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Bob Carey
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  US Economy and Credit Markets Ended Nov. 8, 2019
Posted Under: Weekly Market Commentary

Treasury yields rose last week on signs of progress in trade negations between the U.S. and China, with the yield on the U.S. 10-year Treasury reaching its highest level since July. Safe havens such as gold and government bonds fell globally on Thursday after China's Ministry of Commerce announced that the U.S. and China have agreed to roll back tariffs as part of a "phase one" deal between the two countries. However, President Donald Trump disputed the report on Friday, saying the U.S. hasn't agreed to roll back tariffs on China. U.S. government bond prices rose following the President's comments, reversing some of the selling from the day before. In economic data, the ISM Non-Manufacturing Index rose to 54.7 in October, coming in above expectations. The report eased concerns that a recent slowdown in manufacturing would affect other areas of the economy such as the service sector. The preliminary November reading of the University of Michigan Consumer Sentiment Index showed a slight gain over the prior month. It was the third consecutive month of improvement and further indication that the U.S. consumer is on solid footing. Major economic reports (related consensus forecasts, prior data) for the upcoming week include: Wednesday: October CPI MoM (0.3%, 0.0%), November 8 MBA Mortgage Applications (N/A, -0.1%); Thursday: November 9 Initial Jobless Claims (215k, 211k), October PPI Final Demand MoM (0.3%, -0.3%); Friday: October Retail Sales Advance MoM (0.2%, -0.3%), October Industrial Production MoM (-0.4%, -0.4%), November Empire Manufacturing (5.9, 4.0).
Posted on Monday, November 11, 2019 @ 8:55 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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