January 21, 2020 Headlines

Concerns of a viral outbreak in China has sparked a global risk-off trade, with all major equity indices in the red today (SPX futures -0.33%). Treasury yields are 2-3 bps lower across the curve to start the morning. The spread of a mysterious coronavirus in China has already claimed 6 Chinese lives and infected numerous medical workers (291 confirmed cases). The timing of the outbreak is of even greater concern, as millions of Chinese prepare to travel across the country (and globally) for the Lunar New Year holidays. In trade news, President Trump and President Macron of France have agreed to a truce on digital taxes through the end of 2020, which should alleviate concerns of tit-for-tat tariffs between the two countries in the coming months. The economic calendar for this holiday-shortened week is relatively light, and we’ve entered the pre-FOMC blackout period for Fed speakers (meeting on January 29). 

Jason Haley
Chief Investment Officer

1/22/2020MBA Mortgage Applications30.20%
1/22/2020Chicago Fed Nat Activity Index0.130.56
1/22/2020FHFA House Price Index MoM0.30%0.20%
1/22/2020Existing Home Sales MoM1.50%-1.70%
1/22/2020Existing Home Sales5.43m5.35m
1/23/2020Initial Jobless Claims214k204k
1/23/2020Continuing Claims1750k1767k
1/23/2020Bloomberg Economic Expectations56.5
1/23/2020Bloomberg Consumer Comfort66
1/23/2020Leading Index-0.20%0.00%
1/23/2020Revisions – LEI
1/23/2020Kansas City Fed Manf. Activity-6-8
1/24/2020Markit US Services PMI5352.8
1/24/2020Markit US Composite PMI52.7
1/24/2020Markit US Manufacturing PMI52.552.4



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