What’s in Today’s Report:
- Bullish Developments on the Equity Index Charts
- Is There A Finally a Rival to Treasuries? If So, What Are the Short and Long Term Implications?
Futures are little changed following a generally quiet night of news.
China’s legislature approved new security legislation for Hong Kong, further escalating tensions with the U.S. But, for now, markets are ignoring it.
Economically, the only notable number was EU Economic Sentiment which missed expectations (67.5 vs. (E) 70.5).
Today focus will be on economic data as we get multiple important reports including, in order of importance: Jobless Claims (E: 2.050M), Durable Goods Orders (E: -18.5%), Revised Q2 GDP (E: -4.8%), and Pending Home Sales Index (E: -15.5%). We also get one Fed speaker: Williams (11:00 a.m. ET).
Finally, the administration keeps teasing a “response” to China passing the Hong Kong security legislation, and while markets have been able to ignore the uptick in U.S./China tension, that won’t last forever if tensions continue to rise.