Beyond the Headlines

April 18th Headlines

Treasury yields are higher this morning on more weak PMI data out of Europe, including another disappointing manufacturing reading for Germany. A better-than-expected U.S. retail sales report is helping offset the risk-off move somewhat, at least in equity markets....

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April 17th Headlines

Morning activity is very similar to yesterday, with a slightly better tone in risk markets contributing to modest gains in global equities and higher Treasury yields. Chinese economic data released overnight was better than expected, which is the primary catalyst for...

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April 16th Headlines

An improved tone in global risk markets is pushing Treasury yields slightly higher this morning. Most major equity indices are higher on the day, albeit modestly, and S&P 500 futures are currently up 0.35%. There weren’t really any major headlines overnight, but a...

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April 15th Headlines

Treasuries and U.S. equity futures are little changed to start the week following a quiet news cycle over the weekend. Recent articles suggest a U.S./China trade deal is imminent, with an announcement potentially as early as this week. According to Reuters, the U.S....

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April 12th Headlines

Treasury prices are lower this morning following a risk on trade catalyzed by news that China saw better than expected growth in lending. As a result, the curve is 5 to 6 bps higher, with the 10-year sitting at 2.55% currently. S&P futures are up 0.64% while Dow...

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April 11th Headlines

US Treasury yields bear-flattened during the overnight session in response to headlines concerning Brexit and the US/China trade deal. Yields moved 1bps higher and traded in a tight range after the UK/EU agreed to a six-month Brexit extension which is already being...

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April 10th Headlines

Treasury prices are moving higher and the dollar is strengthening following the ECB meeting this morning. ECB President Mario Draghi was once again bearish in his outlook for the Eurozone economy, noting downside risks from Brexit and the impact of trade protectionism...

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April 9th Headlines

Treasury prices are grinding higher (and curve flatter), and equity futures are pointing to a slightly lower open for U.S. stocks. There weren’t any major headlines overnight, although a trade skirmish between the U.S. and Europe is garnering some focus this morning....

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April 5th Headlines

Treasuries are little changed following the release of the March jobs report, and S&P 500 futures are currently up 28 bps. Nonfarm payrolls added 196,000 jobs in March, nearly 20,000 more than expected and up from the dismal 33,000 figure in February (revised...

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April 4th Headlines

US equities paused overnight after the recent rally as market participants look for more details regarding US-China trade negotiations. President Trump is expected to meet with Chinese Vice Premier Liu in what is being rumored as the final stages of negotiation. The...

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April 3rd Headlines

A better tone in risk markets overnight has pushed Treasury prices lower and the curve steeper. All major equity indices (domestic and overseas) are in the green today, with S&P 500 futures currently up 0.58%. The catalysts for today’s risk-on move include 1)...

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April 2nd Headlines

Treasury prices are higher this morning with buyers emerging following yesterday’s big sell off. There were no major macro headlines overnight, and U.S. equities appear poised to take a breather following yesterday’s 1.2% rally (S&P 500 futures unchanged). The Fed...

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April 1st Headlines

A strong PMI release out of China sparked a risk on move overnight sending Treasury prices lower and equity markets higher. The manufacturing data from the world’s second largest economy helped to assuage fears that the global economy is slowing. In the US, retail...

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March 29th Headlines

Chinese stocks soared overnight with the Shanghai Composite up 3.2% on positive reports that trade negotiators have been working line-by-line through an agreement that could potentially be put in front of both leaders. In the US, the gains have been more muted with...

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March 28th Headlines

The week-long rally in Treasuries has halted this morning, with yields modestly higher across the curve. However, yields in the 2-year to 10-year part of the curve are down approximately 25 bps since March 19. There weren’t any major macro headlines overnight,...

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March 27th Headlines

U.S. Treasury prices are higher this morning following renewed concerns over a pessimistic global outlook and dovish comments from Mario Draghi, the European Central Bank (ECB) President. In China, February’s industrial profits dropped -14% compared to -1.9% in...

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March 26th Headlines

U.S. Treasuries retreated from yesterday’s gains with the yield curve bear flattening as risk assets recovered. The sell-off was initially sparked by comments from Eric Rosengren, the Boston Federal Reserve President, that the Fed should consider raising the...

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March 25th Headlines

After the sharp decline in risk assets on Friday, overnight moves in European and US equities were tame with S&P 500 futures set to open -.13%. In rates, the US Treasury curve bear-steepened after positive economic data out of Europe which pushed the...

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March 21th Headlines

Treasuries extended their rally into the overnight session and opened this morning around a basis point lower, with the 10-year hitting its lowest level since January 8th, 2018. In its meeting yesterday, the Federal Open Market Committee voted unanimously to leave the...

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March 20th Headlines

All eyes are focused on the FOMC decision this afternoon as US Treasury yields are trading slightly lower this morning and equities unchanged on low volumes. Currently, the decision is not in doubt as market participants expect the rate will be unaltered. After the...

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