The curve is slightly steeper with the ten-year sitting right at 3%, US equity futures are pointing to a higher open this morning following a rally in European equity markets despite a further escalation in trade tensions between China and the US. President Trump announced a 10% tariff on $200 billion in Chinese goods that would be in place until the end of the year and, in an unexpected twist, would increase to 25% starting next year. The Trump administration that any retaliation levied upon “US farmers or other industries” would prompt the start another round of tariffs on an additional $267 billion in Chinese goods. The Chinese government announced that they would respond in kind, but failed to provide further details.

Hafizan Hamzah
Director, Investment Management Group

Date TimeEventSurveyActualPriorRevised
09/17/2018Empire Manufacturing231925.6
09/18/2018NAHB Housing Market Index6667
09/18/2018Total Net TIC Flows$46.0b$114.5b
09/18/2018Net Long-term TIC Flows-$36.5b
09/19/2018MBA Mortgage Applications-1.80%
09/19/2018Current Account Balance-$103.4b-$124.1b
09/19/2018Housing Starts1238k1168k
09/19/2018Housing Starts MoM5.70%0.90%
09/19/2018Building Permits1310k1311k1303k
09/19/2018Building Permits MoM0.50%1.50%0.90%
09/20/2018Philadelphia Fed Business Outlook1811.9
09/20/2018Initial Jobless Claims210k204k
09/20/2018Continuing Claims1705k1696k
09/20/2018Bloomberg Economic Expectations57
09/20/2018Bloomberg Consumer Comfort59
09/20/2018Leading Index0.50%0.60%
09/20/2018Existing Home Sales5.37m5.34m
09/20/2018Existing Home Sales MoM0.50%-0.70%
09/20/2018Household Change in Net Worth$1028b
09/21/2018Markit US Manufacturing PMI5554.7
09/21/2018Markit US Services PMI5554.8
09/21/2018Markit US Composite PMI54.7