June 15, 2020 Headlines

The sell-off in equities continued overnight on concerns of second wave of COVID-19 cases in China. Major overseas equity indices are firmly in the red (Nikkei -3.5%, Euro Stoxx -1.2%), and S&P 500 futures are approximately 2% lower.  The Treasury curve is 3-4 bps flatter today, with long-end notes better bid into the risk-off trade. This week’s economic calendar is headlined by tomorrow’s retail sales report for May, and Fed Chair Powell will be providing his semi-annual policy update to Congress tomorrow and Wednesday.

Jason Haley
Chief Investment Officer

6/15/2020Empire Manufacturing-29.6-0.2-48.5
6/15/2020Net Long-term TIC Flows-$112.6b
6/15/2020Total Net TIC Flows$349.9b
6/16/2020Retail Sales Advance MoM8.00%-16.40%
6/16/2020Retail Sales Ex Auto MoM5.40%-17.20%
6/16/2020Retail Sales Ex Auto and Gas5.00%-16.20%
6/16/2020Retail Sales Control Group5.40%-15.30%
6/16/2020Industrial Production MoM3.00%-11.20%
6/16/2020Capacity Utilization66.90%64.90%
6/16/2020Manufacturing (SIC) Production5.00%-13.70%
6/16/2020Business Inventories-1.00%-0.20%
6/16/2020NAHB Housing Market Index4537
6/17/2020MBA Mortgage Applications9.30%
6/17/2020Building Permits1250k1074k1066k
6/17/2020Building Permits MoM17.30%-20.80%-21.40%
6/17/2020Housing Starts1100k891k
6/17/2020Housing Starts MoM23.50%-30.20%
6/18/2020Philadelphia Fed Business Outlook-24-43.1
6/18/2020Initial Jobless Claims1290k1542k
6/18/2020Continuing Claims19900k20929k
6/18/2020Bloomberg Economic Expectations29
6/18/2020Bloomberg Consumer Comfort38.7
6/18/2020Leading Index2.30%-4.40%
6/19/2020Current Account Balance-$103.0b-$109.8b


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