EQUITIES STRUGGLED EARLY ON following weak factory data from china initiating once again fears of a global recession, producer prices shrank 0.8 percent in August. “A slowdown in China is clearly a sign that global deceleration of economic activity is real and is something we’re going to have to deal with.” The 10-year note rose 4.4 basis points. S&P +0.03%, DOW +0.26, NASDAQ +0.04%.
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CONSUMER BORROWING RISES IN JULY as Americans racked up credit card debt surging 11.2 percent. Additionally, borrowing increased at the fastest rate in almost 2 years. Overall consumer credit growth clocked in at 6.8 percent up from 4.1 percent in June. Home purchasing sentiment ticks higher as mortgage rates fall upon global uncertainty, “We do expect housing market activity to remain relatively stable, and the favorable rate environment should continue supporting increased refinance activity,” Fannie Mae chief economist Doug Duncan. The 10-year note rose 7.8 basis points. S&P -0.17%, DOW +0.07, NASDAQ -0.56%.
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INVESTMENT GRADE BONDS ROSE AGAINST ITS HIGH YIELDING COUNTERPARTS in net prices linked to actual trades. The U.S. adds a dismal 130,000 jobs in August, the smallest increase in three months falling short of ADP’s report of nearly 200,000 jobs. The 10-year note lost 0.2 basis points. S&P+0.23%, DOW +0.39, NASDAQ +0.10%.
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U.S. SERVICES SECTOR REPORTED ACCELERATED ACTIVITY in August as the economy added nearly 200,000 jobs according to ADP. The ISM for non-manufacturing activity index which accounts for two-thirds of U.S. economic output advanced to 56.4 from 53.7. “While we don’t think that the government data will be as strong as the ADP data, the strength in the ADP report eases some concerns about downside risks in the labor market associated with the recent drop in business sentiment.” The 10-year note spiked by 9.7 basis points. S&P +1.30%, DOW +1.41, NASDAQ +1.75%.
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U.S. TRADE GAP SHRANK IN JULY as exports rebound causing the deficit to decline by 2.7 percent. Industrial supplies lead the drop in imports falling by 7.4 percent month over month. “The ongoing trade war between the world’s largest economies has hurt China perhaps more than the U.S. but a few signs of a slowdown have now emerged in the U.S. too.” The 10-year note lost 0.4 basis points. S&P+0.84%, DOW +0.68, NASDAQ +1.09%.
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U.S. MANUFACTURING CONTRACTED IN AUGUST falling below the pivotal reading of 50 indicating contraction within the manufacturing sector. “(The ISM data) was confirmation that manufacturing has been in a decline since reaching a peak a year ago,” Pavlik added. “It’s not a great sign, not the kind of sign you want to see in a slowing economy.” Weakening global economies and trade tensions are starting to show effects on the US economy. The 10-year note dipped 2.7 basis points. S&P -0.64%, DOW -1.02, NASDAQ -1.01%.
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U.S. SPENDING IMPROVED IN JULY, a signal consumers are confident with the shape of the economy opening their wallets. “Even with elevated policy uncertainty and financial market turbulence, the U.S. consumer continues to display great vitality, emboldened by a large savings buffer.” Spending rose 0.6 percent last month accounting for more than two-thirds of U.S. economic activity. The 10-year note advanced 1.3 basis points. S&P -0.17%, DOW -0.10, NASDAQ -0.46%.
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TD BANK GROUP REPORTED UPBEAT EARNINGS reflecting a 13 percent rise in the retail segment, overall quarterly profits increased by 4.7 percent. Chief executive Bharat Masrani made a dovish remark on business conditions, “As we head into the final quarter of the year, the macroeconomic environment has become less supportive.” The 10-year note advanced 2.1 basis points. S&P +1.32%,DOW +1.30, NASDAQ +1.51%.
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