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Market Commentary


 
 
Today's Coupons
 
  10-Year Notes   108-18.5 (+11)  
 
  FN 3.5% Coupon   105-30 (+03.5)  
 
  Support   2.594%  
 
  Resistance   0.5692%  
 
 
 
 
  Thursday, April 16, 2020
 
 

Treasury Yields Fall on Jobless Data

 
 
Market opened today’s session with treasuries advancing across all maturities. 10-Year Treasury yield is at 0.5937, 3.79 bps decreased from prior closing of 0.6316.

Stocks rose this morning as investors digested a slowdown in US jobless data. 5.245 million Americans filed for initial jobless benefits which brought the total number to 22 million during the coronavirus pandemic. Even after posting a number that effectively erased a decade worth of job creation, it still came in below consensus of 5.5 million, painting a slightly positive outlook on the virus front. Continuing Claims jumped to 11.976 million from a downwardly revised prior of 7.446 million. Also, in the economic calendar, new US housing construction declined in March to 1216k from a downwardly revised prior of 1564k, the sharpest decline since 1984 as the pandemic started to take a bigger toll on the housing market. In corporate news, Netflix led the gains in equities after Goldman Sachs expected that it will post much better-than-expected earnings. Morgan Stanley also posted a 24% jump in their trading revenue. Elsewhere, WTI crude continued to hover around $20 a barrel as the demand shock still outweighed the agreement by major producers to curb production. In the remainder of the economic calendar, Philadelphia Fed Business Outlook in April plunged to -56.60 from -12.70 prior and Bloomberg Consumer Comfort index also tumbled to 44.50 from 49.90 prior.

The curve has bull-flattened with UST 10-Year yield down 3.79 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  04/14 Import Price Index MoM 05:30 Mar -3.20% -2.30% -0.50% -0.70%  
                   
  04/14 Import Price Index YoY 05:30 Mar -5.00% -4.10% -1.20% -1.30%  
                   
  04/14 Export Price Index MoM 05:30 Mar -1.90% -1.60% -1.10% -  
                   
  04/14 Export Price Index YoY 05:30 Mar - -3.60% -1.30% -  
                   
  04/15 MBA Mortgage Applications 04:00 10 Apr - 7.30% -17.90% -  
                   
  04/15 Retail Sales Advance MoM 05:30 Mar -8.00% -8.70% -0.50% -0.40%  
                   
  04/15 Empire Manufacturing 05:30 Apr -35.00 -78.20 -21.50 -  
                   
  04/15 Capacity Utilization 06:15 Mar 74.00% 72.70% 77.00% -  
                   
  04/15 Net Long-term TIC Flows 13:00 Feb - $49.40B $20.90B $21.80B  
                   
  04/15 Total Net TIC Flows 13:00 Feb - -$13.40B $122.90B $127.30B  
                   
  04/16 Housing Starts 05:30 Mar 1300k 1216k 1599k 1564k  
                   
  04/16 Housing Starts MoM 05:30 Mar -18.70% -22.30% -1.50% -3.40%  
                   
  04/16 Building Permits 05:30 Mar 1296k 1353k 1464k 1452k  
                   
  04/16 Building Permits MoM 05:30 Mar -10.70% -6.80% -5.50% -6.30%  
                   
  04/16 Philadelphia Fed Business Outlook 05:30 Apr -32.00 -56.60 -12.70 -  
                   
  04/16 Initial Jobless Claims 05:30 11 Apr 5500k 5245k 6606k 6615k  
                   
  04/16 Continuing Claims 05:30 4 Apr 13260k 11976k 7455k 7446k  
                   
  04/16 Bloomberg Consumer Comfort 06:45 12 Apr - 44.50 49.90 -  
                   
  04/17 Leading Index 07:00 Mar -7.20% - 0.10% -
                   
 
 
 
 
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