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

 

Date Event Survey Actual Prior
11/19 NAHB Housing Market Index 67 68
11/20 Housing Starts 1225k 1201k
11/20 Housing Starts MoM 1.60% -5.30%
11/20 Building Permits 1260k 1241k
11/20 Building Permits MoM -0.80% -0.60%
11/21 MBA Mortgage Applications -3.20%
11/21 Durable Goods Orders -2.50% 0.70%
11/21 Durables Ex Transportation 0.40% 0.00%
11/21 Cap Goods Orders Nondef Ex Air 0.20% -0.10%
11/21 Cap Goods Ship Nondef Ex Air 0.30% -0.10%
11/21 Initial Jobless Claims 215k 216k
11/21 Continuing Claims 1650k 1676k
11/21 Bloomberg Consumer Comfort 60.5
11/21 Bloomberg Economic Expectations 58.5
11/21 Leading Index 0.10% 0.50%
11/21 Existing Home Sales 5.20m 5.15m
11/21 Existing Home Sales MoM 1.00% -3.40%
11/21 U. of Mich. Sentiment 98.3 98.3
11/21 U. of Mich. Current Conditions 113.2
11/21 U. of Mich. Expectations 88.7
11/21 U. of Mich. 1 Yr Inflation 2.80%
11/21 U. of Mich. 5-10 Yr Inflation 2.60%
11/23 Markit US Manufacturing PMI 55.7 55.7
11/23 Markit US Services PMI 55 54.8
11/23 Markit US Composite PMI 54.9