A relatively quiet news cycle over the weekend is boosting risk assets to open the week. S&P 500 futures are up 10 points, and Treasury yields are up 1-4 bps across the curve. On trade, Politico reported late Friday that Chinese officials submitted a “mini deal” where China would increase purchases of U.S. agricultural goods in exchange for delaying the 10/1 tariffs and easing restrictions on Huawei. The article also suggested that President Trump is considering delaying the 12/15 tariffs depending on how upcoming negotiations proceed.
This week’s calendar is headlined by Thursday’s ECB meeting, which is expected to result in a new asset purchase program to combat weaker growth and inflation data. The August CPI report will also be released on Thursday, and August retail sales data will be released on Friday. The September 18 FOMC meeting also looms on the near-term calendar.
Jason Haley
Managing Director, Investment Management Group
Date | Event | Survey | Actual | Prior | Revised |
9/9/2019 | Consumer Credit | $16.000b | — | $14.596b | — |
9/10/2019 | NFIB Small Business Optimism | 103.5 | — | 104.7 | — |
9/10/2019 | JOLTS Job Openings | 7331 | — | 7348 | — |
9/11/2019 | MBA Mortgage Applications | — | — | -3.10% | — |
9/11/2019 | PPI Final Demand MoM | 0.00% | — | 0.20% | — |
9/11/2019 | PPI Ex Food and Energy MoM | 0.20% | — | -0.10% | — |
9/11/2019 | PPI Ex Food, Energy, Trade MoM | 0.20% | — | -0.10% | — |
9/11/2019 | PPI Final Demand YoY | 1.70% | — | 1.70% | — |
9/11/2019 | PPI Ex Food and Energy YoY | 2.10% | — | 2.10% | — |
9/11/2019 | PPI Ex Food, Energy, Trade YoY | — | — | 1.70% | — |
9/11/2019 | Wholesale Trade Sales MoM | 0.50% | — | -0.30% | — |
9/11/2019 | Wholesale Inventories MoM | 0.20% | — | 0.20% | — |
9/12/2019 | Real Avg Weekly Earnings YoY | — | — | 0.80% | 0.90% |
9/12/2019 | Real Avg Hourly Earning YoY | — | — | 1.30% | 1.40% |
9/12/2019 | CPI MoM | 0.10% | — | 0.30% | — |
9/12/2019 | CPI Ex Food and Energy MoM | 0.20% | — | 0.30% | — |
9/12/2019 | CPI YoY | 1.80% | — | 1.80% | — |
9/12/2019 | CPI Ex Food and Energy YoY | 2.30% | — | 2.20% | — |
9/12/2019 | CPI Core Index SA | 264.1 | — | 263.569 | — |
9/12/2019 | CPI Index NSA | 256.577 | — | 256.571 | — |
9/12/2019 | Initial Jobless Claims | 215k | — | 217k | — |
9/12/2019 | Continuing Claims | 1675k | — | 1662k | — |
9/12/2019 | Bloomberg Consumer Comfort | — | — | 63.4 | — |
9/12/2019 | Monthly Budget Statement | -$190.0b | — | -$119.7b | — |
9/13/2019 | Import Price Index MoM | -0.50% | — | 0.20% | — |
9/13/2019 | Import Price Index ex Petroleum MoM | -0.10% | — | 0.00% | — |
9/13/2019 | Import Price Index YoY | -2.00% | — | -1.80% | — |
9/13/2019 | Export Price Index MoM | -0.30% | — | 0.20% | — |
9/13/2019 | Export Price Index YoY | — | — | -0.90% | — |
9/13/2019 | Retail Sales Advance MoM | 0.20% | — | 0.70% | — |
9/13/2019 | Retail Sales Ex Auto MoM | 0.10% | — | 1.00% | — |
9/13/2019 | Retail Sales Ex Auto and Gas | 0.20% | — | 0.90% | — |
9/13/2019 | Retail Sales Control Group | 0.30% | — | 1.00% | — |
9/13/2019 | Bloomberg Sept. United States Economic Survey | ||||
9/13/2019 | U. of Mich. Sentiment | 90.7 | — | 89.8 | — |
9/13/2019 | U. of Mich. Current Conditions | 107.8 | — | 105.3 | — |
9/13/2019 | U. of Mich. Expectations | 85.2 | — | 79.9 | — |
9/13/2019 | U. of Mich. 1 Yr Inflation | — | — | 2.70% | — |
9/13/2019 | U. of Mich. 5-10 Yr Inflation | — | — | 2.60% | — |
9/13/2019 | Business Inventories | 0.30% | — | 0.00% | — |
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