July 2, 2019 Headlines

Treasuries bull-steepened overnight in response to weak European data and hawkish comments from the ECB in which policymakers stated that they are in “no rush” to cut rates in July. Equity markets are mixed as the post trade truce euphoria has subsided. Later today the market will be listening to comments made by FOMC members John Williams and Loretta Mester, both of whom have a hawkish tilt to their views; with any comments on monetary policy likely to move markets. As a reminder, tomorrow the market closes early at 2 PM EDT ahead of Independence Day. The market will be open on Friday and observe normal business hours, but trading desks will likely be lightly staffed.

Hafizan Hamzah
Director, Investment Management Group

7/1/2019Markit US Manufacturing PMI50.150.650.1
7/1/2019ISM Manufacturing5151.752.1
7/1/2019ISM Employment54.553.7
7/1/2019ISM Prices Paid5347.953.2
7/1/2019ISM New Orders52.55052.7
7/1/2019Construction Spending MoM0.00%-0.80%0.00%0.40%
7/2/2019Wards Total Vehicle Sales17.00m17.30m
7/3/2019MBA Mortgage Applications1.30%
7/3/2019Challenger Job Cuts YoY85.90%
7/3/2019ADP Employment Change140k27k
7/3/2019Trade Balance-$54.0b-$50.8b
7/3/2019Initial Jobless Claims223k227k
7/3/2019Continuing Claims1675k1688k
7/3/2019Bloomberg Consumer Comfort63.6
7/3/2019Markit US Services PMI50.750.7
7/3/2019Markit US Composite PMI50.6
7/3/2019Factory Orders-0.60%-0.80%
7/3/2019Factory Orders Ex Trans0.30%
7/3/2019Durable Goods Orders-1.30%-1.30%
7/3/2019Durables Ex Transportation0.30%
7/3/2019Cap Goods Ship Nondef Ex Air0.70%
7/3/2019Cap Goods Orders Nondef Ex Air0.40%
7/3/2019ISM Non-Manufacturing Index5656.9
7/5/2019Change in Nonfarm Payrolls164k75k
7/5/2019Two-Month Payroll Net Revision
7/5/2019Change in Private Payrolls155k90k
7/5/2019Change in Manufact. Payrolls1k3k
7/5/2019Unemployment Rate3.60%3.60%
7/5/2019Average Hourly Earnings MoM0.30%0.20%
7/5/2019Average Hourly Earnings YoY3.20%3.10%
7/5/2019Average Weekly Hours All Employees34.434.4
7/5/2019Labor Force Participation Rate62.80%62.80%
7/5/2019Underemployment Rate7.10%






























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