July 27, 2021 Headlines

A growing selloff in Chinese equities leaked into U.S. markets overnight, pushing long-end Treasury yields 4 basis points lower from yesterday’s close. Hong Kong’s Hang Seng stock index fell more than 4% as rumors swirl that that U.S. could impose restrictions on domestic funds investing in China and Hong Kong, further adding to weakness throughout the month amid regulatory crackdowns by the Chinese government. The weakness in Chinese markets adds to the recent unease surrounding rising cases of the delta variant worldwide. On the economic data front, growth in durable goods orders was less than expected in June, but the month-over-month miss was offset somewhat by upward revisions to the May data. Core orders, which are a proxy for capital expenditures, rose 0.5% m/m (0.7% expected), and the May figure was revised higher to 0.5% m/m growth from the initial 0.1% estimate.

Jason Haley
Chief Investment Officer

Date Event Surv(M) Actual Prior Revised
07/26/21 New Home Sales 796k — 769k —
07/26/21 New Home Sales MoM 3.50% — -5.90% —
07/26/21 Dallas Fed Manf. Activity 31.6 — 31.1 —
07/27/21 Durable Goods Orders 2.10% — 2.30% —
07/27/21 Durables Ex Transportation 0.80% — 0.30% —
07/27/21 Cap Goods Orders Nondef Ex Air 0.80% — 0.10% —
07/27/21 Cap Goods Ship Nondef Ex Air 0.80% — 1.10% —
07/27/21 FHFA House Price Index MoM 1.60% — 1.80% —
07/27/21 S&P CoreLogic CS 20-City MoM SA 1.50% — 1.62% —
07/27/21 S&P CoreLogic CS 20-City YoY NSA 16.30% — 14.88% —
07/27/21 S&P CoreLogic CS US HPI YoY NSA — — 14.59% —
07/27/21 Conf. Board Consumer Confidence 123.8 — 127.3 —
07/27/21 Conf. Board Present Situation — — 157.7 —
07/27/21 Conf. Board Expectations — — 107 —
07/27/21 Richmond Fed Manufact. Index 20 — 22 —
07/28/21 MBA Mortgage Applications — — -4.00% —
07/28/21 Retail Inventories MoM -0.30% — -0.80% —
07/28/21 Advance Goods Trade Balance -$88.0b — -$88.1b —
07/28/21 Wholesale Inventories MoM 1.10% — 1.30% —
07/28/21 FOMC Rate Decision (Lower Bound) 0.00% — 0.00% —
07/28/21 FOMC Rate Decision (Upper Bound) 0.25% — 0.25% —
07/28/21 Interest on Reserve Balances Rate 0.15% — 0.15% —
07/29/21 Core PCE QoQ 6.10% — 2.50% —
07/29/21 Revisions: GDP
07/29/21 Initial Jobless Claims 380k — 419k —
07/29/21 Continuing Claims 3186k — 3236k —
07/29/21 GDP Annualized QoQ 8.50% — 6.40% —
07/29/21 Personal Consumption 10.50% — 11.40% —
07/29/21 GDP Price Index 5.40% — 4.30% —
07/29/21 Langer Consumer Comfort — — 51.5 —
07/29/21 Pending Home Sales MoM 0.30% — 8.00% —
07/29/21 Pending Home Sales NSA YoY — — 13.90% —
07/30/21 Revisions: Personal Income and Outlays
07/30/21 Employment Cost Index 0.90% — 0.90% —
07/30/21 Personal Income -0.40% — -2.00% —
07/30/21 Personal Spending 0.70% — 0.00% —
07/30/21 Real Personal Spending 0.30% — -0.40% —
07/30/21 PCE Deflator MoM 0.60% — 0.40% —
07/30/21 PCE Deflator YoY 4.00% — 3.90% —
07/30/21 PCE Core Deflator MoM 0.60% — 0.50% —
07/30/21 PCE Core Deflator YoY 3.70% — 3.40% —
07/30/21 MNI Chicago PMI 63.8 — 66.1 —
07/30/21 U. of Mich. Sentiment 80.8 — 80.8 —
07/30/21 U. of Mich. Current Conditions — — 84.5 —
07/30/21 U. of Mich. Expectations — — 78.4 —
07/30/21 U. of Mich. 1 Yr Inflation — — 4.80% —
07/30/21 U. of Mich. 5-10 Yr Inflation — — 2.90% —

 

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