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Are All the Bulls’ Eggs in One Basket?

What’s in Today’s Report:

  • Are All The Bulls’ Eggs in One Basket?
  • Weekly Market Preview
  • Weekly Economic Cheatsheet

Futures are marginally higher as better than expected economic data is being offset by some confusion on trade.

Global manufacturing PMIs were better than expected as the Chinese (50.2 vs. (E) 49.5) and Euro Zone (46.9 vs. (E) 46.6) readings beat estimates and furthered the idea that the worst of the global slowdown is over.

On trade, headlines were mixed as Axios reported the Dec. 15 tariffs will be delayed (a positive) although a somewhat hawkish Trump trade tweet this morning is weighing on sentiment (Trump reinstituted steel and aluminum tariffs on Brazil and Argentina and that’s causing an uptick in general tariff anxiety in the market).

Today focus will (of course) remain on any trade tweet or headline, while the key economic report is the ISM Manufacturing PMI (E: 49.4), and the stronger the number, the better.