Another Update From Dr. Copper (It’s Been Right)

What’s in Today’s Report:

• Another Update From Dr. Copper (It’s Been Right)

Futures are modestly weaker following disappointing Chinese economic data.  Nothing new happened over night with U.S./China trade.

Chinese Retail Sales (7.2% vs. (E) 8.6%), Fixed Asset Investment (6.1% vs. (E) 6.4%) and Industrial Production (5.4% vs. (E) 6.3%) all missed estimates, implying the Chinese economic recovery might not be as solid as thought.

Today focus will shift back to economic data.  The Chinese data was underwhelming and that will put more pressure on today’s U.S. data to reassure markets about growth.

The key reports today (in order of importance) are:  Retail Sales (E: 0.2%), Empire State Manufacturing Survey (E: 9.0), Industrial Production (E: 0.0%), Housing Market Index (E: 64).  Again, “bad” numbers from these reports that makes the Fed more dovish may cause a temporary bounce in stocks, but that’s not good for stocks in the medium/longer term.

Finally, there are two Fed Speakers, Quarles (9:30 a.m. ET) and Barkin (1:00 p.m. ET) but neither should move markets.