1 Yr Inflation3.00%
8/14/20U. of Mich. 5-10 Yr Inflation2.60%




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