While US markets were closed yesterday, overseas markets experienced a risk-off move as Asian equity markets slipped while Italian budget comments spooked European markets, pushing bund yields lower. Additionally, the IMF released a report reducing its outlook for global growth for the first time since 2016, citing the trade tensions between the US and China as one major reason. Because of these factors, US equity futures are pointing to a lower open this morning. In terms of economic data, the market will be focusing on the September CPI release on Thursday to see if inflation continues to soften into the second half of the year following the weak data from August.

Hafizan Hamzah
Director, Investment Management Group

10/09NFIB Small Business Optimism108.3107.9108.8
10/10MBA Mortgage Applications0.00%
10/10PPI Final Demand MoM0.20%-0.10%
10/10PPI Ex Food and Energy MoM0.20%-0.10%
10/10PPI Ex Food, Energy, Trade MoM0.20%0.10%
10/10PPI Final Demand YoY2.70%2.80%
10/10PPI Ex Food and Energy YoY2.50%2.30%
10/10PPI Ex Food, Energy, Trade YoY2.90%
10/10Wholesale Inventories MoM0.80%0.80%
10/10Wholesale Trade Sales MoM0.50%0.00%
10/11CPI MoM0.20%0.20%
10/11CPI Ex Food and Energy MoM0.20%0.10%
10/11CPI YoY2.40%2.70%
10/11CPI Ex Food and Energy YoY2.30%2.20%
10/11CPI Index NSA252.702252.146
10/11CPI Core Index SA258.634258.141
10/11Real Avg Weekly Earnings YoY0.50%
10/11Real Avg Hourly Earning YoY0.20%
10/11Initial Jobless Claims209k207k
10/11Continuing Claims1660k1650k
10/11Bloomberg Oct. United States Economic Survey
10/11Bloomberg Consumer Comfort61.6
10/11-10/18Monthly Budget Statement$81.5b$7.9b
10/12Import Price Index MoM0.20%-0.60%
10/12Import Price Index ex Petroleum MoM-0.10%-0.20%
10/12Import Price Index YoY3.10%3.70%
10/12Export Price Index MoM0.20%-0.10%
10/12Export Price Index YoY3.60%
10/12U. of Mich. Sentiment100.5100.1
10/12U. of Mich. Current Conditions115.2
10/12U. of Mich. Expectations90.5
10/12U. of Mich. 1 Yr Inflation2.70%
10/12U. of Mich. 5-10 Yr Inflation2.50%