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 TimeEventSurveyActualPriorRevised
08/07/2018JOLTS Job Openings66256638
08/07/2018Consumer Credit$15.000b$24.559b
08/08/2018MBA Mortgage Applications-2.60%
08/09/2018Initial Jobless Claims220k218k
08/09/2018Continuing Claims1735k1724k
08/09/2018PPI Final Demand MoM0.20%0.30%
08/09/2018PPI Ex Food and Energy MoM0.20%0.30%
08/09/2018PPI Ex Food, Energy, Trade MoM0.20%0.30%
08/09/2018PPI Final Demand YoY3.40%3.40%
08/09/2018PPI Ex Food and Energy YoY2.80%2.80%
08/09/2018PPI Ex Food, Energy, Trade YoY2.70%
08/09/2018Bloomberg Aug. United States Economic Survey
08/09/2018Bloomberg Consumer Comfort58.6
08/09/2018Wholesale Inventories MoM0.00%0.00%
08/09/2018Wholesale Trade Sales MoM0.20%2.50%
08/10/2018CPI MoM0.20%0.10%
08/10/2018CPI Ex Food and Energy MoM0.20%0.20%
08/10/2018CPI YoY2.90%2.90%
08/10/2018CPI Ex Food and Energy YoY2.30%2.30%
08/10/2018CPI Index NSA251.973251.989
08/10/2018CPI Core Index SA257.798257.305
08/10/2018Real Avg Weekly Earnings YoY0.20%0.50%
08/10/2018Real Avg Hourly Earning YoY0.00%
08/10/2018Monthly Budget Statement-$76.5b-$42.9b