July 24, 2020 Headlines

Treasury prices were initially higher overnight on news that China ordered the U.S. to close its consulate in Chengdu, but the rally didn’t last long with long-end prices reversing course on better than expected PMI data from Germany, France, and the UK. Equity markets remain more focused on the U.S./China news. China’s Shanghai Composite closed down 3.9%, and S&P 500 futures remain in negative territory despite the positive data surprise in Europe. Next week’s economic calendar will be headlined by the first estimate of Q2 GDP (Thursday) and the July FOMC meeting (Wednesday). For GDP, the current Bloomberg median survey estimate is -35% for topline growth.  

Jason Haley
Chief Investment Officer

7/24/2020Markit US Manufacturing PMI5249.8
7/24/2020Markit US Services PMI5147.9
7/24/2020Markit US Composite PMI47.9
7/24/2020New Home Sales700k676k
7/24/2020New Home Sales MoM3.60%16.60%


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