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Market Commentary

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Market Commentary


Monday
November 03, 2014
10-YEAR NOTES   100-10 (-01)
2.339%
FN 3.5% COUPON   103-11.5 (-00.5)
SUPPORT   2.32%
RESISTANCE   1.86%
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This week we have pretty light calendar ahead of Friday’s Nonfarm Payrolls report, with data on Spending, Factory Orders and International Trade. The Markit PMI index in October slipped to 56.2, down sizable amount from September's final 57.5 reading. For October the Markit PMI is expected to remain unchanged. Construction spending declined -0.8% in August following a +1.2% advance in July. Construction Spending for September is expected to rise +0.7%. MBS is opening 1 tick tighter (outperform) to treasury hedges and the curve has bear flattened with 2s10s down -1.3 bps.

This Week's Events:

DATE EVENTS TIME (PST) PERIOD SURVEY ACTUAL PRIOR REVISED
11/03 Markit Manufacturing PMI 06:45 October F 56.2 55.9 56.2 -
11/03 ISM Manufacturing 07:00 October 56.1 59.0 56.6 -
11/03 07:00 September 0.7% -0.4% -0.8% -0.5%
11/04 Trade Balance 05:30 September -$40.2 Billion - -$40.1 Billion -
11/04 Factory Orders 07:00 September -0.6% - -10.1% -
11/05 MBA Mortgage Applications 04:00 October 31 - - -6.6% -
11/05 ADP Employment Change 05:15 October 220K - 213K -
11/05 Markit Services PMI 06:45 October F 57.1 - 57.3 -
11/06 Initial Jobless Claims 05:30 November 01 285K - 287K -
11/06 Continuing Claims 05:30 October 25 2363K - 2384K -
11/07 Nonfarm Payrolls 05:30 October 234K - 248K -
11/07 Unemployment Rate 05:30 October 5.9% - 5.9% -

 

 

 
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