The Concerning Gap Between Stocks, Treasuries and the Yen
The Concerning Gap Between Stocks, Treasuries and the Yen: Start a free trial of The Sevens Report.
What’s in Today’s Report:
- The Concerning Gap Between Stocks, Treasuries and the Yen
- Oil Update (Why is Oil Hitting Multi-Month Lows?)
Futures are slightly higher on more Goldilocks economic data.
The EU and UK August flash composite PMIs were better than expected (51.2 vs. (E) 50.7 in the EU and 53.4 vs. (E) 52.9 in the UK) and that’s supporting the global soft landing narrative.
On inflation, EU wages rose less than expected in Q2, reinforcing expectations for a Sept. rate cut from the ECB.
Today focus will be on economic data as today is the most important day of the week from a data standpoint. Key reports, in order of importance, include Jobless Claims (E: 234K), August Flash Composite PMI (E: 53.3) and Existing Home Sales (E: 3.90 million). More Goldilocks data (at or close to expectations) should further support the rally and if that’s the case, new highs for the S&P 500 shouldn’t be a shock.
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