What’s in Today’s Report:
- Can We Get Macro Clarity This Week?
- Weekly Market Preview: All About the Fed
- Weekly Economic Cheat Sheet: A Very Busy Week (Final Oct. PMIs, Fed Decision, Jobs Report)
Futures are modestly higher on tariff reduction and hopes Democrats will pass the spending bill early this week.
The US and EU eased steel tariffs this weekend and that is leading to hope that U.S./China tariffs could also be cut.
Democrats have coalesced around a $1.75 trillion spending bill with few tax increases that could be passed this week.
Economic data was mixed as the Oct. Chinese Manufacturing PMI missed estimates (49.2 vs. (E) 49.7) while the UK reading slightly beat (57.8 vs. (E) 57.7).
Today focus will be on the ISM Manufacturing PMI (E: 60.3) and markets will want to see stability in the data to show the recovery remains on solid ground. Additionally, any further signals from Washington that the spending bill will be signed this week should be at least a mild tailwind on markets today.