June 3, 2019 Headlines

The Treasury curve is in the midst of a bull steepening this morning, as short-end rates are 3 to 4 basis points lower while the long-end has only fallen by 1 to 2 basis points; on the back of weak global PMI data and another round of escalation in the trade war between the US and China. On Saturday, the Chinese extended retaliatory tariffs on over two-thirds of US imports, additionally the Chinese warned its citizens about studying in the US, which undoubtedly does little to assuage current tensions between the two largest economies. Risk assets have rebounded a bit from the beating they took in May. The S&P 500 is up 0.20% this morning, largely due a boost in oil stocks which saw their prices increase due to a surge in crude oil prices.

Hafizan Hamzah
Director, Investment Management Group

DateEventSurveyActualPriorRevised
6/3/2019Markit US Manufacturing PMI50.650.550.6
6/3/2019ISM Manufacturing5352.8
6/3/2019ISM Employment52.4
6/3/2019ISM Prices Paid5150
6/3/2019ISM New Orders51.7
6/3/2019Construction Spending MoM0.40%-0.90%
6/3/2019Wards Total Vehicle Sales16.90m16.40m
6/4/2019Factory Orders-1.00%1.90%
6/4/2019Factory Orders Ex Trans0.80%0.70%
6/4/2019Durable Goods Orders-2.10%
6/4/2019Durables Ex Transportation0.00%
6/4/2019Cap Goods Orders Nondef Ex Air-0.90%
6/4/2019Cap Goods Ship Nondef Ex Air0.00%
6/5/2019MBA Mortgage Applications-3.30%
6/5/2019ADP Employment Change185k275k
6/5/2019Markit US Services PMI50.950.9
6/5/2019Markit US Composite PMI50.9
6/5/2019ISM Non-Manufacturing Index55.455.5
6/5/2019U.S. Federal Reserve Releases Beige Book
6/6/2019Challenger Job Cuts YoY10.90%
6/6/2019Revisions: Trade Balance
6/6/2019Nonfarm Productivity3.50%3.60%
6/6/2019Unit Labor Costs-0.90%-0.90%
6/6/2019Initial Jobless Claims215k215k
6/6/2019Continuing Claims1660k1657k
6/6/2019Trade Balance-$50.6b-$50.0b
6/6/2019Bloomberg Consumer Comfort60.8
6/6/2019Household Change in Net Worth-$3730b
6/7/2019Change in Nonfarm Payrolls183k263k
6/7/2019Two-Month Payroll Net Revision16k
6/7/2019Change in Private Payrolls175k236k
6/7/2019Change in Manufact. Payrolls4k4k
6/7/2019Unemployment Rate3.60%3.60%
6/7/2019Average Hourly Earnings MoM0.30%0.20%
6/7/2019Average Hourly Earnings YoY3.20%3.20%
6/7/2019Average Weekly Hours All Employees34.534.4
6/7/2019Labor Force Participation Rate62.80%
6/7/2019Underemployment Rate7.30%
6/7/2019Wholesale Trade Sales MoM-0.20%2.30%
6/7/2019Wholesale Inventories MoM0.70%0.70%
6/7/2019Consumer Credit$13.000b$10.281b

 

 

 

 

 

 

 

 

 

 

 

 

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