Treasury prices declined across the curve as equities climbed in Europe and Asia (Euro Stoxx 50 +.20%, Shanghai +.91%). The headlines coming out of Europe were largely positive with construction output surprising to the upside. Additionally, Prime Minister May’s position looks more stable as rivals failed to gather the 48 votes necessary for leadership change. Italian sovereign spreads tightened after the Deputy Prime Minster signaled flexibility in budget talks with the EU. In the US, the S&P 500 is set to open -11.5 points (-.42%) as China-America trade tensions continue to persist. The economic calendar is light this week featuring Durables Goods, PMI, and The University of Michigan release.

Chris Eckhoff
Associate, Investment Management Group


11/19NAHB Housing Market Index6768
11/20Housing Starts1225k1201k
11/20Housing Starts MoM1.60%-5.30%
11/20Building Permits1260k1241k
11/20Building Permits MoM-0.80%-0.60%
11/21MBA Mortgage Applications-3.20%
11/21Durable Goods Orders-2.50%0.70%
11/21Durables Ex Transportation0.40%0.00%
11/21Cap Goods Orders Nondef Ex Air0.20%-0.10%
11/21Cap Goods Ship Nondef Ex Air0.30%-0.10%
11/21Initial Jobless Claims215k216k
11/21Continuing Claims1650k1676k
11/21Bloomberg Consumer Comfort60.5
11/21Bloomberg Economic Expectations58.5
11/21Leading Index0.10%0.50%
11/21Existing Home Sales5.20m5.15m
11/21Existing Home Sales MoM1.00%-3.40%
11/21U. of Mich. Sentiment98.398.3
11/21U. of Mich. Current Conditions113.2
11/21U. of Mich. Expectations88.7
11/21U. of Mich. 1 Yr Inflation2.80%
11/21U. of Mich. 5-10 Yr Inflation2.60%
11/23Markit US Manufacturing PMI55.755.7
11/23Markit US Services PMI5554.8
11/23Markit US Composite PMI54.9