The news cycle was relatively quiet overnight from a market perspective, but equities are still struggling ahead of the U.S. open (SPX futures -0.3%). Treasury yields are modestly lower and the curve flatter to start the day. Coronavirus remains the primary focal point for global markets, specifically as it relates to economic implications, and China continues to provide fiscal and monetary stimulus to buffer the blow. Initial jobless claims for the week ended February 15 matched expectations at 210,000, still well below 5-year and 10-year averages of 242,000 and 308,000, respectively.
Chief Investment Officer
|2/20/2020||Philadelphia Fed Business Outlook||11||36.7||17||—|
|2/20/2020||Initial Jobless Claims||210k||210k||205k||206k|
|2/20/2020||Bloomberg Economic Expectations||—||—||56||—|
|2/20/2020||Bloomberg Consumer Comfort||—||—||65.7||—|
|2/21/2020||Markit US Manufacturing PMI||51.5||—||51.9||—|
|2/21/2020||Markit US Services PMI||53.4||—||53.4||—|
|2/21/2020||Markit US Composite PMI||—||—||53.3||—|
|2/21/2020||Revisions: Existing Home Sales|
|2/21/2020||Existing Home Sales||5.45m||—||5.54m||—|
|2/21/2020||Existing Home Sales MoM||-1.70%||—||3.60%||—|
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