One Emerging Market Winner (Regardless of the Election Outcome)
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What’s in Today’s Report:
- Politics in Focus: One Emerging Market Winner (Regardless of the President)
Stock futures are moderately lower this morning as the rally in mega-cap tech stocks is taking a breather amid a 10 basis point rise in the 10-Yr yield so far this week.
Economically, regional German CPI figures have come in mixed so far this morning ahead of the official German estimate due to be released at 8:00 a.m. ET while Germany’s GfK Consumer Climate Index rose to -20.9 vs. (E) -24.0.
Today, there is one lesser-followed Fed survey due to be released: The Richmond Fed Manufacturing Index (E: -6.0) but survey data has moved markets recently so if the release is a surprise (hot or cold) it could move markets today.
There are also two Fed speakers on the calendar for this afternoon and evening: Williams (1:45 p.m. ET) and Bostic (7:00 p.m. ET).
However, after yesterday’s Treasury auctions sent yields spiking higher and ultimately weighed heavily on stocks in the afternoon, the Treasury’s 7-Yr Note auction at 1:00 p.m. ET will likely be the most important catalyst for markets today. Another soft auction outcome will further pressure stocks while strong demand for the Notes could help stocks stabilize from this pre-market weakness.
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