Treasuries are rallying this morning on the back of weakness in global equity markets. Both S&P and Nasdaq futures are pointing to a lower open this morning as the rout in tech stocks continues. The 10-year is sitting at 3.04% currently, the lowest level in two months.

The theme of today’s economic releases is housing, with both housing starts and building permits data coming out. Housing starts in the month of October came in as expected at 1.228 million, an increase of 27,000 from the prior month. The uptick in starts gives the market some hope that the recent weakness in housing maybe subsiding in the face of rising home prices and mortgage rates.

Hafizan Hamzah
Director, Investment Management Group


11/19NAHB Housing Market Index676068
11/20Housing Starts1228k1228k1201k
11/20Housing Starts MoM2.20%1.50%-5.30%
11/20Building Permits1260k1263k1241k
11/20Building Permits MoM-0.80%-0.60%-0.60%
11/21MBA Mortgage Applications-3.20%
11/21Durable Goods Orders-2.60%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