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

DateEventSurv(M)ActualPriorRevised
07/26/21New Home Sales796k769k
07/26/21New Home Sales MoM3.50%-5.90%
07/26/21Dallas Fed Manf. Activity31.631.1
07/27/21Durable Goods Orders2.10%2.30%
07/27/21Durables Ex Transportation0.80%0.30%
07/27/21Cap Goods Orders Nondef Ex Air0.80%0.10%
07/27/21Cap Goods Ship Nondef Ex Air0.80%1.10%
07/27/21FHFA House Price Index MoM1.60%1.80%
07/27/21S&P CoreLogic CS 20-City MoM SA1.50%1.62%
07/27/21S&P CoreLogic CS 20-City YoY NSA16.30%14.88%
07/27/21S&P CoreLogic CS US HPI YoY NSA14.59%
07/27/21Conf. Board Consumer Confidence123.8127.3
07/27/21Conf. Board Present Situation157.7
07/27/21Conf. Board Expectations107
07/27/21Richmond Fed Manufact. Index2022
07/28/21MBA Mortgage Applications-4.00%
07/28/21Retail Inventories MoM-0.30%-0.80%
07/28/21Advance Goods Trade Balance-$88.0b-$88.1b
07/28/21Wholesale Inventories MoM1.10%1.30%
07/28/21FOMC Rate Decision (Lower Bound)0.00%0.00%
07/28/21FOMC Rate Decision (Upper Bound)0.25%0.25%
07/28/21Interest on Reserve Balances Rate0.15%0.15%
07/29/21Core PCE QoQ6.10%2.50%
07/29/21Revisions: GDP
07/29/21Initial Jobless Claims380k419k
07/29/21Continuing Claims3186k3236k
07/29/21GDP Annualized QoQ8.50%6.40%
07/29/21Personal Consumption10.50%11.40%
07/29/21GDP Price Index5.40%4.30%
07/29/21Langer Consumer Comfort51.5
07/29/21Pending Home Sales MoM0.30%8.00%
07/29/21Pending Home Sales NSA YoY13.90%
07/30/21Revisions: Personal Income and Outlays
07/30/21Employment Cost Index0.90%0.90%
07/30/21Personal Income-0.40%-2.00%
07/30/21Personal Spending0.70%0.00%
07/30/21Real Personal Spending0.30%-0.40%
07/30/21PCE Deflator MoM0.60%0.40%
07/30/21PCE Deflator YoY4.00%3.90%
07/30/21PCE Core Deflator MoM0.60%0.50%
07/30/21PCE Core Deflator YoY3.70%3.40%
07/30/21MNI Chicago PMI63.866.1
07/30/21U. of Mich. Sentiment80.880.8
07/30/21U. of Mich. Current Conditions84.5
07/30/21U. of Mich. Expectations78.4
07/30/21U. of Mich. 1 Yr Inflation4.80%
07/30/21U. of Mich. 5-10 Yr Inflation2.90%

 

Subscribe Today!

Subscribe to our email list and get the latest articles and announcements from ALM First.

Recent Articles

ALM First offers investment advisory services through ALM First Financial Advisors, LLC, which is registered with the U.S. Securities and Exchange Commission (“SEC”). SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the firm has attained a particular level of skill or ability. The information contained herein does not constitute investment advice or a recommendation for you to purchase or sell any specific security. You are solely responsible for reviewing the content and for any actions you take or choose not to take based on your review of such content.Information contained herein was derived from third party sources as indicated. While such information is believed to be reliable, no representation or warranty is made concerning the accuracy of any information presented. We have not and will not independently verify this information. Where such sources include opinions and projections, such opinions and projections should be ascribed only to the applicable third party source and not to ALM First.Statements herein that reflect projections or expectations of future financial or economic performance are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. No representations or warranties whatsoever are made by ALM First Financial Advisors, LLC or any other person or entity as to the future profitability of investments recommended by ALM First Financial Advisors, LLC.