July 7, 2020 Headlines

The tone in risk markets turned negative overnight on COVID concerns. In Australia, Victoria reported the biggest increase in cases since the crisis began as the state has struggled to contain the second wave of infections. Authorities have already begun taking drastic action by imposing quarantine measures on the city of Melbourne. Additionally, Atlanta Federal Reserve President Raphael Bostic doused the US recovery narrative in an interview with the Financial Times. Bostic highlighted that high-frequency data in terms of business openings and mobility have been “levelling off” as coronavirus cases spike across the United States. At the open, the US Treasury curve is essentially unchanged, and the S&P 500 is down .44%.

Chris Eckhoff
Associate, Investment Management Group

DateEventSurveyActualPriorRevised
7/6/2020Markit US Services PMI46.947.946.7—
7/6/2020Markit US Composite PMI—47.946.8—
7/6/2020ISM Non-Manufacturing Index50.257.145.4—
7/7/2020JOLTS Job Openings4500—5046—
7/8/2020MBA Mortgage Applications——-1.80%—
7/8/2020Consumer Credit-$15.000b—-$68.779b—
7/9/2020Initial Jobless Claims1375k—1427k—
7/9/2020Continuing Claims18750k—19290k—
7/9/2020Bloomberg Consumer Comfort——43.3—
7/9/2020Wholesale Trade Sales MoM4.50%—-16.90%—
7/9/2020Wholesale Inventories MoM-1.20%—-1.20%—
7/10/2020PPI Final Demand MoM0.40%—0.40%—
7/10/2020PPI Ex Food and Energy MoM0.10%—-0.10%—
7/10/2020PPI Ex Food, Energy, Trade MoM0.10%—0.10%—
7/10/2020PPI Final Demand YoY-0.20%—-0.80%—
7/10/2020PPI Ex Food and Energy YoY0.40%—0.30%—
7/10/2020PPI Ex Food, Energy, Trade YoY-0.20%—-0.40%—

 

 

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