What’s in Today’s Report:
- What the U.S./China Trade Deal Means for Markets
- Weekly Market Preview (All About Earnings)
- Weekly Economic Cheat Sheet (Important Growth Data This Week)
Futures are modestly lower following reports that China wants “more talks” before signing phase one of Friday’s “deal.”
More broadly, there is some disappointment with Friday’s announcement as it does not provide material tariff relief or trade clarity (more on that in the issue).
Economically, Chinese exports missed estimates falling –3.2% vs. (E) -3.0% and that’s also weighing on sentiment as markets still need global growth to stabilize.
Today is the Columbus Day holiday so there are no economic reports or Fed speakers while banks and the bond markets are closed. Given that, we can expect any U.S./China trade related headlines to again drive markets until the focus shifts to earnings tomorrow.