January 22, 2021 Headlines

Risk assets are taking pause today on expectedly weak January PMI data from Japan and Europe. Treasury yields are lower and flatter out the curve, and S&P 500 futures are down 75 bps ahead of the open. Flash January PMI data for the U.S. will be released later this morning, with readings for both services and manufacturing expected to weaken from the prior month. Next week’s economic calendar is headlined by the FOMC meeting on Wednesday, and the first estimate of Q4 GDP will be released the following day.

Jason Haley
Chief Investment Officer

Date Event Surv(M) Actual Prior Revised
01/19/21 Total Net TIC Flows — $214.1b -$10.4b -$11.1b
01/19/21 Net Long-term TIC Flows — $149.2b $51.9b —
01/20/21 MBA Mortgage Applications — -1.90% 16.70% —
01/20/21 NAHB Housing Market Index 86 83 86 —
01/21/21 Housing Starts 1560k 1669k 1547k 1578k
01/21/21 Housing Starts MoM 0.80% 5.80% 1.20% 3.10%
01/21/21 Building Permits 1608k 1709k 1639k 1635k
01/21/21 Building Permits MoM -1.70% 4.50% 6.20% 5.90%
01/21/21 Philadelphia Fed Business Outlook 11.8 26.5 11.1 9.1
01/21/21 Initial Jobless Claims 935k 900k 965k 926k
01/21/21 Continuing Claims 5300k 5054k 5271k 5181k
01/21/21 Bloomberg Economic Expectations — 39.5 38.5 —
01/21/21 Bloomberg Consumer Comfort — 43.7 43.2 —
01/22/21 Markit US Manufacturing PMI 56.5 — 57.1 —
01/22/21 Markit US Composite PMI — — 55.3 —
01/22/21 Markit US Services PMI 53.4 — 54.8 —
01/22/21 Existing Home Sales 6.56m — 6.69m —
01/22/21 Existing Home Sales MoM -1.90% — -2.50% —

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