What’s in Today’s Report:
- Print This Table: Updated Market Roadmap into Year-End
- If you want a PDF copy of the updated Market Multiples table, please email firstname.lastname@example.org
Futures are slightly higher as better than feared earnings offset more disappointing economic data.
Global flash PMIs universally disappointed this morning as the Japanese (49.8 vs. (E) 51.5), German (48.6 vs. (E) 48.7) and EU ( 50.2 vs. (E) 50.4) numbers missed estimates, reminding us again that we still don’t have stabilization in the global economy.
Today there is a lot of economic data and numerous notable earnings reports, but the most important event of the day is the Pence speech on China (11:00) a.m. Pence is expected to be tough on China, but nothing so drastic that it imperils Phase One. However, last year’s speech sparked volatility, so this remains something to watch.
Economically there are several notable reports including, in order of importance: Flash Composite PMI (E: 50.9), Durable Goods (E: -0.7%), Jobless Claims (E: 214K), and New Home Sales (E: 698K). Additionally, there is one Fed speaker today, Williams (7:00 p.m. ET).
On the earnings front, the reports will continue to roll in, and here are the report we’re watching today: MMM ($2.47), NOC ($4.74), AMZN ($4.46), V ($1.43), INTC ($1.24), COF ($2.87).
Finally, today is the final ECB press conference for ECB President Mario Draghi. There shouldn’t be any surprises and it won’t move markets. But, I did want to note it for history’s sake, as this man literally saved the euro currency and the EU more broadly with these speeches and actions back in 2012 and 2013, although I’m skeptical he will ever get that credit.