What’s in Today’s Report:
- Is Anything New Driving The Melt Up?
Futures are modestly higher again after Chinese economic data beat expectations.
Chinese Fixed Asset Investment (5.4% vs. (E ) 5.2%, Industrial Production (6.9% vs. (E ) 5.9%, and Retail Sales (8.0% vs. (E ) 7.8%) all beat estimates, raising hopes for a global economic rebound.
Today focus will again be on economic data and earnings, and like yesterday, the stronger the data, the better. Industrial Production (E: -0.3%) and Consumer Sentiment (E: 99.3) are the two key reports today, while we also get Housing Starts (E: 1.373M).
On the earnings front, industrial results have been mixed this week so the market will want to see solid results from SLB ($0.37), FAST ($0.31) and JBHT ($1.55).
Finally, there are two Fed Speakers today: Harker (9:00 a.m. ET) and Quarles (12:45 p.m. ET), but neither should move markets.