Renewed Covid concerns sparked a risk-off trade overnight in global markets, sending Treasury yields lower and flatter to start the week. Long-end rates are now at the lowest levels since February. Major European equity indices are down approximately 3%, and U.S. futures are lower by 1% – 1.5% ahead of the open. Increased spread of the Delta variant has led to new restrictions across parts of the world, with more potentially to come if cases continue to rise. This week’s economic calendar is relatively light, headlined by preliminary July PMI data on Friday. We have entered the blackout period for ahead of the July 28 FOMC meeting, so there will be no Fed speakers this week.
Chief Investment Officer
|07/19/21||NAHB Housing Market Index||81||—||81||—|
|07/20/21||Housing Starts MoM||1.20%||—||3.60%||—|
|07/20/21||Building Permits MoM||1.00%||—||-3.00%||-2.90%|
|07/21/21||MBA Mortgage Applications||—||—||16.00%||—|
|07/22/21||Chicago Fed Nat Activity Index||0.3||—||0.29||—|
|07/22/21||Initial Jobless Claims||350k||—||360k||—|
|07/22/21||Langer Consumer Comfort||—||—||52.2||—|
|07/22/21||Existing Home Sales||5.92m||—||5.80m||—|
|07/22/21||Existing Home Sales MoM||2.10%||—||-0.90%||—|
|07/22/21||Kansas City Fed Manf. Activity||25||—||27||—|
|07/23/21||Markit US Manufacturing PMI||62||—||62.1||—|
|07/23/21||Markit US Services PMI||64.5||—||64.6||—|
|07/23/21||Markit US Composite PMI||—||—||63.7||—|
Subscribe to our email list and get the latest articles and announcements from ALM First.