February 4, 2020 Headlines
A risk-on trade emerged in global markets overnight after the Chinese government took additional stimulus measures, injecting nearly $60 billion via repo operations. Virtually all major global equity indices are higher on the day (Euro Stoxx +1.6%, Hang Seng 1.2%), and S&P 500 futures are up 1.3% ahead of the open. Treasury yields are rising amid the more positive risk tone, with yields up 5-7 bps across the curve, and both mortgage and credit spreads are tighter on the day.
Jason Haley
Chief Investment Officer
Date | Event | Survey | Actual | Prior | Revised |
2/4/2020 | Factory Orders | 1.20% | — | -0.70% | — |
2/4/2020 | Factory Orders Ex Trans | 0.10% | — | 0.30% | — |
2/4/2020 | Durable Goods Orders | 2.40% | — | 2.40% | — |
2/4/2020 | Durables Ex Transportation | -0.10% | — | -0.10% | — |
2/4/2020 | Cap Goods Orders Nondef Ex Air | -0.90% | — | -0.90% | — |
2/4/2020 | Cap Goods Ship Nondef Ex Air | — | — | -0.40% | — |
2/5/2020 | MBA Mortgage Applications | — | — | 7.20% | — |
2/5/2020 | ADP Employment Change | 158k | — | 202k | — |
2/5/2020 | Trade Balance | -$48.2b | — | -$43.1b | — |
2/5/2020 | Markit US Services PMI | 53.2 | — | 53.2 | — |
2/5/2020 | Markit US Composite PMI | — | — | 53.1 | — |
2/5/2020 | ISM Non-Manufacturing Index | 55.1 | — | 55 | 54.9 |
2/6/2020 | Challenger Job Cuts YoY | — | — | -25.20% | — |
2/6/2020 | Unit Labor Costs | 1.30% | — | 2.50% | — |
2/6/2020 | Nonfarm Productivity | 1.60% | — | -0.20% | — |
2/6/2020 | Initial Jobless Claims | 215k | — | 216k | — |
2/6/2020 | Continuing Claims | 1720k | — | 1703k | — |
2/6/2020 | Bloomberg Consumer Comfort | — | — | 67.3 | — |
2/7/2020 | Two-Month Payroll Net Revision | — | — | — | — |
2/7/2020 | Change in Nonfarm Payrolls | 161k | — | 145k | — |
2/7/2020 | Change in Private Payrolls | 150k | — | 139k | — |
2/7/2020 | Change in Manufact. Payrolls | -3k | — | -12k | — |
2/7/2020 | Unemployment Rate | 3.50% | — | 3.50% | — |
2/7/2020 | Average Hourly Earnings MoM | 0.30% | — | 0.10% | — |
2/7/2020 | Average Hourly Earnings YoY | 3.00% | — | 2.90% | — |
2/7/2020 | Average Weekly Hours All Employees | 34.3 | — | 34.3 | — |
2/7/2020 | Labor Force Participation Rate | 63.20% | — | 63.20% | — |
2/7/2020 | Underemployment Rate | — | — | 6.70% | — |
2/7/2020 | Wholesale Inventories MoM | -0.10% | — | -0.10% | — |
2/7/2020 | Wholesale Trade Sales MoM | 0.10% | — | 1.50% | — |
2/7/2020 | Consumer Credit | $15.000b | — | $12.513b | — |
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