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

Date Event Survey Actual Prior Revised
7/6/2020 Markit US Services PMI 46.9 47.9 46.7
7/6/2020 Markit US Composite PMI 47.9 46.8
7/6/2020 ISM Non-Manufacturing Index 50.2 57.1 45.4
7/7/2020 JOLTS Job Openings 4500 5046
7/8/2020 MBA Mortgage Applications -1.80%
7/8/2020 Consumer Credit -$15.000b -$68.779b
7/9/2020 Initial Jobless Claims 1375k 1427k
7/9/2020 Continuing Claims 18750k 19290k
7/9/2020 Bloomberg Consumer Comfort 43.3
7/9/2020 Wholesale Trade Sales MoM 4.50% -16.90%
7/9/2020 Wholesale Inventories MoM -1.20% -1.20%
7/10/2020 PPI Final Demand MoM 0.40% 0.40%
7/10/2020 PPI Ex Food and Energy MoM 0.10% -0.10%
7/10/2020 PPI Ex Food, Energy, Trade MoM 0.10% 0.10%
7/10/2020 PPI Final Demand YoY -0.20% -0.80%
7/10/2020 PPI Ex Food and Energy YoY 0.40% 0.30%
7/10/2020 PPI Ex Food, Energy, Trade YoY -0.20% -0.40%



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