What’s in Today’s Report:
- Tariff Update (Bottom Line from the Headlines This Weekend)
- Weekly Market Preview
- Weekly Economic Cheat Sheet
Futures are modestly lower following mixed trade headlines over the weekend.
The WSJ had two important trade articles over the weekend. The first stated the Trump administration will implement 10% (vs. (E) 25%) tariffs on Chinese exports, while the second said if that happened, China would cancel the next round of trade talks. Asian markets dropped 1% on the combined stories, but European and U.S. markets are taking a “wait and see” approach and are down only marginally.
Economically, the only notable number was EU Core HICP, which met estimates at 1.0% year over year.
Today focus will be on whether the new tariffs are formally announced, and whether that ends up in the cancellation of next week’s U.S./China trade negotiations. Economically, there’s only one report, Empire State Manufacturing (E: 23.0).