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

DateEventSurveyActualPriorRevised
11/09/20-11/13/20Mortgage Delinquencies8.22%
11/09/20-11/13/20MBA Mortgage Foreclosures0.68%
11/10/20NFIB Small Business Optimism104.2104
11/10/20JOLTS Job Openings65006493
11/11/20MBA Mortgage Applications3.80%
11/12/20CPI MoM0.20%0.20%
11/12/20CPI Ex Food and Energy MoM0.20%0.20%
11/12/20CPI YoY1.30%1.40%
11/12/20CPI Ex Food and Energy YoY1.70%1.70%
11/12/20CPI Index NSA260.474260.28
11/12/20CPI Core Index SA269.576269.264
11/12/20Real Avg Weekly Earnings YoY4.10%4.40%
11/12/20Real Avg Hourly Earning YoY3.30%3.20%
11/12/20Initial Jobless Claims730k751k
11/12/20Continuing Claims6825k7285k
11/12/20Bloomberg Consumer Comfort47.5
11/12/20Monthly Budget Statement-$274.0b-$124.6b
11/13/20PPI Final Demand MoM0.20%0.40%
11/13/20PPI Ex Food and Energy MoM0.20%0.40%
11/13/20PPI Ex Food, Energy, Trade MoM0.20%0.40%
11/13/20PPI Final Demand YoY0.40%0.40%
11/13/20PPI Ex Food and Energy YoY1.20%1.20%
11/13/20PPI Ex Food, Energy, Trade YoY0.90%0.70%
11/13/20U. of Mich. Sentiment8281.8
11/13/20U. of Mich. Current Conditions9085.9
11/13/20U. of Mich. Expectations78.279.2
11/13/20U. of Mich. 1 Yr Inflation2.60%
11/13/20U. of Mich. 5-10 Yr Inflation2.40%
11/13/20Bloomberg Nov. United States Economic Survey

 

 

 

Subscribe Today!

Subscribe to our email list and get the latest articles and announcements from ALM First.

Recent Articles

ALM First offers investment advisory services through ALM First Financial Advisors, LLC, which is registered with the U.S. Securities and Exchange Commission (“SEC”). SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the firm has attained a particular level of skill or ability. The information contained herein does not constitute investment advice or a recommendation for you to purchase or sell any specific security. You are solely responsible for reviewing the content and for any actions you take or choose not to take based on your review of such content.Information contained herein was derived from third party sources as indicated. While such information is believed to be reliable, no representation or warranty is made concerning the accuracy of any information presented. We have not and will not independently verify this information. Where such sources include opinions and projections, such opinions and projections should be ascribed only to the applicable third party source and not to ALM First.Statements herein that reflect projections or expectations of future financial or economic performance are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. No representations or warranties whatsoever are made by ALM First Financial Advisors, LLC or any other person or entity as to the future profitability of investments recommended by ALM First Financial Advisors, LLC.