October 8, 2019 Headlines

Negative US/China headlines sparked a bid for Treasuries this morning. European equities are down nearly 1%, and S&P 500 futures are more than 60 bps lower. After yesterday’s market close, the U.S. announced that eight Chinese technology companies were being blacklisted for alleged human rights abuses, and Bloomberg reported this morning that the White House is discussing potential restrictions on U.S. government pension funds as it relates to investing in Chinese stocks. Reports that Brexit negotiations are close to breaking down again is also weighing on risk sentiment this morning. On the data front, the growth in producer prices (PPI) was weaker than expected, with the core measure falling 0.3% versus the prior month (largest 1-month decline since February 2015). The NFIB Small Business Optimism Index for September also disappointed versus expectations, falling to a 6-month low.

Jason Haley
Managing Director, Investment Management Group

DateEventSurveyActualPriorRevised
10/7/2019Consumer Credit$15.000b$17.901b$23.294b$23.046b
10/8/2019NFIB Small Business Optimism102101.8103.1
10/8/2019PPI Final Demand MoM0.10%-0.30%0.10%
10/8/2019PPI Ex Food and Energy MoM0.20%-0.30%0.30%
10/8/2019PPI Ex Food, Energy, Trade MoM0.20%0.00%0.40%
10/8/2019PPI Final Demand YoY1.80%1.40%1.80%
10/8/2019PPI Ex Food and Energy YoY2.30%2.00%2.30%
10/8/2019PPI Ex Food, Energy, Trade YoY1.70%1.90%
10/8/2019-10/11/2019Monthly Budget Statement$96.5b$119.1b
10/9/2019MBA Mortgage Applications8.10%
10/9/2019JOLTS Job Openings72507217
10/9/2019Wholesale Trade Sales MoM0.30%
10/9/2019Wholesale Inventories MoM0.40%0.40%
10/9/2019FOMC Meeting Minutes
10/10/2019Real Avg Weekly Earnings YoY1.20%1.10%
10/10/2019Real Avg Hourly Earning YoY1.50%1.40%
10/10/2019CPI MoM0.10%0.10%
10/10/2019CPI Ex Food and Energy MoM0.20%0.30%
10/10/2019CPI YoY1.80%1.70%
10/10/2019CPI Ex Food and Energy YoY2.40%2.40%
10/10/2019CPI Core Index SA264.742264.245
10/10/2019CPI Index NSA256.938256.558
10/10/2019Initial Jobless Claims220k219k
10/10/2019Continuing Claims1651k1651k
10/10/2019Bloomberg Consumer Comfort62
10/11/2019Import Price Index MoM0.00%-0.50%
10/11/2019Import Price Index ex Petroleum MoM-0.10%0.00%
10/11/2019Import Price Index YoY-2.10%-2.00%
10/11/2019Export Price Index MoM-0.10%-0.60%
10/11/2019Export Price Index YoY-1.40%
10/11/2019Bloomberg Oct. United States Economic Survey
10/11/2019U. of Mich. Sentiment9293.2
10/11/2019U. of Mich. Current Conditions109108.5
10/11/2019U. of Mich. Expectations82.583.4
10/11/2019U. of Mich. 1 Yr Inflation2.80%
10/11/2019U. of Mich. 5-10 Yr Inflation2.40%

 

 

 

 

 

 

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