It was another quiet overnight session from a news perspective, which has been positive for global equity markets (i.e., no bad news is good news). China’s Shanghai Composite closed nearly 3% higher following four consecutive daily declines, and European indices are up approximately 1%. The S&P 500 continues to inch closer to a new all-time high, with futures up 6 points currently. Yesterday we noted a Reuters article suggesting a more hawkish shift at the Bank of Japan, and today it was reported that Japanese real wages rose in June at the fastest pace since 1997. The Treasury department will issue $34 billion 3-year notes later today, and 10-year and 30-year auctions will be held tomorrow and Thursday, respectively. The 2-year/10-year spread has been holding steady near 30 bps for the last two weeks, and corporate debt spreads have tightened another basis point so far in August in the wake of the larger 10-12 bps tightening in July.

Jason Haley
Managing Director, Investment Management Group

Date Time Event Survey Actual Prior Revised
08/07/2018 JOLTS Job Openings 6625 6638
08/07/2018 Consumer Credit $15.000b $24.559b
08/08/2018 MBA Mortgage Applications -2.60%
08/09/2018 Initial Jobless Claims 220k 218k
08/09/2018 Continuing Claims 1735k 1724k
08/09/2018 PPI Final Demand MoM 0.20% 0.30%
08/09/2018 PPI Ex Food and Energy MoM 0.20% 0.30%
08/09/2018 PPI Ex Food, Energy, Trade MoM 0.20% 0.30%
08/09/2018 PPI Final Demand YoY 3.40% 3.40%
08/09/2018 PPI Ex Food and Energy YoY 2.80% 2.80%
08/09/2018 PPI Ex Food, Energy, Trade YoY 2.70%
08/09/2018 Bloomberg Aug. United States Economic Survey
08/09/2018 Bloomberg Consumer Comfort 58.6
08/09/2018 Wholesale Inventories MoM 0.00% 0.00%
08/09/2018 Wholesale Trade Sales MoM 0.20% 2.50%
08/10/2018 CPI MoM 0.20% 0.10%
08/10/2018 CPI Ex Food and Energy MoM 0.20% 0.20%
08/10/2018 CPI YoY 2.90% 2.90%
08/10/2018 CPI Ex Food and Energy YoY 2.30% 2.30%
08/10/2018 CPI Index NSA 251.973 251.989
08/10/2018 CPI Core Index SA 257.798 257.305
08/10/2018 Real Avg Weekly Earnings YoY 0.20% 0.50%
08/10/2018 Real Avg Hourly Earning YoY 0.00%
08/10/2018 Monthly Budget Statement -$76.5b -$42.9b