November 9, 2020 Headlines

A major risk-on trade emerged in global markets after Pfizer announced that its Covid vaccine was 90% effective in preventing virus infection. European equity markets are up more than 5%, and S&P 500 futures are up 4.6% ahead of the open. Treasury yields are sharply higher and steeper, with the 2-year/10-year spread 8 basis points wider to 0.75%. The company’s trial is still not complete, and the company plans to seek emergency authorization from the FDA later this month according to media reports. For this week’s economic calendar, the October CPI report will be released Thursday, as will weekly jobless claims data, and there will be several Fed leaders speaking throughout the week, including two today (Mester and Kaplan).

Jason Haley
Chief Investment Officer

Date Event Survey Actual Prior Revised
11/09/20-11/13/20 Mortgage Delinquencies — — 8.22% —
11/09/20-11/13/20 MBA Mortgage Foreclosures — — 0.68% —
11/10/20 NFIB Small Business Optimism 104.2 — 104 —
11/10/20 JOLTS Job Openings 6500 — 6493 —
11/11/20 MBA Mortgage Applications — — 3.80% —
11/12/20 CPI MoM 0.20% — 0.20% —
11/12/20 CPI Ex Food and Energy MoM 0.20% — 0.20% —
11/12/20 CPI YoY 1.30% — 1.40% —
11/12/20 CPI Ex Food and Energy YoY 1.70% — 1.70% —
11/12/20 CPI Index NSA 260.474 — 260.28 —
11/12/20 CPI Core Index SA 269.576 — 269.264 —
11/12/20 Real Avg Weekly Earnings YoY — — 4.10% 4.40%
11/12/20 Real Avg Hourly Earning YoY — — 3.30% 3.20%
11/12/20 Initial Jobless Claims 730k — 751k —
11/12/20 Continuing Claims 6825k — 7285k —
11/12/20 Bloomberg Consumer Comfort — — 47.5 —
11/12/20 Monthly Budget Statement -$274.0b — -$124.6b —
11/13/20 PPI Final Demand MoM 0.20% — 0.40% —
11/13/20 PPI Ex Food and Energy MoM 0.20% — 0.40% —
11/13/20 PPI Ex Food, Energy, Trade MoM 0.20% — 0.40% —
11/13/20 PPI Final Demand YoY 0.40% — 0.40% —
11/13/20 PPI Ex Food and Energy YoY 1.20% — 1.20% —
11/13/20 PPI Ex Food, Energy, Trade YoY 0.90% — 0.70% —
11/13/20 U. of Mich. Sentiment 82 — 81.8 —
11/13/20 U. of Mich. Current Conditions 90 — 85.9 —
11/13/20 U. of Mich. Expectations 78.2 — 79.2 —
11/13/20 U. of Mich. 1 Yr Inflation — — 2.60% —
11/13/20 U. of Mich. 5-10 Yr Inflation — — 2.40% —
11/13/20 Bloomberg Nov. United States Economic Survey

 

 

 

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