What’s in Today’s Report:
- Is Brexit Clarity a Bullish Gamechanger?
Futures are little changed following mixed Chinese economic data.
Chinese GDP missed estimates at 6.0% vs. (E) 6.1%, while Retail Sales met expectations at 7.8% and Industrial Production beat (5.8% vs. (E) 4.9%). In sum, the data is slightly underwhelming but isn’t changing expectations for global growth.
Looking forward to today, there are no economic reports but there are a lot of Fed speakers including (in order of importance): Clarida (11:30 a.m. ET), George (10:00 a.m. ET), Kaplan (9:00 & 11 a.m. ET), Kashkari (10:30 a.m. ET). But, none of them should say anything too surprising and they shouldn’t move markets.
So, markets will stay focused on earnings and Brexit headlines. Regarding Brexit, a vote on the new Brexit deal will happen Saturday in Parliament, and at this point passage looks to be a 50/50 chance. So, there’s more drama yet in the three plus year Brexit saga.