July 19, 2021 Headlines

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.

Jason Haley
Chief Investment Officer

Date Event Surv(M) Actual Prior Revised
07/19/21 NAHB Housing Market Index 81 — 81 —
07/20/21 Housing Starts 1590k — 1572k —
07/20/21 Building Permits 1700k — 1681k 1683k
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 Continuing Claims 3075k — 3241k —
07/22/21 Langer Consumer Comfort — — 52.2 —
07/22/21 Leading Index 0.80% — 1.30% —
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 —

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