Treasury prices are little changed with balanced two-way trading in the overnight session, and S&P 500 futures are currently up 11 points. All major global equity indices are in the green today, led by the Nikkei (+1.8%) and Hang Seng (+2.1%). The positive trend overnight in equities was a follow-through to activity in U.S. markets yesterday, where reports of the White House moderating its stance on tariffs bolstering sentiment. Also making headlines this morning is a report that North Korea is willing to denuclearize if the safety of Kim Jong Un’s regime is guaranteed, according to South Korean delegates meeting with North Korean leaders this week. Three Fed leaders are scheduled to speak today, including New York Fed President Bill Dudley. Vice Chair Quarles spoke yesterday on bank regulation, and he indicated that policymakers are working on material changes to the Volcker rule, and he expects a proposal to be announced in the near future.

Jason Haley
Managing Director, Investment Management Group

Date Event Surv(M) Actual Prior
03/05 Markit US Services PMI 55.9 55.9 55.9
03/05 Markit US Composite PMI 55.8 55.9
03/05 ISM Non-Manf. Composite 59 59.5 59.9
03/06 Factory Orders -1.40% 1.70%
03/06 Factory Orders Ex Trans 0.70%
03/06 Durable Goods Orders -3.60% -3.70%
03/06 Durables Ex Transportation -0.30%
03/06 Cap Goods Orders Nondef Ex Air -0.20%
03/06 Cap Goods Ship Nondef Ex Air 0.10%
03/07 MBA Mortgage Applications 2.70%
03/07 ADP Employment Change 200k 234k
03/07 Nonfarm Productivity -0.10% -0.10%
03/07 Unit Labor Costs 2.10% 2.00%
03/07 Trade Balance -$55.1b -$53.1b
03/07 U.S. Federal Reserve Releases Beige Book
03/07 Consumer Credit $17.650b $18.447b
03/08 Challenger Job Cuts YoY -2.80%
03/08 Initial Jobless Claims 220k 210k
03/08 Continuing Claims 1919k 1931k
03/08 Bloomberg Consumer Comfort 56.2
03/08 Household Change in Net Worth $1742b
03/09 Change in Nonfarm Payrolls 200k 200k
03/09 Two-Month Payroll Net Revision
03/09 Change in Private Payrolls 198k 196k
03/09 Change in Manufact. Payrolls 15k 15k
03/09 Unemployment Rate 4.00% 4.10%
03/09 Underemployment Rate 8.20%
03/09 Average Hourly Earnings MoM 0.20% 0.30%
03/09 Average Hourly Earnings YoY 2.80% 2.90%
03/09 Average Weekly Hours All Employees 34.4 34.3
03/09 Labor Force Participation Rate 62.70% 62.70%
03/09 Wholesale Trade Sales MoM 1.20%
03/09 Wholesale Inventories MoM 0.70% 0.70%