Stocks declined this morning on looming concerns over the global economic outlook after the IMF slashed its global growth forecast, and on the news that the US will soon request extradition of Huawei’s CFO which added more tensions between the US and China. Both treasuries and the dollar climbed and WTI oil retreated from a near two-month high. With no signs of compromise from either side, the ongoing government shutdown extended into its 32nd day, and the 800,000 furloughed federal employees are set to miss their second paycheck at the end of this week. The World Economic Forum opened today in Davos, Switzerland.
It’s a quiet day in economic data with Existing Home Sales being the only indicator released today. It fell to 4.99 million from 5.33 million revised prior and vs. estimate of 5.24 million in December. This is the slowest pace in more than three years, highlighting the slowdown in the housing market. Home purchases fell in all four regions, led by 11.20% and 6.80% declines in the Midwest and the Northeast, respectively.
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Stocks declined this morning on looming concerns over the global economic outlook after the IMF slashed its global growth forecast, and on the news that the US will soon request extradition of Huawei’s CFO which added more tensions between the US and China. Both treasuries and the dollar climbed and WTI oil retreated from a near two-month high. With no signs of compromise from either side, the ongoing government shutdown extended into its 32nd day, and the 800,000 furloughed federal employees are set to miss their second paycheck at the end of this week. The World Economic Forum opened today in Davos, Switzerland.
It’s a quiet day in economic data with Existing Home Sales being the only indicator released today. It fell to 4.99 million from 5.33 million revised prior and vs. estimate of 5.24 million in December. This is the slowest pace in more than three years, highlighting the slowdown in the housing market. Home purchases fell in all four regions, led by 11.20% and 6.80% declines in the Midwest and the Northeast, respectively.
The curve has bull-flattened with UST 10-