Equities and the dollar rallied while Treasuries sold off in the overnight session as the Senate’s passage of their version of tax reform sparked a risk rally. In Europe, eyes will be on Theresa May’s lunch with EU commissioner Jean-Claude Junker, as it appears that the two sides have finally made progress on addressing the Irish border, the rights of EU citizens in the UK after the split, and the financial settlement. If a breakthrough has indeed been achieved, the two parties can then move on to trade issues. In the US, the economic calendar is light today with only Factory Order and Durable Goods the docket. Tomorrow marks the beginning of the Fed’s blackout until it’s December 13th FOMC meeting, and with no Fed speakers on today’s calendar, that means the market won’t hear from any Fed officials until then.
Hafizan Hamzah
Director, Investment Management Group
| Date | Event | Surv(M) | Actual | Prior | Revised |
| 12/04 | Factory Orders | -0.40% | — | 1.40% | — |
| 12/04 | Factory Orders Ex Trans | — | — | 0.70% | — |
| 12/04 | Durable Goods Orders | -1.10% | — | -1.20% | — |
| 12/04 | Durables Ex Transportation | — | — | 0.40% | — |
| 12/04 | Cap Goods Orders Nondef Ex Air | — | — | -0.50% | — |
| 12/04 | Cap Goods Ship Nondef Ex Air | — | — | 0.40% | — |
| 12/05 | Trade Balance | -$47.5b | — | -$43.5b | — |
| 12/05 | Markit US Services PMI | 55.2 | — | 54.7 | — |
| 12/05 | Markit US Composite PMI | — | — | 54.6 | — |
| 12/05 | ISM Non-Manf. Composite | 59 | — | 60.1 | — |
| 12/06 | MBA Mortgage Applications | — | — | -3.10% | — |
| 12/06 | ADP Employment Change | 190k | — | 235k | — |
| 12/06 | Nonfarm Productivity | 3.30% | — | 3.00% | — |
| 12/06 | Unit Labor Costs | 0.20% | — | 0.50% | — |
| 12/07 | Challenger Job Cuts YoY | — | — | -3.00% | — |
| 12/07 | Initial Jobless Claims | 240k | — | 238k | — |
| 12/07 | Continuing Claims | 1900k | — | 1957k | — |
| 12/07 | Bloomberg Consumer Comfort | — | — | 51.6 | — |
| 12/07 | Household Change in Net Worth | — | — | $1698b | — |
| 12/07 | Consumer Credit | $17.000b | — | $20.830b | — |
| 12/08 | Change in Nonfarm Payrolls | 199k | — | 261k | — |
| 12/08 | Two-Month Payroll Net Revision | — | — | 90k | — |
| 12/08 | Change in Private Payrolls | 200k | — | 252k | — |
| 12/08 | Change in Manufact. Payrolls | 15k | — | 24k | — |
| 12/08 | Unemployment Rate | 4.10% | — | 4.10% | — |
| 12/08 | Average Hourly Earnings MoM | 0.30% | — | 0.00% | — |
| 12/08 | Average Hourly Earnings YoY | 2.70% | — | 2.40% | — |
| 12/08 | Average Weekly Hours All Employees | 34.4 | — | 34.4 | — |
| 12/08 | Labor Force Participation Rate | — | — | 62.70% | — |
| 12/08 | Underemployment Rate | — | — | 7.90% | — |
| 12/08 | Wholesale Inventories MoM | -0.40% | — | -0.40% | — |
| 12/08 | Wholesale Trade Sales MoM | 0.30% | — | 1.30% | — |
| 12/08 | U. of Mich. Sentiment | 99 | — | 98.5 | — |
| 12/08 | U. of Mich. Current Conditions | 114 | — | 113.5 | — |
| 12/08 | U. of Mich. Expectations | — | — | 88.9 | — |
| 12/08 | U. of Mich. 1 Yr Inflation | — | — | 2.50% | — |
| 12/08 | U. of Mich. 5-10 Yr Inflation | — | — | 2.40% | — |