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

Date Event Survey Actual Prior Revised
1/22/2020 MBA Mortgage Applications 30.20%
1/22/2020 Chicago Fed Nat Activity Index 0.13 0.56
1/22/2020 FHFA House Price Index MoM 0.30% 0.20%
1/22/2020 Existing Home Sales MoM 1.50% -1.70%
1/22/2020 Existing Home Sales 5.43m 5.35m
1/23/2020 Initial Jobless Claims 214k 204k
1/23/2020 Continuing Claims 1750k 1767k
1/23/2020 Bloomberg Economic Expectations 56.5
1/23/2020 Bloomberg Consumer Comfort 66
1/23/2020 Leading Index -0.20% 0.00%
1/23/2020 Revisions – LEI
1/23/2020 Kansas City Fed Manf. Activity -6 -8
1/24/2020 Markit US Services PMI 53 52.8
1/24/2020 Markit US Composite PMI 52.7
1/24/2020 Markit US Manufacturing PMI 52.5 52.4



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