May 23, 2019 Headlines

The bearish tone in global risk markets continued overnight with all major equity indices in the red (Shanghai -1.4%, Nikkei -0.6%, Euro Stoxx -1.4%, SPX futures -0.8%). Treasury yields are down 2-3 bps in a nearly parallel shift across the curve. The general market assumption that the U.S. and China would reach a trade deal by the June G20 summit is quickly fading, and Europe released another disappointing round of PMI data, including a bad manufacturing PMI reading for Germany. Regarding trade, the U.S. actions against Huawei and other technology interests have been the major issue for China in recent days, and the Washington Post is reporting that Beijing is now signaling that it will not participate in any trade negotiations until the Huawei situation is resolved. This standoff has become even more complicated, and the question now is how much market volatility and economic consequences are each side willing to stomach in the near term while sticking to their positions?

Jason Haley
Managing Director, Investment Management Group

5/23/2019Initial Jobless Claims215k211k212k
5/23/2019Continuing Claims1666k1676k1660k1664k
5/23/2019Bloomberg Consumer Comfort59.9
5/23/2019Bloomberg Economic Expectations50
5/23/2019Markit US Manufacturing PMI52.652.6
5/23/2019Markit US Services PMI53.553
5/23/2019Markit US Composite PMI53
5/23/2019Revisions: New Homes Sales
5/23/2019New Home Sales675k692k
5/23/2019New Home Sales MoM-2.50%4.50%
5/23/2019Kansas City Fed Manf. Activity65
5/24/2019Durable Goods Orders-2.00%2.60%
5/24/2019Durables Ex Transportation0.10%0.30%
5/24/2019Cap Goods Orders Nondef Ex Air-0.30%1.40%
5/24/2019Cap Goods Ship Nondef Ex Air-0.10%0.00%







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