As the trade war between the US and China nears an end, President Trump turned his attention to another region. Trade tensions between the US and the European Union intensified following a World Trade Organization ruling over subsidies for Airbus. President Trump tweeted that the US would now put tariffs on $11 billion of EU products in order to be compensated for adverse effects caused by the subsidies, and the EU responded that it would prepare retaliatory tariffs. US stock futures and European shares edged down on the news and Treasuries advanced. In corporate news, if Apple closes today’s session in positive territory, it will be their first 10-day win streak since 2010. As investors await for corporate earnings results, Bank of America, which will report earnings next week, announced that it would gradually raise its minimum wage for its employees to $20 an hour over the next two years. Elsewhere, WTI crude extended gain above $64 a barrel amid a renewed conflict in Libya.
NFIB Small Business Optimism started stabilizing as it printed a reading of 101.80 in March vs. 101.70 in February and 102.00 consensus. JOLTS Job Openings surprisingly fell to 7087 in February from an upwardly revised prior of 7625 vs. 7550 consensus. The US Treasury is scheduled to auction off $38 billion of 3-Year notes at 10:00 AM (PT) today. On Wednesday, the minutes from March FOMC meeting will be released at 11:00 AM (PT).
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As the trade war between the US and China nears an end, President Trump turned his attention to another region. Trade tensions between the US and the European Union intensified following a World Trade Organization ruling over subsidies for Airbus. President Trump tweeted that the US would now put tariffs on $11 billion of EU products in order to be compensated for adverse effects caused by the subsidies, and the EU responded that it would prepare retaliatory tariffs. US stock futures and European shares edged down on the news and Treasuries advanced. In corporate news, if Apple closes today’s session in positive territory, it will be their first 10-day win streak since 2010. As investors await for corporate earnings results, Bank of America, which will report earnings next week, announced that it would gradually raise its minimum wage for its employees to $20 an hour over the next two years. Elsewhere, WTI crude extended gain above $64 a barrel amid a renewed conflict in Libya.
NFIB Small Business Optimism started stabilizing as it printed a reading of 101.80 in March vs. 101.70 in February and 102.00 consensus. JOLTS Job Openings surprisingly fell to 7087 in February from an upwardly revised prior of 7625 vs. 7550 consensus. The US Treasury is scheduled to auction off $38 billion of 3-Year notes at 10:00 AM (PT) today. On Wednesday, the minutes from March FOMC meeting will be released at 11:00 AM (PT).
The curve has bull-flattened with UST 10-Year yield down 2.87 bps.