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

DateEventSurveyActualPriorRevised
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%

 

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