Risk assets are opening weaker again this morning following disappointing economic data out of Europe. Treasury yields are lower and flatter, and S&P 500 futures are down 41 bps ahead of the open. Preliminary August services PMI data from Markit for the Eurozone missed versus expectations by several points (50.1 actual versus 54.5 expected), and French manufacturing PMI data disappointed as well (49 versus 53). Markit will release preliminary August PMI data for the U.S. later this morning. Next week’s calendar will be headlined by Fed Chair Powell’s Jackson Hole speech on Friday, where he is scheduled to provide a review of the current monetary policy framework.
Chief Investment Officer
|8/21/20||Markit US Manufacturing PMI||52||—||50.9||—|
|8/21/20||Markit US Services PMI||51||—||50||—|
|8/21/20||Markit US Composite PMI||—||—||50.3||—|
|8/21/20||Existing Home Sales||5.41m||—||4.72m||—|
|8/21/20||Existing Home Sales MoM||14.60%||—||20.70%||—|
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