August 9, 2019 Headlines

Yesterday was another volatile session for Treasuries. Yields were higher in the morning on reports of potential heavy issuance of government debt from Germany and anticipation of the U.S. 30-year auction early yesterday afternoon, but Treasuries reversed course after the auction on reports of more political turmoil in Italy. Yields are modestly lower this morning on reports that the U.S. is holding off on granting any waivers to American tech firms selling components to Huawei (response to China not buying U.S. agricultural products). European equities are down 1% (Italy -2.5%), and S&P 500 futures are lower as well ahead of the open (-0.6%). Looking ahead, market sentiment will continue to be heavily affected by trade headlines, but on the economic data front, the July CPI report will be released on Tuesday and July retail sales on Thursday.

Jason Haley
Managing Director, Investment Management Group

8/5/2019Markit US Services PMI52.25352.2
8/5/2019Markit US Composite PMI52.651.6
8/5/2019ISM Non-Manufacturing Index55.553.755.1
8/6/2019JOLTS Job Openings7326734873237384
8/7/2019MBA Mortgage Applications5.30%-1.40%
8/7/2019Consumer Credit$16.100b$14.596b$17.086b$17.793b
8/8/2019Initial Jobless Claims215k209k215k217k
8/8/2019Continuing Claims1690k1684k1699k
8/8/2019Bloomberg Aug. United States Economic Survey (Table)
8/8/2019Bloomberg Consumer Comfort62.964.7
8/8/2019Wholesale Trade Sales MoM0.20%-0.30%0.10%-0.60%
8/8/2019Wholesale Inventories MoM0.20%0.00%0.20%
8/9/2019PPI Final Demand MoM0.20%0.20%0.10%
8/9/2019PPI Ex Food and Energy MoM0.10%-0.10%0.30%
8/9/2019PPI Ex Food, Energy, Trade MoM0.20%-0.10%0.00%
8/9/2019PPI Final Demand YoY1.70%1.70%1.70%
8/9/2019PPI Ex Food and Energy YoY2.30%2.10%2.30%
8/9/2019PPI Ex Food, Energy, Trade YoY1.70%2.10%






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