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What’s in Today’s Report:
- Market Multiple Table Chart (September Update)
Futures are slightly lower following more mixed economic data overnight.
There were no changes to the Market Multiple Table Chart for September, leaving the July/August target levels in place.
Japanese GDP (1.2% vs. (E) 1.3%) and Euro Zone GDP (0.1% vs. (E) 0.3%) both slightly missed expectations and further hinted at a loss of economic momentum. Meanwhile, German CPI was in line with expectations (0.3% m/m, 6.1% y/y) as inflation in the EU remains sticky.
Today the calendar is mostly quiet, but focus will be on the Manheim Used Vehicle Value Index (Previous 212.0) and markets will want to see that “bell weather” for inflation continue to decline. If the MUVVI falls solidly we could see Treasury yields dip and stocks enjoy a relief rally. Other notable events today include Consumer Credit (E: $18.0B) and a speech by Fed Governor Barr at 9:00 a.m. ET, but neither event should move markets.
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