In a continuation of this week’s market themes, concerns of fresh Covid-related restrictions in Europe and diminishing expectations of additional U.S. fiscal aid is weighing on risk assets this morning. Treasury yields are lower and flatter to start the day, and both European and U.S. equity indices are weaker. The preliminary look at August durable goods orders was worse than expected, at least for the headline figures. Topline orders rose 0.4% on the month versus expectations of a 1.5% gain. However, non-defense capital goods orders excluding aircraft, referred to in economic circles as core orders, rose 1.8% (+1.0% expected). Core orders are used as a proxy for business investment, and core shipments exceeded expectations as well (1.5% vs. 0.8%). This week’s barrage of Fed speakers concludes today with appearances by John Williams (NY Fed) and Esther George (KC Fed).
Jason Haley
Chief Investment Officer
Date | Event | Survey | Actual | Prior | Revised |
9/21/20 | Chicago Fed Nat Activity Index | 1.19 | 0.79 | 1.18 | 2.54 |
9/21/20 | Household Change in Net Worth | — | $7607b | -$6548b | -$7229b |
9/22/20 | Existing Home Sales | 6.00m | 6.00m | 5.86m | — |
9/22/20 | Existing Home Sales MoM | 2.40% | 2.40% | 24.70% | — |
9/22/20 | Richmond Fed Manufact. Index | 12 | 21 | 18 | — |
9/23/20 | MBA Mortgage Applications | — | 6.80% | -2.50% | — |
9/23/20 | FHFA House Price Index MoM | 0.50% | 1.00% | 0.90% | 1.00% |
9/23/20 | Markit US Manufacturing PMI | 53.5 | 53.5 | 53.1 | — |
9/23/20 | Markit US Services PMI | 54.7 | 54.6 | 55 | — |
9/23/20 | Markit US Composite PMI | — | 54.4 | 54.6 | — |
9/24/20 | Initial Jobless Claims | 840k | 870k | 860k | 866k |
9/24/20 | Continuing Claims | 12275k | 12580k | 12628k | 12747k |
9/24/20 | Bloomberg Consumer Comfort | — | 49.8 | 47.7 | 47.9 |
9/24/20 | New Home Sales | 890k | 1011k | 901k | 965k |
9/24/20 | New Home Sales MoM | -1.20% | 4.80% | 13.90% | 14.70% |
9/24/20 | Kansas City Fed Manf. Activity | 14 | 11 | 14 | — |
9/25/20 | Durable Goods Orders | 1.50% | 0.40% | 11.40% | 11.70% |
9/25/20 | Durables Ex Transportation | 1.00% | 0.40% | 2.60% | 3.20% |
9/25/20 | Cap Goods Orders Nondef Ex Air | 1.00% | 1.80% | 1.90% | 2.50% |
9/25/20 | Cap Goods Ship Nondef Ex Air | 0.80% | 1.50% | 2.40% | 2.80% |
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