Understanding Why the Decline in Inflation Has Stalled
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What’s in Today’s Report:
- Understanding Why the Decline in Inflation Has Stalled
Futures are slightly lower following more disappointing Chinese economic data and as geo-political concerns rise.
Chinese exports fell –7.5% vs. (E) -1.9% underscoring that growth remains a major concern in the Chinese economy.
Oil and gold are sharply higher on a WSJ article stating Iran could directly retaliate against Israel this weekend (a direct attack on Israel by Iran would be a substantial escalation).
Today there is one notable economic report, Consumer Sentiment (E: 79.0), but barring major surprise that shouldn’t move markets. Instead, focus will be on Fed Speak and earnings.
Starting with the Fed, we have several speakers today including Schmid (1:00 p.m.), Bostic (2:30 p.m.) and Daly (3:30 p.m.) and if they echo Thursday’s commentary that rate cuts aren’t coming soon, expect mild pressure on stocks.
On earnings, today is the start of the Q1 earnings season and several big banks report including: JPM ($4.18), BLK ($4.92), WFC ($1.09) and C ($1.29). Focus will be on the results and on consumer commentary and the stronger the commentary, the more of a tailwind earnings will provide to stocks.
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