US Stocks advanced as optimism grew with perceived progress in the trade talks after President Trump postponed the March deadline for the imposition of additional tariffs on Chinese imports. The Shanghai Stock Exchange Composite Index rallied the most since 2015 on the news as well. In corporate news, GE surged in premarket after agreeing to sell its bio-pharma business to Danaher Corp for a total consideration of $21.4 billion. Another busy week started for President Trump. House Democrats will vote tomorrow to block his national emergency declaration over the border security. In addition, he is expected to meet with North Korea leader Kim Jong Un for a second summit this week in Vietnam where they may declare a formal end to the Korean War. Also in focus this week will be Fed Chairman Powell delivering semiannual testimony on monetary policy and the state of the economy to House and Senate committees.
Chicago Fed National Activity Index declined to -0.43 from 0.05 revised prior vs. estimate of 0.10. 35 of the 85 monthly individual indicators made positive contributions whereas the remaining 50 were negative. The December Wholesale Inventories increased 1.10% from 0.40% revised prior vs. 0.40% consensus. Lastly, Dallas Fed Manufacturing Activity sharply rose to 13.10 in February from 1.00 prior vs. 4.70 consensus. The US Treasury is scheduled to auction off $41 billion of 5-Year notes at 10:00 AM (PT) today.
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US Stocks advanced as optimism grew with perceived progress in the trade talks after President Trump postponed the March deadline for the imposition of additional tariffs on Chinese imports. The Shanghai Stock Exchange Composite Index rallied the most since 2015 on the news as well. In corporate news, GE surged in premarket after agreeing to sell its bio-pharma business to Danaher Corp for a total consideration of $21.4 billion. Another busy week started for President Trump. House Democrats will vote tomorrow to block his national emergency declaration over the border security. In addition, he is expected to meet with North Korea leader Kim Jong Un for a second summit this week in Vietnam where they may declare a formal end to the Korean War. Also in focus this week will be Fed Chairman Powell delivering semiannual testimony on monetary policy and the state of the economy to House and Senate committees.
Chicago Fed National Activity Index declined to -0.43 from 0.05 revised prior vs. estimate of 0.10. 35 of the 85 monthly individual indicators made positive contributions whereas the remaining 50 were negative. The December Wholesale Inventories increased 1.10% from 0.40% revised prior vs. 0.40% consensus. Lastly, Dallas Fed Manufacturing Activity sharply rose to 13.10 in February from 1.00 prior vs. 4.70 consensus. The US Treasury is scheduled to auction off $41 billion of 5-Year notes at 10:00 AM (PT) today.
The curve has bear-steepened with UST 10-Year yield up 1.98 bps.