Treasuries flattened slightly overnight in response to fears that Italian populists were getting close to coming to an agreement to write off €250bn of national debt. Risk assets sold off, with equities and commodities both down in European trading. The news that North Korea was considering pulling out of negotiations added to the risk-off tone.
On the data front, housing starts in the month of April fell to 1.29 million from 1.32 million in March, as new construction on apartment buildings fell 11.3%. The month over month change in industrial production came in higher than expected at 0.7% vs 0.6% and was a 0.2% increase from the prior month.
Hafizan Hamzah
Director, Investment Management Group
| Date | Event | Surv(M) | Actual | Prior | Revised |
| 05/15 | Empire Manufacturing | 15 | 20.1 | 15.8 | — |
| 05/15 | Retail Sales Advance MoM | 0.30% | 0.30% | 0.60% | 0.80% |
| 05/15 | Retail Sales Ex Auto MoM | 0.50% | 0.30% | 0.20% | 0.40% |
| 05/15 | Retail Sales Ex Auto and Gas | 0.40% | 0.30% | 0.30% | 0.40% |
| 05/15 | Retail Sales Control Group | 0.40% | 0.40% | 0.40% | 0.50% |
| 05/15 | Business Inventories | 0.10% | 0.00% | 0.60% | — |
| 05/15 | NAHB Housing Market Index | 69 | 70 | 69 | 68 |
| 05/15 | Total Net TIC Flows | — | -$38.5b | $44.7b | $47.5b |
| 05/15 | Net Long-term TIC Flows | — | $61.8b | $49.0b | — |
| 05/16 | MBA Mortgage Applications | — | -2.70% | -0.40% | — |
| 05/16 | Revisions: Housing Starts | ||||
| 05/16 | Housing Starts | 1310k | 1287k | 1319k | 1336k |
| 05/16 | Housing Starts MoM | -0.70% | -3.70% | 1.90% | 3.60% |
| 05/16 | Building Permits | 1350k | 1352k | 1354k | 1377k |
| 05/16 | Building Permits MoM | -2.10% | -1.80% | 2.50% | 4.10% |
| 05/16 | Industrial Production MoM | 0.60% | 0.70% | 0.50% | 0.70% |
| 05/16 | Manufacturing (SIC) Production | 0.50% | 0.50% | 0.10% | 0.00% |
| 05/16 | Capacity Utilization | 78.40% | 78.00% | 78.00% | 77.60% |
| 05/16 | Mortgage Delinquencies | — | — | 5.17% | — |
| 05/16 | MBA Mortgage Foreclosures | — | — | 1.19% | — |
| 05/17 | Initial Jobless Claims | 215k | — | 211k | — |
| 05/17 | Continuing Claims | 1780k | — | 1790k | — |
| 05/17 | Philadelphia Fed Business Outlook | 21 | — | 23.2 | — |
| 05/17 | Bloomberg Economic Expectations | — | — | 52.5 | — |
| 05/17 | Bloomberg Consumer Comfort | — | — | 55.8 | — |
| 05/17 | Leading Index | 0.40% | — | 0.30% | — |