September 25, 2020 Headlines

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

9/21/20Chicago Fed Nat Activity Index1.190.791.182.54
9/21/20Household Change in Net Worth$7607b-$6548b-$7229b
9/22/20Existing Home Sales6.00m6.00m5.86m
9/22/20Existing Home Sales MoM2.40%2.40%24.70%
9/22/20Richmond Fed Manufact. Index122118
9/23/20MBA Mortgage Applications6.80%-2.50%
9/23/20FHFA House Price Index MoM0.50%1.00%0.90%1.00%
9/23/20Markit US Manufacturing PMI53.553.553.1
9/23/20Markit US Services PMI54.754.655
9/23/20Markit US Composite PMI54.454.6
9/24/20Initial Jobless Claims840k870k860k866k
9/24/20Continuing Claims12275k12580k12628k12747k
9/24/20Bloomberg Consumer Comfort49.847.747.9
9/24/20New Home Sales890k1011k901k965k
9/24/20New Home Sales MoM-1.20%4.80%13.90%14.70%
9/24/20Kansas City Fed Manf. Activity141114
9/25/20Durable Goods Orders1.50%0.40%11.40%11.70%
9/25/20Durables Ex Transportation1.00%0.40%2.60%3.20%
9/25/20Cap Goods Orders Nondef Ex Air1.00%1.80%1.90%2.50%
9/25/20Cap Goods Ship Nondef Ex Air0.80%1.50%2.40%2.80%


Subscribe Today!

Subscribe to our email list and get the latest articles and announcements from ALM First.

Recent Articles

ALM First offers investment advisory services through ALM First Financial Advisors, LLC, which is registered with the U.S. Securities and Exchange Commission (“SEC”). SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the firm has attained a particular level of skill or ability. The information contained herein does not constitute investment advice or a recommendation for you to purchase or sell any specific security. You are solely responsible for reviewing the content and for any actions you take or choose not to take based on your review of such content.Information contained herein was derived from third party sources as indicated. While such information is believed to be reliable, no representation or warranty is made concerning the accuracy of any information presented. We have not and will not independently verify this information. Where such sources include opinions and projections, such opinions and projections should be ascribed only to the applicable third party source and not to ALM First.Statements herein that reflect projections or expectations of future financial or economic performance are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. No representations or warranties whatsoever are made by ALM First Financial Advisors, LLC or any other person or entity as to the future profitability of investments recommended by ALM First Financial Advisors, LLC.