More Trade
Once again, Jobless Claims were pretty constructive at 236K vs. exp. 247K, while Continuing Claims continued to edge up, at 1974K vs. prev. 1937K. Continuing Claims is becoming a bit of a focus. Seems like hiring is weak.
Durable Goods Orders have been volatile, and remained so, with a 16.4% m/m rise, much bigger than the expected 8.5%. Core Orders were 0.5% vs. exp. 0.1%.
Q1 GDP estimate got weaker, at -0.5% vs. prev. -0.2%.
Trade talks with India have hit a roadblock over import duties for steel, auto parts, and farm goods.
US and China signed an additional understanding to implement their Geneva talk.
Commerce Secretary says several trade deals will be announced over the next week, with Europe coming at the end.
Perhaps unsurprisingly, the White House said the July 9th trade deadline may get extended.
Japanese Tokyo core CPI was 3.1% vs. prev. 3.4%, supporting their market, though Retail Sales were also weak, at 2.2% Y/Y vs. exp. 2.7%.
China's Industrial Profits was -9% Y/Y, hitting their market.
The 7Y Treasury bond auction went very well. I don't mention most auctions because they're not really meaningful but sometimes, like this one, they really do help push bonds and maybe risk assets, higher.
Nike (NKE) rose 9% on turnaround hopes.
SPX hit intraday all-time highs this morning, ahead of the PCE inflation report. We also have the UMich Consumer Sentiment report.