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Market Commentary


 
Today's Coupons
 
  10-Year Notes   99-24.5 (+20)  
 
  FN 3.5% Coupon   101-7.5 (+06.5)  
 
  Support   3.237%  
 
  Resistance   2.401%  
 
 
 
 
Monday, May 13, 2019
 
 
Treasury Yields Decline Further as China Retaliates
 
 
Market opened today’s session with treasuries rallying across all maturities. 10-Year treasury yield is at 2.4015, 6.57 bps decreased from prior closing of 2.4672.

US stock futures sharply sank and Treasuries extended gain after China retaliated with higher tariffs on $60 billion worth of US imports. Finding positive catalysts for riskier assets will get tougher as American officials are expected to announce imposition of higher tariffs on all remaining imports from China today. Again, companies with China exposure such as trade bellwether Caterpillar and Apple led the sell-off in equities this morning. With optimism for a solution to the trade deadlock in near future quickly disappearing, global equities declined from Europe to Asia as well. In corporate news, Vodafone, Alibaba, Tencent, Cisco, and Nvidia are among the companies which are scheduled to post their earnings results this week. Elsewhere, WTI crude gained this morning, trading above $62 a barrel. In the economic calendar, there is no scheduled release but later today, the US Treasury is scheduled to auction off $39 billion of 3-month bills and $36 billion of 6-month bills at 8:30 AM (PT).

The curve has bull-steepened with UST 10-Year yield down 6.57 bps.
 
 
   
 
   
 
This Week's Events
 
 
  DATE EVENT TIME(PT) PERIOD SURVEY ACTUAL PRIOR REVISED  
  05/13 No Data - - - - - -  
                   
  05/14 NFIB Small Business Optimism 03:00 Apr 102.00 - 101.80 -  
                   
  05/14 Import Price Index MoM 05:30 Apr 0.70% - 0.60% -  
                   
  05/14 Import Price Index YoY 05:30 Apr 0.30% - 0.00% -  
                   
  05/14 Export Price Index MoM 05:30 Apr 0.60% - 0.70% -  
                   
  05/14 Export Price Index YoY 05:30 Apr - - 0.60% -  
                   
  05/15 MBA Mortgage Applications 04:00 10 May - - 2.70% -  
                   
  05/15 Retail Sales Advance MoM 05:30 Apr 0.20% - 1.60% -  
                   
  05/15 Empire Manufacturing 05:30 May 8.00 - 10.10 -  
                   
  05/15 Industrial Production MoM 06:15 Apr 0.00% - -0.10% -  
                   
  05/15 Capacity Utilization 06:15 Apr 78.70% - 78.80% -  
                   
  05/15 NAHB Housing Market Index 07:00 May 64.00 - 63.00 -  
                   
  05/15 Business Inventories 07:00 Mar 0.00% - 0.30% -  
                   
  05/16 Housing Starts 05:30 Apr 1208k - 1139k -  
                   
  05/16 Housing Starts MoM 05:30 Apr 6.10% - -0.30% -  
                   
  05/16 Building Permits 05:30 Apr 1290k - 1269k 1269k  
                   
  05/16 Building Permits MoM 05:30 Apr 1.70% - -1.70% -0.20%  
                   
  05/16 Philadelphia Fed Business Outlook 05:30 May 9.00 - 8.50 -  
                   
  05/16 Initial Jobless Claims 05:30 11 May 220k - 228k -  
                   
  05/16 Continuing Claims 05:30 4 May 1675k - 1684k -  
                   
  05/16 Bloomberg Consumer Comfort 06:45 12 May - - 59.80 -  
                   
  05/17 Leading Index 07:00 Apr 0.20% - 0.40% -  
                   
  05/17 U. of MichSentiment 07:00 May P 97.20 - 97.20 -
                   
 
 
 
 
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