What’s in Today’s Report:
- Why Are Markets Ignoring Bad Economic Data?
- Important Context For Jobless Claims (Chart)
Futures are moderately higher following a quiet night of news.
Economic data was disappointing, again, as British Retail Sales dropped –5.1% vs. (E) -3.5%, while German Ifo Business Expectations declined to 69.4 vs. (E) 75.0. But, once again markets are looking past current data and instead focusing on hope that the worst is behind us.
There was no notable coronavirus news overnight.
Today focus will be on economic data, specifically Consumer Sentiment (E: 68.1) as it offers us a more “real-time” gauge of economic activity. Durable Goods (E: -11.4%) will also be closely watched, although it’s a March report so it won’t reflect the depths of the slowdown in business spending.