Economic Implications of the Port Strikes
Economic Implications of the Port Strikes: Start a free trial of The Sevens Report.
What’s in Today’s Report:
- Will the Port Strike Increase Hard Landing Chances
- Fed Chair Powell’s Commentary Takeaways (Less-Dovish)
Futures are little changed this morning as investors weigh a favorable decline in EU inflation against news that a dockworkers strike has commenced at East Coast ports.
Economically, the Eurozone Manufacturing PMI fell to 45.0 vs. (E) 44.8 while the EU HICP Flash (their CPI) fell 0.4% to 1.8% vs. (E) 2.0% in September. The sub-2% headline was notably the first below-ECB-target print since 2021.
Looking into today’s session, there are several domestic economic data points that will be in focus including, in order of importance: The ISM Manufacturing PMI (E: 47.0), JOLTS (E: 7.7 million), and Construction Spending (E: -0.3%).
Additionally, there is one Fed speaker on the calendar for the late morning: Bostic (11:00 a.m. ET).
Bottom line, investors will be assessing what the market implications of the East Coast port strike will be as the situation develops today while also looking for more “goldilocks” economic data and a less-hawkish tone from Fed officials in order for the early week stock market gains to hold.
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