US equity index futures fell this morning as investors remained skeptical despite of the news that the US reportedly plans to delay the fresh tariffs scheduled for December 15th implementation on Chinese goods. Treasuries edged lower on the news as well. Trades developments continued to dominate sentiment on the markets this morning and somewhat overshadow the policy decisions this week which will be on Wednesday by the Fed and on Thursday by ECB. The latest update on the trade front is that US negotiators have asked China to commit to some agricultural purchases up front while China wants the purchases to be proportional to the tariffs that the US will cut back. Elsewhere, WTI crude edged lower, trading slightly below $59 a barrel. In the economic calendar today, NFIB Small Business Optimism in November printed 104.70 vs 102.40 prior and 103.00 consensus. As the optimism grows, challenges in labor market are now faced by US small business owners where they are forced to increase pay in coming months due to the tight labor market. Nonfarm Productivity came in slightly below consensus of -0.10% at -0.20%. The FOMC meeting kicks off today and will announce its interest rate decision tomorrow at 11:00 AM (PT), followed by a press conference with Fed Chair Powell at 11:30 AM (PT). Later today, the US Treasury is scheduled to auction off $24 billion of 10-year note at 10:00 AM (PT).
The curve has bear-flattened with the UST10-Year yield up 2.61 bps.
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US equity index futures fell this morning as investors remained skeptical despite of the news that the US reportedly plans to delay the fresh tariffs scheduled for December 15th implementation on Chinese goods. Treasuries edged lower on the news as well. Trades developments continued to dominate sentiment on the markets this morning and somewhat overshadow the policy decisions this week which will be on Wednesday by the Fed and on Thursday by ECB. The latest update on the trade front is that US negotiators have asked China to commit to some agricultural purchases up front while China wants the purchases to be proportional to the tariffs that the US will cut back. Elsewhere, WTI crude edged lower, trading slightly below $59 a barrel. In the economic calendar today, NFIB Small Business Optimism in November printed 104.70 vs 102.40 prior and 103.00 consensus. As the optimism grows, challenges in labor market are now faced by US small business owners where they are forced to increase pay in coming months due to the tight labor market. Nonfarm Productivity came in slightly below consensus of -0.10% at -0.20%. The FOMC meeting kicks off today and will announce its interest rate decision tomorrow at 11:00 AM (PT), followed by a press conference with Fed Chair Powell at 11:30 AM (PT). Later today, the US Treasury is scheduled to auction off $24 billion of 10-year note at 10:00 AM (PT).
The curve has bear-flattened with the UST 10-Year yield up 2.61 bps.